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Canadian Solar Signs Electricity Agreement on Alberta's Largest Solar Photovoltaic Project

2019-07-25 20:00 6393

GUELPH, Ontario, July 25, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has signed an agreement for the purchase of electricity from its 32 MWp/23 MWac Suffield solar facility with Direct Energy, one of North America's largest energy and energy-related services providers, and a subsidiary of Centrica PLC. The Suffield project, located in Southeast Alberta, is anticipated to be the largest solar photovoltaic (PV) facility in the province of Alberta when it enters operation in 2020.

"We've enjoyed partnering with Direct Energy to develop creative solutions like the long-term electricity off-take agreement signed on the Suffield solar project," said Shawn Qu, chairman at Canadian Solar. "We're proud to bring some of the latest solar technology to Alberta, the Canadian province known for its energy leadership. The Suffield project will utilize bifacial solar modules, which are well-suited to operate not only in the heat of summer when air conditioning drives electricity demand, but also in cloudy or even snowy weather."

Bifacial modules, such as Canadian Solar's high efficiency BiKu modules that will be used on the project, offer many advantages when compared with traditional solar panels. Producing electricity from both sides of the solar panel allows for an increase in both total energy generation and in reliability during winter months. The Suffield project will also employ single-axis trackers, which allow the solar arrays to follow the sun's trajectory throughout the day, also maximizing electricity production.

"With increased customer demand in summer, the addition of 23 megawatts of solar output will help Direct Energy build renewable power supply options for our customers and provide an alternative to traditional market-based hedges," said David Brast, Senior Vice President, North America – Power & Gas, Direct Energy Business. "We are also proud that our long-term agreement with Canadian Solar on the Suffield project is the first major step in Alberta towards Centrica's global commitment to provide products and services that lead to a lower carbon future."

While the majority of funding for the facility has been provided through private market investment, it was announced in January that the Suffield project was awarded $15.3 million in funding through Natural Resources Canada's Emerging Renewable Power Program. Suffield was selected for this funding as the project will deploy within Canada some of the latest advancements in renewable technology, while spurring further investment in the industry.

Suffield will employ approximately 250 people during construction and will power approximately 7,400 households annually once it enters operation in 2020.

Additionally, Canadian Solar announced in February that the Company won 94 MWp of electricity contracts to power 55 percent of Alberta provincial government's electricity needs. The projects under contract, also located in southeast Alberta, include Hays, Tilley and Jenner, and all three are scheduled to enter operation in 2021.

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 18 years, Canadian Solar has successfully delivered over 34 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.

About Direct Energy
Direct Energy is one of North America's largest energy and energy-related services providers with nearly five million residential and commercial customers. Direct Energy provides customers with choice and support in managing their energy costs through a portfolio of innovative products and services. A subsidiary of Centrica plc (LSE: CNA), one of the world's leading integrated energy companies, Direct Energy operates in 50 U.S. states plus the District of Columbia and eight provinces in Canada. To learn more about Direct Energy, please visit www.directenergy.com.

Canadian Solar's 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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Source: Canadian Solar Inc.
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