Canadian Solar Inc
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http://www.canadiansolar.com/Financial Data:
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Investor Presentations
Company Transactions
Date: 11/18/2019
Type: Acquisition
BUYERS:
NextEnergy Capital
SELLERS:
Canadian Solar Inc
Recurrent Energy
ASSETS:
NC 102 Solar Project
DETAILS:
NOTES:
Canadian Solar, via Recurrent Energy, has closed on the sale of a 99% stake in the 74.8 MWac/102MWp NV 102 solar project located in Cabarrus County, North Carolina, to NextEnergy Capital. The facility went online in September 2018.
Canadian Solar, via Recurrent Energy, has closed on the sale of a 99% stake in the 74.8 MWac/102MWp NV 102 solar project located in Cabarrus County, North Carolina, to NextEnergy Capital. The facility went online in September 2018.
REGIONS:
Southeast
Date: 12/18/2018
Type: Acquisition
BUYERS:
Idemitsu Renewables
SELLERS:
Canadian Solar Inc
Recurrent Energy
PROJECTS:
Mustang Two Solar Project
DETAILS:
VOLUMES: 150 MW
NOTES:
Canadian Solar finalized the sale of its 150 MWac/210 MWp Mustang Two solar project to Solar Frontier Americas, located on 1,400 acres in Kings County, California. Solar Frontier will now finance and manage the construction of the project anticipated to begin commercial operations in 2020.
Canadian Solar finalized the sale of its 150 MWac/210 MWp Mustang Two solar project to Solar Frontier Americas, located on 1,400 acres in Kings County, California. Solar Frontier will now finance and manage the construction of the project anticipated to begin commercial operations in 2020.
Date: 10/25/2018
Type: Acquisition
BUYERS:
PKA Ltd.
SELLERS:
Canadian Solar Inc
Recurrent Energy
DETAILS:
COST: 307 $MM
VOLUMES: 49 Percent
NOTES:
Canadian Solar and Pensionskassernes Administration ("PKA") announced Recurrent Energy has finalized a transaction with PKA for interests in two solar photovoltaic projects. PKA will acquire 49% passive equity stake in the Garland and Tranquility solar facilities equivalent to 260 MWp. The deal is valued at roughly $307 million and represents PKA's first solar investment. Southern Company represents the 51% majority stake and will continue to provide asset management services on both projects.
Canadian Solar and Pensionskassernes Administration ("PKA") announced Recurrent Energy has finalized a transaction with PKA for interests in two solar photovoltaic projects. PKA will acquire 49% passive equity stake in the Garland and Tranquility solar facilities equivalent to 260 MWp. The deal is valued at roughly $307 million and represents PKA's first solar investment. Southern Company represents the 51% majority stake and will continue to provide asset management services on both projects.
REGIONS:
California
Date:
Type: Acquisition
BUYERS:
Duke Energy Corporation
SELLERS:
Canadian Solar Inc
Recurrent Energy
PROJECTS:
Pflugerville Solar Project
DETAILS:
VOLUMES: 144 MW
NOTES:
Duke Energy Renewables has acquired the 144-MW Pflugerville Solar Project from Canadian Solar. The plant is expected online in mid-2021 and power will be sold to Austin Energy under a 15-year power purchase agreement.
Duke Energy Renewables has acquired the 144-MW Pflugerville Solar Project from Canadian Solar. The plant is expected online in mid-2021 and power will be sold to Austin Energy under a 15-year power purchase agreement.
REGIONS:
ERCOT
News & Press Releases
Criterion News
- 1/23/2024 - Recurrent Energy Secures... (subscriber access)
- 9/1/2023 - Recurrent Energy Secures... (subscriber access)
- 8/10/2023 - Canadian Solar and EDF... (subscriber access)
- 4/11/2023 - Canadian Solar Adding... (subscriber access)
- 2/23/2023 - Canadian Solar Selected... (subscriber access)
- 1/31/2023 - Canadian Solar to Build... (subscriber access)
- 12/7/2022 - Canadian Solar Signs 256... (subscriber access)
- 10/19/2022 - Recurrent Energy and CSI... (subscriber access)
- 5/24/2022 - Canadian Solar Reports... (subscriber access)
- 8/17/2021 - U.S. Solar Manufacturing... (subscriber access)
- 8/12/2021 - Canadian Solar Reports... (subscriber access)
- 4/23/2021 - Canadian Solar Begins... (subscriber access)
- 1/13/2021 - Canadian Solar Completes... (subscriber access)
- 1/7/2021 - Duke Energy Renewables... (subscriber access)
- 9/16/2020 - Canadian Solar Close on... (subscriber access)
- 9/10/2020 - Canadian Solar Offering... (subscriber access)
- 8/18/2020 - Recurrent Energy Begins... (subscriber access)
- 12/9/2019 - Canadian Solar Approves... (subscriber access)
- 11/18/2019 - Canadian Solar Closes on... (subscriber access)
- 5/29/2019 - Canadian Solar Signs... (subscriber access)
- 5/16/2019 - Recurrent Energy Sells... (subscriber access)
- 2/14/2019 - Canadian Solar Reports... (subscriber access)
- 12/18/2018 - Canadian Solar Sells 150... (subscriber access)
- 12/14/2018 - Canadian Solar Closes... (subscriber access)
- 10/25/2018 - Canadian Solar and PKA... (subscriber access)
- 8/14/2018 - Canadian Solar Issues... (subscriber access)
- 8/7/2018 - Canadian Solar Secures... (subscriber access)
- 3/19/2018 - Canadian Solar Currently Has 435.7 MWp in Mexican Solar Projects Under Development
- 3/19/2018 - Canadian Solar Begins... (subscriber access)
- 3/19/2018 - Canadian Solar Inks... (subscriber access)
Press Releases
- Solar module shipments of 3.2 GW, exceeding guidance of 2.9 GW to 3.1 GW.
- 31% sequential growth in revenue to $914 million, above guidance of $840 million to $890 million.
- Gross margin of 19.5%, well above guidance of 14% to 16%.
- Net income attributable to Canadian Solar of $8.8 million, or $0.15 per diluted share, after the adverse impact of a $12.6 million withholding tax expense in China related to a special dividend distribution from the Module and System Solutions ("MSS") subsidiary to the Company.
- Completed a $260 million capital raising in preparation for the Company's MSS business' carve-out IPO and completed a $230 million convertible bond issuance.
- Reiterates 2021 module shipment guidance of 18 GW to 20 GW.
- Manufacturing capacities expected to nearly double by 2021 year-end to support accelerating growth, with significant capacity contribution starting from the second quarter of 2021.
- Secured over 860 MWp in new power purchase agreements ("PPA") in Brazil, post Q3, in a private auction with a large local utility company and through a corporate PPA agreement with one of the largest financial institutions in Latin America.
- It permits Canadian Solar to capture higher margins while recycling a large portion of capital. Meanwhile, it will allow the Company to build a base of stable and long-term cash flows from power sales, operations and maintenance ("O&M"), asset management and other services; and create new growth opportunities, including energy storage systems integration and optimization.
- Over time, the addition of more predictable and stable revenues and cash flows from power sales, O&M, asset management and other services will help smooth typical lumpiness associated with the development and sale of solar power projects.
- Power classes of up to 665 W and module efficiencies of up to 21.4%
- Commercial deployment of Canadian Solar's proprietary cell technology and module design, including hetero-type ribbon (HTR) and paving technology (PA)
- Further reduction of the light- and elevated temperature-induced degradation (LeTID) using Canadian Solar Advanced Regeneration (CSAR) technology
- Excellent value for commercial and utility scale PV plants, reducing balance of system costs by up to 5.7% and LCOE by up to 8.9% relative to mainstream 445 W modules
- Yan Zhuang is appointed as President of CSI Solar, stepping down from his role as President and Chief Operating Officer of Canadian Solar. Mr. Zhuang remains as a director on the Canadian Solar board.
- Guangchun Zhang is appointed as Senior Vice President, Operations and Technology, of CSI Solar, stepping down from his role as Senior Vice President and Chief Manufacturing Officer of Canadian Solar.
- 31% sequential increase in total module shipments to 2.9 GW, exceeding guidance of 2.5 GW to 2.7 GW.
- Net revenue of $696 million exceeding guidance of $630 million to $680 million.
- Gross margin of 21.2% exceeding guidance of 18.5% to 20.5%.
- 17% reduction in operating expenses compared to the second quarter of 2019.
- Net income attributable to Canadian Solar of $20.6 million or $0.34 per diluted share.
- Updated shipment guidance to 11 GW to 12 GW for 2020, and 18 GW to 20 GW for 2021.
- It will permit Canadian Solar to capture higher margins while recycling a large portion of capital. Meanwhile, it will allow the Company to build a base of stable and long-term cash flows from power sales, operations and maintenance ("O&M"), asset management and other services; and create new growth opportunities, including energy storage systems integration and optimization.
- Over time, the addition of more predictable and stable revenues and cash flows from power sales, O&M, asset management and other services will help smooth typical lumpiness associated with the development and sale of solar power projects.
- With respect to the election of directors, the Company nominated seven individuals. Each of Mr. Shawn (Xiaohua) Qu, Mr. Harry E. Ruda, Mr. Andrew (Luen Cheung) Wong, Mr. Arthur (Lap Tat) Wong, Ms. Lauren C. Templeton, and Mr. Karl E. Olsoni received a greater number of votes in favour than withheld. Mr. Robert K. McDermott received a greater number of votes withheld than in favour, and, as a consequence, under the Corporate Governance Guidelines of the Company, he is required to tender his resignation to the Chairman of the Board, such resignation to take effect on acceptance by the Board. The Board will consider his resignation pursuant to the Corporate Governance Guidelines and report its decision by subsequent press release.
- The requisite majority of the shares represented at the meeting required for approval were voted in favour of the re-appointment of Deloitte Touche Tohmatsu Certified Public Accountants LLP as the auditors of the Company and to authorize the directors of the Company to fix their remuneration;
- The requisite majority of the shares represented at the meeting required for approval were voted in favour of the special resolution authorizing and approving the continuance of the Company from the federal jurisdiction of Canada to either the provincial jurisdiction of the Province of British Columbia or the Province of Ontario; and
- The requisite majority of the shares represented at the meeting required for approval were voted in favour of the ordinary resolution authorizing and approving the extension of the expiry date of the amended and restated share incentive plan of the Company from September 20, 2020 to June 30, 2029.
- Total module shipments increased 41% year-over-year to 2.2 GW, in line with first quarter 2020 guidance of 2.15 GW to 2.25 GW.
- Net revenue increased 70% year-over-year to $826 million, exceeding first quarter 2020 guidance of $780 million to $810 million.
- Gross profit increased 108% year-over-year to $223 million. Gross margin increased 480 basis points year-over-year to 27.0%, in line with first quarter 2020 guidance of 26% to 28%.
- Net income attributable to Canadian Solar was $110.6 million, or $1.84 per diluted share, compared to a net loss of $17.2 million or $0.29 per diluted share in the first quarter of 2019.
- As of March 31, 2020, the Company's portfolio of utility-scale solar power plants in operation was 956 MWp with an estimated total resale value of approximately $830 million to Canadian Solar.
- It will permit Canadian Solar to capture higher margins, recycle a large portion of capital, while at the same time building a base of recurring revenue streams from power sales, operations and maintenance ("O&M"), asset management and other services, and to create new growth opportunities, including energy storage systems integration and optimization.
- Over time, the addition of predictable and stable revenues and cash flow from power sales, O&M, asset management and other services will help smooth the more typical lumpiness associated with the development and sale of solar power projects.
- Total module shipments were 2.5 GW, compared to 2.4 GW in the third quarter of 2019 and fourth quarter 2019 guidance of 2.3 GW to 2.4 GW.
- Net revenue was $920 million, compared to $760 million in the third quarter of 2019 and fourth quarter 2019 guidance of $850 million to $880 million.
- Gross profit was $230 million. Gross margin was 25.0%, compared to 26.2% in the third quarter of 2019 and fourth quarter 2019 guidance of 19% to 21%. Gross margin was 24.3% excluding the benefit of a U.S. anti-dumping ("AD") and countervailing duty ("CVD") true-up of $6.4 million.
- Net income attributable to Canadian Solar was $67.7 million, or $1.12 per diluted share, compared to $58.3 million, or $0.96 per diluted share, in the third quarter of 2019.
- Net cash provided by operating activities was approximately $247 million, compared to $22 million in the third quarter of 2019.
- As of January 31, 2020, the Company's portfolio of utility-scale solar power plants in operation was 880.2 MWp with an estimated total resale value of approximately $1 billion.
- The Company's board of directors authorized a $150 million share repurchase program for a six month-period beginning December 9, 2019.
- Total module shipments were 8.6 GW, compared to 6.6 GW in 2018 and guidance of 8.4 GW to 8.5 GW.
- Net revenue was $3.20 billion, compared to $3.74 billion in 2018 and guidance of $3.13 billion to $3.16 billion.
- Net income attributable to Canadian Solar was $171.6 million, or $2.83 per diluted share, compared to $237.1 million, or $3.88 per diluted share in 2018.
- Net cash provided by operating activities was approximately $600 million, compared to $216 million in 2018.
- Total solar module shipments were 2,387 MW, compared to 2,143 MW in the second quarter of 2019 and third quarter 2019 guidance of 2.2 GW to 2.3 GW.
- Net revenue was $759.9 million, compared to $1.0 billion in the second quarter of 2019 and third quarter 2019 guidance of $780 million to $810 million.
- Gross margin was 26.2%, compared to 17.6% in the second quarter of 2019 and third quarter 2019 guidance of 24% to 26%. Gross margin was 23.0% excluding a $24.3 million countervailing duty ("CVD") true-up benefit.
- Net income attributable to Canadian Solar on a GAAP basis was $58.3 million, or $0.96 per diluted share, compared to $62.7 million, or $1.04 per diluted share, in the second quarter of 2019.
- Net income attributable to Canadian Solar on a non-GAAP basis was $40.1 million, or $0.66 per diluted share. This excludes a $24.3 million CVD true-up benefit, net of income tax effect. For a reconciliation of results under generally accepted accounting principles in the United States ("GAAP") to non-GAAP results, see the accompanying table "About Non-GAAP Financial Measures".
- Net cash provided by operating activities was approximately $22.4 million, compared to $225.8 million in the second quarter of 2019.
- As of September 30, 2019, the Company's portfolio of utility-scale solar power plants in operation was 795.8 MWp with an estimated total resale value of approximately $900 million.
- In 2018, Canadian Solar delivered 6.6 GW of solar modules worldwide. As of the end of the second quarter of 2019, the company had shipped over 36 GW modules cumulatively, which can generate around 45,321,600 MWh of clean electricity per year, enough to meet the needs of approximately 10 million homes.
- In the latest bankability survey conducted by Bloomberg New Energy Finance, Canadian Solar was ranked as the No.1 most bankable module manufacturer by respondents based on product quality, reliability and trustable corporate reputation. PV-Tech also gave Canadian Solar an AA bankability rating, showing that the Company has managed to successfully pursue a dual manufacturing/downstream business.
- Canadian Solar's technology team set a world record of 22.80% conversion efficiency for p-type large area multi-crystalline silicon solar cell, and it was tested and certified by Germany's Institute für Solarenergieforschung GmbH (ISFH) in September 2019.
- Water usage per kW production was reduced by 42.8% from 0.593 m3 in 2017 to 0.339 m3 in 2018.
- Electricity usage per kW production was reduced by 14.5% from 7.22 kWh in 2017 to 6.17 kWh in 2018.
- CO2 emissions for every kW module production was reduced by 19% from 393 kg in 2017 to 318 kg in 2018.
- In 2018, the Company employed more than 13,000 people worldwide and created 561 new jobs. It also provided 43,266 training programs to employees during the year.
- Canadian Solar continued to contribute to local communities, such as in Lungi, Sierra Leone and Bauru, Brazil, where the Company helped to build solar power systems for medical centers, kindergartens and elderly people's homes. The Company believes the participation and direct contribution to the society is the best expression of business success.
- Total solar module shipments were 2,143 MW, compared to 1,575 MW in the first quarter of 2019 and second quarter 2019 guidance of 1.95 GW to 2.05 GW.
- Net revenue was $1,036.3 million, compared to $484.7 million in the first quarter of 2019 and second quarter 2019 guidance of $970 million to $1.01 billion.
- Gross margin was 17.6%, including the benefit of an anti-dumping ("AD") and countervailing duty ("CVD") true-up of $21.6 million, or 15.5% without taking into account the true-up benefit which represents the non-GAAP gross margin, compared to 22.2% in the first quarter of 2019 and second quarter 2019 guidance of 13% to 15%.
- Net income attributable to Canadian Solar on a GAAP basis was $62.7 million, or $1.04 per diluted share, compared to net loss of $17.2 million, or $0.29 per diluted share, in the first quarter of 2019.
- Net income attributable to Canadian Solar on a non-GAAP basis was $46.4 million, or $0.77 per diluted share. Non-GAAP net income excludes an AD and CVD true-up of $21.6 million, net of income tax effect. For a reconciliation of results under generally accepted accounting principles in the United States ("GAAP") to non-GAAP results, see the accompanying table "About Non-GAAP Financial Measures".
- Net cash provided by operating activities was approximately $225.8 million, compared to $104.9 million in the first quarter of 2019.
- As of July 31, 2019, the Company's portfolio of utility-scale solar power plants in operation was 795.8 MWp with an estimated total resale value of approximately $1.0 billion.
- The election of Mr. Shawn (Xiaohua) Qu as a director of the Company;
- The election of Mr. Robert McDermott as a director of the Company;
- The election of Mr. Harry E. Ruda as a director of the Company;
- The election of Mr. Andrew (Luen Cheung) Wong as a director of the Company;
- The election of Mr. Arthur (Lap Tat) Wong as a director of the Company; and
- The re-appointment of Deloitte Touche Tohmatsu Certified Public Accountants LLP as the auditors of the Company.
- Total solar module shipments were 1,575 MW, compared to 1,951 MW in the fourth quarter of 2018 and first quarter 2019 guidance of 1.3 GW to 1.4 GW.
- Net revenue was $484.7 million, compared to $901.0 million in the fourth quarter of 2018 and first quarter 2019 guidance of $450 million to $480 million.
- Gross margin was 22.2%, compared 28.3% in the fourth quarter 2018, after excluding the benefit of a U.S. countervailing duty (CVD) reversal of $16.1 million in that quarter, and first quarter 2019 guidance of 16.0% to 18.0%.
- Net loss attributable to Canadian Solar was $17.2 million, or $0.29 per diluted share, compared to net income of $111.6 million, or $1.81 per diluted share, in the fourth quarter of 2018, or net income of $99.5 million, or $1.61 per diluted share, in the fourth quarter of 2018, after excluding the CVD reversal of $16.1 million, net of income tax effect, in that quarter.
- As of April 30, 2019, the Company's portfolio of utility-scale solar power plants in operation was 983.6 MWp with an estimated total resale value of approximately $1.2 billion. Only the value of the class B shares which the Company holds in its tax equity solar power plant in the U.S. is included in this resale value.
- Salgueiro Solar Holding SA: 114.3 MW peak
- Francisco Sa Solar Holding SA: 114.3 MW peak
- Jaiba Solar Holding SA: 101.6 MW peak
- Lavras Solar Holding SA: 152.4 MW peak
- Total solar module shipments were 1,951 MW, compared to 1,590 MW in the third quarter of 2018 and the revised fourth quarter guidance of 1.9 GW to 1.95 GW.
- Net revenue was $901.0 million, compared to $768.0 million in the third quarter of 2018 and the revised fourth quarter 2018 guidance of $850 million to $900 million.
- Gross margin was 30.1%, including the benefit of a U.S countervailing duty (CVD) reversal of $16.1 million, compared to 26.1% in the third quarter of 2018, and the revised fourth quarter guidance of 27.0% to 28.0%. Excluding the CVD reversal benefits, gross margin was 28.3%, compared to 25.0% in the third quarter of 2018.
- Net income attributable to Canadian Solar was $111.6 million, or $1.81 per diluted share, compared to net income of $66.5 million, or $1.09 per diluted share, in the third quarter of 2018.
- Non-GAAP adjusted net income attributable to Canadian Solar was $99.5 million, or $1.61 per diluted share. This excludes the CVD reversal of $16.1 million, net of income tax effect. For a reconciliation of results under generally accepted accounting principles in the United States ("GAAP") to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures"
- During the quarter, the Company completed sales of the Garland and Tranquillity solar power plants totaling 260 MWp and the 210 MWp Mustang 2 solar power project (at pre-NTP stage) in the U.S., 247 MWp of solar power plants in China and its 20% interest in the 399 MWp Pirapora portfolio in Brazil.
- As of February 28, 2019, the Company's portfolio of utility-scale solar power plants in operation was approximately 986 MWp with an estimated total resale value of approximately $1.2 billion. Only the value of the class B shares which the Company holds in its tax equity solar power plant in the U.S. is included in this resale value.
- Total solar module shipments were 6,615 MW, compared to 6,828 MW in 2017 and the revised full year guidance in the range of 6.56 GW to 6.61 GW.
- Net revenue was $3.74 billion, compared to $3.39 billion in 2017 and the revised full year guidance in the range of $3.69 billion to $3.74 billion.
- Net income attributable to Canadian Solar was $237.1 million, or $3.88 per diluted share, compared to $99.6 million, or $1.69 per diluted share in 2017.
- Non-GAAP adjusted net income attributable to Canadian Solar was $199.4 million, or $3.28 per diluted share. (This excludes the benefit of a U.S. AD/CVD reversal of $50.2 million, net of income tax effect.)
- Net cash provided by operating activities was approximately $216.3 million, compared to $203.9 million in 2017.
- Net revenue was $768.0 million, compared to $650.6 million in the second quarter of 2018, and third quarter 2018 guidance in the range of $790 million to $840 million.
- Gross margin was 26.1%, compared to 24.5% in the second quarter of 2018, and third quarter guidance of 20.0% to 23.0%.
- Net income attributable to Canadian Solar was $66.5 million, or $1.09 per diluted share, compared to $15.6 million, or $0.26 per diluted share, in the second quarter of 2018.
- During the quarter, the Company completed the sale of solar power plants totaling 103 MWp, including 64 MWp in Japan.
- Net cash provided by operating activities was approximately $148 million, compared to net cash used in operating activities of $174 million in the second quarter of 2018.
- The Company's portfolio of utility-scale solar power plants in operation was approximately 1.1 GWp with an estimated total resale value of approximately $1.23 billion, as of October 31, 2018. Only the value of class B shares, which the Company holds in its tax equity solar power plants in the U.S., is included in this resale value.
- Solar module shipments were 1,700 MW, including 246 MW shipped to the Company's own solar projects not recognized into revenue in the quarter. This compares to the module shipment of 1,374 MW in the first quarter of 2018, and second quarter 2018 module shipment guidance in the range of 1,500 MW to 1,600 MW.
- Net revenue was $650.6 million, compared to $1.42 billion in the first quarter of 2018, and second quarter 2018 guidance in the range of $690 million to $730 million. The sequential decrease in net revenue is the result of lower revenue from project sales ($879.9 million in Q1 and $85.6 million in Q2) and lower average selling prices for our solar modules. The lower revenue compared to the guidance is due to the deferral of several planned project sales to later quarters.
- Net revenue from the total solutions business as a percentage of total net revenue was 20.1% compared to 64.2% in the first quarter of 2018.
- Gross margin was 24.5%, including the benefits of two AD/CVD reversals of $13.1 million and $12.6 million, based on the final rates of Solar 2 AD AR2 and Solar 1 CVD AR4, respectively. Excluding these AD/CVD reversal benefits, gross margin was 20.5%, compared to 10.1% in the first quarter of 2018, and second quarter 2018 guidance of a range of 20.0% to 22.0%.
- Net income attributable to Canadian Solar was $15.6 million, or $0.26 per diluted share, compared to net income of $43.4 million, or $0.72 per diluted share, in the first quarter of 2018.
- Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $991.1 million, compared to $1.19 billion at the end of the first quarter of 2018.
- Net cash used in operating activities was approximately $174 million, compared to net cash provided by operating activities of $253 million in the first quarter of 2018.
- The Company's portfolio of utility-scale solar power plants in operation as of July 31, 2018 was approximately 1.4 GWp with an estimated total resale value of approximately $1.6 billion. Only the value of class B shares which the Company holds in its tax equity solar power plants in the U.S. is included in this resale value.
- The election of Mr. Shawn (Xiaohua) Qu as a director of the Company;
- The election of Mr. Robert McDermott as a director of the Company;
- The election of Mr. Lars-Eric Johansson as a director of the Company;
- The election of Mr. Harry E. Ruda as a director of the Company;
- The election of Mr. Andrew (Luen Cheung) Wong as a director of the Company; and
- The re-appointment of Deloitte Touche Tohmatsu Certified Public Accountants LLP as the auditors of the Company.
- Total solar module shipments were 1,374 MW, compared to 1,831 MW in the fourth quarter of 2017, and first quarter 2018 guidance in the range of 1.30 GW to 1.35 GW.
- Net revenue was $1.42 billion, compared to $1.11 billion in the fourth quarter of 2017, and first quarter 2018 guidance in the range of $1.37 billion to $1.40 billion.
- Net revenue from the total solutions business as a percentage of total net revenue was 64.2% compared to 36.4% in the fourth quarter of 2017.
- Gross margin was 10.1%, compared to 19.7% in the fourth quarter of 2017, and first quarter 2018 guidance in the range of 10.0% to 12.0%.
- Net income attributable to Canadian Solar was $43.4 million, or $0.72 per diluted share, compared to net income of $61.4 million, or $1.01 per diluted share, in the fourth quarter of 2017.
- Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.19 billion, compared to $1.19 billion at the end of the fourth quarter of 2017.
- Net cash provided by operating activities was approximately $253.4 million, compared to net cash provided by operating activities of $189.3 million in the fourth quarter of 2017.
- During the quarter, the Company completed the sale of three solar power plants in the U.S. totaling 309 MWp to the Korea Electric Power Corporation ("KEPCO") for approximately $720.0 million and completed the sale of 142 MWp of solar power plants in the UK for approximately GBP 191.2 million ($267.7 million) to Greencoat Capital LLP ("Greencoat").
- The Company's portfolio of utility-scale solar power plants in operation as of April 30, 2018 was approximately 948 MWp with an estimated total resale value of approximately $1.1 billion. Only the class B share value of the Company's tax equity deal projects in the U.S. is included in this resale value.
- Total solar module shipments were 1,831 MW, compared to 1,870 MW in the third quarter of 2017, and fourth quarter guidance in the range of 1,720 MW to 1,820 MW.
- Net revenue was $1.11 billion, compared to $912.2 million in the third quarter of 2017, and fourth quarter 2017 guidance in the range of $1.04 billion to $1.08 billion.
- Net revenue from the total solutions business as a percentage of total net revenue was 36.4% compared to 21.6% in the third quarter of 2017.
- Gross margin was 19.7%, compared to 17.5% in the third quarter of 2017, and fourth quarter guidance in the range of 16.5% to 18.5%.
- Net income attributable to Canadian Solar was $61.4 million, or $1.01 per diluted share, compared to net income of $13.3 million, or $0.22 per diluted share, in the third quarter of 2017.
- Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.19 billion, compared to $1.15 billion at the end of the third quarter of 2017.
- Net cash provided by operating activities was approximately $189.3 million, compared to net cash provided by operating activities of $153.8 million in the third quarter of 2017.
- During the quarter, the Company completed the sale of 13 solar power plants totaling 72.7 MWp in Japan to Canadian Solar Infrastructure Fund, Inc. ("CSIF") for approximately $270 million; completed the sale of 99 percent of its Class B membership interest in the 92 MWp IS-42 solar power plant in the U.S. for approximately $43 million; completed the sale of 44.3 MWp of solar power plants in China; and completed the sale of interests in three solar power projects totaling 117 MWp in Australia.
- The Company's portfolio of solar power plants in operation was approximately 1.2 GWp as of February 28, 2018.
- Total solar module shipments were a record high of 6,828 MW in 2017, compared to 5,232 MW in 2016, and full year 2017 guidance in the range of 6.8 GW to 6.9 GW.
- Net revenue was $3.39 billion, compared to $2.85 billion in 2016, and full year 2017 guidance in the range of $3.33 billion to $3.37 billion.
- Net revenue from the total solutions business was 22.8% of total net revenue, compared to 8.1% in 2016.
- Net income attributable to Canadian Solar was $99.6 million, or $1.69 per diluted share, compared to $65.2 million, or $1.12 per diluted share, in 2016.
- Net cash provided by operating activities was approximately $203.9 million, compared to net cash used in operating activities of $278.1 million in 2016.
- Total solar module shipments were 1,870 MW, compared to 1,745 MW in the second quarter of 2017, and the third quarter guidance in the range of 1,650 MW to 1,700 MW.
- Net revenue was $912.2 million, compared to $692.4 million in the second quarter of 2017, and the third quarter guidance in the range of $805 million to $825 million.
- Net revenue from the total solutions business as a percentage of total net revenue was 21.6% compared to 6.5% in the second quarter of 2017.
- Gross margin was 17.5%, compared to gross margin of 24.2% in the second quarter of 2017 (including the benefits of two AD/CVD reversals of $42.6 million and $15.0 million based on the final rates of Solar 1 AR3 and Solar 2 AR1, respectively) and gross margin of 15.9% in the second quarter of 2017 (excluding the reversal benefits), and the third quarter guidance of 15.0% to 17.0%.
- Net income attributable to Canadian Solar was $13.3 million, or $0.22 per diluted share, compared to net income of $38.2 million, or $0.63 per diluted share, in the second quarter of 2017.
- Cash, cash equivalents and restricted cash balance as of September 30, 2017 was $1.15 billion, compared to $961.6 million as of June 30, 2017.
- Net cash provided by operating activities was $153.8 million, compared to net cash used in operating activities of $83.4 million in the second quarter of 2017.
- The Company's portfolio of solar power plants in commercial operation was 1,419.5 MWp as of September 30, 2017, with an estimated total resale value of approximately $2.0 billion. Only the class B share value of the Company's tax equity deal projects in the U.S. was included in the estimated resale value.
- In September and October 2017, the Company entered into definitive agreements with two Asian buyers, to sell a portfolio of six solar power projects in California, totaling 703 MWp. These transactions are subject to various government approvals. The parties hope to close the transactions in the fourth quarter of 2017 or the first quarter of 2018, depending on the timing of the required governmental approvals.
