GUELPH, Ontario, Dec. 5, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), today announced that it has closed the sale of the 3.3 MWp Milborne Port project in the United Kingdom to Elm Trading Group, advised by Alpha Real Renewables. The transaction was closed in November 2019 and the Company expects to recognize revenue from the sale in the fourth quarter of 2019.
The Milborne Port project is located in Somerset, England, and is accredited under the 1.2 Renewables Obligation Certificates (ROCs) subsidy regime. The project was developed, built and operated by Canadian Solar and started commercial operation in March 2017. The solar plant generates an estimated 3.3 GWh of clean electricity annually, enough to power approximately 1,062 households and offset 932 tons of carbon emissions each year.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We are pleased to partner with Elm Trading Group on the sale of our last subsidized operational asset in the UK. We started developing projects in the UK's subsidized market in 2015 and have since successfully developed, built, operated and sold projects with a total capacity of 158 MWp."
Dr. Qu added, "With the cost of solar energy declining and reaching grid parity, we have started to develop a pipeline of unsubsidized projects in the UK and Europe more broadly. The first ones will reach ready-to-build status around mid-2020. We are excited about solar energy's increasingly competitive prospects and are committed to expanding our presence and supporting the growth of solar markets in Europe."
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 solar power projects in various stages of development. Over the past 18 years, Canadian Solar has successfully delivered over 38 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. 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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