GUELPH,
ON, Dec. 5, 2022 /PRNewswire/ -- Canadian
Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ:
CSIQ) today announced that its majority-owned subsidiary CSI
Solar Co., Ltd. ("CSI Solar") signed a 256 MW solar module contract
with SOLA Group, a Cape Town-based
independent power producer. The 256 MWs will supply the first two
largest utility-scale solar power projects in South Africa, which are based on private power
purchase agreements (PPAs).
The two solar projects are 126 MWp and 130 MWp each in size,
located in South Africa's North
West Province. Both projects are developed and will be operated by
SOLA Group and its partners. Construction started in October 2022, and commercial operation is planned
for the first quarter of 2024.
Canadian Solar will deliver a total of 390,073 BiHiKu7 modules.
The BiHiKu7 CS7N-MB-AG are bifacial modules based on 210mm wafers,
and have a power output of up to 670W and an efficiency of up to
21.6%. The BiHiKu7 modules are a perfect fit for utility-scale
projects, with great savings on the mounting structure and cable at
system level and reduce BoS (Balance of System) and LCOE (Levelized
Cost of Energy) costs compared to modules with smaller wafer size.
The BiHiKu7 modules are also compatible with most inverters and
trackers.
These two solar power projects cover an area of approximately
430ha. Once in operation, they are estimated to generate
approximately 580 GWh of clean, renewable electricity every year,
equivalent to powering 40,000 households and reducing 595 tons CO2
emissions each year.
Dom Wills, CEO of SOLA Group commented, "These are the
first solar projects of this scale in South Africa that are based on private power
purchase agreements. It's also a great plus for the country that
these projects are 100% South African owned, financed, constructed,
operated and managed. We hope the model of private power through
bilateral agreements becomes more widely adopted. The benefits to
the end user are competition, choice and ultimately a more diverse
contribution to the power system."
Dr. Shawn Qu, Chairman
and CEO of Canadian Solar commented, "We are pleased to work
with SOLA Group on these two solar power projects. This is a great
achievement and an important step in South Africa's plan to allow more flexible
electricity trading by opening up the grid," Dr. Qu continued, "I'm
glad our BiHiKu7 modules have been selected for these projects due
to its high product quality, reliability and LCOE cost savings. We
look forward to contributing further to the growth of renewable
energy in Africa and globally with
our high performance/price ratio products."
The SOLA Group is a vertically integrated independent power
producer and a leader in the supply of clean energy solutions to
private companies in Africa.
SOLA's mission is to transform Africa through clean energy.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery storage solutions, and developer of
utility-scale solar power and battery storage projects with a
geographically diversified pipeline in various stages of
development. Over the past 21 years, Canadian Solar has
successfully delivered around 82 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built and connected over 7 GWp in over 20 countries
across the world. Currently, the Company has approximately 500 MWp
of projects in operation, 6 GWp of projects under construction or
in backlog (late-stage), and an additional 19 GWp of projects in
advanced and early-stage pipeline. Canadian Solar is one of the
most bankable companies in the solar and renewable energy industry,
having been publicly listed on the 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, regulatory
and economic conditions and the state of the solar and battery
storage market and industry; geopolitical tensions and conflicts,
including impasses, sanctions and export controls; volatility,
uncertainty, delays and disruptions related to the COVID-19
pandemic; supply chain disruptions; 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., China, Brazil and Europe;
changes in effective tax rates; changes in customer order patterns;
changes in product mix; changes in corporate responsibility,
especially environmental, social and governance ("ESG")
requirements; capacity utilization; level of competition; pricing
pressure and declines in or failure to timely adjust 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 that customers demand; shortage in
supply of materials or capacity requirements; availability of
financing; exchange and inflation rate fluctuations; uncertainties
related to the CSI Solar carve-out listing; litigation
and other risks as described in the Company's filings with
the Securities and Exchange Commission, including its annual
report on Form 20-F filed on April 28, 2022, as amended on
October 18, 2022. 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.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACTS
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
914-337-8801
csiq@globalirpartners.com
View original
content:https://www.prnewswire.com/news-releases/canadian-solar-signs-256-mw-module-supply-contract-for-the-first-two-largest-solar-projects-with-private-ppas-in-south-africa-301694362.html
SOURCE Canadian Solar Inc.