- In September 2017, Canadian Solar Infrastructure Fund, Inc. ("CSIF"), a fund sponsored by a subsidiary of the Company, obtained approval from the Tokyo Stock Exchange, Inc. (the "TSE") to list its investment units on the TSE's infrastructure investment fund securities market. Japanese subsidiaries of Canadian Solar agreed to sell 13 operating solar power plants with a total installed capacity of 72.7 MWp to CSIF as its initial portfolio (the "Initial Portfolio"). An initial public offering of 177,800 CSIF investment units was priced at 100,000 Japanese yen per unit, before underwriting discounts. Of the units included in the offering, Canadian Solar purchased 25,395 units as the designated purchaser. The listing was completed on October 30, 2017. CSIF plans to use the net proceeds from the offering and anticipated bank borrowings of JPY 17.7 billion (approximately $156 million) to consummate the acquisition of the Initial Portfolio. Net sale proceeds to Canadian Solar from the Initial Portfolio amounted to JPY 30.4 billion (approximately $270 million). Canadian Solar expects to use part of the net sale proceeds to reduce its overall debt by JPY 18.7 billion (approximately $165 million).
- In September 2017, the Company entered into an agreement to sell 99 percent of its Class B membership interests in the 92 MWp IS-42 project in North Carolina to Falck Renewables S.p.A., with closing expected in November 2017.
- In October 2017, the Company entered into agreements to sell interests in three solar projects in Australia, totaling 117 MWp, to Foresight Solar Fund Limited. The transaction is expected to close in the fourth quarter of 2017.
- During the quarter, the Company completed the sale of the 108 MWp SECI Maharashtra project in India.
- Total solar module shipments were 1,745 MW, compared to 1,480 MW in the first quarter of 2017, and second quarter guidance in the range of 1,530 MW to 1,580 MW.
- Net revenue was $692.4 million, compared to $677.0 million in the first quarter of 2017, and second quarter guidance in the range of $615.0 million to $635.0 million.
- Net revenue from the total solutions business as a percentage of total net revenue was 6.5% compared to 18.8% in the first quarter of 2017.
- Gross margin was 24.2%, including the benefits of two AD/CVD reversals of $42.6 million and $15.0 million based on the final rates of Solar 1 AR3 and Solar 2 AR1, respectively. Gross margin was 15.9%, excluding these reversal benefit, compared to 13.5% in the first quarter of 2017, and second quarter guidance of 13.0% to 15.0%.
- Net income attributable to Canadian Solar was $38.2 million, or $0.63 per diluted share, compared to a net loss of $13.3 million, or $0.23 per diluted share, in the first quarter of 2017.
- Non-GAAP net loss attributable to Canadian Solar, which excludes the AD/CVD reversal benefit and an insurance compensation gain, net of income tax effect, was $9.1 million, or $0.15 per diluted share, compared to a non-GAAP adjusted net loss attributable to Canadian Solar in the first quarter of 2017 of $6.0 million, or $0.10 per diluted share, which excludes a provision for LDK of $8.6 million, net of income tax effect. (For a reconciliation of GAAP to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures.")
- Cash, cash equivalents and restricted cash balance as of June 30, 2017 was $961.6 million, compared to $961.4 million as of March 31, 2017.
- Net cash used in operating activities was approximately $83.4 million, compared to net cash used in operating activities of $55.8 million in the first quarter of 2017.
- The Company's portfolio of solar power plants in commercial operation was 1,260.2 MWp as of June 30, 2017, with an estimated total resale value of approximately $1.8 billion. Only the class B share value of the Company's tax equity deal projects in the U.S. was included in this resale value.
- In July 2017, the Company completed the sale of the 281 MWp Great Valley Solar project, previously called Tranquillity 8, to Sempra Renewables LLC, a unit of Sempra Energy.
- The Company completed the sale of an 80% interest in each of 191.5 MWp Pirapora I, 115 MWp Pirapora II and 92.5 MWp Pirapora III to EDF. EN do Brasil.
- The election of Mr. Shawn (Xiaohua) Qu as a director of the Company;
- The election of Mr. Robert McDermott as a director of the Company;
- The election of Mr. Lars-Eric Johansson as a director of the Company;
- The election of Mr. Harry E. Ruda as a director of the Company;
- The election of Mr. Andrew (Luen Cheung) Wong as a director of the Company; and
- The appointment of Deloitte Touche Tohmatsu Certified Public Accountants LLP as the auditors of the Company.
- Total solar module shipments were 1,480 MW, compared to 1,612 MW in the fourth quarter of 2016, and first quarter 2017 guidance was in the range of 1,150 MW to 1,200 MW.
- Net revenue was $677.0 million, compared to $668.4 million in the fourth quarter of 2016, and first quarter 2017 guidance was in the range of $570 million to $590 million.
- Net revenue from the total solutions business as a percentage of total net revenue was 18.8% compared to 6.6% in the fourth quarter of 2016.
- Gross margin was 13.5%, compared to 13.9% (excluding the AD/CVD true-up provision of $44.1 million) or 7.3% (including the AD/CVD true-up provision of $44.1 million) in the fourth quarter of 2016, and first quarter 2017 guidance was in the range of 13.0% to 15.0%.
- Net loss attributable to Canadian Solar was $13.3 million, or $0.23 per diluted share, compared to net loss of $13.3 million, or $0.23 per diluted share in the fourth quarter of 2016.
- Non-GAAP adjusted net loss attributable to Canadian Solar, which is adjusted to exclude a one-time provision of $8.6 million as explained in later paragraph, net of income tax effect, was $6.0 million, or $0.10 per diluted share, in the first quarter of 2017, compared to non-GAAP adjusted net income attributable to Canadian Solar, which is adjusted to exclude the impact of the $44.1 million AD/CVD true-up provision, net of income tax effect, was $14.2 million, or $0.24 per diluted share in the fourth quarter of 2016. (For a reconciliation of GAAP to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures.")
- Cash, cash equivalents and restricted cash balances as of March 31, 2017 was $961.4 million, compared to $1.01 billion as of December 31, 2016.
- Net cash used in operating activities was approximately $55.8 million, compared to net cash used in operating activities of $109.3 million in the fourth quarter of 2016.
- In March, the Company completed the sale of two solar power plants in China, for over RMB687.1 million (US$99.8 million). In February, the Company also completed the sale of three solar power plants in Canada, totaling 59.8 MWac, for over C$257 million ($195.32 million).
- The Company's portfolio of solar power plants in commercial operation was 1,156.5 MWp as of March 31, 2017, with an estimated total resale value of approximately $1.6 billion.
- Total solar module shipments set a record high at 1,612 MW, of which 1,581 MW were recognized in revenue, compared to 1,161 MW recognized in revenue in the third quarter of 2016, and fourth quarter 2016 guidance in the range of 1,400 MW to 1,500 MW.
- Net revenue was $668.4 million, compared to $657.3 million in the third quarter of 2016, and fourth quarter 2016 guidance in the range of $600 million to $750 million.
- Net revenue from the total solutions business as a percentage of total net revenue was 6.6% compared to 10.4% in the third quarter of 2016.
- Gross margin was 7.3% including an anti-dumping and countervailing duties (AD/CVD) true-up provision of $44.1 million associated with the prior years' module sales. If excluding this charge, the gross margin would be 13.9%, compared to 17.8% in the third quarter of 2016, and fourth quarter guidance in the range of 11.0% to 16.0%.
- Net loss attributable to Canadian Solar was $13.3 million, or $0.23 per diluted share, compared to net income of $15.6 million, or $0.27 per diluted share, in the third quarter of 2016.
- Non-GAAP adjusted net income attributable to Canadian Solar, which is adjusted to exclude the AD/CVD true-up provision of $44.1 million, net of income tax effect, was $14.2 million, or $0.24 per diluted share, in the fourth quarter of 2016. (For a reconciliation of GAAP to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures.")
- Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.01 billion, compared to $986.0 million at the end of the third quarter of 2016.
- Net cash used in operating activities was approximately $109.3 million, compared to net cash used in operating activities of $205.7 million in the third quarter of 2016.
- During the quarter the Company completed the sale of two solar power plants in Canada for over C$152.5 million ($115 million) and two solar power plants in China for RMB223.5 million ($32.2 million). The Company completed three additional solar power plant sales in Canada for over C$257 million ($195.32 million) on February 1, 2017.
- The Company's portfolio of operating solar power plants was 1,195.5 MWp as of February 28, 2017, with an estimated total resale value of approximately $1.6 billion.
- Total solar module shipments set a record high at 5,232 MW in 2016, compared to 4,706 MW in 2015, with 5,204 MW recognized in revenue in 2016, compared to 4,384 MW recognized in revenue in 2015, and full year 2016 guidance in the range of 5,073 MW to 5,173 MW.
- Net revenue was $2.85 billion, compared to $3.47 billion in 2015, and full year 2016 guidance in the range of $2.78 billion to $2.94 billion.
- Net revenue from the total solutions business was 6.9% of total net revenue, compared to 30.9% in 2015.
- Net income attributable to Canadian Solar was $65.2 million, or $1.12 per diluted share, compared to $171.9 million, or $2.93 per diluted share, in 2015.
- Non-GAAP adjusted net income attributable to Canadian Solar, which is adjusted to exclude the AD/CVD true-up provision of $44.1 million, net of income tax effect, was $92.7 million, or $1.60 per diluted share.
- Net cash used in operating activities was approximately $278.1 million, compared to net cash provided by operating activities of $413.7 million in 2015.
- The Company booked a true-up provision of $44.1 million primarily associated with prior years' module sales from China to the U.S for the Anti-Dumping Duty (AD) and Countervailing Duty (CVD) preliminary results of the third administrative review (AR3) of Solar 1 (as defined below) by the U.S. Department of Commerce (DOC). The AR3 preliminary results were announced to the public on December 22, 2016 for AD and on January 9, 2017 for CVD. The preliminary results for the Company are hugely different from both the past rates imposed on the Company and the AR3 preliminary results on our peers. We are vigorously contesting the preliminary results and have filed Case Brief and Rebuttal Brief for AD with DOC on January 25, 2017 and February 3, 2017, respectively. DOC currently plans to issue its final results for AR3 AD on April 21, 2017 and AR3 CVD on May 9, 2017, with the discretion to extend these dates for up to 60 days. We expect to appeal any adverse DOC findings, if any, to the U.S. Court of International Trade.
- Canadian Solar's imports into the U.S. are subject to DOC AD/CVD orders on solar products incorporating solar cells from China ("Solar 1") and other solar products incorporating solar cells from Taiwan ("Solar 2"). Our Solar 1 imports are currently subject to a cash deposit rate of 8.52% for AD and 20.94% for CVD. In the AR3 of the Solar 1 orders, which cover the period of review from December 1, 2014 to November 30, 2015 for AD and from January 1, 2014 to December 31, 2014 for CVD, DOC calculated preliminary margins (i.e. duty rates) for Canadian Solar at 30.42% for AD and 20.98% for CVD. For the details in the preliminary results for AD published on December 22, 2016 in Federal Register, please see at https://www.federalregister.gov/documents/2016/12/22/2016-30854/crystalline-silicon-photovoltaic-cells-whether-or-not-assembled-into-modules-from-the-peoples, and for CVD published on January 9, at https://www.federalregister.gov/documents/2017/01/09/2017-00138/crystalline-silicon-photovoltaic-cells-whether-or-not-assembled-into-modules-from-the-peoples).
- For Solar 2, we are still in the process of assessing the impact which could be positive or negative. For further information, for Chinese-origin products subject to the Solar 2 orders, please refer to Federal Register, for AD, at https://www.federalregister.gov/documents/2017/03/07/2017-04420/certain-crystalline-silicon-photovoltaic-products-from-the-peoples-republic-of-china-preliminary, and, for CVD, at https://www.federalregister.gov/documents/2017/03/06/2017-04267/certain-crystalline-silicon-photovoltaic-products-from-the-peoples-republic-of-china-preliminary. For Taiwan-origin products subject to the Solar 2 orders, please refer to Federal Register at https://www.federalregister.gov/documents/2017/03/07/2017-04413/certain-crystalline-silicon-photovoltaic-products-from-taiwan-preliminary-results-of-antidumping. The above public announcements are the preliminary results from the first administrative review of the Solar 2 order, in which Canadian Solar is not participating.
- Canadian Solar has ramped up its production facilities in South Eastern Asia in the course of 2016 and has not imported solar products from China to the U.S., or using Taiwanese solar cells in its solar products shipped into the U.S. since February of 2017.
- VIDEO: Astoria Solar Portfolio Overview: https://vimeo.com/recurrentenergy/astoriaportfolio
- VIDEO: Solar in the Community – Kern County, CA: https://vimeo.com/recurrentenergy/kerncommunity
- Astoria project portfolio web page: http://recurrentenergy.com/portfolio/astoria-portfolio/
- 51.6% annual increase in module sales
- $3.5 billion total revenue
- Top-3 market shares in Japan, India, Canada, USA, Central America and other territories
- Energy generation from company-owned PV plants increased by over 1,000%
- Water use per MW decreased by 23% since 2014
- Wastewater discharge per MW dropped by 35% since 2014
- CO2 needed per MW was reduced by 42% compared to 2012
- Named Canada's Most Attractive Employer in the sixth annual Randstad Awards
- Ranked #1 for corporate social responsibility in Randstad Awards
- More than 6,300 staff members were trained in 2015, more than 70% of all employees
- Total solar module shipments were 1,185 MW, of which 1,161 MW was recognized in revenue, compared to 1,290 MW recognized in revenue in the second quarter of 2016, and third quarter guidance in the range of 1,200 MW to 1,300 MW.
- Net revenue was $657.3 million, compared to $805.9 million in the second quarter of 2016, and third quarter guidance in the range of $660 million to $710 million.
- Net revenue from the total solutions business as a percentage of total net revenue was 10.4%, compared to 8.5% in the second quarter of 2016.
- Gross margin was 17.8%, compared to 17.2% in the second quarter of 2016, and third quarter guidance in the range of 14.0% to 16.0%.
- Net income attributable to Canadian Solar was $15.6 million, or $0.27 per diluted share, compared to $40.4 million, or $0.68 per diluted share, in the second quarter of 2016.
- Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $986.0 million, compared to $1.0 billion at the end of the second quarter of 2016.
- Net cash used in operating activities was approximately $205.7 million, compared to net cash provided by operating activities of $145.2 million in the second quarter of 2016.
- The Company's portfolio of operating solar power plants now totals 948 MWp, with an estimated total resale value of approximately $1.4 billion.
- The Company targets to complete the sale of certain utility-scale solar power plants in Canada and China either by the end of 2016 or early 2017 and has started the sale process of its projects in the U.S. as these projects reaching COD.
- VIDEO: Solar in the community - the Tranquillity project: https://vimeo.com/recurrentenergy/tqstory
- Tranquillity solar power project web page: http://recurrentenergy.com/mega-project/tranquillity/
- VIDEO – Mustang solar project overview: vimeo.com/recurrentenergy/remustang
- Mustang solar power project web page: recurrentenergy.com/mega-project/mustang/
- Total solar module shipments recognized in revenue were 1,290 MW, compared to 1,172 MW recognized in revenue in the first quarter of 2016, and second quarter guidance in the range of 1,200 MW to 1,250 MW.
- Net revenue was $805.9 million, compared to $721.4 million in the first quarter of 2016, and second quarter guidance in the range of $710 million to $760 million.
- Net revenue from the total solutions business as a percentage of total net revenue was 8.5%, compared to 6.3% in the first quarter of 2016.
- Gross margin was 17.2%, compared to 15.6% in the first quarter of 2016, and second quarter guidance in the range of 15.0% to 17.0%.
- Net income attributable to Canadian Solar was $40.4 million, or $0.68 per diluted share, compared to $22.6 million, or $0.39 per diluted share, in the first quarter of 2016.
- Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.0 billion, compared to $1.0 billion at the end of the first quarter of 2016.
- Net cash provided by operating activities was approximately $145.2 million, compared to net cash used in operating activities of $108.3 million in the first quarter of 2016.
- The Company now owns a portfolio of solar power plants in operation totaling 472 MWp, with an estimated resale value of approximately $850.0 million and profit margin contribution[1] in the mid-teens.
- AG: http://www.investorsobserver.com/pr/?stocksymbol=AG&prnumber=71220162
- CRM: http://www.investorsobserver.com/pr/?stocksymbol=CRM&prnumber=71220162
- CSIQ: http://www.investorsobserver.com/pr/?stocksymbol=CSIQ&prnumber=71220162
- FSLR: http://www.investorsobserver.com/pr/?stocksymbol=FSLR&prnumber=71220162
- SWKS: http://www.investorsobserver.com/pr/?stocksymbol=SWKS&prnumber=71220162
- The election of Mr. Shawn (Xiaohua) Qu as a director of the Company;
- The election of Mr. Robert McDermott as a director of the Company;
- The election of Mr. Lars-Eric Johansson as a director of the Company;
- The election of Mr. Harry E. Ruda as a director of the Company;
- The election of Mr. Andrew (Luen Cheung) Wong as a director of the Company; and
- The appointment of Deloitte Touche Tohmatsu Certified Public Accountants LLP as the auditors of the Company.
- Cowen and Company 44th Annual Technology, Media & Telecom Conference on Wednesday June 1, 2016 at the Lotte New York Palace hotel in New York City. A panel on Sunny Days - Discussion on Solar Industry Dynamics is scheduled for 2:45pm EDT on the same day;
- Stifel 2016 Technology, Internet & Media Conference on Monday, June 6, 2016 at the Fairmont hotel in San Francisco. A group presentation is scheduled for 9:45am PDT on the same day and will be available through a live webcast in the investor relations section of the Company's website at www.canadiansolar.com.
- built with heat-strengthened glass to replace the traditional polymer back-sheet
- more resistant to Potential Induced Degradation (PID), with anti-PID cells and encapsulation material
- well suited for harsh environments like high humidity, high temperature, sandstorm and ultraviolet (UV) conditions
- lower annual power degradation, with the first year annual power degradation of 2.5% and 0.5% each year afterwards, resulting in a 30-year power warranty
- designed to enable 1500V applications to lower overall system cost
- better low light performance, with the average module efficiency under low light irradiance condition (0.2 Sun) reaching over 97.5% of that under Standard Test Condition (STC)
- lower temperature coefficient improves the module's per watt actual power output
- lower Light Induced Degradation (LID) - LID is over 30% lower than that of a standard mono solar module
- 5 bus bar cell design enhances product reliability
- a robust and reliable solution for seaside/farmland PV system installation
- a 25-year linear power output warranty and a 10-year product warranty on materials and workmanship
- Total solar module shipments were 1,198 MW, of which 1,172 MW were recognized in revenue, compared to 1,398 MW recognized in revenue in the fourth quarter of 2015, and first quarter shipment guidance in the range of 1,085 MW to 1,135 MW.
- Net revenue was $721.4 million, compared to $1,120.3 million in the fourth quarter of 2015, and first quarter guidance in the range of $645 million to $695 million.
- Net revenue from the total solutions business as a percentage of total net revenue was 6.3%, compared to 30.7% in the fourth quarter of 2015.
- Gross margin was 15.6%, compared to 17.9% in the fourth quarter of 2015, and first quarter guidance in the range of 12.0% to 14.0%.
- Net income attributable to Canadian Solar was $22.6 million, or $0.39 per diluted share, compared to $62.3 million, or $1.05 per diluted share, in the fourth quarter of 2015.
- Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.0 billion, compared to $1.1 billion at the end of the fourth quarter of 2015.
- Net cash used in operating activities was approximately $108.3 million, compared to net cash provided by operating activities of $218.3 million in the fourth quarter of 2015.
- The management raises revenue guidance for 2016 to $3.0-3.2 billion up from $2.9-3.1 billion, reflecting the expectation to sell more solar power plants in the second half of the year.
- The Company energized six solar power plants totaling 39.4 MWp, in the United Kingdom.
- The Company now owns a fleet of solar power plants in operation totaling 437.5MWp, with an estimated resale value of approximately $950.0 million and gross margin contribution in excess of 20.0%.
- Total solar module shipments were a quarterly record high of 1,430 MW, of which 1,398 MW were recognized in revenue, compared to 1,150 MW recognized in revenue in the third quarter of 2015.
- Net revenue was a quarterly record high of $1,120.3 million, compared to $849.8 million in the third quarter of 2015.
- Net revenue from the total solutions business as a percentage of total net revenue was 30.7%, compared to 26.6% in the third quarter of 2015.
- Gross margin was 17.9%, compared to 14.9% in the third quarter of 2015.
- Net income attributable to Canadian Solar was $62.3 million, or $1.05 per diluted share, compared to $30.4 million, or $0.53 per diluted share, in the third quarter of 2015.
- Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.1 billion, compared to $1.0 billion at the end of the third quarter of 2015.
- Net cash generated from operating activities was $201.7 million, compared to $41.4 million in the third quarter of 2015.
- During the quarter, the Company completed the construction and tax-equity financing of all of its late-stage, utility-scale project pipeline in the U.S., and sold controlling stakes in two projects totaling 246.9 MWp.
- During the quarter, the Company completed the sale of three solar power plants valued at over C$197.1 million ($144.5 million), in Canada.
- The Company has recently started the operation and retained ownership of solar power plants totaling 144.0 MWp, including 14.1 MWp in Canada, 6.2 MWp in Japan, 22.9 MWp in the United Kingdom and 100.8 MWp in China.
- Total solar module shipments were an annual record high of 4,706 MW, of which 4,384 MW were recognized in revenue, compared to 2.8 GW recognized in revenue in 2014.
- Net revenue was an annual record high at $3.47 billion, compared to $2.96 billion in 2014.
- Net revenue from the total solutions business as a percentage of total net revenue was 30.9%, compared to 44.5% in 2014.
- Income from operations was $247.4 million and non-cash charges for depreciation, amortization and equity compensation were $100.2 million.
- Net income attributable to Canadian Solar was $171.9 million, or $2.93 per diluted share, compared to $239.5 million, or $4.11 per diluted share, in 2014.
- During the year, the Company delivered a total of 388 MW of system kits and utility-scale solar power plants to all of its key markets.
- Cash flow from operations was $397.0 million, compared to $265.1 million in 2014.
Canadian Solar Subsidiary Recurrent Energy Completes Sale and Breaks Ground on the Slate Project, Expected to Be One of the Largest PV + Battery Storage Projects in the U.S.
Source: PR Newswire
Orignial Article: https://contentapi.cision...
GUELPH, ON, Jan. 13, 2021 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) today announced that its wholly-owned subsidiary, Recurrent Energy, completed the sale of the Slate project to Goldman Sachs Renewable Power LLC ("GSRP"). Revenue from the transaction will be recognized in Q1 2021 and commercial operation is anticipated in late 2021.
The Slate project is a 300 MWac solar plus 140.25 MW / 561 MWh storage project located in Kings County, California, and has commenced construction. Canadian Solar's majority-owned energy storage subsidiary, System Solutions and Energy Storage ("SSES"), will provide the battery storage integration solution for the project. Additionally, PNC Bank is providing a tax equity commitment to the project, which demonstrates its pledge to not only manage its own operations in an environmentally sustainable manner, but also to support clients with innovative financing options as the world transitions to a low-carbon economy.
The project has signed PPAs with five different off-takers, four of which are solar and energy storage, and one that is solar-only.
Dr. Shawn Qu, chairman and CEO of Canadian Solar stated, "The Slate project is Recurrent Energy's largest solar-plus-storage project and represents continued investment in a community where we have done business for nearly a decade. Given the huge market opportunity presented by battery storage, both standalone as well as paired with solar, we have focused significant resources in developing our own technological, servicing and financing solutions over the past few years. We are now starting to see our efforts come to fruition and are solidly positioning Canadian Solar as a market leader in this space. This transaction demonstrates that our SSES team is now a top bankable battery storage solutions provider with deep technical know-how in solar and battery integration technology. Likewise, the Recurrent Energy team has done an excellent job in growing our storage pipeline in the U.S. which is currently over 4 GWh."
Dr. Qu added, "Having recently transacted with Goldman Sachs Renewable Power on our first large-scale storage integration and long term service agreement for the neighboring Mustang project, after the project sale in 2019, we are pleased to partner again with GSRP on the Slate project, expected to be one of the largest integrated solar-plus-storage projects in the U.S."
Jon Yoder, Head of the Renewable Power Group of Goldman Sachs Asset Management, said "We are very excited to partner with Canadian Solar once again on a landmark project that will provide a significant new source of clean, renewable energy to California and a battery storage system that will help facilitate California's transition to a carbon free power grid."
The Slate project will generate enough low-cost, clean energy to power approximately 126,000 California homes. The power plant will utilize approximately 962,000 of Canadian Solar's high efficiency bifacial BiKu modules across approximately 2,400 acres in Kings County, California.
Dr. Qu added, "We applaud our Slate customers for their commitment to use solar generation coupled with expanded storage capacity to enable a cleaner energy economy and brighter future in California. As solar-plus-storage installations in the US are expected to nearly triple in 2020 and more than double in 2021, we are pleased to continue to offer flexible and reliable clean energy and grid reliability solutions for our customers and the communities they serve."
The project is expected to employ 405 workers at peak construction, with at least 50% of those construction jobs expected to be filled by local skilled tradesmen from the Kings County area. Along with indirect economic benefits that accompany solar project development, such as increased local spending in the service and construction industries, the Slate project will also have a positive economic impact on the local community by providing significant tax revenues for Kings County.
"This is a landmark solar-with-storage transaction and an exciting opportunity to support our respected clients Canadian Solar and Goldman Sachs Renewable Power," said Michael Ziemke, managing director of Renewable Energy Finance Group for PNC Bank. "At PNC, we are proud to do our part to help successfully transition to a low-carbon economy by continuing to support our clients' strategies for more sustainable operations and providing them with the sustainable financing programs they need."
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 19 years, Canadian Solar has successfully delivered over 49 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 5.6 GWp in over 20 countries across the world. Currently, the Company has over 500 MWp of projects in operation, over 5 GWp of projects under construction or in backlog (late-stage), and an additional 11 GWp of projects in pipeline (mid- to early- stage). 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.
About Recurrent Energy (Canadian Solar Subsidiary)
Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About System Solutions and Energy Storage, SSES (Canadian Solar Subsidiary)
SSES is one of the top providers of turnkey energy storage battery systems and solutions in the world and leverages Canadian Solar's vast experience in developing and executing renewable energy projects to offer highly bankable and competitive integrated energy storage solutions. The division is staffed by energy storage and renewable energy veterans who work closely with leading battery technology partners and project developers to provide innovative storage solutions. Canadian Solar also offers its energy storage customers long term operation and maintenance services including battery capacity augmentation, warranty-wrapped energy capacity and performance guarantees as well as safe and reliable system operations.
About Goldman Sachs Renewable Power LLC
Goldman Sachs Renewable Power LLC is a privately held company managed by the Renewable Power Group of Goldman Sachs Asset Management (GSAM). GSRP is the sponsor of more than 800 solar projects across 27 U.S. states that collectively have a capacity of more than 2.3 gigawatts of clean, renewable power. GSAM's Renewable Power Group is comprised of investment professionals with leading industry expertise across transaction sourcing, financial analysis, power markets and physical asset analysis and operations. The team takes a long-term ownership approach to the operations and management of renewable assets and benefits from Goldman Sachs' extensive network of relationships, leading institutional infrastructure and in-house industry knowledge and experience. The Renewable Power Group is part of GSAM, one of the world's leading asset managers with approximately $1.9 trillion in assets under supervision globally as of September 30, 2020
About PNC Bank
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.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; delays in the process of qualifying to list the MSS subsidiary in the PRC; 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 28, 2020. 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.
View original content:SOURCE Canadian Solar Inc.
Article Date
1/13/2021Canadian Solar Completes the Sale of a 290 MWp Greenfield Solar Portfolio in Italy
Source: PR Newswire
GUELPH, Ontario, Dec. 22, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) announced today the sale of the remaining 30% ownership of the Big Fish SPV S.r.l. ("Big Fish") and Iron SPV S.r.l. ("Iron") solar projects to Falck Renewables. Both projects are located in Sicily, Italy, and have a total expected capacity of more than 290 MWp. The Company expects to recognize revenues from the sale in the fourth quarter of 2020.
Canadian Solar partnered with Falck Renewables back in 2019 to jointly develop the Big Fish and Iron projects, selling 70% ownership of the projects to Falck Renewables. Since then, the projects have successfully secured grid connection and preliminary land rights, and have also applied for permits and authorizations.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We are pleased to have partnered with Falck Renewables in this initiative which allowed us to broaden our portfolio in Italy and has brought development progress to our projects. Going forward, our strategy in Italy will focus on growing and diversifying our pipeline, currently in excess of 1.3 GWp across various regions in the country, with around 140 MWp expected to reach notice-to-proceed (NTP) in 2021. We will also focus on securing long term energy sale agreements and maximize the value we generate from our projects."
Dr. Qu added, "Italy is one of the countries in Europe where solar energy has reached grid parity at the wholesale level, and therefore we expect the growth of energy sale agreements to accelerate in the following years. This is supportive of the ambitious goals set by the government to substantially increase its solar PV installed capacity over the next decade. As the energy market shows modest but positive signs of improvement from the COVID impact, we see new attractive opportunities in the private PPA market. We are excited about the opportunities in Italy, which represents one of Canadian Solar's strongest core markets in the EMEA region, and expect to gain market share and solidify our position as one of the leading players in the Italian solar PV market."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 49 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; delays in the process of qualifying to list the MSS subsidiary in the PRC; 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-completes-the-sale-of-a-290-mwp-greenfield-solar-portfolio-in-italy-301197466.html
SOURCE Canadian Solar Inc.
Article Date
12/22/2020Canadian Solar Completes the Sale of 19 MWp Operational Project in Japan
Source: PR Newswire
GUELPH, Ontario, Dec. 16, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today it completed the sale of Gunma Aramaki, a 19 MWp operational solar power plant in the Yamaguchi Prefecture in Japan for JPY6.8 billion (approximately US$64 million).
Canadian Solar sold its equity stake in the project to several passive investors in Japan and remains the asset manager and provider of operations and maintenance ("O&M") services under a long-term agreement. Gunma Aramaki reached commercial operation in December 2018 and is powered by Canadian Solar high efficiency modules. The electricity generated is being purchased by Tokyo Electric Power Company at the rate of JPY36 (US$0.35) per kWh for 20 years.
"We have significantly enhanced the value of the Gunma Aramaki power plant over the past two years by acquiring the land for this project, and have meanwhile benefitted from the asset's strong cash generation," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. "Gunma Aramaki's new owners have invested in our previous projects, and we are pleased to continue working with them. As we remain the asset manager and O&M service provider for this project, we will continue to capture a share of the project's value creation through stable and long-term revenue streams, in addition to the profits from the sale."
