GUELPH, Ontario, Feb. 19, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has commenced construction on two solar photovoltaic (PV) power projects in Japan.
The first is a 13.6 MWp project in the Ibaraki Prefecture. The project will be powered by 33,098 pieces of Canadian Solar's high-efficiency MaxPower modules. Once in operation, the plant is expected to generate approximately 15,901 MWh of clean, reliable solar electricity each year, which will be purchased by Tokyo Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of ¥32.0 ($0.29) per kWh. The Company expects the project to reach commercial operation by mid-2021.
The second project is a 13.0 MWp project in the Fukuoka Prefecture. The plant is expected to generate approximately 15,250 MWh of solar energy each year, which will be purchased by Kyushu Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of ¥36.0 ($0.33) per kWh. The project is also expected to reach commercial operation by mid-2021.
Dr. Shawn Qu, Canadian Solar's Chairman and Chief Executive Officer commented, "Canadian Solar continues to develop and construct high quality projects in Japan with remarkably attractive feed-in-tariffs. We entered the Japanese market in 2009, and since 2014, we have established ourselves as one of the leading foreign developers in the market, having cumulatively developed and connected over 290 MWp in utility-scale power plants. While new subsidized programs are set to expire by 2021, we have a robust pipeline of high feed-in-tariff projects and continue to see opportunities given the Japanese government's continued efforts to increase the penetration of renewable energy."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest and foremost solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 38 GW of premium quality modules to customers in over 150 countries around the world. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 25, 2019. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
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