Dr. Qu added, "For timing reasons, this project was not sold to the Canadian Solar Infrastructure Fund, but we remain committed to the growth of the fund. Specifically, CSIF has committed to double its assets under management from approximately JPY50 billion (as of June 30, 2020) to JPY100 billion by 2022, by acquiring projects from the sponsor or third parties. For example, during the third quarter this year, we completed the sales to CSIF of the Hokkaido Ishikari and Miyagi Kejonuma projects of 2.4 MWp and 1.0 MWp, respectively."
After the Gunma Aramaki sale, the Company still has 63 GWp of projects in operation and a strong pipeline of 290 MWp in Japan.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 49 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; delays in the process of qualifying to list the MSS subsidiary in the PRC; 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-completes-the-sale-of-19-mwp-operational-project-in-japan-301193789.html
SOURCE Canadian Solar Inc.
Article Date
12/16/202011/23/2020 - Canadian Solar Signs a Total of 862 MWp in Solar PPA with BTG and Auction with Furnas in Brazil
Canadian Solar Signs a Total of 862 MWp in Solar PPA with BTG and Auction with Furnas in Brazil
Source: PR Newswire
GUELPH, ON, Nov. 23, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced that it recently signed a power purchase agreement ("PPA") with BTG Pactual ("BTG", B3: BPAC11) and that it was awarded with two projects in a private auction by Furnas Centrais Elétricas ("Furnas") for a total of 862 MWp in solar power projects in Brazil.
For the 12-year PPA with BTG, Canadian Solar will supply solar energy from a 170 MWp cluster of projects located in the State of Minas Gerais. The projects will start construction in 2021 and are expected to achieve commercial operation by the end of 2022. BTG is one of the main investment banks in Latin America and runs one of the largest energy trading businesses in Brazil.
Furnas will purchase solar energy from two Canadian Solar projects through a 15-year PPA. Canadian Solar will develop and build both Furnas projects totalling 692 MWp. One of them, will be located in the State of Ceará and will have a capacity of 260 MWp. The second project is located in the State of Piuaí and will have a capacity of 432 MWp. Both projects will start construction in 2022 and are expected to reach commercial operation by the end of 2023.
Furnas is a majority-controlled subsidiary of Centrais Elétricas Brasileiras S.A. – Eletrobras ("Eletrobras", NYSE: EBR). Furnas' business is mainly in energy generation, transmission and sales. It operates in 16 Brazilian states and is the owner of 21 hydro plants, 2 thermal plants, 1 wind farm and 30,000 kilometers of transmission lines.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, "We are pleased to partner with BTG and Furnas to deliver clean solar energy to Brazilian consumers. I am also proud of our team's great work in expanding our leadership position in the solar project development market in Brazil. After the 274 MWp in corporate PPAs that we signed earlier in June, the volume of projects secured in this PPA and auction is the largest in Canadian Solar's history, and it increases our backlog of solar projects in Brazil with PPAs (or equivalent) to almost 2.2 GWp."
"We are also making good progress on our project monetization strategy in Brazil, where we are in the process of forming a Brazilian Participation Fund for Infrastructure projects, or FIP-IE, which is on track to launch in 2021. This will help accelerate our growth in the Brazilian market as we optimize our capital allocation. More updates to come."
All projects will use Canadian Solar's latest, high power series 7 bifacial modules of up to 665 Wp.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 49 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; delays in the process of qualifying to list the MSS subsidiary in the PRC; 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-signs-a-total-of-862-mwp-in-solar-ppa-with-btg-and-auction-with-furnas-in-brazil-301178821.html
SOURCE Canadian Solar Inc.
Article Date
11/23/202011/19/2020 - Canadian Solar Reports Third Quarter 2020 Results
Canadian Solar Reports Third Quarter 2020 Results
Source: PR Newswire
GUELPH, ON, Nov. 19, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the quarter ended September 30, 2020.
Highlights
Dr. Shawn Qu, Chairman and CEO, commented, "I am pleased to report another strong set of results for the third quarter. We continued to focus on executing our strategy, overcoming market challenges and delivering long-term returns. During the third quarter, we took a major step forward with the successful pre-IPO equity raising of CSI Solar Co., Ltd. ("CSI Solar"), Canadian Solar's MSS subsidiary, which received overwhelming support and participation from strategic partners as we secured the capital required to expand our capacity with the latest technology. We are well on track to achieve our target of submitting the official IPO application by the second quarter of next year.
"Another highlight from last month was the signing of our first large scale energy storage system supply and service agreement, strongly positioning Canadian Solar in the solar plus energy storage market. We expect energy storage will increasingly contribute to Company revenue and profit starting in 2021, setting the stage to become an important earnings driver going forward. Our integrated business model gives us the competitive advantage to deliver bankable, end-to-end solar plus energy storage solutions, which will unlock further growth opportunities.
"We have also made progress in identifying opportunities in localized large-scale project investment vehicles to hold grid-connected solar, energy storage and other clean energy projects developed by our Energy business, leveraging the successful publicly traded investment fund in Japan, which we have sponsored since 2017. We are targeting to launch similar vehicles in Latin America and Europe within the next 12 to 24 months."
Yan Zhuang, President of CSI Solar Co., Ltd. ("CSI Solar"), Canadian Solar's MSS subsidiary, said, "As solar energy enters a new era of higher growth driven by grid parity and accelerating supply side consolidation, we see a window of opportunity to grow global market share by leveraging our leadership position across premium and distributed generation markets, investing in state-of-the-art and highly cost-competitive capacity, and increasing the level of vertical integration of our manufacturing process to better control manufacturing costs and capture value. This is reflected in our updated capacity expansion plan, which we are already implementing.
"At the same time, we face near-term challenges driven by a confluence of factors, namely, the temporary shortage of raw material supply driving approximately 50% to 100% price increases of critical inputs, such as polysilicon, solar glass and EVA; the sharp increase in shipping costs; and the depreciation of the U.S. Dollar. While we benefit from the sharp recovery of global solar demand since July, this also caused input material shortages. As a result, we are expecting pressure on our short-term profitability. We are taking active measures to mitigate these micro and macro factors. Over the longer term, however, we believe these changes will ultimately favor Canadian Solar as a market leader with a differentiated technological offering, strong brand and market leadership position."
Ismael Guerrero, Corporate VP and President of Canadian Solar's Energy business, said, "While the widespread impact of COVID-19 created project uncertainties, our teams worked relentlessly to support customers, maintain project timelines wherever possible and overcome major challenges, such as substantially securing tax equity for our U.S. projects. We started construction on the Maplewood and Pflugerville projects in the U.S., as well as on the Tastiota project in Mexico. In terms of project sales, we closed various sales across the U.S., Canada, Japan and China. We also continue to expand our high-quality project pipeline. A few days ago, we secured 862 MWp in new PPAs in Brazil and we were awarded 22 MWp in the latest solar auction in Japan, solidifying our leadership position in two key markets. We remain committed to growing our pipeline and will continue to focus on optimizing the use of cash through capital partnerships and partial ownership of select solar and storage projects."
Dr. Huifeng Chang, Senior VP and CFO, added, "We delivered revenue growth and modest underlying profitability during the third quarter. Given strong operating cash generation, the recent convertible bond issuance and MSS pre-IPO equity raising, we have strengthened our capital reserves. This puts us in a financially strong position to manage any unexpected market changes. Our total cash position at the end of September was $1.6 billion, well above our usual average, although we have since deployed some of this cash in support of long-term growth opportunities. As always, we remain disciplined in our capital allocation decisions and will continue to monitor and adjust to market conditions."
Third Quarter 2020 Results
Total module shipments in the third quarter of 2020 grew by 33% year-over-year ("yoy") and 9% quarter-over-quarter ("qoq") to 3,169 MW driven by strong global demand growth. Of the total, 278 MW was shipped to the Company's own utility-scale solar power projects.
Net revenue in the third quarter of 2020 grew by 20% yoy and 31% qoq to $914 million. Growth was driven by higher module shipments and project sales, partly offset by a lower module average selling price ("ASP").
Gross profit in the third quarter of 2020 was $178 million, up 21% sequentially. Gross margin in the third quarter of 2020 was 19.5%, compared to guidance of 14% to 16%, and 21.2% in the second quarter of 2020. The gross margin decline was mainly driven by the previously anticipated module ASP pressure and increased manufacturing input costs, but the magnitude of the fluctuations was smaller than expected.
Total operating expenses in the third quarter of 2020 were $119 million, up from $102 million in the second quarter of 2020. The increase was primarily driven by higher research and development spending and increased shipping and handling expenses.
Income from operations in the third quarter of 2020 was $59 million, up 30% sequentially.
Non-cash depreciation and amortization charges in the third quarter of 2020 were $56 million, compared to $48 million in the second quarter of 2020, and $37 million in the third quarter of 2019.
The net foreign exchange loss in the third quarter of 2020 was $13 million, compared to a net loss of $4.5 million in the second quarter of 2020 and a $0.6 million net gain in the third quarter of 2019. The higher foreign exchange loss was mainly due to the depreciation of the U.S. Dollar relative to the Chinese Renminbi.
Income tax expense in the third quarter of 2020 was $21 million, compared to an income tax expense of $9 million in the second quarter of 2020 and an income tax expense of $10 million in the third quarter of 2019. The increase in the tax expense was mainly driven by a $12.6 million withholding tax expense in China related to a $126 million special dividend distribution from CSI Solar to the parent Company in the third quarter.
Net income attributable to Canadian Solar in the third quarter of 2020 was $8.8 million, or $0.15 per diluted share, compared to net income of $20.6 million, or $0.34 per diluted share in the second quarter of 2020.
Net cash provided by operating activities in the third quarter of 2020 was a positive $47 million, compared to $114 million used in the second quarter of 2020.
Module and System Solutions (MSS) Business Segment
The table below sets forth Canadian Solar's capacity expansion targets for 2021 year-end. All new capacity will produce Canadian Solar's next generation high-power, high-efficiency modules in the HiKu and BiHiKu product portfolios.
Manufacturing Capacity, GW (period-end)
FY20 | 1H21 | FY21 | |
Ingot | 2.1 | 5.1 | 10.0 |
Wafer | 6.3 | 11.3 | 11.3 |
Cell | 9.6 | 18.2 | 18.2 |
Module | 16.1 | 23.2 | 25.7 |
Note: The Company's capacity expansion plans are subject to change without notice based on market conditions and capital allocation plans.
Operating Results
The following table presents unaudited select results of operations data of the Company's MSS business segment for the periods indicated.
MSS Business Segment Financial Results* (In Thousands of U.S. Dollars, Except Percentages and Unless Otherwise Stated) | ||||||
Three Months Ended | Nine Months Ended | |||||
September | June 30, 2020 | September | September | September | ||
Net revenues | 772,718 | 706,155 | 674,921 | 2,168,674 | 1,816,938 | |
Cost of revenues | 629,388 | 557,263 | 493,505 | 1,727,582 | 1,382,545 | |
Gross profit | 143,330 | 148,892 | 181,416 | 441,092 | 434,393 | |
Operating expenses | 102,117 | 85,670 | 94,730 | 275,159 | 268,529 | |
Income from operations | 41,213 | 63,222 | 86,686 | 165,933 | 165,864 | |
Gross margin | 18.5% | 21.1% | 26.9% | 20.3% | 23.9% | |
Operating margin | 5.3% | 9.0% | 12.8% | 7.7% | 9.1% | |
*Includes effects of both sales to third party customers and to the Company's Energy Business Segment. Please refer to the attached financial tables for intercompany transaction elimination information. Income from operations reflects management's allocation and estimate as some services are shared by the Company's two business segments.
The table below provides the geographic distribution of the net revenue of the MSS business:
MSS Net Revenues Geographic Distribution* (In Millions of U.S. Dollars, Except Percentages) | ||||||||
Q3 2020 | % of Net Revenues | Q2 2020 | % of Net Revenues | Q3 2019 | % of Net Revenues | |||
Asia | 308 | 44 | 261 | 39 | 209 | 32 | ||
Americas | 246 | 36 | 215 | 32 | 244 | 37 | ||
Europe and others | 141 | 20 | 193 | 29 | 204 | 31 | ||
Total | 695 | 100 | 669 | 100 | 657 | 100 | ||
*Excludes sales from the MSS business to the Energy business.
Canadian Solar shipped 3.2 GW of modules to more than 70 countries in the third quarter of 2020. The top five markets of the MSS business ranked by revenues were the U.S., Vietnam, Brazil, China and Japan.
Energy Business Segment
Energy Business Strategy
Canadian Solar has one of the world's largest utility-scale solar project development platforms, with a track record of originating, developing, financing, building and bringing into commercial operation over 5.6 GWp of solar power plants across six continents. As a first mover, the Company has acquired extensive experience and built a leadership position in solar project development, with an aggregate pipeline of 16 GWp.
Traditionally, the operating model for the Company's Energy business has been to sell projects when they reach either their notice to proceed date ("NTP") or commercial operation date ("COD"), depending on the optimal exit point for each project based on its specific risk and return profile. In certain cases, the Company has retained a minority ownership interest in order to capture additional operational value throughout the partial ownership holding period, while still recycling most of the capital back into developing new solar projects. There are two key benefits to this approach:
Management targets to achieve the following project sales and accumulated project ownership retained over the next 5 years:
Energy Business Targets | 2020 | 2021 | 2022 | 2023 | 2024 |
Annual Project Sales, GWp | 1.1-1.3 | 1.8-2.3 | 2.4-2.9 | 3.2-3.7 | 3.6-4.1 |
Cumulative Projects Retained (including inventory to be sold), MWp | ~40 | ~200 | ~400 | ~760 | ~960 |
Note: There are increased uncertainties regarding the closing dates of project sales in 2020 due to COVID-19 disruptions. Forecasts for annual project sales include both projects sold at NTP and COD, which have a significant impact on revenue but more limited impact on profits. Final timing and recognition of project sales may be impacted by various external factors. These targets are subject to change without notice. | |||||
To help fund this business strategy, the Company is in the process of establishing capital partnerships with investors seeking long-term, stable cash flows through investments in clean, profitable and countercyclical solar energy infrastructure investments. These capital partnerships involve launching both public and private investment vehicles in select markets with large energy demand, attractive power prices, high irradiation, and stable capital markets. The next anticipated launch in Brazil, expected in the form of a Brazilian Participation Fund for Infrastructure projects ("FIP-IE"), is currently planned for assets that will be built in 2021 (specific timing subject to market conditions), followed by project investment vehicles in certain European countries. Through these capital partnerships, the Company expects to optimize the monetization of project assets and build sustainable long-term value for Canadian Solar's shareholders.
Total Project Pipeline
As of September 30, 2020, the Company's total project pipeline was 16.3 GWp, including, 1.3 GWp under construction, 3.8 GWp of backlog, and 11.2 GWp of earlier stage pipeline. The backlog includes projects that have passed their Risk Cliff Date and are expected to be built in the next one to four years. A project's Risk Cliff Date depends on the country where the project is located and is defined as the date on which the project passes the last of the high-risk development stages. This is usually after projects receive all the required environmental and regulatory approvals, interconnection agreements, feed-in tariff ("FIT") arrangements and power purchase agreements ("PPAs"). All projects in the current backlog have secured a PPA or FIT or are reasonably assured of securing one.
The Company's pipeline includes early- to mid-stage project opportunities currently under development but that are yet to be de-risked.
The following table presents the Company's full pipeline as of September 30, 2020. Please note that the 862 MWp and 22 MWp of new PPAs and FITs secured in Brazil and Japan respectively are not reflected on this table as backlog, given that they occurred after September 30.
Total Project Pipeline (as of September 30, 2020) – MWp | |||||
Region | In Construction | Backlog | Pipeline | Total | |
North America | 514 | 1,022 | 3,763 | 5,299 | |
Latin America | 731* | 1,539* | 3,765 | 6,035 | |
Europe, the Middle East and Africa ("EMEA") | - | 382* | 2,628 | 3,010 | |
Japan | 70 | 220 | - | 290 | |
Asia Pacific excluding Japan | 6 | 533 | 1,043 | 1,582 | |
China | - | 80 | - | 80 | |
Total | 1,321 | 3,776 | 11,199 | 16,296 | |
Note: Gross MWp size of projects includes 508 MWp and 63 MWp of projects in construction and backlog, respectively, in Latin America, and 123 MWp in backlog in EMEA, that are not owned by Canadian Solar or have been sold to third parties.
| |||||
The Company has a sizable amount of premium, high FIT projects in Japan. The table below sets forth the expected COD schedule of the Company's project backlog in development and construction in Japan, as of September 30, 2020:
Expected COD Schedule – MWp
2020 | 2021 | 2022 and Thereafter | Total | ||||
13 | 66 | 211 | 290 |
The Company is one of the first movers in developing and supplying utility-scale energy storage projects. We believe there are significant near-term growth opportunities in energy storage, especially in solar plus storage projects, given the rapid technological developments, declining battery storage costs, higher capacity needs and accelerating retirements of fossil fuel power plants. The Company is uniquely positioned to deliver energy storage solutions to its customers, especially in solar plus storage solutions, given its proprietary integrated technologies and expertise, and its unique positioning as both a top-tier module manufacturer and global project developer.
The table below sets forth the Company's storage project backlog and pipeline as of September 30, 2020.
In Operation | Backlog | Pipeline | Total | |
Storage (MWh) | 3 | 1,201 | 4,842 | 6,046 |
Solar Power Plants in Operation
As of September 30, 2020, the Company's power plants in operation totaled 537 MWp, with a combined estimated net resale value of approximately $562 million to Canadian Solar. The estimated resale value is based on selling prices that Canadian Solar is currently negotiating or transaction prices of similar assets in the relevant markets.
Latin America | Japan | Asia Pacific ex. Japan | China | Total |
100 | 82 | 96 | 259 | 537 |
Note: Gross MWp size of projects, includes 26 MWp in Asia Pacific ex. Japan already sold to third parties.
Operating Results
The following table presents unaudited select results of operations data of the Company's Energy business segment for the periods indicated.
Energy Business Segment Financial Results (In Thousands of U.S. Dollars, Except Percentages and Unless Otherwise Stated) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | June 30, 2020 | September | September | September 30, | ||||
Net revenues | 219,008 | 26,661 | 97,550 | 483,756 | 504,075 | |||
Cost of revenues | 164,409 | 15,083 | 77,589 | 327,831 | 453,292 | |||
Gross profit | 54,599 | 11,578 | 19,961 | 155,925 | 50,783 | |||
Operating expenses | 17,253 | 16,074 | 24,077 | 55,717 | 73,012 | |||
Income (loss) from operations | 37,346 | (4,496) | (4,116) | 100,208 | (22,229) | |||
Gross margin | 24.9% | 43.4% | 20.5% | 32.2% | 10.1% | |||
Operating margin | 17.1% | -16.9% | -4.2% | 20.7% | -4.4% | |||
Business Outlook
The Company's business outlook is based on management's current views and estimates given factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, and the global impact of the ongoing COVID-19 pandemic. Management's views and estimates are subject to change without notice.
For the fourth quarter of 2020, the Company expects total module shipments to be in the range of 2.9 GW to 3.0 GW, including approximately 350 MW of module shipments to the Company's own projects that may not be immediately recognized as revenues. Total revenues are expected to be in the range of $980 million to $1,015 million. Gross margin is expected to be between 8% and 10%, below the Company's normal gross margins, reflecting the negative near-term impact of raw materials shortages, which have pushed up certain costs up by approximately 50% to 100%, including polysilicon, solar glass and EVA, combined with higher shipping costs and unfavorable currency movements.
The Company reiterates and narrows its full year 2020 module shipment guidance of to 11.2 GW to 11.3 GW, and also reiterates full year 2021 shipment guidance of 18 GW to 20 GW.
Dr. Shawn Qu, Chairman and CEO, commented, "Our updated module shipment guidance reflects the impact of the shortage of certain raw material supply and subsequent price increase, which is affecting our immediate term production plans and resulting in higher costs. That said, we have plans to mitigate the profit margin pressure. We expect large capacity additions for solar glass over the next few months, and therefore a lessening margin impact over the coming quarters. Likewise, some of the higher cost burden will be shared with our customers.
"Our new capacity expansions, which increase the level of vertical integration of our manufacturing process, will start to contribute to earnings from Q2 of next year and help to capture profit in the upper- and mid-stream ingot, wafer and cell processes. We also expect our energy storage solution business to become a significant growth and profit driver starting in 2021. The new localized project investment vehicles, once launched, will help to fuel the next leg of growth of our Energy business in those regions. Given the increasing market-driven nature of the solar industry, we expect demand and supply imbalances to be corrected faster than in the past, as we transition into a healthier market. With grid parity, we are very positive on the long-term growth opportunities of the industry and remain strongly positioned to gain market share, capture new sources of growth and deliver long-term returns for shareholders."
Recent Developments
On November 12, Canadian Solar announced that two of its projects in Japan were awarded feed-in-tariffs under the 6th FIT Auction. The projects total 22 MWp, and once constructed, they will enter into 20-year power purchase agreements with Tokyo Electric Power Company at the rate of ¥11.99 ($0.114) per kWh.
On October 19, Canadian Solar announced it closed a supply contract and long-term service agreement to deliver and integrate a 75 MW / 300 MWh lithium-ion battery storage solution into the 100 MWac Mustang solar plant in California with Goldman Sachs Renewable Power LLC.
On October 6, Canadian Solar announced the financial close of its 126 MWp Tastiota Solar Project in Mexico. The financing package consisted of a $67 million senior loan, $15 million letter of credit facility and a $12 million VAT facility covering the construction and operation phase of the project. The non-recourse financing package, arranged by Canadian Solar was provided by Sumitomo Mitsui Banking Corporation (SMBC).
On September 30, Canadian Solar announced it agreed to a RMB1.78 billion (approximately $260 million) capital raising for its Module and System Solution subsidiary, CSI Solar. This capital raising was an important step for CSI Solar to qualify for the planned carve-out IPO in China and brings in leading institutional investors and strategic partners.
On September 21, Canadian Solar announced it completed the sale of the 32 MWp Suffield Solar Project in Canada to BluEarth Renewables.
On September 16, Canadian Solar announced the closing of its offering of $230 million in aggregate principal amount of 2.50% convertible senior notes due 2025, which includes the exercise in full by the initial purchasers of their option to purchase an additional $30 million in aggregate principal amount of the notes. The Company received aggregate net proceeds of approximately $223 million from the offering, after deducting discounts, commissions and offering expenses.
On August 27, Canadian Solar announced its wholly-owned subsidiary Recurrent Energy executed a $75 million development loan transaction with Nomura Corporate Funding Americas to fund the project development activities in the U.S. and Canada.
On August 18, Canadian Solar announced its wholly-owned subsidiary Recurrent Energy commenced construction on the 144 MWac Pflugerville Solar Project in Texas, U.S.
On August 17, Canadian Solar announced it commenced construction on a 5 MWp commercial and industrial rooftop solar project, one of the largest of its kind in Malaysia.
Conference Call Information
The Company will hold a conference call at 8:00 a.m. U.S. Eastern Standard Time on Thursday, November 19, 2020 (9:00 p.m., Thursday, November 19, 2020 in Hong Kong) to discuss the Company's third quarter 2020 results and business outlook. The dial-in phone number for the live audio call is 1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from Hong Kong) or +1 845-675-0437 (from international locations). The passcode for the call is 8846757. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available two hours after the conclusion of the call until 9:00 a.m. U.S. Eastern Standard Time on Friday, November 27, 2020 (10:00 p.m., November 27, 2020 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from Hong Kong) or +1-646-254-3697 (from international locations), with passcode 8846757. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 49 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 regarding the Company's expected future shipment volumes, gross margins 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; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; 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, China and Brazil; 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 28, 2020. 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.
FINANCIAL TABLES FOLLOW
The following tables provide unaudited select financial data for the Company's Module and System Solutions ("MSS") and Energy businesses:
Select Financial Data - Module and System Solutions, and | ||||||||||
Three Months Ended September 30, 2020 | ||||||||||
MSS | Energy | Elimination | Total | |||||||
Net revenues | 772,718 | 219,008 | (77,366) | 914,360 | ||||||
Cost of revenues | 629,388 | 164,409 | (57,854) | 735,943 | ||||||
Gross profit | 143,330 | 54,599 | (19,512) | 178,417 | ||||||
Gross margin | 18.5% | 24.9% | — | 19.5% | ||||||
Income from operations | 41,213 | 37,346 | (19,512) | 59,047 | ||||||
Select Financial Data - Module and System Solutions, and | ||||||||||
Nine Months Ended September 30, 2020 | ||||||||||
MSS | Energy | Elimination | Total | |||||||
Net revenues | 2,168,674 | 483,756 | (216,589) | 2,435,841 | ||||||
Cost of revenues | 1,727,582 | 327,831 | (168,398) | 1,887,015 | ||||||
Gross profit | 441,092 | 155,925 | (48,191) | 548,826 | ||||||
Gross margin | 20.3% | 32.2% | — | 22.5% | ||||||
Income from operations | 165,933 | 100,208 | (48,191) | 217,950 | ||||||
Select Financial Data - Module and System Solutions, and | |||
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | ||
(In Thousands of U.S. Dollars) | |||
MSS Revenues: | |||
Solar modules and other solar power | 628,601 | 1,787,563 | |
Solar system kits | 48,557 | 120,655 | |
EPC services | 1,934 | 5,856 | |
Others (materials and components) | 16,260 | 38,011 | |
Subtotal | 695,352 | 1,952,085 | |
Energy Revenues: | |||
Solar power projects | 206,743 | 437,182 | |
Electricity | 3,224 | 6,154 | |
O&M services | 5,399 | 15,612 | |
Others (EPC and development services) | 3,642 | 24,808 | |
Subtotal | 219,008 | 483,756 | |
Total net revenues | 914,360 | 2,435,841 | |
Canadian Solar Inc. | ||||||||||
Unaudited Condensed Consolidated Statements of Operations | ||||||||||
(In Thousands of U.S. Dollars, Except Share and Per Share Data and Unless Otherwise Stated) | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||
2020 | 2020 | 2019 | 2020 | 2019 | ||||||
Net revenues | $ 914,360 | $ 695,846 | $ 759,882 | $ 2,435,841 | $ 2,280,876 | |||||
Cost of revenues | 735,943 | 548,634 | 560,968 | 1,887,015 | 1,791,881 | |||||
Gross profit | 178,417 | 147,212 | 198,914 | 548,826 | 488,995 | |||||
Operating expenses: | ||||||||||
Selling expenses | 53,998 | 53,463 | 46,935 | 160,120 | 130,227 | |||||
General and administrative | 56,183 | 46,354 | 61,491 | 155,498 | 178,650 | |||||
Research and development | 14,147 | 10,924 | 11,567 | 35,127 | 36,865 | |||||
Other operating income | (4,958) | (8,997) | (1,186) | (19,869) | (4,201) | |||||
Total operating expenses | 119,370 | 101,744 | 118,807 | 330,876 | 341,541 | |||||
Income from operations | 59,047 | 45,468 | 80,107 | 217,950 | 147,454 | |||||
Other income (expenses): | ||||||||||
Interest expense | (17,917) | (16,960) | (19,240) | (53,890) | (61,591) | |||||
Interest income | 2,031 | 2,081 | 2,579 | 6,891 | 9,060 | |||||
Gain (loss) on change in | 13,143 | (2,349) | (2,176) | 43,902 | (15,924) | |||||
Foreign exchange gain (loss), net | (26,517) | (2,192) | 2,825 | (62,828) | 6,653 | |||||
Investment income (loss) | (6,393) | 1,525 | (738) | (18,880) | 1,809 | |||||
Other expenses, net | (35,653) | (17,895) | (16,750) | (84,805) | (59,993) | |||||
Income before income taxes | 23,394 | 27,573 | 63,357 | 133,145 | 87,461 | |||||
Income tax benefit (expense) | (20,632) | (8,899) | (10,434) | (477) | (16,858) | |||||
Equity in earnings (loss) of | 6,105 | 1,739 | 2,303 | 7,859 | 28,025 | |||||
Net income | 8,867 | 20,413 | 55,226 | 140,527 | 98,628 | |||||
Less: Net income (loss) | 34 | (191) | (3,105) | 459 | (5,221) | |||||
Net income attributable to | $ 8,833 | $ 20,604 | $ 58,331 | $ 140,068 | $ 103,849 | |||||
Earnings per share - basic | $ 0.15 | $ 0.35 | $ 0.97 | $ 2.35 | $ 1.74 | |||||
Shares used in computation - | 59,749,307 | 59,371,856 | 59,900,740 | 59,500,078 | 59,562,101 | |||||
Earnings per share - diluted | $ 0.15 | $ 0.34 | $ 0.96 | $ 2.31 | $ 1.71 | |||||
Shares used in computation - | 60,829,073 | 59,793,196 | 60,846,753 | 60,705,300 | 61,040,675 | |||||
Canadian Solar Inc. | ||||||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income | ||||||||||
(In Thousands of U.S. Dollars) | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||
2020 | 2020 | 2019 | 2020 | 2019 | ||||||
Net Income | 8,867 | 20,413 | 55,226 | 140,527 | 98,628 | |||||
Other comprehensive income | ||||||||||
Foreign currency translation | 32,173 | 30,997 | (13,419) | 17,199 | (8,604) | |||||
De-recognition of commodity | 6,285 | 4,439 | — | 10,724 | — | |||||
Gain (loss) on changes in fair | 256 | (104) | (1,314) | (3,859) | (6,994) | |||||
Comprehensive income | 47,581 | 55,745 | 40,493 | 164,591 | 83,030 | |||||
Less: comprehensive | 51 | 3,802 | (3,529) | 2,412 | (8,884) | |||||
Comprehensive income | 47,530 | 51,943 | 44,022 | 162,179 | 91,914 | |||||
Canadian Solar Inc. | |||||||
Unaudited Condensed Consolidated Balance Sheets | |||||||
(In Thousands of U.S. Dollars) | |||||||
September 30, | December 31, | ||||||
2020 | 2019 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ 1,102,927 | $ 668,770 | |||||
Restricted cash | 445,424 | 526,723 | |||||
Accounts receivable trade, net | 494,232 | 436,815 | |||||
Accounts receivable, unbilled | 17,579 | 15,256 | |||||
Amounts due from related parties | 18,543 | 31,232 | |||||
Inventories | 624,515 | 554,070 | |||||
Value added tax recoverable | 92,761 | 108,920 | |||||
Advances to suppliers | 111,913 | 47,978 | |||||
Derivative assets | 19,797 | 5,547 | |||||
Project assets | 543,693 | 604,083 | |||||
Prepaid expenses and other current assets | 450,081 | 253,542 | |||||
Total current assets | 3,921,465 | 3,252,936 | |||||
Restricted cash | 13,651 | 9,927 | |||||
Property, plant and equipment, net | 988,984 | 1,046,035 | |||||
Solar power systems, net | 87,187 | 52,957 | |||||
Deferred tax assets, net | 148,160 | 153,963 | |||||
Advances to suppliers | 58,792 | 40,897 | |||||
Prepaid land use right | 63,806 | 60,836 | |||||
Investments in affiliates | 78,348 | 152,828 | |||||
Intangible assets, net | 22,352 | 22,791 | |||||
Derivatives assets | 256 | — | |||||
Project assets | 589,434 | 483,051 | |||||
Right-of-use assets | 28,059 | 37,733 | |||||
Other non-current assets | 192,282 | 153,253 | |||||
TOTAL ASSETS | $ 6,192,776 | $ 5,467,207 | |||||
Canadian Solar Inc. | |||||
Unaudited Condensed Consolidated Balance Sheets (Continued) | |||||
(In Thousands of U.S. Dollars) | |||||
September 30, | December 31, | ||||
2020 | 2019 | ||||
Current liabilities: | |||||
Short-term borrowings | $ 1,065,360 | $ 933,120 | |||
Long-term borrowings on project assets - | 238,474 | 286,173 | |||
Accounts payable | 496,795 | 585,601 | |||
Notes payable | 605,980 | 544,991 | |||
Amounts due to related parties | 5,743 | 10,077 | |||
Other payables | 458,475 | 446,454 | |||
Advance from customers | 120,296 | 134,806 | |||
Derivative liabilities | 4,354 | 10,481 | |||
Operating lease liabilities | 15,984 | 18,767 | |||
Other current liabilities | 158,247 | 121,527 | |||
Total current liabilities | 3,169,708 | 3,091,997 | |||
Accrued warranty costs | 41,698 | 55,878 | |||
Long-term borrowings | 623,592 | 619,477 | |||
Convertible notes | 222,881 | — | |||
Derivatives liabilities | — | 1,841 | |||
Liability for uncertain tax positions | 15,645 | 15,353 | |||
Deferred tax liabilities | 56,600 | 56,463 | |||
Loss contingency accruals | 25,318 | 28,513 | |||
Operating lease liabilities | 13,569 | 20,718 | |||
Financing liabilities | 78,442 | 76,575 | |||
Other non-current liabilities | 129,266 | 75,334 | |||
Total LIABILITIES | 4,376,719 | 4,042,149 | |||
Equity: | |||||
Common shares | 687,024 | 703,806 | |||
Treasury stock | — | (11,845) | |||
Additional paid-in capital | (31,997) | 17,179 | |||
Retained earnings | 933,669 | 793,601 | |||
Accumulated other comprehensive loss | (87,497) | (109,607) | |||
Total Canadian Solar Inc. shareholders' equity | 1,501,199 | 1,393,134 | |||
Non-controlling interests in subsidiaries | 314,858 | 31,924 | |||
TOTAL EQUITY | 1,816,057 | 1,425,058 | |||
TOTAL LIABILITIES AND EQUITY | $ 6,192,776 | $ 5,467,207 | |||
View original content:http://www.prnewswire.com/news-releases/canadian-solar-reports-third-quarter-2020-results-301176940.html
SOURCE Canadian Solar Inc.
Article Date
11/19/2020Canadian Solar Continues Its Success in Japan's FIT Auctions
Source: PR Newswire
GUELPH, ON, Nov. 12, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today that two of its projects in Japan have been awarded feed-in-tariffs under the 6th FIT Auction. The projects total 22 MWp and are located in the central prefectures of Gunma and Ibaraki. The Gunma project is Canadian Solar's fourth development in that prefecture and will be the Company's sixth golf course conversion project in Japan.
Both projects will be powered by Canadian Solar's high efficiency modules. Once constructed, they will enter into a 20-year power purchase agreement with Tokyo Electric Power Company at the rate of ¥11.99 ($0.114) per kWh. The Company expects the projects to reach commercial operation by 2025 and contribute to future growth opportunities for the Canadian Solar Infrastructure Fund listed on the Tokyo Stock Exchange.
"Canadian Solar's Energy business continues to demonstrate its market leadership in Japan with this successful auction result. Since launching our Japanese solar development business in 2011, we have built and connected 40 solar plants or 290 MWp across 20 prefectures, making us one of the largest utility-scale solar developers in Japan," commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
He added, "In addition to the newly awarded projects announced today, we have a robust pipeline of projects in Japan with approximately 290 MWp under development and construction and over 80 MWp in operation, which combined have a weighted average FIT of approximately ¥28 ($0.29) per kWh, significantly higher than the global average. We are confident and proud that these projects will be delivered in the near future and contribute to the country's decarbonization and energy security efforts."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 46 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; delays in the process of qualifying to list the MSS subsidiary in the PRC; 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 28, 2020. 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. Contacts
Isabel Zhang Investor Relations Canadian Solar Inc. | David Pasquale Global IR Partners Tel: +1-914-337-8801 |
View original content:http://www.prnewswire.com/news-releases/canadian-solar-continues-its-success-in-japans-fit-auctions-301171646.html
SOURCE Canadian Solar Inc.
Article Date
11/12/2020Canadian Solar Schedules Third Quarter 2020 Earnings Conference Call for November 19
Source: PR Newswire
GUELPH, ON, Oct. 30, 2020 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Thursday, November 19, 2020 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m., November 19, 2020 in Hong Kong) to discuss the Company's third quarter 2020 results and business outlook.
The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from Hong Kong) or +1 845-675-0437 from international locations. The passcode for the call is 8846757. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 9:00 a.m. U.S. Eastern Standard Time on Friday, November 27, 2020 (10:00 p.m., November 27, 2020 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from Hong Kong) or +1-646-254-3697 from international locations. The passcode for the replay is 8846757. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 46 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.
Canadian Solar Inc. Contacts
Isabel Zhang Investor Relations Canadian Solar Inc. | David Pasquale Global IR Partners Tel: +1-914-337-8801 |
View original content:http://www.prnewswire.com/news-releases/canadian-solar-schedules-third-quarter-2020-earnings-conference-call-for-november-19-301163643.html
SOURCE Canadian Solar Inc.
Article Date
10/30/2020Canadian Solar Launches Series 7 Modules of up to 665 W
Source: PR Newswire
GUELPH, ON, Oct. 27, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), today launches its Series 7 high-power, high-efficiency modules with power output of up to 665 W. The new generation modules are set to deliver one of the industry's most competitive levelized cost of electricity (LCOE) as it further reduces balance of system (BOS) and other costs for solar power plants.
The new monofacial HiKu7 and bifacial BiHiKu7 modules are optimized with leading tracker and inverter designs to support seamless installation of solar plants. This means more modules per string, more watts per tracker and pile, lower equipment and labor costs, and higher project returns.
Series 7 Product Portfolio: Solidifying Canadian Solar's Technology Leadership
Dr. Shawn Qu, Chairman and CEO of Canadian Solar remarked, "Following the launch of our 500 W+ modules only four months ago, I am excited to introduce our 600+ W modules today, which marks another milestone for Canadian Solar as the leader in solar PV cell and module technologies." He added, "As always, the design of our new Series 7 modules puts our customer needs at heart. Our focus is not only to increase power wattage but more importantly, to reduce LCOE, improve product reliability and increase energy yield. These product and technological innovations will continue to boost solar project returns, further improve solar energy's competitiveness and accelerate the global clean energy transition."
To learn more, register here to join our product launch webinar on October 29, 2020, in partnership with pv magazine.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy and storage solutions and has a geographically diversified pipeline of utility-scale solar power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 46 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; delays in the process of qualifying to list the MSS subsidiary in the PRC; 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-launches-series-7-modules-of-up-to-665-w-301160313.html
SOURCE Canadian Solar Inc.
Article Date
10/27/202010/19/2020 - Canadian Solar to Provide a 75 MW / 300 MWh Energy Storage System to the Mustang Solar Project in California
Canadian Solar to Provide a 75 MW / 300 MWh Energy Storage System to the Mustang Solar Project in California
Source: PR Newswire
GUELPH, ON, Oct. 19, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), announced today that it has closed a supply contract and long term service agreement with Goldman Sachs Renewable Power LLC, part of the Renewable Power Group of Goldman Sachs Asset Management ("Goldman Sachs"), to deliver and integrate a 75 MW / 300 MWh lithium-ion battery storage solution into the 100 MWac Mustang solar plant in California.
The 75 MW or 4-hour 300 MWh energy storage system is a retrofit addition to the Mustang solar plant in King's County, California, which was originally developed by Canadian Solar's wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy"). The solar plant was connected to the grid in August 2016 and the project's equity stake was later sold to Goldman Sachs in May 2019.
Canadian Solar will provide the complete integrated solution, including a lithium iron phosphate-based technology package, and all future operations, maintenance and battery augmentation services. In addition, the Company will support the storage solution with fully wrapped capacity and performance guarantees, ensuring system output, reliability and safety. Construction of the energy storage component of the project will begin in early 2021 and is expected to be operational by the second half of 2021.
By pairing solar PV with advanced battery technology, Canadian Solar helps its customers to generate and store solar power during the day for use in the evening. This approach allows California's power grid to absorb and integrate higher levels of reliable, safe and affordable renewable energy while contributing to the state's climate mitigation efforts.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, "We are pleased to start supplying this large-scale solar plus energy storage project which will be fully developed by Canadian Solar with our own proprietary technological capabilities. The adoption and integration of energy storage will improve the utilization of solar energy and meaningfully enlarge our global addressable market."
Dr. Qu added, "We are excited to partner again with Goldman Sachs to deliver clean, cost effective and end-to-end solar energy and storage solutions to our customers and local communities. Despite the challenging market backdrop due to the pandemic, our teams continue to develop innovative technology solutions and execute our business plan. This is a landmark project, the first of many more to come."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy and storage solutions and has a geographically diversified pipeline of utility-scale solar power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 46 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.
About Goldman Sachs Renewable Power LLC
Goldman Sachs Renewable Power LLC is a privately held company managed the Renewable Power Group of Goldman Sachs Asset Management (GSAM). GSRP is the sponsor of more than 800 solar projects across 27 U.S. states that collectively have a capacity of more than 1.8 gigawatts of clean, renewable power. GSAM's Renewable Power Group is comprised of investment professionals with leading industry expertise across transaction sourcing, financial analysis, power markets and physical asset analysis and operations. The team takes a long-term ownership approach to the operations and management of renewable assets and benefits from Goldman Sachs' extensive network of relationships, leading institutional infrastructure and in-house industry knowledge and experience. The Renewable Power Group is part of GSAM, one of the world's leading asset managers with approximately $1.9 trillion in assets under supervision globally as of June 30, 2020.
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; delays in the process of qualifying to list the MSS subsidiary in the PRC; 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-to-provide-a-75-mw--300-mwh-energy-storage-system-to-the-mustang-solar-project-in-california-301154650.html
SOURCE Canadian Solar Inc.
Article Date
10/19/2020Canadian Solar, KEPCO and Sprott Close US$93 Million Non-Recourse Financing with SMBC for the Tastiota Project in Mexico
Source: PR Newswire
GUELPH, ON, Oct. 6, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), announced today the financial close of its 126 MWp Tastiota project in the state of Sonora, Mexico. The non-recourse financing package, arranged by Canadian Solar, was provided by Sumitomo Mitsui Banking Corporation ("SMBC"). SMBC acted as Sole Structuring Bank and Mandated Lead Arranger in the transaction.
The Tastiota financing package consists of a US$67 million senior loan, US$15 million letter of credit facility, and a US$12 million VAT facility covering the construction and operational phase of the project.
Following the sale in November 2019 of the 49% interest in a 370 MWp portfolio of Mexican projects to Korea Electric Power Corporation ("KEPCO"), South Korea's largest electric utility, and Sprott Korea ("Sprott"), a leading fund manager, these parties have entered into an agreement to acquire Canadian Solar's remaining interest in the projects following their commercial operation date.
The Tastiota project was awarded a Power Purchase Agreement (PPA) during Mexico's third energy auction. Electricity generated by the project will be sold to the Federal Electricity Commission (CFE), under a 15-year PPA for energy and capacity, and 20-year for Clean Energy Certificates. The 126 MWp solar power plant will utilize high efficiency BiHiKu modules supplied by Canadian Solar and is expected to begin operations at the end of 2020.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are very pleased to partner with SMBC to support Mexico's green strategy and renewable energy goals. We are also delighted to collaborate with our global partners KEPCO and Sprott to advance this project. The closing of this non-recourse project finance during these extraordinary times is a strong sign of financial markets' confidence in Canadian Solar's vision and ability to deliver clean solar energy in Mexico and Latin America more broadly. I am proud of our teams' accomplishments in contracting 436 MWp of PPAs in Mexico, which is part of a broader 2.9 GWp portfolio of project backlog across Latin America. We remain focused on serving this market and maintaining our valued relationships with energy regulators, investors, customers, suppliers and business counterparties, as well as supporting continued job creation across the renewable energy sector."
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 46 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; delays in the process of qualifying to list the Module and System Solutions subsidiary in the PRC; 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-kepco-and-sprott-close-us93-million-non-recourse-financing-with-smbc-for-the-tastiota-project-in-mexico-301146259.html
SOURCE Canadian Solar Inc.
Article Date
10/6/2020Canadian Solar Appoints New Director to the Board and Reorganizes the Management Team Ahead of the Planned Listing of Its MSS Subsidiary
Source: PR Newswire
GUELPH, ON, Sept. 30, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), announced today the appointment of Leslie Li Hsien Chang as an independent director to Canadian Solar's Board of Directors, effective September 25, 2020.
Additionally, and in preparation for the planned carve-out IPO in China of Canadian Solar's Module and System Solutions ("MSS") subsidiary, or CSI Solar Co., Ltd. ("CSI Solar"):
Both appointments are effective September 29, 2020.
Concurrently, Leslie Li Hsien Chang, Yan Zhuang and Guangchun Zhang are appointed to the board of CSI Solar, effective September 25, 2020.
Mr. Leslie Li Hsien Chang has been serving as Senior Advisor to CITIC Capital (Holdings) Limited since 2014. Prior to that, Mr. Chang served as a senior corporate executive and board director at several listed companies in Hong Kong. He joined CITIC Pacific limited as General Manager, Finance in 1994 and later became the Executive Director and Deputy Managing Director of the company responsible for the Group's financial management, accounting and treasury functions. Mr. Chang also served as the Executive Director and Chief Executive Officer of HKC (Holdings) Limited; Executive Director and Vice Chairman of China Renewable Energy Investment Limited; Alternate Director on the board of Cathay Pacific Airways Limited and Independent Non-Executive Director of Pou Sheng International (Holdings) Limited, among other roles. Mr. Chang started his career after graduating from George Mason University business school in 1984 and joined the New York Office of KPMG. He became a partner of the firm specializing in the financial services industry and served as the Director of the Chinese Practice. Mr. Chang served as a certified public accountant in the State of New York and member of the American Institute of Certified Public Accountants, Chartered Global Management Accountants and the Hong Kong Institute of Certified Public Accountants.
Mr. Yan Zhuang joined the Canadian Solar management team in 2009 after initially joining the Company as an independent director in 2007. Over the past 11 years, he has served various leadership roles, most recently as President and Chief Operating Officer, and previously as Acting Chief Executive Officer, Senior VP and Chief Commercial Officer, and VP of Global Sales and Marketing. Mr. Zhuang has been instrumental in Canadian Solar's international expansion, building up the Company's global brand, sales teams, business development channels and support operations. Prior to joining Canadian Solar, Mr. Zhuang brought over 20 years' experience, running his own business startups as well as serving in a number of leadership roles in business development and strategy, corporate branding, and sales and marketing in multinational companies, including as Asia Pacific regional director of marketing planning at Motorola Inc. and regional head of Asia at Hands-on Mobile Inc., a global media and entertainment company. Mr. Zhuang holds two Master of Science degrees in Applied Statistics from the University of Alberta and in Marketing Management from the University of Guelph.
Mr. Guangchun Zhang served as Canadian Solar's Chief Operations (Manufacturing) Officer since 2012 and has over 18 years of experience in the solar photovoltaic industry. Prior to joining the Company, Mr. Zhang worked for Suntech Power Holdings Co., Ltd, as senior vice president for research and development and industrialization of manufacturing technology since 2005. From 1994 to 2005, Mr. Zhang worked at the Centre for Photovoltaic Engineering at the University of New South Wales in Australia and Pacific Solar Pty. Limited. Mr. Zhang was an associate professor in Shandong Technology University in China from 1982 to 1994. Mr. Zhang received his bachelor's degree from the School of Electronic Engineering at Shandong Industrial Institute.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, "I am very pleased to welcome Leslie to both Boards of Directors, as he brings exceptional expertise on global and Asian financial markets, critical to Canadian Solar and our MSS business as we prepare for the China listing and future growth. I would also like to congratulate Yan and Guangchun in their new roles in CSI Solar. Both colleagues have been instrumental in the Company's development over the past many years and I have no doubt that their contributions will take Canadian Solar and CSI Solar to new heights."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 46 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; delays in the process of qualifying to list the MSS subsidiary in the PRC; 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-appoints-new-director-to-the-board-and-reorganizes-the-management-team-ahead-of-the-planned-listing-of-its-mss-subsidiary-301141752.html
SOURCE Canadian Solar Inc.
Article Date
9/30/2020Canadian Solar Raises $260 Million for Its Module and System Solutions Subsidiary in Preparation for the Carve-Out IPO
Source: PR Newswire
GUELPH, ON, Sept. 30, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), announced today that the Company has agreed to a RMB 1.78 billion (approximately US$260 million at current exchange rates) capital raising for its Module and System Solutions ("MSS") subsidiary, CSI Solar Co., Ltd. ("CSI Solar"). This capital raising is an important step for CSI Solar to qualify for the planned carve-out IPO in China, and brings in leading institutional investors and strategic partners (the "Third-Party Investors"), including CDH Investment Management Company Limited and SIP Oriza PE Fund Management Co., LTD, among others.
The Third-Party Investors have agreed to purchase existing CSI Solar shares from the Company for an aggregate of RMB 1.50 billion (US$219 million) at an equity valuation of RMB 7.50 billion (US$1.1 billion). At the same time, a number of Canadian Solar employees ("CSIQ Employees") will also purchase existing CSI Solar shares from the Company for an aggregate of RMB 31 million (US$4.5 million) at the same valuation.
In addition, eligible CSI Solar employees and board members have collectively agreed to subscribe to newly issued CSI Solar shares via platforms set up in accordance with CSI Solar's employee stock ownership plan (the "ESOP") for an aggregate of RMB 248 million (US$36 million) at a valuation discount of 30%, or RMB 5.25 billion (US$768 million).
Immediately after closing, Canadian Solar, the Third-Party Investors, CSIQ Employees and ESOP platforms will respectively own 74.9%, 20.0%, 0.4% and 4.7% of CSI Solar. The Company's wholly owned global project development business, its Energy subsidiary, is not part of this transaction or future planned carve-out IPO of the MSS business.
Dr. Shawn Qu, Chairman and CEO of the Company, commented, "The successful completion of this fundraising, which we believe fairly values our MSS business, marks an important milestone for Canadian Solar and takes us one step closer towards the planned listing of our MSS business, or CSI Solar, in China. It will also give us the capital to immediately expand our manufacturing capacity with the most advanced manufacturing technologies available to support our targeted 18GW to 20GW in shipments for 2021. We believe this strategy will allow us to expand our market share, sustain and enhance our future pricing power and maintain better control over our manufacturing costs. We are thankful for the strong support from our new investors and partners and look forward to continuing to create sustainable value for our shareholders."
Following the closing of this transaction, Canadian Solar will actively prepare for the planned listing pursuant to relevant laws and regulations in China. Meanwhile, the Company remains fully committed to its shareholders and NASDAQ listing and will remain the majority and controlling shareholder of CSI Solar after its planned IPO in China.
About CDH Investment Management Company Limited
Established in 2002, CDH is one of the leading alternative investment fund managers focused on China with over US$21 billion of assets under management, as of December 31, 2019. Over the past 18 years, CDH has expanded to become a diversified alternative asset management platform covering private equity, real assets, venture and growth capital, mezzanine and credit finance, public equities and wealth management. CDH has more than 150 investment professionals working in offices in Hong Kong, Singapore, Beijing, Shanghai and Shenzhen. CDH has invested in more than 200 companies and has helped more than 70 companies successfully list on international and China's stock exchanges. CDH strives to become one of the most respected alternative asset management platforms in Asia.
About SIP Oriza PE Fund Management Co., LTD
Oriza PE is a private equity investment company and the market-oriented investment platform of Oriza Holdings, a leading investment company founded in 2001 with over RMB 80 billion in assets under management. Oriza PE's investment strategy is based on integrating capital and industrial resources to achieve attractive returns to its investors and deliver strategic value to its portfolio companies. Oriza PE specializes in investing in hi-tech firms in the manufacturing and consumer sectors, with a focus on artificial intelligence, big data, cloud computing and the Internet of Things. Over the years, Oriza PE has successfully invested in over 50 companies and helped nearly 20 companies list on public stock exchanges.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 46 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; delays in the process of qualifying to list the MSS subsidiary in the PRC; 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-raises-260-million-for-its-module-and-system-solutions-subsidiary-in-preparation-for-the-carve-out-ipo-301141750.html
SOURCE Canadian Solar Inc.
Article Date
9/30/2020Canadian Solar Comments on ITC Complaint Filed by Solaria Corporation
Source: PR Newswire
GUELPH, ON, Sept. 25, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), today issued the following comment:
Over the past five months, Canadian Solar has been vigorously litigating a patent lawsuit filed by Solaria in April 2020 in the U.S. District Court in Oakland, California, entitled The Solaria Corporation v. Canadian Solar Inc., Case No. 4:20-cv-02169-JST (N.D. Cal.). Canadian Solar countersued with claims requesting that the Court declare, as Canadian Solar believes, that:
(1) none of the products at issue in the case infringe the Solaria patents;
(2) Solaria withheld key evidence from the U.S. Patent Office when seeking its patents; and
(3) this, among other reasons, renders the asserted claims both invalid and unenforceable.
In the face of Canadian Solar's countersuit, Solaria opted to file a new lawsuit with the U.S. International Trade Commission (ITC), entitled Certain Shingled Solar Modules, Components Thereof, and Methods for Manufacturing the Same, Section 337 Investigation Docket No. 3491. The ITC investigation is expected to be instituted next month.
Asserting the same family of patents against the same limited number of products (HiDM and HiDM5) in a different forum does not make Solaria's claims any less flawed. Canadian Solar will continue to vigorously defend these lawsuits, while the Company continues to focus its energy on developing superior product and bringing innovation to the market.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 46 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; delays in the process of qualifying to list the MSS subsidiary in the PRC; 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-comments-on-itc-complaint-filed-by-solaria-corporation-301138044.html
SOURCE Canadian Solar Inc.
Article Date
9/25/2020Canadian Solar Sells Suffield Solar Project to BluEarth Renewables
Source: PR Newswire
GUELPH, Ontario, Sept. 21, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) announced today the completion of the sale of the Suffield Solar Project to BluEarth Renewables ("BluEarth"). The Suffield Solar Project ("Suffield"), currently under construction in southeast Alberta, will have a capacity of 23 MWac / 32 MWp and will be among the largest solar photovoltaic (PV) facilities in the province of Alberta. Direct Energy will purchase the electricity from the Suffield facility once it is operational later this year. Direct Energy is one of the largest energy and energy-related service providers in North America with almost one million residential, business and wholesale customers in Alberta.
The Suffield facility was awarded funding through Natural Resources Canada's Emerging Renewable Power Program for pioneering cutting-edge advancements in renewable energy technology. Specifically, the Suffield project will use Canadian Solar's high-efficiency bifacial modules and single-axis trackers. Bifacial modules produce electricity from both sides of the solar panel maximizing total energy generation and improving reliability during winter months. Single-axis trackers allow the solar arrays to follow the sun's trajectory throughout the day, also increasing electricity production.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar said, "The Suffield Solar Project proves the notion that private investment coupled with government funding to advance research and new technologies is a win/win for consumers. We have sincerely enjoyed partnering with BluEarth Renewables in the past and are very pleased to have them as the new owner of this landmark project."
"We've had an excellent, long-standing relationship with Canadian Solar having transacted with them on our very first solar project in 2014," said Grant Arnold, President and CEO of BluEarth. "With this acquisition, BluEarth is excited to expand its footprint in southern Alberta. The Suffield project, combined with one other solar project currently under construction, brings BluEarth's total solar capacity to 187 MWac. We also believe more opportunities are on the horizon given the favorable market conditions for renewable energy investment in Alberta."
Dr. Qu added, "With BluEarth's proven commitment to the clean energy transition, an offtake agreement with leading energy provider Direct Energy, and the support from Natural Resources Canada, the Suffield Solar Project is set to benefit Albertans for years to come."
Once operational, the Suffield Solar Project is estimated to power approximately 7,300 homes annually. For more information about the Suffield Solar Project, visit BluEarth's website.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 46 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.
About BluEarth Renewables
BluEarth Renewables brings together extraordinary people with the power to change the future™ by delivering renewable energy to the power grid every day. We are a leading, independent, power producer that acquires, develops, builds, owns and operates wind, hydro and solar facilities across North America. Our portfolio includes 372 MW net (444 MW gross) of nameplate capacity in operation and under construction and over 2,000 MW under development. For more information, visit bluearthrenewables.com or follow us on Twitter, LinkedIn and Facebook.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-sells-suffield-solar-project-to-bluearth-renewables-301134519.html
SOURCE Canadian Solar Inc.
Article Date
9/21/2020Canadian Solar Announces Closing of Offering of US$230 Million Convertible Senior Notes
Source: PR Newswire
GUELPH, ON, Sept. 16, 2020 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced the closing of its previously announced offering of US$230 million in aggregate principal amount of 2.50% convertible senior notes due 2025 (the "Notes"), which includes the exercise in full by the initial purchasers of their option to purchase an additional US$30 million in aggregate principal amount of the Notes. The Company received aggregate net proceeds of approximately US$223 million from the offering, after deducting discounts, commissions and offering expenses.
Dr. Shawn Qu, Chairman and CEO, commented, "We are pleased with the strong investor support and participation in our convertible offering. This transaction gives us additional financial resources to step up our expansion plans and benefit from the accelerating demand growth for solar energy and the supply consolidation in the industry. We plan to deploy the capital to expand our high-quality manufacturing capacity and pipeline of solar projects as we solidify Canadian Solar's position as the global market leader in solar energy."
Dr. Qu added, "This offering is in addition to the ongoing pre-IPO equity raise to bring in new financing and strategic partners to our MSS business in China, which is well on track. Both capital raisings are part of our latest growth strategy to increase Canadian Solar's future market share and earnings power, and further unlock value for our shareholders."
The offering of the Notes was exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the Notes were offered and sold only in the United States to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The Notes and the common shares deliverable upon conversion of the Notes have not been and will not be registered under the Securities Act or the securities laws of any other place, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 46 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-announces-closing-of-offering-of-us230-million-convertible-senior-notes-301132055.html
SOURCE Canadian Solar Inc.
Article Date
9/16/2020Canadian Solar Prices Offering of US$200 Million Convertible Senior Notes
Source: PR Newswire
GUELPH, ON, Sept. 11, 2020 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced pricing of its previously announced offering of US$200 million in aggregate principal amount of convertible senior notes due 2025 (the "Notes") that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The Company has granted the initial purchasers in the offering a 30-day option to purchase up to an additional US$30 million aggregate principal amount of the Notes. The Company plans to use the net proceeds from the offering for general corporate purposes, which may include the expansion of manufacturing capacity, development of solar power projects and working capital.
The Notes will be senior, unsecured obligations of the Company. The Notes will accrue interest at an annual rate of 2.50%. Interest on the Notes will be payable semi-annually in arrears on April 1 and October 1 of each year, beginning April 1, 2021. The Notes will mature on October 1, 2025, unless repurchased, redeemed or converted in accordance with their terms prior to such date. The Company may not redeem the Notes prior to October 6, 2023 unless certain tax-related events occur. On or after October 6, 2023, the Company may redeem for cash all or part of the Notes, at its option, if the last reported sale price of the Company's common stock has been at least 130% of the conversion price then in effect on each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately prior to the date the Company provides notice of redemption. In the event of certain fundamental changes, holders of the Notes may require the Company to repurchase all or part of the Notes in cash, subject to certain conditions. In addition, if a make-whole fundamental change occurs prior to the maturity date or the Company redeems the Notes, the Company will, under certain circumstances, increase the conversion rate for holders who convert Notes in connection with such make-whole fundamental change or redemption.
The Notes will be convertible at the option of the holders at any time prior to the close of business on the second business day immediately preceding the maturity date. The initial conversion rate of the Notes is 27.2707 common shares of the Company, per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately US$36.67 per common share and represents a conversion premium of approximately 32.50% above the NASDAQ last reported sale price of the Company's common shares on September 10, 2020, which was US$27.675 per common share). The conversion rate for the Notes is subject to adjustments upon the occurrence of certain events. Upon conversion, the Company will deliver to such converting holders, a number of the Company's common shares equal to the applicable conversion rate as of the relevant conversion date, together with a cash payment in lieu of any fractional share.
The Notes have been offered in the United States to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The Notes and the common shares deliverable upon conversion of the Notes have not been and will not be registered under the Securities Act or the securities laws of any other place, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The Company expects to close the offering on or about September 15, 2020, subject to the satisfaction of customary closing conditions.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
This press release contains information about the pending offerings of the Notes, and there can be no assurance that any of the offerings will be completed.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 46 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-prices-offering-of-us200-million-convertible-senior-notes-301128232.html
SOURCE Canadian Solar Inc.
Article Date
9/11/20209/9/2020 - Canadian Solar Announces the Proposed Offering of US$200 Million Convertible Senior Notes
Canadian Solar Announces the Proposed Offering of US$200 Million Convertible Senior Notes
Source: PR Newswire
GUELPH, Ontario, Sept. 9, 2020 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced the proposed offering, subject to market and other conditions, of US$200 million in aggregate principal amount of convertible senior notes due 2025 (the "Notes") that is exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"). The Company intends to grant the initial purchasers in the proposed offering a 30-day option to purchase up to an additional US$30 million aggregate principal amount of the Notes. The Company plans to use the net proceeds from the proposed offering for general corporate purposes, which may include the expansion of manufacturing capacity, development of solar power projects and working capital.
The Notes will be senior, unsecured obligations of the Company. The Notes will mature on October 1, 2025, unless repurchased, redeemed or converted in accordance with their terms prior to such date. The Company may not redeem the Notes prior to October 6, 2023 unless certain tax-related events occur. On or after October 6, 2023, the Company may redeem for cash all or part of the Notes, at its option, if the last reported sale price of the Company's common stock has been at least 130% of the conversion price then in effect on each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately prior to the date the Company provides notice of redemption. In the event of certain fundamental changes, holders of the Notes may require the Company to repurchase all or part of the Notes in cash, subject to certain conditions. The Notes will be convertible at the option of the holders at any time prior to the close of business on the second business day immediately preceding the maturity date. Upon conversion, the Company will deliver to such converting holders, a number of the Company's common shares equal to the applicable conversion rate as of the relevant conversion date, together with a cash payment in lieu of any fractional share. The interest rate, initial conversion rate and other terms of the Notes are to be determined upon pricing of the proposed offering.
The Notes will be offered in the United States to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S under the Securities Act. The Notes and the common shares deliverable upon conversion of the Notes have not been and will not be registered under the Securities Act or the securities laws of any other place, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
This press release contains information about the pending offerings of the Notes, and there can be no assurance that any of the offerings will be completed.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 46 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 28, 2020. 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.
Article Date
9/9/2020Canadian Solar Appoints Yan Zhuang and Dr. Huifeng Chang to the Board of Directors
Source: PR Newswire
GUELPH, ON, Sept. 2, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), today announced that it has appointed Yan Zhuang and Dr. Huifeng Chang to the Board of Directors, effective September 15, 2020.
Mr. Zhuang has been serving as President and Chief Operating Officer of Canadian Solar since May 2020. He initially joined the Company as an independent director in 2007 and later joined the management team in 2009 as VP of Global Sales and Marketing. Since 2009, Mr. Zhuang has been instrumental in Canadian Solar's global expansion, serving as Senior VP of Global Sales and Marketing, Chief Commercial Officer and Acting Chief Executive Officer at the Company. Prior to joining Canadian Solar, Mr. Zhuang brought over 20 years' experience, running his own business startups as well as serving in a number of leading roles in business development and strategy, corporate branding, and sales and marketing in multinational companies, including as Asia Pacific regional director of marketing planning at Motorola Inc. and regional head of Asia at Hands-on Mobile Inc., a global media and entertainment company. Mr. Zhuang holds two Master of Science degrees in Applied Statistics from the University of Alberta and in Marketing Management from the University of Guelph.
Dr. Chang has been serving as Senior VP and Chief Financial Officer of Canadian Solar since May 2016. Before joining Canadian Solar, Dr. Chang brought over 17 years' experience in capital markets, corporate finance, investment and risk management, including as Co-Head of Sales and Trading of the U.S. subsidiary of China International Capital Corporation (CICC), CEO of CSOP Asset Management Limited based in Hong Kong, VP of Citigroup Equity Proprietary Investments in New York, and quantitative developer for derivatives pricing and risk modeling software at Kamakura Corporation based in Hawaii. Dr. Chang holds a PhD in Soil Physics, an MBA from the University of Hawaii and a Master of Science degree from Academia Sinica.
Dr. Shawn Qu, Chairman and Chief Executive Officer commented, "I am delighted to welcome Yan and Huifeng to Canadian Solar's board. They bring outstanding track records of value creation in this industry and a deep understanding of Asian markets, crucial to Canadian Solar particularly at this stage of our development as we prepare for the China listing of our MSS business. With Yan and Huifeng's invaluable strategic, operational and financial expertise, I am confident that their appointments will help the Company gear up to new growth opportunities and create sustainable value for shareholders."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 46 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-appoints-yan-zhuang-and-dr-huifeng-chang-to-the-board-of-directors-301122752.html
SOURCE Canadian Solar Inc.
Article Date
9/2/2020Recurrent Energy Secures Development Loan Facility to Accelerate Project Development Activities in North America
Source: PR Newswire
GUELPH, Ontario, Aug. 27, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) today announced that its wholly-owned subsidiary, Recurrent Energy, LLC ("Recurrent Energy"), recently executed a $75 million development loan transaction with Nomura Corporate Funding Americas, LLC ("Nomura"). The loan facility leverages Recurrent Energy's strong existing pipeline to fund and accelerate its development activities in the U.S. and Canada.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar said, "We are pleased to partner with Nomura, a global leader in financial services, on the $75 million development loan facility. This transaction reflects Nomura's strong confidence in Recurrent Energy's high quality solar and energy storage assets in North America. Despite the challenging market backdrop due to the ongoing pandemic, I am proud that our teams have continued to work hard with our partners to secure financing and execute on our quality pipeline. We are especially appreciative of the trust that partners such as Nomura have placed in us to advance our development portfolio and bring these clean energy projects to fruition."
Vinod Mukani, head of Nomura's Infrastructure and Power Finance (IPF) group said, "Nomura is excited to provide liquidity to Recurrent Energy's robust development pipeline and to extend its relationship with Canadian Solar. The development pipeline is comprised of strong utility scale solar and solar plus storage assets developed intelligently from the ground up. Nomura is always pleased to develop creative solutions for its clients, particularly those like Recurrent Energy who have talented teams and a compelling business strategy."
Recurrent Energy has a proven track record in executing innovative corporate and project financings, employing a tailored and flexible approach to maximize value for customers, investors and local communities. Recently, it announced the closing of $282 million of debt financing to construct its Maplewood solar projects and $234 million of debt and tax equity financing for its Pflugerville project, contributing to Texas' economic growth and clean energy transition.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's North American project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 46 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.
About Nomura
Nomura is a global financial services group with an integrated global network spanning over 30 countries. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its four business divisions: Retail, Asset Management, Wholesale (Global Markets and Investment Banking), and Merchant Banking. Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. Nomura's Infrastructure and Power Finance business provides a diverse pool of financing solutions to project owners globally.
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 Form 20-F filed on April 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/recurrent-energy-secures-development-loan-facility-to-accelerate-project-development-activities-in-north-america-301119495.html
SOURCE Canadian Solar Inc.
Article Date
8/27/2020Recurrent Energy Breaks Ground on Pflugerville Solar Project
Source: PR Newswire
GUELPH, ON, Aug. 18, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) today announced its wholly-owned subsidiary, Recurrent Energy, LLC ("Recurrent Energy"), commenced construction on the 144 MWac Pflugerville Solar Project located in Travis County, Texas.
Recurrent Energy signed a Power Purchase Agreement ("PPA") with Austin Energy in 2018 for the Pflugerville Solar Project to provide low-cost solar power to the utility's customers for 15 years following the start of operation. This PPA supports Austin Energy's renewable energy goals which commit the utility to cost-effectively reduce emissions and includes plans to exit from its coal-fired power generation by the end of 2022. Austin Energy serves more than 500,000 customers in the City of Austin, as well as several neighboring areas of Travis County and Williamson County.
"We are thrilled about this partnership with Recurrent Energy on the Pflugerville Solar Project," said Jackie Sargent, Austin Energy General Manager. "The project not only expands our renewable portfolio and advances our climate protection goals, it is also located near our customer base. The solar project will also deliver affordable energy to our customers and it demonstrates Austin Energy's continued dedication to fiscal responsibility and environmental leadership. This project is a win-win."
By partnering with Austin Energy on the Pflugerville Solar Project, Recurrent Energy is further expanding its footprint in Texas. With the resources and capabilities to deliver customized clean energy products and project configurations for a wide variety of customers, Recurrent Energy's Texas partnerships to date include vertically-integrated utilities, a leading ERCOT load serving entity, and multiple C&I offtakers.
The Pflugerville Solar Project is expected to create long-term permanent jobs to support the operation and maintenance of the power plant, as well as more than 350 construction jobs of which at least 50% will be performed by local workers. The project will also have a positive economic impact on the local community by providing tax revenues for Travis County and the Elgin ISD, which will total approximately $350 million throughout the life of the project. Once operational, the Pflugerville Solar Project is expected to generate enough low-cost clean electricity to power the equivalent of approximately 25,000 Texas homes.
"This is an incredible accomplishment given the ongoing financing and construction challenges due to the pandemic. It demonstrates the dedication and capabilities of our Recurrent team, both in the tax equity financing and on-the-ground execution, and the resilience of all our partners to overcome the unique challenges together," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We are pleased to partner again with Austin Energy as we share their commitment to provide low-cost clean energy to customers. We appreciate our trusted partners, such as U.S. Bank, CIT, Nord/LB, Rabobank, and Zions Bank, who helped to bring this project to fruition and thank the local Travis County community for their continued support through the development process."
To support construction of the Pflugerville Solar Project, Recurrent Energy recently closed debt and tax equity financing totaling over $234 million. The tax equity financing was provided by U.S. Bank and the debt financing was provided by a bank club led by CIT Bank ("CIT"), which included Norddeutsche Landesbank ("Nord/LB"), Rabobank, and Zions Bank.
"Recurrent Energy is well recognized as a top developer of renewable energy projects," said Mike Lorusso, managing director and group head for CIT's Power and Energy unit. "We are pleased to work them on this financing and proud to play a continuing role in supporting the expansion of renewable power throughout the U.S."
Recurrent Energy is a leader in innovative corporate and project financings, including letter of credit facilities and a distinctive safe harbor loan structure. Employing a tailored and flexible approach enables Recurrent Energy to successfully execute best-in-class projects, while maximizing value for customers, investors, and local communities.
About Austin Energy
Customer Driven. Community Focused.
Austin Energy, the City of Austin's electric utility, lights a brighter future for more than 500,000 customer accounts and more than one million residents in Greater Austin. The utility's commitment to providing value powers the community and the innovation and culture that has made Austin a destination city. Austin Energy has powered the community for 125 years, delivering safe, affordable, reliable energy and excellent customer service. The publicly owned utility will continue to shine a light into the future. For more information about Austin Energy, visit austinenergy.com.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's North American project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 46 GW of premium-quality, solar photovoltaic modules to customers in over 160 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.
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 Form 20-F filed on April 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/recurrent-energy-breaks-ground-on-pflugerville-solar-project-301113616.html
SOURCE Canadian Solar Inc.
Article Date
8/18/2020Canadian Solar to Construct One of the Largest C&I Solar Rooftop Projects in Malaysia
Source: PR Newswire
GUELPH, ON, Aug. 17, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), announced today that it has commenced construction on one of the largest commercial and industrial ("C&I") rooftop solar projects in Malaysia, in collaboration with Antah Solar Sdn. Bhd. and Eleaps Sdn. Bhd. The 5 MWp project will span an area of over 26,000 m2, and is located in Penang, Malaysia.
The 5 MWp power purchase agreement was signed with Muda Paper Mills Sdn Bhd ("Muda Paper"), a subsidiary of Muda Holdings Berhad, listed on the Bursa Malaysia Securities Berhad since November 1984 (KLSE: 3883). Muda Paper is the largest industrial-grade paper producer in Malaysia. The project will be powered by 13,000 pieces of Canadian Solar's high-efficiency KuMax modules. Once in operation, the plant is expected to generate approximately 6,700 MWh of clean, reliable solar electricity each year for 25 years. The Company expects the project to reach commercial operation by the end 2020.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "This transaction marks our first corporate solar PPA in Southeast Asia. We have secured close to 170 MWp of corporate PPAs across Southeast Asia and Australia since the beginning of 2020, partnering our C&I clients to reduce carbon emissions while cutting operational costs. With our proven track record and established C&I pipeline, we expect to partner with more corporates to capture the growing potential of the global C&I solar market and help our customers to achieve their sustainability goals. We appreciate DEG's funding to support Canadian Solar's expansion across this region."
DEG, or Deutsche Investitions- und Entwicklungsgesellschaft, a subsidiary of Germany's development bank KfW Group and one of the world's largest private sector development financiers, will provide the Company with a US$20 million long-term loan facility. This loan matures in 2024 and will be deployed across Canadian Solar's solar pipeline, including the Muda Paper C&I rooftop project, demonstrating the Company's commitment to promote social and environmental goals in its project development activities.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 46 GW of premium-quality, solar photovoltaic modules to customers in over 160 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.
About Antah Solar Sdn. Bhd.
Antah Solar is a member of the Antah Group. The renewable energy company has an extensive track record in solar PV as developer, IPP and EPC service provider. Its team has executed on over 2 GW of solar installations across 25 countries over the past 10 years.
About Eleaps Sdn. Bhd.
Eleaps has 15 years of experience executing solar installations. The engineering service provider advocates solutions promoting energy conservation and renewable energy. It is among the pioneers of solar PV in Malaysia and has completed ground-mounted and rooftop projects across the country since 2006.
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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-to-construct-one-of-the-largest-ci-solar-rooftop-projects-in-malaysia-301113011.html
SOURCE Canadian Solar Inc.
Article Date
8/17/2020Canadian Solar Reports Second Quarter 2020 Results
Source: PR Newswire
GUELPH, ON, Aug. 7, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the quarter ended June 30, 2020.
Second Quarter 2020 Highlights
Dr. Shawn Qu, Chairman and CEO, commented, "Despite challenging market conditions, second quarter results exceeded expectations both on revenue and profits. Over the past 19 years, we have built a strong foundation and track record based on technology innovation, all-around product execution, robust customer channels and prudent capital deployment. This foundation has helped us to dynamically adjust to changing market environments and consistently deliver a market-leading return on capital and equity.
Last week, we announced the plan to list our Module and System Solutions ("MSS") business on China's stock market. If successful, it will give us greater access to additional, lower-cost sources of capital and allow us to grow faster at a time when we believe growth in the solar industry and market consolidation are both set to accelerate. We have started the pre-IPO capital raising process to bring in new partners to our MSS business and convert it into a Sino-foreign joint stock company, which is required by Chinese security regulations for listing in China's stock market. This investment round is expected to be completed by the end of September, and will also allow us to immediately expand our manufacturing capacity using the best available technologies and equipment to support our newly set module shipment plan for 2021.
In addition, we believe the listing will help us unlock value for shareholders by addressing our valuation gap relative to China-listed solar companies. Meanwhile, as a Canadian-based global company, we remain fully committed to our NASDAQ listing and remain focused on expanding our Energy business worldwide by growing our high-quality project pipeline and sales, and increasing our partial ownership of select solar and storage projects."
Yan Zhuang, President and COO, said, "We are benefiting from a demand rebound across most of our markets, with our order backlog for the second half of 2020 and even next year already exceeding our previous expectations. While the current polysilicon supply disruption and shortage presents a near-term challenge, we are positioning ourselves for long-term growth. On the one hand, we will expand capacity and increase the level of vertical integration in our module business, which will allow us to capture more global market share, enhance pricing power, control costs and improve profitability in an industry that is rapidly consolidating. On the other hand, we are building our technological capabilities in the solar PV plus storage space, gearing up for new growth opportunities as adoption of clean solar energy accelerates."
Dr. Huifeng Chang, Senior VP and CFO, added, "As the industry demand and capital market conditions are both improving, we are working to strike a balance between investing for long-term growth and preserving cash. In the near term, uncertainties remain around the impact of the ongoing pandemic, geopolitical and policy risks. In the medium- to longer-term, the plan to list our MSS business in China's stock market will give us the additional resources to deliver higher future earnings growth and return on capital. We remain disciplined in our capital allocation decisions, as always, and will continue to monitor the market and adjust to changes."
Second Quarter 2020 Results
Total module shipments in the second quarter of 2020 increased to 2,905 MW from 2,214 MW in the first quarter of 2020, and 2,143 MW in the second quarter of 2019. Growth in shipments was driven by moderate market share gains. Of the total, 281 MW was shipped to the Company's utility-scale solar power projects in the second quarter of 2020.
Net revenue in the second quarter of 2020 was $696 million, compared to $826 million in the first quarter of 2020, and $1,036 million in the second quarter of 2019. Growth in module shipments and EPC service revenues were offset by lower average module selling prices ("ASP") and limited project sales. Project execution and sales schedules have been delayed due to the impact of COVID-19. That said, the Company is making headway and recently announced the financial closing of the 367 MWp Maplewood projects in Texas, for example.
Gross profit in the second quarter of 2020 was $147 million, compared to $223 million in the first quarter of 2020, and $183 million in the second quarter of 2019. Gross margin in the second quarter of 2020 was 21.2%, compared to 27.0% in the first quarter of 2020, and 17.6% in the second quarter of 2019. Gross margin was 18.2% excluding the benefit of a U.S. anti-dumping ("AD") and countervailing duty ("CVD") true-up of $20.4 million. The lower gross margin was anticipated given the significant decline in ASPs, partially offset by lower manufacturing costs.
Income from operations in the second quarter of 2020 was $45 million, compared to $113 million in the first quarter of 2020, and $61 million in the second quarter of 2019. The decline was partially offset by a 17% year-over-year reduction in the Company's operating expenses to $102 million in the second quarter of 2020.
Non-cash depreciation and amortization charges in the second quarter of 2020 were $48 million, compared to $45 million in the first quarter of 2020, and $40 million in the second quarter of 2019.
Net foreign exchange loss in the second quarter was $4.5 million, compared to a net loss of $1 million in the first quarter of 2020 and a net gain of $4 million in the second quarter of 2019. The higher foreign exchange loss was mainly due to unfavorable moves in the Brazilian Real and the Thai Baht.
Income tax expense in the second quarter of 2020 was $9 million, compared to an income tax benefit of $29 million in the first quarter of 2020 and an income tax expense of $14 million in the second quarter of 2019.
Net income attributable to Canadian Solar in the second quarter of 2020 was $20.6 million, or $0.34 per diluted share, compared to net income of $110.6 million, or $1.84 per diluted share in the first quarter of 2020, and net income of $62.7 million, or $1.04 per diluted share in the second quarter of 2019.
Net cash used in operating activities in the second quarter of 2020 was approximately $114 million, compared to $105 million in the first quarter of 2019.
Module and System Solutions (MSS) Business Segment
Manufacturing Capacity
The table below sets forth the Company's manufacturing capacity expansion plan until September 30, 2020. The Company is working on its new 2021 capacity expansion plans and will provide an update in the next quarter.
Manufacturing Capacity (MW) | |||
June 30, 2020 Actual | September 30, Planned | December 31, Planned | |
Ingot | 1,850 | 1,920 | 1,920 |
Wafer | 5,000 | 5,000 | 5,500 |
Cell | 9,700 | 10,050 | 10,150 |
Module | 13,950 | 14,010 | 16,060 |
The Company's manufacturing capacity expansion plan is subject to change based on market conditions and the Company's capital allocation plan.
Operating Results
The following table presents unaudited select results of operations data of the Company's MSS business segment for the periods indicated.
MSS Business Segment Financial Results* (In Thousands of U.S. Dollars, Except Percentages and Unless Otherwise Stated) | ||||||
Three Months Ended | Six Months Ended | |||||
June 30, 2020 | March 31, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||
Net revenues | 706,155 | 689,799 | 673,116 | 1,395,954 | 1,142,017 | |
Cost of revenues | 557,263 | 540,931 | 519,376 | 1,098,194 | 889,040 | |
Gross profit | 148,892 | 148,868 | 153,740 | 297,760 | 252,977 | |
Operating expenses | 85,670 | 87,370 | 95,303 | 173,040 | 173,799 | |
Income (loss) from operations | 63,222 | 61,498 | 58,437 | 124,720 | 79,178 | |
Gross margin | 21.1% | 21.6% | 22.8% | 21.3% | 22.2% | |
Operating margin | 9.0% | 8.9% | 8.7% | 8.9% | 6.9% | |
*Includes effects of both sales to third party customers and to the Company's Energy Business Segment. Please refer to the attached | ||||||
The table below provides the geographic distribution of the net revenue of the MSS business: | ||||||||
MSS Net Revenues Geographic Distribution* (In Millions of U.S. Dollars, Except Percentages) | ||||||||
Q2 2020 | % of Net Revenues | Q1 2020 | % of Net Revenues | Q2 2019 | % of Net Revenues | |||
Asia | 261 | 39 | 175 | 30 | 236 | 36 | ||
Americas | 215 | 32 | 252 | 43 | 181 | 27 | ||
Europe and others | 193 | 29 | 161 | 27 | 244 | 37 | ||
Total | 669 | 100 | 588 | 100 | 661 | 100 | ||
*Excludes sales from the MSS business to the Energy business. | ||||||||
Canadian Solar shipped 2.9 GW of modules to more than 80 countries in the second quarter of 2020. The top five markets of the MSS business ranked by revenues were the U.S., Japan, China, Spain and Australia.
Multi-crystalline modules accounted for 65% of the Company's module shipments in the second quarter of 2020, and mono-crystalline modules accounted for 35%. The Company has the flexibility to produce both multi-crystalline and mono-crystalline modules, with the mix decision depending on the relative profitability and levelized cost of electricity ("LCOE") of the alternative products.
Energy Business Segment
Energy Business Strategy
Canadian Solar has one of the world's largest utility-scale solar project development platforms, with a track record of originating, developing, financing, building and bringing into commercial operation over 5.6 GWp of solar power plants across six continents. As a first mover, the Company has acquired extensive experience and built a leadership position in solar project development, with a current total project backlog and pipeline of 15.1 GWp.
Traditionally, the operating model for the Company's Energy business has been to sell projects when they reach either their notice to proceed date ("NTP") or commercial operation date ("COD"), depending on the optimal exit point for each project based on its specific risk and return profile. In certain cases, the Company has retained a minority ownership interest in order to capture additional operational value throughout the partial ownership holding period, while accelerating capital turnover into developing new solar projects. An example of this is the Canadian Solar Infrastructure Fund ("CSIF"), a publicly traded investment fund akin to a real estate investment trust, holding operating solar assets in Japan. CSIF has been listed on the Tokyo Stock Exchange since 2017 and remains 15%-owned by the Company. In addition to continuing to grow its project backlog and pipeline, the Company is evaluating ways to replicate its successful Japanese strategy in other markets, focusing on those regions with strong energy demand, attractive power prices and project returns, and stable capital markets. There are two key benefits to this approach:
Management targets are to achieve the following project sales and accumulated project ownership retained in the next 5 years:
Energy Business Targets | 2020 | 2021 | 2022 | 2023 | 2024 |
Annual Project Sales, GWp | 1.1-1.3 | 1.8-2.3 | 2.4-2.9 | 3.2-3.7 | 3.6-4.1 |
Cumulative Projects Retained (including inventory to be sold), MWp | ~30 | ~130 | ~410 | ~760 | ~960 |
Note: There are uncertainties regarding the closing dates of project sales in 2020 due to COVID-19 disruptions. Forecasts for annual project sales | |||||
To help finance this business strategy, the Company is evaluating ways to create capital partnerships with investors seeking long-term stable cash flows through investments in clean, profitable and countercyclical solar energy infrastructure investments, via public or private investment vehicles. Given the low interest rate environment, management believes the Company's solar assets are highly attractive to investors seeking stable yields, which will help build sustainable long-term value for Canadian Solar's shareholders. The Company will make further progress updates as it executes on this strategy.
Project Backlog and Pipeline
As of June 30, 2020, the Company's total project backlog and pipeline totaled 15.1 GWp, of which the project backlog totaled 4.2 GWp. The backlog includes projects that have passed their Cliff Risk Date and are expected to be built in the next one to four years. A project's Cliff Risk Date depends on the country where the project is located and is defined as the date on which the project passes the last of the high-risk development stages. This is usually the receipt of all required environmental and regulatory approvals, interconnection agreements, feed-in tariff ("FIT") arrangements and power purchase agreements ("PPAs"). All projects in the current backlog have secured a PPA or FIT or are reasonably assured of securing one.
The Company's project pipeline totaled 10.9 GWp as of June 30, 2020. The pipeline includes early- to mid-stage project opportunities currently under development but that are yet to be de-risked.
Project Backlog and Pipeline (as of June 30, 2020) | |||
Region | Backlog | Pipeline | Total |
North America | 1,544 | 4,101 | 5,645 |
Latin America | 1,539 | 3,657 | 5,196 |
Europe, the Middle East and Africa ("EMEA") | 383 | 2,148 | 2,531 |
Japan | 220 | 0 | 220 |
Asia Pacific excluding Japan | 547 | 927 | 1,474 |
China | 0 | 80 | 80 |
Total | 4,233 | 10,913 | 15,146 |
Note: Backlog represents the gross MWp size of projects, including 63 MWp in Latin America and 124
| |||
The Company believes there are significant growth opportunities in the solar plus storage market, given declining battery storage costs, higher capacity needs and accelerating retirements of fossil fuel power plants. The Company further believes it is uniquely positioned to deliver solar plus storage solutions to its customers given its integrated business model as a top-tier module technology manufacturer and global project developer, and is committed to expanding its presence in this space.
The table below sets forth the Company's storage project backlog and pipeline as of June 30, 2020, which almost doubled compared to the previous quarter.
Backlog | Pipeline | Total | |
Storage (MWh) | 1,201 | 3,482 | 4,683 |
Projects in Construction
In addition to its project backlog and pipeline, the Company has 839 MWp of solar projects in construction.
Projects in Construction (as of June 30, 2020) | |||
Region | MWp | Expected COD | |
North America | 32 | 2020-21 | |
Latin America | 732 | 2020-21 | |
Japan | 70 | 2020-21 | |
Asia Pacific ex. Japan | 5 | 2020 | |
Total | 839 | - | |
Note: Latin America portfolio includes 508 MWp of projects already | |||
The Company has a sizable amount of premium, high FIT projects in Japan. The table below sets forth the expected COD schedule of the Company's project backlog in development and construction in Japan, as of June 30, 2020:
Expected COD Schedule (MWp) | |||||||
2020 | 2021 | 2022 and | Total | ||||
13 | 66 | 211 | 290 | ||||
Solar Power Plants in Operation
As of June 30, 2020, the Company's power plants in operation totaled 956 MWp, with an estimated total resale value of approximately $773 million to Canadian Solar. The estimated resale value is based on selling prices that Canadian Solar is currently negotiating or transaction prices of similar assets in the relevant markets.
North America | Latin America | Japan | Asia Pacific ex. Japan | China | Total |
216 | 100 | 85 | 96 | 459 | 956 |
Note: The table represents the gross MWp size of the power plants in operation, including 108 MWp in North | |||||
Operating Results
The following table presents unaudited select results of operations data of the Company's Energy business segment for the periods indicated.
Energy Business Segment Financial Results (In Thousands of U.S. Dollars, Except Percentages and Unless Otherwise Stated) | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, 2020 | March 31, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||
Net revenues | 26,661 | 238,088 | 374,938 | 264,749 | 406,525 | |||
Cost of revenues | 15,083 | 148,339 | 353,529 | 163,422 | 375,703 | |||
Gross profit | 11,578 | 89,749 | 21,409 | 101,327 | 30,822 | |||
Operating expenses | 16,074 | 22,391 | 26,597 | 38,465 | 48,935 | |||
Income (loss) from operations | (4,496) | 67,358 | (5,188) | 62,862 | (18,113) | |||
Gross margin | 43.4% | 37.7% | 5.7% | 38.3% | 7.6% | |||
Operating margin | -16.9% | 28.3% | -1.4% | 23.7% | -4.5% | |||
Business Outlook
The Company's business outlook is based on management's current views and estimates given existing market conditions, order book, production capacity, anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, final customer demand, project construction and sale schedules, and the global impact of the ongoing COVID-19 pandemic. Management's views and estimates are subject to change without notice.
For the third quarter of 2020, the Company expects total module shipments to be in the range of 2.9 GW to 3.1 GW, including approximately 300 MW of module shipments to the Company's own projects that may not be immediately recognized as revenues. Total revenues are expected to be in the range of $840 million to $890 million, with gross margin expected to be between 14% and 16%.
For the full year of 2020, the Company now expects shipments to be in the range of 11 GW to 12 GW.
Management expects the demand in 2021 to be strong, according to various research reports and Canadian Solar's own sales feedback. At the same time, industry consolidation is set to accelerate as customer preferences become more sophisticated around quality and service, increasingly choosing top tier solar brands.
As a result, Canadian Solar is positioning itself more assertively for returns-accretive growth. The Company is currently planning for 18 GW to 20 GW of shipments in 2021.
Dr. Shawn Qu, Chairman and CEO, commented, "We are encouraged to see demand rebounding globally, as more companies and consumers worldwide insist on sustainable power sources. For our Energy Business, our pipeline growth and project execution are making progress, although uncertainty remains around the timing and recognition of certain project sales. On the MSS side, we expect near-term margin pressure given cost increases from polysilicon supply shortages; however, given our leadership position in premium markets, we are able to share a portion of the higher costs with customers. Importantly, we expect the impact of the polysilicon supply disruption to lessen over the coming quarters as polysilicon suppliers restore their temporarily shut-down capacities and restart some of the currently idled, higher-cost capacities.
We plan to expand our market share as we increase our low-cost manufacturing capacity of high-quality modules, which will be supported by the pre-IPO round of capital raising for our MSS business. The improved access to capital through the expected China listing will help us to further capitalize on accelerating secular growth in solar demand, and to unlock sustainable value for our shareholders."
Changes to the Board of Directors
Mr. Karl Olsoni was nominated by the Company and approved by shareholders as a new independent director during the 2020 Annual Meeting of Shareholders. He will serve on the Audit and Compensation Committees. Mr. Olsoni has served as a strategic advisor to the Board of Directors since January 2020.
Furthermore, the Board of Directors has accepted the resignation of Mr. Robert K. McDermott, who has played an instrumental role in the Company's success since his appointment as lead independent director in 2006. "On behalf of our Board of Directors and the Company, I thank Bob for his valuable service and contributions and wish him well in future endeavors," said Dr. Qu.
Recent Developments
On August 4, 2020, Canadian Solar announced that it commenced the construction of a 10 MWp solar power plant in Germany.
On July 27, 2020, Canadian Solar announced that a special committee of independent directors of the Company, with the assistance of outside financial and legal advisors, completed a review of strategic alternatives available to the Company and the board of directors of the Company decided to pursue a listing of the Company's MSS business on either the Shanghai Stock Exchange's Science and Technology Innovation Board or the Shenzhen Stock Exchange's ChiNext Market.
On July 21, 2020, Canadian Solar announced its wholly-owned subsidiary Recurrent Energy closed $282 million of debt financing to construct its Maplewood and Maplewood 2 solar power projects totaling 367 MWp in Texas.
On June 23, 2020, Canadian Solar announced it signed two private power purchase agreements with Braskem S.A. and COPEL Energia for a total of 274 MWp of solar power projects in Brazil.
Conference Call Information
The Company will hold a conference call at 8:00 a.m. U.S. Eastern Daylight Time on August 7, 2020 (8:00 p.m., August 7, 2020 in Hong Kong) to discuss the Company's second quarter 2020 results and business outlook. The dial-in phone number for the live audio call is 1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from Hong Kong) or +1 845-675-0437 (from international locations). The passcode for the call is 8068256. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available two hours after the conclusion of the call until 9:00 a.m. U.S. Eastern Daylight Time on Saturday, August 15, 2020 (9:00 p.m., August 15, 2020 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from Hong Kong) or +1-646-254-3697 (from international locations), with passcode 8068256. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 46 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 regarding the Company's expected future shipment volumes, gross margins 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; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; 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, China and Brazil; 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 28, 2020. 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.
FINANCIAL TABLES FOLLOW
The following tables provide unaudited select financial data for the Company's Module and System Solutions | ||||||||||
Select Financial Data - Module and System Solutions, and Energy | ||||||||||
Three Months Ended June 30, 2020 | ||||||||||
MSS | Energy | Elimination | Total | |||||||
Net revenues | $706,155 | $26,661 | ($36,970) | $695,846 | ||||||
Cost of revenues | 557,263 | 15,083 | (23,712) | 548,634 | ||||||
Gross profit | 148,892 | 11,578 | (13,258) | 147,212 | ||||||
Gross margin | 21.1% | 43.4% | — | 21.2% | ||||||
Income (loss) from | 63,222 | (4,496) | (13,258) | 45,468 | ||||||
Select Financial Data - Module and System Solutions, and | ||||||||||
Six Months Ended June 30, 2020 | ||||||||||
MSS | Energy | Elimination | Total | |||||||
Net revenues | $1,395,954 | $264,749 | ($139,222) | $1,521,481 | ||||||
Cost of revenues | 1,098,194 | 163,422 | (110,544) | 1,151,072 | ||||||
Gross profit | 297,760 | 101,327 | (28,678) | 370,409 | ||||||
Gross margin | 21.3% | 38.3% | — | 24.3% | ||||||
Income (loss) from | 124,720 | 62,862 | (28,678) | 158,904 | ||||||
Select Financial Data - Module and System Solutions, and Energy | |||
Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | ||
(In Thousands of U.S. Dollars) | |||
MSS Revenues: | |||
Solar modules and other solar power | $ 613,068 | $ 1,158,962 | |
Solar system kits | 42,901 | 72,098 | |
EPC services | 3,164 | 3,922 | |
Others (materials and components) | 10,052 | 21,750 | |
Subtotal | $ 669,185 | $ 1,256,732 | |
Energy Revenues: | |||
Solar power projects | $ 2,685 | $ 230,439 | |
Electricity | 1,882 | 2,930 | |
O&M services | 5,027 | 10,213 | |
Others (EPC and development services) | 17,067 | 21,167 | |
Subtotal | $ 26,661 | $ 264,749 | |
Total net revenues | $ 695,846 | $ 1,521,481 | |
Canadian Solar Inc. | ||||||||||
Unaudited Condensed Consolidated Statements of Operations | ||||||||||
(In Thousands of U.S. Dollars, Except Share and Per Share Data and Unless Otherwise Stated) | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||
2020 | 2020 | 2019 | 2020 | 2019 | ||||||
Net revenues | $ 695,846 | $ 825,635 | $ 1,036,275 | $ 1,521,481 | $ 1,520,994 | |||||
Cost of revenues | 548,634 | 602,438 | 853,633 | 1,151,072 | 1,230,913 | |||||
Gross profit | 147,212 | 223,197 | 182,642 | 370,409 | 290,081 | |||||
Operating expenses: | ||||||||||
Selling expenses | 53,463 | 52,659 | 45,361 | 106,122 | 83,292 | |||||
General and administrative | 46,354 | 52,961 | 65,735 | 99,315 | 117,159 | |||||
Research and development | 10,924 | 10,056 | 12,133 | 20,980 | 25,298 | |||||
Other operating income | (8,997) | (5,915) | (1,329) | (14,912) | (3,015) | |||||
Total operating expenses | 101,744 | 109,761 | 121,900 | 211,505 | 222,734 | |||||
Income from operations | 45,468 | 113,436 | 60,742 | 158,904 | 67,347 | |||||
Other income (expenses): | ||||||||||
Interest expense | (16,960) | (19,013) | (20,654) | (35,973) | (42,352) | |||||
Interest income | 2,081 | 2,779 | 4,452 | 4,859 | 6,481 | |||||
Gain (loss) on change in | (2,349) | 33,109 | (12,489) | 30,759 | (13,748) | |||||
Foreign exchange gain | (2,192) | (34,119) | 16,415 | (36,311) | 3,828 | |||||
Investment income (loss) | 1,525 | (14,012) | 2,002 | (12,487) | 2,547 | |||||
Other expenses, net | (17,895) | (31,256) | (10,274) | (49,153) | (43,244) | |||||
Income before income taxes and | 27,573 | 82,180 | 50,468 | 109,751 | 24,103 | |||||
Income tax benefit (expense) | (8,899) | 29,051 | (13,951) | 20,154 | (6,423) | |||||
Equity in earnings of | 1,739 | 16 | 23,740 | 1,755 | 25,721 | |||||
Net income | 20,413 | 111,247 | 60,257 | 131,660 | 43,401 | |||||
Less: Net income (loss) | (191) | 616 | (2,425) | 425 | (2,116) | |||||
Net income attributable to | $ 20,604 | $ 110,631 | $ 62,682 | $ 131,235 | $ 45,517 | |||||
Earnings per share - basic | $ 0.35 | $ 1.86 | $ 1.05 | $ 2.20 | $ 0.77 | |||||
Shares used in computation - basic | 59,371,856 | 59,376,332 | 59,547,209 | 59,539,092 | 59,389,975 | |||||
Earnings per share - diluted | $ 0.34 | $ 1.84 | $ 1.04 | $ 2.18 | $ 0.76 | |||||
Shares used in computation - | 59,793,196 | 60,084,298 | 60,260,410 | 60,127,369 | 60,272,536 | |||||
Canadian Solar Inc. | ||||||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income | ||||||||||
(In Thousands of U.S. Dollars) | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||
2020 | 2020 | 2019 | 2020 | 2019 | ||||||
Net Income | 20,413 | 111,247 | 60,257 | 131,660 | 43,401 | |||||
Other comprehensive income (net | ||||||||||
Foreign currency translation | 30,997 | (45,971) | (11,170) | (14,974) | 4,815 | |||||
De-recognition of commodity hedge | 4,439 | — | — | 4,439 | — | |||||
Loss on changes in fair value of | (104) | (4,011) | (3,310) | (4,115) | (5,680) | |||||
Comprehensive income | 55,745 | 61,265 | 45,777 | 117,010 | 42,536 | |||||
Less: comprehensive income(loss) | 3,802 | (1,441) | (1,028) | 2,361 | (5,355) | |||||
Comprehensive income | 51,943 | 62,706 | 46,805 | 114,649 | 47,891 | |||||
Canadian Solar Inc. | |||||||
Unaudited Condensed Consolidated Balance Sheets | |||||||
(In Thousands of U.S. Dollars) | |||||||
June 30, | December 31, | ||||||
2020 | 2019 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ 578,815 | $ 668,770 | |||||
Restricted cash | 398,739 | 526,723 | |||||
Accounts receivable trade, net | 421,691 | 436,815 | |||||
Accounts receivable, unbilled | 16,096 | 15,256 | |||||
Amounts due from related parties | 18,052 | 31,232 | |||||
Inventories | 547,106 | 554,070 | |||||
Value added tax recoverable | 109,358 | 108,920 | |||||
Advances to suppliers | 49,504 | 47,978 | |||||
Derivative assets | 5,989 | 5,547 | |||||
Project assets | 653,750 | 604,083 | |||||
Prepaid expenses and other current assets | 397,300 | 253,542 | |||||
Total current assets | 3,196,400 | 3,252,936 | |||||
Restricted cash | 16,766 | 9,927 | |||||
Property, plant and equipment, net | 970,065 | 1,046,035 | |||||
Solar power systems, net | 49,654 | 52,957 | |||||
Deferred tax assets, net | 136,267 | 153,963 | |||||
Advances to suppliers | 41,484 | 40,897 | |||||
Prepaid land use right | 58,800 | 60,836 | |||||
Investments in affiliates | 79,322 | 152,828 | |||||
Intangible assets, net | 22,430 | 22,791 | |||||
Project assets | 492,519 | 483,051 | |||||
Right-of-use assets | 30,162 | 37,733 | |||||
Other non-current assets | 164,661 | 153,253 | |||||
TOTAL ASSETS | $ 5,258,530 | $ 5,467,207 | |||||
Canadian Solar Inc. | |||||
Unaudited Condensed Consolidated Balance Sheets (Continued) | |||||
(In Thousands of U.S. Dollars) | |||||
June 30, | December 31, | ||||
2020 | 2019 | ||||
Current liabilities: | |||||
Short-term borrowings | $ 1,015,749 | $ 933,120 | |||
Long-term borrowings on project assets - | 179,978 | 286,173 | |||
Accounts payable | 460,817 | 585,601 | |||
Notes payable | 472,000 | 544,991 | |||
Amounts due to related parties | 3,989 | 10,077 | |||
Other payables | 448,973 | 446,454 | |||
Advance from customers | 69,546 | 134,806 | |||
Derivative liabilities | 10,461 | 10,481 | |||
Operating lease liabilities | 17,218 | 18,767 | |||
Other current liabilities | 112,496 | 121,527 | |||
Total current liabilities | 2,791,227 | 3,091,997 | |||
Accrued warranty costs | 47,280 | 55,878 | |||
Long-term borrowings | 580,442 | 619,477 | |||
Derivatives liabilities | 5,374 | 1,841 | |||
Liability for uncertain tax positions | 15,543 | 15,353 | |||
Deferred tax liabilities | 54,689 | 56,463 | |||
Loss contingency accruals | 26,828 | 28,513 | |||
Operating lease liabilities | 15,523 | 20,718 | |||
Financing liabilities | 75,457 | 76,575 | |||
Other non-current liabilities | 97,207 | 75,334 | |||
Total LIABILITIES | 3,709,570 | 4,042,149 | |||
Equity: | |||||
Common shares | 686,425 | 703,806 | |||
Treasury stock | — | (11,845) | |||
Additional paid-in capital | 22,989 | 17,179 | |||
Retained earnings | 924,836 | 793,601 | |||
Accumulated other comprehensive loss | (126,193) | (109,607) | |||
Total Canadian Solar Inc. shareholders' equity | 1,508,057 | 1,393,134 | |||
Non-controlling interests in subsidiaries | 40,903 | 31,924 | |||
TOTAL EQUITY | 1,548,960 | 1,425,058 | |||
TOTAL LIABILITIES AND EQUITY | $ 5,258,530 | $ 5,467,207 | |||
About Non-GAAP Financial Measures
To supplement its financial disclosures presented in accordance with GAAP, the Company uses non-GAAP measures which are adjusted from the most comparable GAAP measures for certain items as described below. The Company presents non-GAAP net income and diluted earnings per share so that readers can better understand the underlying operating performance of the business before the impact of AD/CVD true-up provisions. The non-GAAP numbers are not measures of financial performance under U.S. GAAP, and should not be considered in isolation or as an alternative to other measures determined in accordance with GAAP. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited.
Statement of Operations Data: | |||||||||||||||
(In Thousands of U.S. Dollars, Except Share and Per Share Data) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||
GAAP net income attributable to Canadian | 20,604 | 62,682 | 131,235 | 45,517 | |||||||||||
Non-GAAP income adjustment items: | |||||||||||||||
AD/CVD provision true-up | (20,397) | (21,617) | (20,397) | (21,617) | |||||||||||
Tax impact | 5,054 | 5,365 | 5,054 | 5,365 | |||||||||||
Non-GAAP net income attributable to | 5,261 | 46,430 | 115,892 | 29,265 | |||||||||||
GAAP income per share - diluted | $ 0.34 | $ 1.04 | $ 2.18 | $ 0.76 | |||||||||||
Non-GAAP income per share - diluted | $ 0.09 | $ 0.77 | $ 1.93 | $ 0.49 | |||||||||||
Shares used in computation - diluted | 59,793,196 | 60,260,410 | 60,127,369 | 60,272,536 | |||||||||||
View original content:http://www.prnewswire.com/news-releases/canadian-solar-reports-second-quarter-2020-results-301108297.html
SOURCE Canadian Solar Inc.
Article Date
8/7/2020Canadian Solar Starts Construction of a 10 MWp Solar Power Plant in Germany
Source: PR Newswire
GUELPH, ON, Aug. 4, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) announced today it commenced the construction of the 10 MWp Groß Siemz solar power plant in Germany.
The project is located on an 11-hectare area next to the highway A20 Groß Siemz, near the city Schönberg in Mecklenburg-Western Pomerania, Northern Germany. Canadian Solar is the turnkey solutions provider for the PV plant, responsible for most of the project execution including the design, engineering, procurement and construction, and will be powering the solar plant with over 22,900 pieces of Canadian Solar high-efficiency mono-PERC modules. GS Solar GmbH & Co. KG, the customer and project owner, will connect the plant to the grid in October 2020 and Canadian Solar will provide the operations & maintenance ("O&M") services.
Once operational, the PV plant will generate approximately 10 GWh of clean and reliable solar energy annually, enough to meet the needs of over 3,000 households. Through the project lifetime, it is expected to displace approximately 90,000 metric tons of CO2-equivalent emissions.
Dr. Shawn Qu, Chairman and CEO, commented, "As a top-tier solar module brand and global project developer with strong technical and financing capabilities, providing turnkey solutions and O&M services is a natural extension of Canadian Solar's unique value proposition. We now have more than 3 GW of operational or contracted O&M agreements across the world. We are proud to share our extensive expertise in the solar industry and to provide one-stop-shop solutions to our customers."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 43 GW of premium-quality, solar photovoltaic modules to customers in over 160 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.
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 Form 20-F filed on April 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-starts-construction-of-a-10-mwp-solar-power-plant-in-germany-301105441.html
SOURCE Canadian Solar Inc.
Article Date
8/4/2020Canadian Solar Schedules Second Quarter 2020 Earnings Conference Call for August 7
Source: PR Newswire
Guelph, ON, July 28, 2020 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Friday, August 7, 2020 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., August 7, 2020 in Hong Kong) to discuss the Company's second quarter 2020 results and business outlook.
The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from Hong Kong) or +1 845-675-0437 from international locations. The passcode for the call is 8068256. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 9:00 a.m. U.S. Eastern Daylight Time on Saturday, August 15, 2020 (9:00 p.m., August 15, 2020 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from Hong Kong) or +1-646-254-3697 from international locations. The passcode for the replay is 8068256. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 43 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-schedules-second-quarter-2020-earnings-conference-call-for-august-7-301100946.html
SOURCE Canadian Solar Inc.
Article Date
7/28/2020Canadian Solar Announces Strategic Decision to Extend Access to China's Capital Markets
Source: PR Newswire
GUELPH, ON, July 27, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), announced today that a special committee of independent directors of the Company, with the assistance of outside financial and legal advisors, has completed a review of strategic alternatives available to the Company.
After an assessment of the results of the strategic review, the board of directors of the Company (the "Board") decided to pursue a listing of the Company's Modules and System Solutions ("MSS") business on either the Shanghai Stock Exchange's Science and Technology Innovation Board ("STAR market") or the Shenzhen Stock Exchange's ChiNext Market, both of which are intended to support innovative and fast-growing companies. The listing of the MSS business includes the shares of Canadian Solar's principal China subsidiary and overseas sales subsidiaries (collectively "Subsidiary").
Based on precedents in the China IPO market, the listing process is estimated to take 18-24 months. To qualify, according to Chinese securities regulations, the Subsidiary is required to be converted into a Sino-foreign joint stock company prior to listing which shall be completed through a round of equity raising from China-domiciled investors.
The Company, which also holds a world-leading global energy business focused on the development and selective partial ownership of solar and storage projects, remains committed to its NASDAQ listing. For this purpose, the Company will continue to seek capital partnerships with long-term investors looking for opportunities to deploy capital in clean, profitable and countercyclical solar energy infrastructure investments, either through public or private investment vehicles.
"This potential listing of our MSS in China will provide us a new platform to raise investment capital and strengthen our leading position in solar manufacturing. Meanwhile, by remaining listed on the NASDAQ as a Canadian company and partnering with long-term investors, we will continue to grow our solar project development platform in every major market around the world and reap the synergies from the two complementary businesses," said Dr. Shawn Qu, Chairman and CEO.
Dr. Qu added, "Canadian Solar shareholders, as owners of the China IPO issuer, will continue to own the solar manufacturing business and benefit from its potential growth upside. We appreciate China's continued efforts to open its financial markets and welcome foreign issuers such as Canadian Solar."
Whether the company can successfully list its MSS business in the Chinese stock market and its market valuation after listing will depend on various factors, including but not limited to, capital market conditions in China and globally, the regulatory environment for listed securities, the Company's financial performance and fulfilling the listing requirements in China.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 43 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-announces-strategic-decision-to-extend-access-to-chinas-capital-markets-301100045.html
SOURCE Canadian Solar Inc.
Article Date
7/27/2020Recurrent Energy Reaches Key Milestone on Texas Solar Projects
Source: PR Newswire
GUELPH, Ontario, July 21, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ) today announced its wholly-owned subsidiary, Recurrent Energy, LLC ("Recurrent Energy") closed $282 million of debt financing to construct its Maplewood and Maplewood 2 solar projects, located in Pecos County in the Permian Basin of West Texas. The financing was provided by a bank club led by Norddeutsche Landesbank ("Nord/LB"), which included Export Development Canada ("EDC"), Rabobank, National Bank of Canada ("NBC") and Bayerische Landesbank ("Bayern/LB").
"We are pleased to partner with Nord/LB, EDC, Rabobank, NBC and Bayern/LB in this important financing," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We are appreciative of these long-standing relationships with leading financial partners, and value their continued support and trust as we execute on our growing pipeline in the United States."
"We are very happy to close this deal with Recurrent," said Nicolai Dillow, Head of Originations for Nord/LB in the Americas. "Recurrent proved once again to be a nimble and thoughtful partner in this complex financing."
The Maplewood Solar Project has a capacity of 327 MWp and will deliver clean energy to Anheuser-Busch under a power purchase agreement ("PPA"), contributing to the brewer's 2025 sustainability goals for the United States, which include a 100 percent renewable purchased electricity target and a 25 percent reduction of carbon dioxide emissions across its supply chain. The clean energy delivered by the Maplewood Solar Project is estimated to cover 50 percent of the electricity consumption of Anheuser-Busch's U.S. operations.
The 40 MWp Maplewood 2 Solar Project will deliver clean power to a Dallas-based Fortune 100 oil and gas pipeline company, Energy Transfer Partners, under a 15-year PPA. This PPA marks Energy Transfer's first-ever dedicated solar contract.
The projects will utilize Canadian Solar's high efficiency bifacial modules which, relative to traditional monofacial modules, produce electricity from both sides of the panel thereby increasing total energy generation and improving reliability during winter months.
According to a report by Wood Mackenzie and the Solar Energy Industries Association, Texas has the 4th largest solar installed base in the U.S., with currently over 4,300 MW of solar capacity powering nearly 500,000 homes, and an additional 13,300 MW expected to be installed over the next 5 years . Dr. Shawn Qu added, "Texas is leading the energy transition by using technology to deliver competitive, affordable and reliable energy for consumers. We are pleased to contribute to the growth of solar in Texas while creating new jobs and supporting economic growth in communities across the state."
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's North American project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 43 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.
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 Form 20-F filed on April 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/recurrent-energy-reaches-key-milestone-on-texas-solar-projects-301096789.html
SOURCE Canadian Solar Inc.
Article Date
7/21/2020Canadian Solar Launches New Modules across the HiKu, BiHiKu and HiDM Portfolios
Source: PR Newswire
GUELPH, Ontario, July 1, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today launches the super-high power Series 5 and Series 6 PV modules to celebrate Canada Day. These new modules will join the HiKu, BiHiKu and HiDM portfolios, expanding the range of high-power, high-efficiency monofacial and bifacial solar modules.
These new products incorporate Canadian Solar's proprietary and record-breaking cell technology, as well as the latest cutting-edge module designs, reflecting Canadian Solar's commitment to excellence, research and development of competitive and clean solar solutions.
Series 5 portfolio – HiKu5, BiHiKu5
HiKu5 and BiHiKu5 shall utilize Canadian Solar's industry-leading LeTID (light- and elevated temperature-induced degradation) mitigation technology and power classes of up to 500 W for a more powerful PV module. Available in both monocrystalline and polycrystalline cells, the LeTID of the HiKu5 is 50% lower than the industry standard. Improved module efficiency, high power classes, and leading PV module technology, enable the HiKu5 to lower the LCOE of an installation by up to 4.0%.
Series 6 portfolio – HiKu6, BiHiKu6
HiKu6 and BiHiKu6 shall offer super-high power classes of up to 590 W and module efficiency of up to 21.3%, utilizing Canadian Solar's advanced cell technology and module design. Relative to standard 405 W monocrystalline modules, HiKu6 modules generate up to 2.7% higher energy yield over the module lifetime, reduce the BOS (balance of system) cost by up to 5.6%, and reduce the LCOE by up to 4.5%, offering excellent value for large-scale installations.
Series 5 portfolio – HiDM5
HiDM5 expands upon the successful "Made in Canada" HiDM product line, manufactured in Canadian Solar's Guelph factory in Ontario. The HiDM5 module embodies elegance and function, combining a stylish aesthetic design with the best of Canadian Solar's shingled-cell design and mono cell technology. The HiDM5 will be available in power classes of up to 405 W. Relative to standard mono PV modules, the HiDM5 offers a 37% higher rooftop system capacity and 47% higher IRR from lower system costs, making it an ideal module for residential installations.
"Since I founded the Company in Canada 19 years ago, I am proud that Canadian Solar has become a leader in the development and deployment of the latest solar technologies. As reflected in today's announcement, our commitment is to develop leading technology that will deliver more solar energy more cost-effectively," said Dr. Shawn Qu, Founder, Chairman and CEO of Canadian Solar. "Our HiKu, BiHiKu and HiDM product ranges have always been at the forefront of PV module technology, and the launch of the new Series 5 and Series 6 modules is another important achievement as we continue to provide powerful, efficient and high-quality solar solutions."
The new products will be backed by competitive warranties and Canadian Solar's commitment to high quality customer service. Series 5 and Series 6 portfolios further expand the Company's broad range of PV products, with modules and services available to meet customers' solar needs.
To learn more about the new products, register to join a webinar.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 43 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-launches-new-modules-across-the-hiku-bihiku-and-hidm-portfolios-301086608.html
SOURCE Canadian Solar Inc.
Article Date
7/1/20206/26/2020 - Canadian Solar Inc. Announces Results of 2020 Annual and Special Meeting of Shareholders
Canadian Solar Inc. Announces Results of 2020 Annual and Special Meeting of Shareholders
Source: PR Newswire
GUELPH, Ontario, June 26, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it held an Annual and Special Meeting of Shareholders on June 24, 2020. The shares represented at the meeting voted on the following matters:
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 43 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-inc-announces-results-of-2020-annual-and-special-meeting-of-shareholders-301084319.html
SOURCE Canadian Solar Inc.
Article Date
6/26/2020Canadian Solar Signed Two Corporate PPAs for 274 MWp Solar Power Projects in Brazil
Source: PR Newswire
GUELPH, Ontario, June 23, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it recently signed two private power purchase agreements ("PPA") with Braskem S.A. and COPEL Energia for a total of 274 MWp in solar power projects in Brazil.
Braskem S.A. ("Braskem", NYSE: BAK) is the largest producer of thermoplastic resins in the Americas and the largest producer of polypropylene in the United States. Braskem is committed to a low carbon economy and has implemented innovative processes to improve its efficiency, competitiveness and sustainability. Braskem will purchase solar energy through a 20-year PPA with Canadian Solar, as it strives to reach its sustainability goals.
For this PPA, Canadian Solar will develop and build a 152 MWp project in the State of Minas Gerais, in the same region as other projects already developed and built by the Company. Construction will start in 2021 and expected to reach commercial operation before the end of 2022. This is the first PPA signed directly between Canadian Solar and an industrial customer in Brazil and sets another landmark for Canadian Solar in this market.
COPEL Energia ("Copel") is part of COPEL Group, one of the top 10 energy trading companies in Brazil and the largest utility in the State of Paraná. For the 15-year PPA with Copel, Canadian Solar will build a 122 MWp project in the State of Pernambuco in 2021 as the second phase of a project already under development by the Company.
Both projects will use Canadian Solar's high efficiency bifacial BiHiKu modules. Once in operation, the combined projects are expected to generate approximately 610 GWh of clean energy annually, equivalent to the annual electricity consumption of approximately 250,000 households.
These two corporate PPAs will add to Canadian Solar's Brazilian portfolio of more than 1.9 GWp of contracted PPAs since the company entered this market. In the Latin America region, the Company has over 2.6 GWp of awarded and contracted PPAs.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "Canadian Solar has established a leadership position in the utility scale solar market in Brazil and continues to innovate by setting a new trend yet again with private PPAs. We are pleased to partner with Braskem and Copel in this deal to offer integrated energy solutions to our customers, from solar modules to project development and management services. We have a long-term commitment to solar energy in Brazil and it will remain one of our most important markets."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 43 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-signed-two-corporate-ppas-for-274-mwp-solar-power-projects-in-brazil-301081696.html
SOURCE Canadian Solar Inc.
Article Date
6/23/2020Canadian Solar to Launch Next-Generation PV Modules on Canada Day, July 1
Source: PR Newswire
GUELPH, Ontario, June 22, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) announced today that it will launch Next-Generation PV modules worldwide on July 1 to celebrate Canada Day.
Canadian Solar was founded in 2001, in its eponymous country of Canada, and has forged a strong track record as a technology leader and system solutions provider in the global solar industry. To celebrate Canada Day on July 1, the Company will introduce the suite of new modules in five webinars, accommodating customers across different time zones.
The new Canadian Solar PV modules will mark another breakthrough in module efficiency, propelling solar energy to achieve ever lower levelized cost-of electricity ("LCOE"). The new products will be supported by competitive warranties and the highest level of pre- and post-sales service.
To learn more, register here.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 43 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 28, 2020. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-to-launch-next-generation-pv-modules-on-canada-day-july-1-301080894.html
SOURCE Canadian Solar Inc.
Article Date
6/22/2020Canadian Solar Reports First Quarter 2020 Results
Source: PR Newswire
GUELPH, Ontario, May 28, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the quarter ended March 31, 2020.
First Quarter 2020 Highlights
First Quarter 2020 Results
Net revenue in the first quarter of 2020 was $826 million, compared to $920 million in the fourth quarter of 2019, and $485 million in the first quarter of 2019. The year-over-year revenue growth was due to higher module shipments and project sales, partially offset by a decline in average module selling price ("ASP").
Total module shipments in the first quarter of 2020 were 2,214 MW, compared to 2,474 MW in the fourth quarter of 2019, and 1,575 MW in the first quarter of 2019. Of the totals, 253 MW were shipped to the Company's utility-scale solar power projects in the first quarter of 2020, compared to 295 MW in the fourth quarter of 2019, and 52 MW in the first quarter of 2019.
Gross profit in the first quarter of 2020 was $223 million, compared to $230 million in the fourth quarter of 2019, and $107 million in the first quarter of 2019. Gross margin in the first quarter of 2020 was 27.0%, compared to 25.0% in the fourth quarter of 2019, and 22.2% in the first quarter of 2019. The gross margin improvement was primarily due to an increased contribution of higher margin project sales.
Income from operations in the first quarter of 2020 was $113 million, compared to $111 million in the fourth quarter of 2019, and $7 million in the first quarter of 2019. Operating margin was 13.7% in the first quarter of 2020, compared to 12.1% in the fourth quarter of 2019, and 1.4% in the first quarter of 2019.
Non-cash depreciation and amortization charges in the first quarter of 2020 were $45 million, which is unchanged from the fourth quarter of 2019, and higher than $38 million in the first quarter of 2019.
The Company uses derivative instruments to hedge its foreign exchange positions. In the first quarter of 2020, the Company recorded a foreign exchange loss of $34 million, which was largely offset by a $33 million gain on the change in fair value of derivatives used in the Company's foreign exchange hedging program. The resulting net loss in the first quarter of 2020 was $1 million, compared to a net loss of $3 million in the fourth quarter of 2019, and a net loss of $14 million in the first quarter of 2019.
The investment income loss of $14 million in the first quarter of 2020 was primarily attributable to an impairment provision charge with respect to our remaining 49% equity interest in the Roserock Project in the U.S.
Income tax benefit in the first quarter of 2020 was $29 million, compared to a tax expense of $25 million in the fourth quarter of 2019, and a tax benefit of $8 million in the first quarter of 2019. The tax benefit in the first quarter of 2020 was primarily due to a one-time net operating loss carryback provision.
Net income attributable to Canadian Solar in the first quarter of 2020 was $110.6 million, or $1.84 per diluted share, compared to net income of $67.7 million, or $1.12 per diluted share, in the fourth quarter of 2019, and a net loss of $17.2 million, or $0.29 per diluted share, in the first quarter of 2019.
Dr. Shawn Qu, Chairman and Chief Executive Officer, commented: "We achieved a 70% increase in net revenue and 108% increase in gross profit year-over-year in the first quarter of 2020. While COVID-19's impact on the demand for our products and services was limited in the first quarter, we remain cautious given the market uncertainty and expected softness in the second half of 2020. As with past periods of volatility, we focus on supporting our employees, customers and partners; restricting discretionary spending; and investing into long-term growth opportunities. The industry's long-term fundamentals remain strong, with numerous catalysts for revenue and profitability growth. We are particularly excited by the market outlook for our Energy business, as lower equipment ASPs help to improve the profitability of our contracted projects. In addition, the low interest rate environment makes our solar projects even more sought-after as countercyclical investment assets. We will continue to sell and recycle capital to grow our project pipeline, while also growing stable, recurring revenues by retaining partial ownership of selected projects. Our focus remains on improving our return on capital and equity, as we manage the near-term challenges and enhance the Company's position for sustainable long-term growth."
Yan Zhuang, previously Acting CEO and newly appointed President and Chief Operating Officer, commented, "We delivered another strong quarter, achieving net income of $110.6 million, or $1.84 per diluted share, in the first quarter of 2020. In our Energy business, we completed solar power plant sales in Japan and Italy and reinforced our market leadership by reinvesting in our project pipeline. In our Module and System Solutions ("MSS") business, we expanded our long-term partnerships with a new 1.2 GW multi-year module supply agreement with Lightsource BP. We continue to make significant progress in creating bankable and competitive solar plus energy storage solutions, leveraging our unique position as one of the world's largest solar energy solutions providers. Taken together, our global brand, established sales and partnership networks, financial strength and proven ability to successfully adapt to market changes through technological and business model innovation, give Canadian Solar a powerful competitive advantage."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer, added, "During the first quarter of 2020, we continued to strengthen our balance sheet and improve our liquidity position, which gives our partners and customers added confidence during the current market uncertainty. We reduced total debt and maintained unrestricted cash at a healthy level. Our inventory level increased in the first quarter primarily due to our strategic decision to increase module inventory in the U.S. to qualify for the investment tax credit and applicable tax credit percentage. Additionally, in light of the current macroeconomic weakness, we suspended our share repurchase program to maximize liquidity. We will continue to monitor the macroeconomic situation and take contingency measures to preserve cash and minimize risk."
Energy Business Segment
Energy Business Strategy Update
Canadian Solar has one of the world's largest utility-scale solar project development platforms, with a track record of originating, developing, financing, building and bringing into commercial operation over 5.6 GWp of solar power plants across six continents. As a first mover in many core markets, the Company's Energy business has acquired significant experience and a strong competitive position in the solar project development business, with a current total project backlog and pipeline of 15.6 GWp.
Traditionally, the operating model for the Company's Energy business has been to sell projects when they reach their notice to proceed date ("NTP") or commercial operation date ("COD"), depending on the optimal exit point for each project based on its specific risk and return profile. In certain cases, the Company has retained a minority ownership interest in order to capture additional operational value throughout the partial ownership holding period, while securing project equity recapitalization during the early lifecycle of the solar assets. An example of this is the Canadian Solar Infrastructure Fund ("CSIF"), a publicly traded investment fund akin to a real estate investment trust, holding operating solar assets in Japan. CSIF has been listed on the Tokyo Stock Exchange since 2017 and remains 15% owned by the Company. In addition to continuing to grow its project backlog and pipeline, the Company is evaluating ways of replicating its successful Japanese strategy in other markets, focusing on those regions with strong energy demand, attractive power prices and stable capital markets. There are two key benefits to this approach:
Management targets to achieve the following project sales and accumulated project ownership retained in the next 5 years:
Energy Business Targets | 2020 | 2021 | 2022 | 2023 | 2024 |
Annual Project Sales, GWp | 1.1-1.3 | 1.8-2.3 | 2.4-2.9 | 3.2-3.7 | 3.6-4.1 |
Cumulative Projects Retained (including inventory to be sold), MWp | ~30 | ~130 | ~410 | ~760 | ~960 |
Note: There are uncertainties regarding the closing dates of project sales in 2020 due to COVID-19 disruptions. Forecasts for annual project sales | |||||
To help fund this approach, the Company is evaluating ways to create capital partnerships with long-term investors seeking to deploy patient capital in clean, profitable and countercyclical solar energy infrastructure investments, either through public or private investment vehicles. Management believes the Company's solar assets are now more attractive to investors seeking stable yields given the low rate environment, which will help build sustainable long-term value for Canadian Solar's shareholders. The Company will make further progress updates as it executes on this strategy.
Project Backlog and Pipeline
As of March 31, 2020, the Company's total project backlog and pipeline totaled 15.7 GWp, of which the project backlog totaled 3.7 GWp. The backlog includes projects that have passed their Cliff Risk Date and are expected to be built in the next one to four years. A project's Cliff Risk Date depends on the country where the project is located and is defined as the date on which the project passes the last of the high-risk development stages. This is usually the receipt of all required environmental and regulatory approvals, interconnection agreements, feed-in tariff ("FiT") arrangements and power purchase agreements ("PPAs"). All projects in the current backlog have secured a PPA or FiT or are reasonably assured of securing one.
The Company's project pipeline totaled 12 GWp. The pipeline includes early- to mid-stage project development opportunities that have been identified but have not yet passed their Cliff Risk Date. These include projects that have been approved by the internal Investment Committee or projects that are reasonably expected to be brought to the Investment Committee soon.
Project Backlog and Pipeline (as of March 31, 2020) | |||||||||
Region | Backlog | Pipeline | Total | ||||||
North America | 1,609 | 4,847 | 6,456 | ||||||
Latin America | 1,036 | 3,891 | 4,927 | ||||||
Europe, the Middle East and Africa ("EMEA") | 206 | 2,159 | 2,365 | ||||||
Japan | 223 | 0 | 223 | ||||||
Asia Pacific excluding Japan | 584 | 676 | 1,260 | ||||||
China | 0 | 430 | 430 | ||||||
Total | 3,658 | 12,003 | 15,661 | ||||||
Note: Backlog represents the gross MWp size of projects, including 63 MWp | |||||||||
We believe there are significant near- and long-term growth opportunities in the solar plus storage market, with demand being driven by declining battery storage costs, higher capacity needs and accelerating retirements of fossil fuel power plants. The Company intends to expand its presence in the solar plus storage space and is in advanced discussions with a number of off-take parties for a sizeable part of its project pipeline.
The table below sets forth the Company's storage project backlog and pipeline as of March 31, 2020.
Backlog | Pipeline | Total | |
Storage (MWh) | 320 | 2,500 | 2,820 |
Projects in Construction
In addition to its project backlog and pipeline, the Company has 807 MWp of solar projects in construction.
Projects in Construction (as of March 31, 2020) | |||
Region | MWp | Expected COD | |
Latin America | 732 | 2020-21 | |
Japan | 70 | 2020-21 | |
Malaysia | 5 | 2020 | |
Total | 807 | - | |
Note: Latin America portfolio includes 508 MWp of projects already sold | |||
The Company has in hand a sizable amount of high premium projects in Japan. The table below sets forth the expected COD schedule of the Company's project backlog in development and construction in Japan, as of March 31, 2020:
Expected COD Schedule (MWp) | ||||||||
2020 | 2021 | 2022 and | Total | |||||
15 | 75 | 203 | 293 | |||||
Solar Power Plants in Operation
As of March 31, 2020, the Company's power plants in operation totaled 956 MWp, with an estimated total resale value of approximately $830 million to Canadian Solar. The estimated resale value is based on selling prices that Canadian Solar is currently negotiating or transaction prices of similar assets in the relevant markets.
North America | Latin America | Japan | Asia Pacific | China | Total |
216 | 100 | 85 | 96 | 459 | 956 |
Note: The table represents the gross MWp size of the power plants in operation, | |||||
Operating Results
The following table presents unaudited select results of operations data of the Company's Energy business segment for the periods indicated,
Energy Business Segment Financial Results (In Thousands of U.S. Dollars, Except Percentages and Unless Otherwise Stated) | ||||||||
Three Months Ended | ||||||||
March 31, 2020 | December 31, 2019 | March 31, 2019 | ||||||
Net revenues | 238,088 | 215,370 | 31,587 | |||||
Cost of revenues | 148,339 | 182,424 | 22,174 | |||||
Gross profit | 89,749 | 32,946 | 9,413 | |||||
Operating expenses | 22,391 | 17,747 | 22,338 | |||||
Income (loss) from operations | 67,358 | 15,199 | (12,925) | |||||
Gross margin | 37.7% | 15.3% | 29.8% | |||||
Operating margin | 28.3% | 7.1% | -40.9% | |||||
Module and System Solutions (MSS) Business Segment
Manufacturing Capacity
The table below sets forth the Company's manufacturing capacity expansion plan from June 30, 2020 to December 31, 2020.
Manufacturing Capacity (MW) | |||
March 31, 2020 Actual | June 30, 2020 Planned | December 31, 2020 Planned | |
Ingot | 1,850 | 1,850 | 1,850 |
Wafer | 5,000 | 5,000 | 5,000 |
Cell | 9,600 | 9,700 | 10,000 |
Module | 13,040 | 13,950 | 15,050 |
The Company's manufacturing capacity expansion plan is subject to change based on market conditions and the Company's capital allocation plan.
Operating Results
The following table presents unaudited select results of operations data of the Company's MSS business segment for the periods indicated.
MSS Business Segment Financial Results* (In Thousands of U.S. Dollars, Except Percentages and Unless Otherwise Stated) | ||||
Three Months Ended | ||||
March 31, 2020 | December 31, 2019 | March 31, 2019 | ||
Net revenues | 689,799 | 765,696 | 468,901 | |
Cost of revenues | 540,931 | 551,517 | 369,664 | |
Gross profit | 148,868 | 214,179 | 99,237 | |
Operating expenses | 87,370 | 100,329 | 78,496 | |
Income from operations | 61,498 | 113,850 | 20,741 | |
Gross margin | 21.6% | 28.0% | 21.2% | |
Operating margin | 8.9% | 14.9% | 4.4% | |
Note: *Includes effects of both sales to third party customers and to the Company's Energy Business Segment. Please refer to the | ||||
The table below provides the geographic distribution of the net revenue of the MSS business:
MSS Net Revenues Geographic Distribution* (In Millions of U.S. Dollars, Except Percentages) | ||||||||
Q1 2020 | % of Net Revenues | Q4 2019 | % of Net Revenues | Q1 2019 | % of Net Revenues | |||
Asia | 175 | 30 | 239 | 34 | 206 | 45 | ||
Americas | 252 | 43 | 320 | 45 | 88 | 19 | ||
Europe and others | 161 | 27 | 145 | 21 | 159 | 36 | ||
Total | 588 | 100 | 704 | 100 | 453 | 100 | ||
*Excludes sales from the MSS business to the Energy business.
Canadian Solar shipped 2.2 GW of modules to more than 80 countries in the first quarter of 2020. The top five markets of the MSS business ranked by revenues were the U.S., Brazil, Japan, Spain and the Netherlands.
Multi-crystalline modules accounted for 72% of the Company's module shipments in the first quarter of 2020, and mono-crystalline modules accounted for 28%. The Company has the flexibility to produce both multi-crystalline and mono-crystalline modules, with the mix decision depending on the relative profitability and levelized cost of electricity ("LCOE") of the alternative products.
Business Outlook
The Company's business outlook is based on management's current views and estimates given existing market conditions, order book, production capacity, anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, final customer demand and project construction and sale schedules, and the ongoing global impact of COVID-19. Management's views and estimates are subject to change without notice.
For the second quarter of 2020, the Company expects total module shipments to be in the range of 2.5 GW to 2.7 GW, including approximately 200 MW of module shipments to the Company's own projects that may not be immediately recognized as revenues. Total revenues are expected to be in the range of $630 million to $680 million, with gross margin expected to be between 18.5% and 20.5%.
The Company continues to expect total solar module shipments for the year of 2020 to be in the rage of 10 GW to 12 GW, as previously guided. In light of the uncertainty caused by COVID-19 with respect to business conditions in the second half of 2020, however, the Company is withdrawing its 2020 annual financial guidance.
Dr. Shawn Qu, Chairman and Chief Executive Officer, commented: "While demand has remained relatively strong into the second quarter, there are uncertainties in the global COVID-19 environment relating to the timing of certain project sales which had been scheduled for this year. In addition, we have seen declines in module and input material ASPs, with the timing and scale of these declines creating uncertainty with respect to profit margins. We expect these dynamics to be temporary in nature, however, given the attractiveness of solar investments worldwide. We also note the accelerating development of the solar plus storage market, which we expect will become a more meaningful contributor to our future revenue growth. Over the longer term, we remain well-positioned for continued success as solar power achieves grid-parity in an increasing number of markets. We will continue to benefit from our diversified revenue and manufacturing base, healthy balance sheet and liquidity, and strong relationships with customers, suppliers and financing partners."
Dr. Qu added, "I am pleased to announce that Yan Zhuang has been appointed as President and Chief Operating Officer of Canadian Solar, ceasing to be Acting CEO. In this position, Yan will continue to oversee the business operations of both the Company's Module and System Solutions and Energy businesses. I am grateful for Yan's leadership during my recovery period and look forward to continuing to work closely with him in the future."
Recent Developments
On May 24, 2020, Yan Zhuang, who was serving as Acting Chief Executive Officer, was appointed as President and Chief Operating Officer of Canadian Solar, effective immediately.
On April 27, 2020, Canadian Solar Infrastructure Fund, which is listed on the Tokyo Stock Exchange (TSE), was included in a new TSE Infrastructure Funds Index.
On April 14, 2020, Recurrent Energy, the Company's wholly-owned subsidiary, received unanimous approval from the Mississippi Public Service Commission to execute a build-transfer agreement with Entergy Mississippi for the 100 MWac Sunflower solar power project.
On April 2, 2020, Canadian Solar secured $30 million in funding from the China-Portuguese Speaking Countries Cooperation and Development Fund to fund the development and construction of solar power projects in Brazil.
Conference Call Information
The Company will hold a conference call at 8:00 a.m. U.S. Eastern Standard Time on May 28, 2020 (8:00 p.m., May 28, 2020 in Hong Kong) to discuss the Company's first quarter 2020 results and business outlook. The dial-in phone number for the live audio call is 1-844-760-0770 (toll-free from the U.S.), +852-3018-8307 (local dial-in from Hong Kong) or +1 347-549-4094 (from international locations). The passcode for the call is 1785662. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available two hours after the conclusion of the call until 9:00 a.m. U.S. Eastern Standard Time on Thursday, June 4, 2020 (9:00 p.m., June 4, 2020 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from Hong Kong) or +1-646-254-3697 (from international locations), with passcode 1785662. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 42 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 regarding the Company's expected future shipment volumes, gross margins 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; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; 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, China and Brazil; 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 28, 2020. 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.
FINANCIAL TABLES FOLLOW
The following tables provide unaudited select financial data for the Company's Module and System Solutions ("MSS") and Energy businesses:
Select Financial Data - Module and System Solutions, and | |||||||
Energy | |||||||
Three Months Ended March 31, 2020 | |||||||
(In Thousands of U.S. Dollars, Except Percentages) | |||||||
MSS | Energy | Elimination | Total | ||||
Net revenues | $689,799 | $238,088 | ($102,252) | $825,635 | |||
Cost of revenues | 540,931 | 148,339 | (86,832) | 602,438 | |||
Gross profit | 148,868 | 89,749 | (15,420) | 223,197 | |||
Gross margin | 21.6% | 37.7% | - | 27.0% | |||
Income (loss) from operations | 61,498 | 67,358 | (15,420) | 113,436 | |||
Select Financial Data - Module and System | |||||||
Solutions, and Energy | |||||||
Three Months Ended | |||||||
March 31, 2020 | |||||||
(In Thousands of U.S. Dollars) | |||||||
MSS Revenues: | |||||||
Solar modules and other solar power products | $545,894 | ||||||
Solar system kits | 29,197 | ||||||
EPC services | 758 | ||||||
Others (materials and components) | 11,698 | ||||||
Subtotal | $587,547 | ||||||
Energy Revenues: | |||||||
Solar power projects | $227,754 | ||||||
Electricity | 1,048 | ||||||
O&M services | 5,186 | ||||||
Others (EPC and development services) | 4,100 | ||||||
Subtotal | $238,088 | ||||||
Total net revenues | $825,635 | ||||||
Canadian Solar Inc. | |||||||
Unaudited Condensed Consolidated Statements of Operations | |||||||
(In Thousands of U.S. Dollars, Except Share and Per Share Data and Unless Otherwise Stated) | |||||||
Three Months Ended | |||||||
March 31, | December 31, | March 31, | |||||
2020 | 2019 | 2019 | |||||
Net revenues | $ 825,635 | $ 919,707 | $ 484,719 | ||||
Cost of revenues | 602,438 | 690,205 | 377,280 | ||||
Gross profit | 223,197 | 229,502 | 107,439 | ||||
Operating expenses: | |||||||
Selling expenses | 52,659 | 50,099 | 37,931 | ||||
General and administrative expenses | 52,961 | 64,133 | 51,423 | ||||
Research and development expenses | 10,056 | 10,179 | 13,166 | ||||
Other operating income | (5,915) | (6,335) | (1,686) | ||||
Total operating expenses | 109,761 | 118,076 | 100,834 | ||||
Income from operations | 113,436 | 111,426 | 6,605 | ||||
Other income (expenses): | |||||||
Interest expense | (19,013) | (19,734) | (21,699) | ||||
Interest income | 2,779 | 2,979 | 2,029 | ||||
Gain (loss) on change in fair value of derivatives, | 33,109 | (6,294) | (1,260) | ||||
Foreign exchange gain (loss), net | (34,119) | 3,717 | (12,586) | ||||
Investment income (loss) | (14,012) | 120 | 545 | ||||
Other expenses, net | (31,256) | (19,212) | (32,971) | ||||
Income (loss) before income taxes and equity in | 82,180 | 92,214 | (26,366) | ||||
Income tax benefit (expense) | 29,051 | (25,209) | 7,529 | ||||
Equity in earnings of unconsolidated investees | 16 | 923 | 1,981 | ||||
Net income (loss) | 111,247 | 67,928 | (16,856) | ||||
Less: Net income attributable to non-controlling | 616 | 191 | 309 | ||||
Net income (loss) attributable to Canadian Solar Inc. | $ 110,631 | $ 67,737 | $ (17,165) | ||||
Earnings (loss) per share - basic | $ 1.86 | $ 1.13 | $ (0.29) | ||||
Shares used in computation - basic | 59,376,332 | 59,846,779 | 59,231,227 | ||||
Earnings (loss) per share - diluted | $ 1.84 | $ 1.12 | $ (0.29) | ||||
Shares used in computation - diluted | 60,084,298 | 60,407,086 | 59,231,227 | ||||
Canadian Solar Inc. | ||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income | ||||||
(In Thousands of U.S. Dollars) | ||||||
Three Months Ended | ||||||
March 31, | December 31, | March 31, | ||||
2020 | 2019 | 2019 | ||||
Net Income (loss) | 111,247 | 67,928 | (16,856) | |||
Other comprehensive income (net of tax of nil): | ||||||
Foreign currency translation adjustment | (45,971) | 8,923 | 15,985 | |||
Gain (loss) on changes in fair value of derivatives | (4,011) | 1,147 | (2,370) | |||
Comprehensive income (loss) | 61,265 | 77,998 | (3,241) | |||
Less: comprehensive loss attributable to non-controlling | (1,441) | (2,216) | (4,327) | |||
Comprehensive income attributable to Canadian | 62,706 | 80,214 | 1,086 | |||
Canadian Solar Inc. | |||||
Unaudited Condensed Consolidated Balance Sheets | |||||
(In Thousands of U.S. Dollars) | |||||
March 31, | December 31, | ||||
2020 | 2019 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ 618,643 | $ 668,770 | |||
Restricted cash | 493,855 | 526,723 | |||
Accounts receivable trade, net | 384,816 | 436,815 | |||
Accounts receivable, unbilled | 17,678 | 15,256 | |||
Amounts due from related parties | 14,387 | 31,232 | |||
Inventories | 632,362 | 554,070 | |||
Value added tax recoverable | 106,224 | 108,920 | |||
Advances to suppliers | 53,632 | 47,978 | |||
Derivative assets | 28,894 | 5,547 | |||
Project assets | 582,737 | 604,083 | |||
Prepaid expenses and other current assets | 379,648 | 253,542 | |||
Total current assets | 3,312,876 | 3,252,936 | |||
Restricted cash | 9,851 | 9,927 | |||
Property, plant and equipment, net | 976,801 | 1,046,035 | |||
Solar power systems, net | 50,996 | 52,957 | |||
Deferred tax assets, net | 137,755 | 153,963 | |||
Advances to suppliers | 42,212 | 40,897 | |||
Prepaid land use right | 59,156 | 60,836 | |||
Investments in affiliates | 68,013 | 152,828 | |||
Intangible assets, net | 22,270 | 22,791 | |||
Project assets | 441,994 | 483,051 | |||
Right-of-use assets | 33,444 | 37,733 | |||
Other non-current assets | 160,239 | 153,253 | |||
TOTAL ASSETS | $ 5,315,607 | $ 5,467,207 | |||
Canadian Solar Inc. | ||||
Unaudited Condensed Consolidated Balance Sheets (Continued) | ||||
(In Thousands of U.S. Dollars) | ||||
March 31, | December 31, | |||
2020 | 2019 | |||
Current liabilities: | ||||
Short-term borrowings | $ 910,268 | $ 933,120 | ||
Long-term borrowings on project assets - current | 183,138 | 286,173 | ||
Accounts payable | 544,944 | 585,601 | ||
Notes payable | 503,030 | 544,991 | ||
Amounts due to related parties | 10,437 | 10,077 | ||
Other payables | 410,194 | 446,454 | ||
Advance from customers | 101,457 | 134,806 | ||
Derivative liabilities | 17,837 | 10,481 | ||
Operating lease liabilities | 17,432 | 18,767 | ||
Other current liabilities | 134,709 | 121,527 | ||
Total current liabilities | 2,833,446 | 3,091,997 | ||
Accrued warranty costs | 49,372 | 55,878 | ||
Long-term borrowings | 665,753 | 619,477 | ||
Derivatives liabilities | 5,418 | 1,841 | ||
Liability for uncertain tax positions | 15,441 | 15,353 | ||
Deferred tax liabilities | 53,921 | 56,463 | ||
Loss contingency accruals | 23,734 | 28,513 | ||
Operating lease liabilities | 17,643 | 20,718 | ||
Financing liabilities | 75,398 | 76,575 | ||
Other non-current liabilities | 82,400 | 75,334 | ||
Total LIABILITIES | 3,822,526 | 4,042,149 | ||
Equity: | ||||
Common shares | 686,001 | 703,806 | ||
Treasury stock | - | (11,845) | ||
Additional paid-in capital | 19,235 | 17,179 | ||
Retained earnings | 904,232 | 793,601 | ||
Accumulated other comprehensive loss | (157,532) | (109,607) | ||
Total Canadian Solar Inc. shareholders' equity | 1,451,936 | 1,393,134 | ||
Non-controlling interests in subsidiaries | 41,145 | 31,924 | ||
TOTAL EQUITY | 1,493,081 | 1,425,058 | ||
TOTAL LIABILITIES AND EQUITY | $ 5,315,607 | $ 5,467,207 | ||
SOURCE Canadian Solar Inc.
Article Date
5/28/2020Canadian Solar Schedules First Quarter 2020 Earnings Conference Call for May 28
Source: PR Newswire
GUELPH, Ontario, May 5, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), today announced that it will hold a conference call on Thursday, May 28, 2020 at 8:00 a.m. U.S. Eastern Standard Time (8:00 p.m., May 28, 2020 in Hong Kong) to discuss the Company's first quarter 2020 results and business outlook.
The dial-in phone number for the live audio call is +1-844-760-0770 (toll-free from the U.S.), +852-3018-8307 (local dial-in from Hong Kong) or +1 347-549-4094 from international locations. The passcode for the call is 1785662. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available two hours after the conclusion of the call until 9:00 a.m. U.S. Eastern Standard Time on Thursday June 4, 2020 (9:00 p.m. on June 4, 2020 in Hong Kong). The replay can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from Hong Kong) or +1-646-254-3697 from international locations. The passcode for the replay is 1785662. A webcast replay will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 40 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-schedules-first-quarter-2020-earnings-conference-call-for-may-28-301052767.html
SOURCE Canadian Solar Inc.
Article Date
5/5/2020Canadian Solar Files Annual Report on Form 20-F for Year Ended December 31, 2019
Source: PR Newswire
GUELPH, Ontario, April 28, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the filing of its annual report on Form 20-F for the year ended on December 31, 2019 with the U.S. Securities and Exchange Commission ("SEC"). The annual report on Form 20-F can be accessed on the Company's Investor Relations website at www.canadiansolar.com or on the SEC's website at www.sec.gov.
The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders upon request. Requests should be directed for the attention of the Investor Relations Department to Canadian Solar Inc., 545 Speedvale Avenue West Guelph, Ontario, Canada N1K 1E6.
About Canadian Solar
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 40 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-files-annual-report-on-form-20-f-for-year-ended-december-31-2019-301048434.html
SOURCE Canadian Solar Inc.
Article Date
4/28/2020Canadian Solar Infrastructure Fund to Be a Major Component in the Tokyo Stock Exchange's New Infrastructure Funds Index
Source: PR Newswire
GUELPH, Ontario, April 23, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), announced today that Canadian Solar Infrastructure Fund, Inc. ("CSIF") (TSE: 9284), listed on the Tokyo Stock Exchange ("TSE"), will be included in a new Infrastructure Funds Index to be launched by TSE on April 27, 2020. Canadian Solar Projects K.K. is the sole sponsor and Canadian Solar Asset Management is the asset manager of CSIF.
The Infrastructure Funds Index is an Environmental, Social and Governance ("ESG") related finance product offered by the TSE. According to the TSE announcement, CSIF is expected to be a major component of the new TSE Infrastructure Funds Index, along with other sponsored funds from Marubeni and Itochu in Japan.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are very happy to learn that Canadian Solar Infrastructure Fund (CSIF) will be included in the new Infrastructure Funds Index by the Tokyo Stock Exchange (TSE). This event trails 50 years of Earth Day celebrations and reflects the growing importance of Environmental, Social and Governance (ESG) initiatives globally. We are proud to be part of ESG focused investment ecosystem. We want to Make the Difference in Japan as we continue our solar development worldwide."
Canadian Solar opened its first office in Tokyo in 2009 and has since expanded its operations to 9 offices in 5 prefectures. The Company has successfully delivered over 5.5 GW of premium quality modules to its residential, commercial and utility-scale customers, including its own utility-scale projects.
Canadian Solar started developing its own solar power plants in Japan in 2012, and has since developed, built and connected 297 MWp of solar projects, with an additional 63 MWp currently in construction and 218 MWp under development. Globally, Canadian Solar has built a strong track record developing and connecting over 5.6 GWp in solar PV plants.
In 2017, Canadian Solar launched the initial public offering of CSIF and listed its stock units on the TSE. CSIF was the first global IPO of a Japanese infrastructure fund. With approximately JPY 49 billion of assets under management as of the end of December 2019, CSIF is a leading infrastructure fund player on the TSE and ranks among the largest listed funds on the TSE Infrastructure Funds Index in terms of market capitalization and assets under management. The Japan Credit Rating Agency, Ltd. has assigned CSIF with a credit rating of A- with stable outlook in 2019, and the highest green rating ("Green1") grade in 2017. Canadian Solar has a 14.7% partial ownership in CSIF and intends to play a key role in its growth strategy.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 40 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-infrastructure-fund-to-be-a-major-component-in-the-tokyo-stock-exchanges-new-infrastructure-funds-index-301045984.html
SOURCE Canadian Solar Inc.
Article Date
4/23/2020Canadian Solar Subsidiary Recurrent Energy receives approval for Build-Transfer Agreement with Entergy on 100 MWac Solar Project in Mississippi
Source: PR Newswire
GUELPH, Ontario, April 14, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), today announced its wholly-owned subsidiary, Recurrent Energy, LLC ("Recurrent Energy"), has received unanimous approval from the Mississippi Public Service Commission on the build-transfer agreement ("BTA") with Entergy Mississippi.
The BTA has a base purchase price of approximately $138.4 million with Entergy Mississippi on the 100 megawatt ("MWac") Sunflower solar photovoltaic project. With the signing of this BTA, one of the first signed in the U.S., Entergy will own the largest solar power plant in the state of Mississippi.
"We would like to thank the Commission for its approval of this build-and-transfer agreement that will allow us to move ahead with the Sunflower project," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This agreement with Entergy is another milestone that underscores Recurrent Energy's leadership position in the U.S. solar development space. We are proud to do our part to expand the use of clean renewable energy from the sun in Mississippi, and to advance the goal of building an environmentally-friendly, low-carbon future."
Recurrent Energy will develop the 100 MWac Sunflower solar project, located on approximately 1,000 acres of land in Sunflower County, Mississippi. The project will use high-efficiency modules from Canadian Solar and single-axis trackers. Construction of the solar plant is expected to create approximately 360 jobs and the plant will begin commercial operation by mid-2022. Once operational, Entergy Mississippi will own the Sunflower project, allowing the regulated utility to power more than 16,000 homes with clean electricity.
"Once the Sunflower Solar Facility is complete, we'll be able to offer renewable energy as part of our customers' energy mix," said Haley Fisackerly, Entergy Mississippi President and Chief Executive Officer. "This facility represents one more way we are building the utility of the future."
# # #
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 40 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.
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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-subsidiary-recurrent-energy-receives-approval-for-build-transfer-agreement-with-entergy-on-100-mwac-solar-project-in-mississippi-301040483.html
SOURCE Canadian Solar Inc.
Article Date
4/14/20204/14/2020 - Canadian Solar Comments on Solaria Corporation
Canadian Solar Comments on Solaria Corporation
Source: PR Newswire
GUELPH, Ontario, April 14, 2020 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), today issued the following comment:
Canadian Solar is aware that Oakland-based Solaria Corporation ("Solaria") recently filed a complaint against Canadian Solar Inc. and Canadian Solar (USA) Inc. (collectively, "Canadian Solar" or the "Company") for patent infringement in the Northern District of California, citing a portion of the process for making Canadian Solar's shingled-cell solar modules (HiDM High Density Mono Perc Modules). Canadian Solar's many other products are not cited in the complaint. Canadian Solar believes that the claims in Solaria's complaint are meritless and unfounded. Canadian Solar is working closely with its legal counsel and will vigorously defend against the claims made by Solaria.
As one of the world's largest solar power companies, Canadian Solar respects and takes very seriously intellectual property rights. Canadian Solar Inc. was founded in 2001 and has continually invested in R&D to build its innovation leadership and provide customers with the highest yield and lowest LCOE systems. The Company has received 95 patents in various countries for its shingled-cell designs and inventions, with an additional 75 patent applications pending review. The Company has received an additional 1,519 patents for its other innovations in the area of solar power generation and storage.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 40 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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SOURCE Canadian Solar Inc.
Article Date
4/14/2020Canadian Solar Raises US$30 Million from the China-Portuguese Speaking Countries Cooperation and Development Fund
Source: PR Newswire
GUELPH, Ontario, April 2, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today that it has closed US$30 million in funding from the China-Portuguese Speaking Countries Cooperation and Development Fund ("CPDFund").
Canadian Solar intends to deploy the funding for the development and construction of solar projects in Brazil, where Canadian Solar has established a leadership position. The Company has 1.7 GWp of solar PV projects developed and awarded with PPAs in the federal and regional energy auctions, of which 480 MWp are under operation.
The CPDFund was established by China Development Bank and the Macau Industrial and Commercial Development Fund, committed to promote investment and cooperation between China and Portuguese-speaking countries including Brazil.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We are pleased to collaborate with the CPDFund again to support the development and construction of more solar projects in Brazil. The last financing transaction in 2017 helped us bring our first Brazilian project, the 191 MWp Pirapora I power plant, to commercial operation. Since then, Canadian Solar has become a leader in the Brazilian solar energy market and is continuing to grow its project pipeline in the country. We look forward to more opportunities to cooperate with companies and financial institutions, in China and globally, to accelerate the growth of solar energy."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 40 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.
About CPDFund
As one of the six initiatives proposed at the 3rd Ministerial Conference of the China and Portuguese-speaking Countries Forum, the CPDFund was formally established in June 2013, jointly funded by China Development Bank (CDB) and the Macau Industrial and Commercial Development Fund affiliated to the Macau government according to the contribution ratio of 60% to 40%. The CPDFund aims to galvanize cooperation in investment and production capacity between China and Portuguese-speaking countries through equity and quasi-equity investments. Since its establishment in 2013, the CPDFund has reached US$ 1 billion in size and has become an important platform to foster investment cooperation between China and Portuguese-speaking countries.
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.
Article Date
4/2/2020Canadian Solar Reports Fourth Quarter and Full Year 2019 Results
Source: PR Newswire
GUELPH, Ontario, March 26, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the fourth quarter and full year ended December 31, 2019.
Fourth Quarter 2019 Highlights
Full Year 2019 Results
Fourth Quarter 2019 Results
Net revenue in the fourth quarter of 2019 was $920 million, compared to $760 million in the third quarter of 2019, and $901 million in the fourth quarter of 2018. The sequential increase was due to higher shipments recognized in revenue, stable module average selling price ("ASP") and the ongoing monetization of solar power plants.
Total module shipments in the fourth quarter of 2019 were 2,474 MW, compared to 2,387 MW in the third quarter of 2019 and fourth quarter 2019 guidance of 2,300 MW to 2,400 MW. This included 295 MW for the Company's utility-scale solar power projects.
Gross profit in the fourth quarter of 2019 was $230 million, compared to $199 million in the third quarter of 2019 and $271 million in the fourth quarter of 2018. The benefit of the AD/CVD true-up was $6.4 million in the fourth quarter of 2019, $24 million in the third quarter of 2019 and $16 million in the fourth quarter of 2018. Gross margin in the fourth quarter of 2019 was 25.0%, compared to 26.2% in the third quarter of 2019, 30.1% in the fourth quarter of 2018 and fourth quarter 2019 guidance of 19% to 21%. The improvement was due to a stable ASP and lower manufacturing costs.
Income from operations in the fourth quarter of 2019 was $111 million, compared to $80 million in the third quarter of 2019, and $137 million in the fourth quarter of 2018. Operating margin was 12.1% in the fourth quarter of 2019, compared to 10.5% in the third quarter of 2019 and 15.2% in the fourth quarter of 2018.
Non-cash depreciation and amortization charges in the fourth quarter of 2019 were $45 million, compared to $37 million in the third quarter of 2019 and $32 million in the fourth quarter of 2018.
The Company uses derivative instruments to hedge its foreign exchange positions. In the fourth quarter of 2019, the Company recorded a $6.6 million loss on the change in fair value of derivatives used in the Company's foreign exchange hedging program, partly offset by the foreign exchange gain of $4 million. The net effect of the currency moves and hedging was a $2.6 million loss during the fourth quarter, compared to a $0.5 million gain in the third quarter of 2019 and a net zero effect in the fourth quarter of 2018.
Net income attributable to Canadian Solar on a GAAP basis in the fourth quarter of 2019 was $67.7 million, or $1.12 per diluted share, compared to net income of $58.3 million, or $0.96 per diluted share in the third quarter of 2019, and net income of $111.6 million, or $1.81 per diluted share, in the fourth quarter of 2018. Net income attributable to Canadian Solar on a non-GAAP basis in the fourth quarter of 2019 was $63 million, or $1.04 per diluted share. This excludes the benefit of the AD/CVD true-up during the quarter of $6.4 million, net of income tax effect. For a reconciliation of results under GAAP to non-GAAP results, see the accompanying table "About Non-GAAP Financial Measures".
Dr. Shawn Qu, Chairman and Chief Executive Officer, commented: "I am pleased with the strong 2019 results, as revenue and gross margin were both ahead of expectations. The strategic decisions we made in R&D and production capacity helped us achieve one of the industry's highest margins, as we build upon our strong brand and maintain pricing power. We continue to be an innovation leader, recently setting another world record in cell conversion efficiency of 23.81% for N-type, large-area, multi-crystalline silicon solar cells. This further extends our competitive advantage, as we deliver modules with mono-like efficiencies at an attractive ASP. Along with the rest of the world, we have been working hard to ensure the health and safety of our employees in the face of the COVID-19 pandemic. We believe Canadian Solar's proven 19-year track record and the robust, conservative nature of our long-term strategy will allow the Company to emerge stronger from the current period of uncertainty."
Yan Zhuang, Acting Chief Executive Officer, commented: "We achieved strong results in Q4 and the full year 2019. On the Module and Systems Solutions side, 2019 module shipments grew by almost 30% year-over-year, while underlying gross margin increased by 480 basis points (excluding the benefit of the AD/CVD true-up), resulting in a highly profitable Q4. On the Energy side, we continue to grow and monetize our operating solar assets and pipeline, which currently stand at 880 MWp and 15.4 GWp, respectively. Strategically, we are evaluating ways to capture more value by retaining partial ownership in selected solar project assets we develop to create higher, more predictable and more profitable revenues, thereby creating additional value for the Company and its shareholders. Meanwhile, we have set up a global team focusing on system integration and energy storage, which will help to build the new technology DNA of the Company and lead the next wave of growth in this industry."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer, added: "In Q4, we delivered $230 million of gross profit and $67.7 million of net income, both sequentially higher than the previous quarter driven by higher module sales, stable ASPs, lower costs and increased project sales. We generated $247 million of operating cash flow and increased our total cash position to $1.2 billion. We also reduced total debt to $1.95 billion, and lengthened its average maturity. Our liquidity is healthy and our balance sheet continues to improve. We are proactively taking contingency measures to preserve cash and minimize risk, should the macro situation deteriorate further. Likewise, our financial plan has the flexibility to quickly switch gears if the global economy recovers faster than expected. We plan to continue with our stock repurchase program to create extra value for shareholders as recent COVID-19-related panic-selling has brought our equity valuation below book value."
Energy Business Segment
Operating Results
Energy Business Segment Financial Results – (In Thousands of U.S. Dollars, Except Percentages and Unless Otherwise Stated) | |||||||
Three Months Ended | Twelve Months Ended | ||||||
Dec 31, | Sep 30, | Dec 31, | Dec 31, | Dec 31, | |||
Net revenues | 215,370 | 97,550 | 336,214 | 719,445 | 1,575,594 | ||
Cost of revenues | 182,424 | 77,589 | 243,923 | 635,716 | 1,302,779 | ||
Gross profit | 32,946 | 19,961 | 92,291 | 83,729 | 272,815 | ||
Operating expenses | 17,747 | 24,077 | 30,087 | 90,760 | 61,276 | ||
Income (loss) from | 15,199 | (4,116) | 62,204 | (7,031) | 211,539 | ||
Gross margin | 15.3% | 20.5% | 27.5% | 11.6% | 17.3% | ||
Operating margin | 7.1% | -4.2% | 18.5% | -1.0% | 13.4% | ||
Project Backlog and Pipeline
The Company's project backlog (formerly called its late-stage, utility-scale, solar project pipeline) totaled 3.7 GW, as of January 31, 2020. The backlog includes projects that have passed their Cliff Risk Date and are expected to be built in the next one to four years. The Cliff Risk Date depends on the country where a project is located and is defined as the date on which the project passes the last of the high-risk development stages (usually receipt of all required environmental approvals, interconnection agreements, feed-in tariff ("FiT") arrangements and PPAs). All projects in the current backlog have secured or are reasonably assured to secure a PPA or FiT.
The Company's project pipeline (formerly called its early-to-mid-stage, utility-scale, solar project pipeline) totaled 11.7 GW as of January 31, 2020.
Project Backlog and Pipeline by Region* (as of January 31, 2020) | ||||
Region | Backlog | Pipeline | Total | |
North America | 1,597 | 5,232 | 6,829 | |
Latin America | 1,087 | 3,246 | 4,333 | |
EMEA | 206 | 2,113 | 2,319 | |
Asia Pacific | 806 | 676 | 1,482 | |
China | 45 | 410 | 455 | |
Total | 3,741 | 11,677 | 15,418 | |
Note: Backlog and pipeline table represents the gross MWp size of the projects, including minority interest.
More recently, in 2018, the Energy team at Recurrent, the Company's subsidiary in the US, secured two PPAs for a total of 150 MWac with 180 MWh of storage attached. These landmark PPA wins have allowed Recurrent to develop deep in-house expertise on everything related to energy storage, including permitting, interconnection, engineering and design, structuring of off-take agreements to meet customer's needs, as well as plant operation. As a result of Recurrent's early mover advantage in the promising solar plus storage space, the Energy Business has been selected and is in negotiation with multiple different off-take parties for additional energy storage projects totaling 705 MWac with 2,820 MWh of storage.
The table below sets forth the Company's storage project backlog and pipeline as of January 31, 2020.
Backlog | Pipeline | Total | |
Storage (MWh) | 320 | 2,500 | 2,820 |
Projects in Construction
In addition to its project backlog and pipeline, the Company has 512 MW of solar projects in construction.
Projects in Construction (as | MWp | Expected COD |
Latin America Portfolio | 449 | 2020-21 |
Japan Portfolio | 63 | 2020 |
Total | 512 | - |
Note: Approximately 264 MWp from LatAm portfolio in Brazil sold at NTP | ||
Solar Power Plants in Operation
In addition to its backlog, pipeline and projects in construction, as of January 31, 2020, the Company's power plants in operation totaled 1,023 MWp.
Plants in Operation – MWp (as of January 31, 2020) | ||||||
North America | Latin America | EMEA | Asia Pacific | China | Total | |
216 | 100 | 18 | 230 | 459 | 1,023 | |
Note: 880 MWp is owned by the Company and a minority interest of 143 MWp is owned by business | ||||||
Energy Business Strategy Update
The Company's Energy business model has been to develop solar projects for sales and to selectively retain partial ownership of certain projects to capture long-term recurring cash flow and to leverage EPC, operations and management ("O&M"), asset management and other service business. Canadian Soar has one of the world's largest solar energy development platforms, with a track record of originating, developing, financing, building and bringing into commercial operation over 5.6 GWp of solar power plants across six continents. It currently employs 400 professionals to support its integrated business model. The Energy business team includes developers with expertise in developing both greenfield and brownfield projects, engineers who can design and manage the construction of solar power plants, energy experts that specialize in power marketing who focus on negotiating power purchase agreements ("PPAs") and hedging instruments, and experts in the O&M, as well as asset management of solar power plants. In addition, the Energy business has an in-house finance team with experience in a wide range of debt and equity instruments used to finance solar assets, including establishing private and public fund vehicles to optimize equity returns.
The Energy business has traditionally sold most of its project ownership at notice to proceed ("NTP") or commercial operation date ("COD"), depending on the best exit point for each particular project. The Company has also retained minority ownerships in certain projects to capture additional value. A successful example is the Canadian Solar Infrastructure Fund, which is sponsored by the Company and has been listed on Tokyo Stock Exchange since 2017. The Company is evaluating the expansion of these strategies into other markets as it helps to reduce lumpiness of revenue, profit and cash flow, while increasing the predictability and stability of its business and creating long-term value for shareholders.
Module and System Solutions (MSS) Business Segment
Operating Results
MSS Business Segment Summary Financial Results* - (In Thousands of U.S. | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
Dec 31, 2019 | Sep 30, 2019 | Dec 31, 2018 | Dec 31, 2019 | Dec 31, 2018 | ||||
Net revenues | 765,696 | 674,921 | 629,716 | 2,582,635 | 2,413,889 | |||
Cost of revenues | 551,517 | 493,505 | 472,229 | 1,934,062 | 1,923,131 | |||
Gross profit | 214,179 | 181,416 | 157,487 | 648,573 | 490,758 | |||
Operating expenses | 100,329 | 94,730 | 104,658 | 368,858 | 349,149 | |||
Income from operations | 113,850 | 86,686 | 52,829 | 279,715 | 141,609 | |||
Gross margin | 28.0% | 26.9% | 25.0% | 25.1% | 20.3% | |||
Operating margin | 14.9% | 12.8% | 8.4% | 10.8% | 5.9% | |||
Note: *Included effects of both sales to third party customers and to the Company's Energy Segment. Please refer to the attached financial tables for the | ||||||||
The table below provides the geographic distribution of MSS business net revenue:
MSS Net Revenue Geographic Distribution* (In Millions of U.S. Dollars, Except Percentages) | |||||
The fourth | % of Net | Full year | % of Net | ||
Asia | 239 | 34 | 891 | 36 | |
Americas | 320 | 45 | 836 | 34 | |
Europe and others | 145 | 21 | 754 | 30 | |
Total | 704 | 100 | 2,481 | 100 | |
*Note: Values do not include sales from the MSS business | |||||
Canadian Solar shipped 2.5 GW of modules to more than 60 countries in the fourth quarter of 2019 and 8.6 GW to 90 countries for the full year 2019. The top five markets ranked by revenue were the U.S., Brazil, China, Japan and Australia in the fourth quarter; and Brazil, the U.S., Australia, Japan and China for the full year of 2019.
Multi-crystalline modules accounted for 68% of the Company's module shipments in the fourth quarter and 74% for the full year of 2019, with mono-crystalline modules representing 32% and 26%, respectively. The Company's manufacturing capacity has the flexibility to produce both multi-crystalline and mono-crystalline modules, with the mix decision depending on the relative profitability and levelized cost of electricity ("LCOE") of the alternative products.
Manufacturing Capacity
The table below sets forth the Company's manufacturing capacity expansion plan from December 31, 2019 to December 31, 2020.
Manufacturing Capacity (MW)
31-Dec-2019 Actual | 30-Jun-2020 Planned | 31-Dec-2020 Planned | |
Ingot | 1,850 | 1,850 | 2,350 |
Wafer | 5,000 | 5,000 | 5,000 |
Cell | 9,600 | 10,100 | 10,100 |
Module | 13,040 | 14,850 | 16,050 |
The Company's manufacturing capacity expansion plan is subject to change based on market conditions.
Business Outlook
The Company's business outlook is based on management's current views and estimates given existing market conditions, order book, production capacity, anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, final customer demand and project construction and sale schedules, and in particular the impact of COVID-19. Management's views and estimates are subject to change without notice.
For the first quarter of 2020, the Company expects total module shipments to be in the range of 2.15 GW to 2.25 GW, including approximately 250 MW of module shipments to the Company's own projects that may not immediately be recognized as revenue. Total revenue is expected to be in the range of $780 million to $810 million, with gross margin expected to be between 26% and 28%.
For the full year of 2020, the Company expects total module shipments to be in the range of approximately 10 GW to 12 GW, with total revenue expected to be in the range of $3.4 billion to $3.9 billion.
Yan Zhuang, Acting Chief Executive Officer, commented: "We were experiencing strong demand across all regions until the past few days, as we started to see some delays and weakening demand. Our current guidance incorporates the estimated impact to the best of our knowledge today, but the situation is fluid and we are closely monitoring and analyzing market conditions. We have a globally diversified revenue base and tight control over the supply chain, which gives us significant flexibility and room to adjust to external changes. Our long-term outlook remains optimistic and we will continue to execute on our strategy and create value for the Company and its shareholders."
Recent Developments
On March 23, 2020, Canadian Solar announced the closing of a 17.7 MWp solar portfolio in Italy to Sonnedix.
On March 17, 2020, Canadian Solar announced it had secured a EUR55 million bilateral revolving credit facility with Intesa Sanpaolo to fund the construction of a 151 MWp portfolio of solar PV projects in Italy.
On March 12, 2020, Canadian Solar announced that it had signed a PPA with Amazon for its 146 MWp solar power project in Australia.
On March 9, 2020, Canadian Solar announced that it had signed a 15-year PPA contract with Techgen, S.A. de C.V. for a 103 MWp solar power project in Mexico.
On March 6, 2020, Canadian Solar announced that its technology team had set a world record of 23.81% conversion efficiency for n-type large area multi-crystalline silicon solar cell. The record-setting N-type P5 cell conversion efficiency was recently tested and certified by Germany's Institute für Solarenergieforschung GmbH (ISFH)
On February 19, 2020, Canadian Solar announced that it had commenced construction of two solar power projects totaling 26.6 MWp in Japan.
On February 18, 2020, Canadian Solar announced that it had completed the sale of the 56.3 MWp Yamaguchi Shin Mine solar power plant in Japan for an enterprise value of approximately JPY22.3 billion (US$205 million).
On February 10, 2020, Canadian Solar announced that it had secured 225.2 million Brazilian reais (US$55 million) non-recourse project financing from Nordeste do Brasil S.A. for its 152.4 MWp Lavras solar power projects.
On February 6, 2020, Canadian Solar announced that it had acquired a 47.5 MWp portfolio of solar power projects in Chile. These projects will become operational in two different stages beginning in the fourth quarter of 2020.
On February 5, 2020, Canadian Solar announced that it had signed a multi-year module supply agreement with Lightsource BP to deliver 1.2 GW of high efficiency polycrystalline solar modules for projects in the US and Australia.
On January 6, 2020, Canadian Solar announced the appointment of Lauren C. Templeton as an independent director, and Karl E. Olsoni as a strategic advisor to its Board of Directors.
On December 23, 2019, Canadian Solar announced that it had reached commercial operation on a 1.98 MWp solar power plant in Taiwan.
On December 9, 2019, Canadian Solar announced that its Board of Directors authorized a $150 million share repurchase program for a six-month period beginning December 9, 2019 and ending June 8, 2020.
On December 5, 2019, Canadian Solar announced that it had closed the sale of the 3.3 MWp Milborne solar power plant in the UK.
On December 2, 2019, Canadian Solar announced that it had completed the sale of a 10.8 MWp solar power plant in Japan to Canadian Solar Infrastructure Fund, Inc. for $42.1 million.
On November 20, 2019, Canadian Solar announced that it had reached commercial operation on a 53.4 MWp solar power project in Japan.
On November 18, 2019, Canadian Solar announced that its wholly owned subsidiary Recurrent Energy closed the sale of 99 percent of a partnership that owns the Class B membership interest in the 102 MWp NC 102 solar power projects in North Carolina, to NextEnergy Capital.
On November 14, 2019, Canadian Solar announced that it had sold a 49% interest in three solar power projects in Mexico totaling 370 MWp to Korea Electric Power Corporation (KEPCO) and Sprott Korea (Sprott). Under the agreement, KEPCO and Sprott will acquire the Company's remaining interest in the projects following COD.
Conference Call Information
The Company will hold a conference call at 8:00 a.m. U.S. Eastern Daylight Time on March 26, 2020 (8:00 p.m., March 26, 2020 in Hong Kong) to discuss the Company's fourth quarter and full year 2019 results and business outlook. The dial-in phone number for the live audio call is +1 866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1 845-675-0437 (from international locations). The passcode for the call is 4068575. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available two hours after the conclusion of the call until 8:00 a.m. U.S. Daylight Time on Friday, April 3, 2020 (8:00 p.m., April 3, 2020 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 (from international locations), with passcode 4068575. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 years, Canadian Solar has successfully delivered over 40 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 regarding the Company's expected future shipment volumes, gross margins 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; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; 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.
FINANCIAL TABLES FOLLOW
The following tables provide unaudited select financial data for the Company's Module and System Solutions ("MSS") and Energy businesses:
Select Financial Data - Module and System Solutions, and | |||||||||||
Three Months Ended December 31, 2019 | |||||||||||
MSS | Energy | Elimination | Total | ||||||||
Net revenues | $765,696 | $215,370 | $(61,359) | $919,707 | |||||||
Cost of revenues | 551,517 | 182,424 | (43,736) | 690,205 | |||||||
Gross profit | 214,179 | 32,946 | (17,623) | 229,502 | |||||||
Gross margin | 28.0% | 15.3% | —— | 25.0% | |||||||
Income (loss) from | 113,850 | 15,199 | (17,623) | 111,426 | |||||||
Twelve Months Ended December 31, 2019 | |||||||||||
MSS | Energy | Elimination | Total | ||||||||
Net revenues | $2,582,635 | $719,445 | $(101,497) | $3,200,583 | |||||||
Cost of revenues | 1,934,062 | 635,716 | (87,692) | 2,482,086 | |||||||
Gross profit | 648,573 | 83,729 | (13,805) | 718,497 | |||||||
Gross margin | 25.1% | 11.6% | —— | 22.4% | |||||||
Income (loss) from | 279,715 | (7,031) | (13,805) | 258,879 | |||||||
Select Financial Data - Module and System | |||||||
Three Months Ended December 31, 2019 | Twelve Months 31, 2019 | ||||||
(In Thousands of U.S. Dollars) | |||||||
MSS Revenues: | |||||||
Solar modules and other solar power products | $619,988 | $2,055,249 | |||||
Solar system kits | 31,430 | 116,449 | |||||
EPC services | 29,890 | 223,423 | |||||
O&M services | 5,963 | 19,405 | |||||
Others (materials and components) | 17,066 | 66,612 | |||||
Subtotal | $704,337 | $2,481,138 | |||||
Energy Revenues: | |||||||
Solar power projects | $193,970 | $668,476 | |||||
Electricity | 1,801 | 5,866 | |||||
Others (EPC and development services) | 19,599 | 45,103 | |||||
Subtotal | $215,370 | $719,445 | |||||
Total net revenues | $919,707 | $3,200,583 | |||||
Canadian Solar Inc. | |||||||||||
Unaudited Condensed Consolidated Statements of Operations | |||||||||||
(In Thousands of U.S. Dollars, Except Share and Per Share Data and Unless Otherwise Stated) | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||
December | September | December 31, | December 31, | December 31, | |||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||
Net revenues | $ 919,707 | $ 759,882 | $ 901,041 | $ 3,200,583 | $ 3,744,512 | ||||||
Cost of revenues | 690,205 | 560,968 | 629,732 | 2,482,086 | 2,969,430 | ||||||
Gross profit | 229,502 | 198,914 | 271,309 | 718,497 | 775,082 | ||||||
Operating expenses: | |||||||||||
Selling expenses | 50,099 | 46,935 | 44,372 | 180,326 | 165,402 | ||||||
General and administrative | 64,133 | 61,491 | 81,309 | 242,783 | 245,376 | ||||||
Research and development | 10,179 | 11,567 | 15,417 | 47,045 | 44,193 | ||||||
Other operating income | (6,335) | (1,186) | (6,353) | (10,536) | (44,546) | ||||||
Total operating expenses | 118,076 | 118,807 | 134,745 | 459,618 | 410,425 | ||||||
Income from operations | 111,426 | 80,107 | 136,564 | 258,879 | 364,657 | ||||||
Other income (expenses): | |||||||||||
Interest expense | (19,734) | (19,240) | (23,003) | (81,326) | (106,032) | ||||||
Interest income | 2,979 | 2,579 | 2,180 | 12,039 | 11,207 | ||||||
Loss on change in fair value of | (6,294) | (2,176) | (7,256) | (22,218) | (19,230) | ||||||
Foreign exchange gain, net | 3,717 | 2,825 | 7,328 | 10,370 | 6,529 | ||||||
Investment income (loss) | 120 | (738) | 35,416 | 1,929 | 41,361 | ||||||
Other income (expenses), net | (19,212) | (16,750) | 14,665 | (79,206) | (66,165) | ||||||
Income before income taxes and | 92,214 | 63,357 | 151,229 | 179,673 | 298,492 | ||||||
Income tax expense | (25,209) | (10,434) | (36,684) | (42,066) | (61,969) | ||||||
Equity in earnings (loss) of | 923 | 2,303 | (445) | 28,948 | 5,908 | ||||||
Net income | 67,928 | 55,226 | 114,100 | 166,555 | 242,431 | ||||||
Less: Net income (loss) | 191 | (3,105) | 2,516 | (5,030) | 5,361 | ||||||
Net income attributable to | $ 67,737 | $ 58,331 | $ 111,584 | $ 171,585 | $ 237,070 | ||||||
Earnings per share - basic | $ 1.13 | $ 0.97 | $ 1.89 | $ 2.88 | $ 4.02 | ||||||
Shares used in computation - basic | 59,846,779 | 59,900,740 | 59,160,338 | 59,633,855 | 58,914,540 | ||||||
Earnings per share - diluted | $ 1.12 | $ 0.96 | $ 1.81 | $ 2.83 | $ 3.88 | ||||||
Shares used in computation - diluted | 60,407,086 | 60,846,753 | 62,356,019 | 60,777,696 | 62,291,670 | ||||||
Canadian Solar Inc. | ||||||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income | ||||||||||
(In Thousands of U.S. Dollars) | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||
December | September | December 31, | December 31, | December 31, | ||||||
2019 | 2019 | 2018 | 2019 | 2018 | ||||||
Net Income | 67,928 | 55,226 | 114,100 | 166,555 | 242,431 | |||||
Other comprehensive income (net of | ||||||||||
Foreign currency translation adjustment | 8,923 | (13,419) | (38,399) | 319 | (50,577) | |||||
Loss on commodity hedge | —— | —— | (8,752) | —— | (8,752) | |||||
Gain (loss) on changes in fair value of | 1,147 | (1,314) | (3,416) | (5,847) | 6,094 | |||||
Comprehensive income | 77,998 | 40,493 | 63,533 | 161,027 | 189,196 | |||||
Less: comprehensive income (loss) | (2,216) | (3,529) | 1,189 | (11,100) | 8,241 | |||||
Comprehensive income attributable | 80,214 | 44,022 | 62,344 | 172,127 | 180,955 | |||||
Canadian Solar Inc. | |||||||
Unaudited Condensed Consolidated Balance Sheets | |||||||
(In Thousands of U.S. Dollars) | |||||||
December 31, | December 31, | ||||||
2019 | 2018 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ 668,770 | $ 444,298 | |||||
Restricted cash | 526,723 | 480,976 | |||||
Accounts receivable trade, net | 436,815 | 498,231 | |||||
Accounts receivable, unbilled | 15,256 | 38 | |||||
Amounts due from related parties | 31,232 | 16,740 | |||||
Inventories | 554,070 | 262,022 | |||||
Value added tax recoverable | 108,920 | 107,222 | |||||
Advances to suppliers | 47,978 | 37,011 | |||||
Derivative assets | 5,547 | 4,761 | |||||
Project assets | 604,083 | 933,563 | |||||
Prepaid expenses and other current | 253,542 | 289,459 | |||||
Total current assets | 3,252,936 | 3,074,321 | |||||
Restricted cash | 9,927 | 15,716 | |||||
Property, plant and equipment, net | 1,046,035 | 884,986 | |||||
Solar power systems, net | 52,957 | 54,898 | |||||
Deferred tax assets, net | 153,963 | 121,087 | |||||
Advances to suppliers | 40,897 | 48,908 | |||||
Prepaid land use right | 60,836 | 65,718 | |||||
Investments in affiliates | 152,828 | 126,095 | |||||
Intangible assets, net | 22,791 | 14,903 | |||||
Goodwill | —— | 1,005 | |||||
Derivatives assets | —— | 3,216 | |||||
Project assets | 483,051 | 352,200 | |||||
Right-of-use assets* | 37,733 | —— | |||||
Other non-current assets | 153,253 | 129,605 | |||||
TOTAL ASSETS | $ 5,467,207 | $ 4,892,658 | |||||
Canadian Solar Inc. | ||||
Unaudited Condensed Consolidated Balance Sheets (Continued) | ||||
(In Thousands of U.S. Dollars) | ||||
December 31, | December 31, | |||
2019 | 2018 | |||
Current liabilities: | ||||
Short-term borrowings | $ 933,120 | $ 1,027,927 | ||
Long-term borrowings on project assets - | 286,173 | 265,770 | ||
Accounts payable | 585,601 | 379,462 | ||
Notes payable | 544,991 | 369,722 | ||
Amounts due to related parties | 10,077 | 16,847 | ||
Other payables | 446,454 | 408,013 | ||
Convertible notes | —— | 127,428 | ||
Advance from customers | 134,806 | 39,024 | ||
Derivative liabilities | 10,481 | 13,698 | ||
Operating lease liabilities* | 18,767 | —— | ||
Tax equity liabilities | —— | 158,496 | ||
Other current liabilities | 121,527 | 141,970 | ||
Total current liabilities | 3,091,997 | 2,948,357 | ||
Accrued warranty costs | 55,878 | 50,605 | ||
Long-term borrowings | 619,477 | 393,614 | ||
Amounts due to related parties | —— | 568 | ||
Derivatives liabilities | 1,841 | —— | ||
Liability for uncertain tax positions | 15,353 | 20,128 | ||
Deferred tax liabilities | 56,463 | 35,698 | ||
Loss contingency accruals | 28,513 | 24,608 | ||
Operating lease liabilities* | 20,718 | —— | ||
Financing liabilities | 76,575 | 77,835 | ||
Other non-current liabilities | 75,334 | 68,400 | ||
Total LIABILITIES | 4,042,149 | 3,619,813 | ||
Equity: | ||||
Common shares | 703,806 | 702,931 | ||
Treasury stock | (11,845) | —— | ||
Additional paid-in capital | 17,179 | 10,675 | ||
Retained earnings | 793,601 | 622,016 | ||
Accumulated other comprehensive loss | (109,607) | (110,149) | ||
Total Canadian Solar Inc. shareholders' | 1,393,134 | 1,225,473 | ||
Non-controlling interests in subsidiaries | 31,924 | 47,372 | ||
TOTAL EQUITY | 1,425,058 | 1,272,845 | ||
TOTAL LIABILITIES AND EQUITY | $ 5,467,207 | $ 4,892,658 | ||
Note: * The Company adopted ASU 2016-02 – Leases (Topic ASC842) in the first quarter of 2019 using the | ||||
About Non-GAAP Financial Measures
To supplement its financial disclosures presented in accordance with GAAP, the Company uses non-GAAP measures which are adjusted from the most comparable GAAP measures for certain items as described below. The Company presents non-GAAP net income and diluted earnings per share so that readers can better understand the underlying operating performance of the business before the impact of AD/CVD true-up provisions. The non-GAAP numbers are not measures of financial performance under U.S. GAAP, and should not be considered in isolation or as an alternative to other measures determined in accordance with GAAP. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited.
Statement of Operations Data: | ||||||||||
(In Thousands of U.S. Dollars, Except Share and Per | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||
December 2019 | September 2019 | December 2018 | December 2019 | December 2018 | ||||||
GAAP net income attributable to Canadian | 67,737 | 58,331 | 111,584 | 171,585 | 237,070 | |||||
Non-GAAP income adjustment items: | ||||||||||
AD/CVD provision true-up | (6,415) | (24,291) | (16,098) | (52,323) | (50,172) | |||||
Tax impact | 1,592 | 6,029 | 3,995 | 12,987 | 12,452 | |||||
Non-GAAP net income attributable to | 62,914 | 40,069 | 99,481 | 132,249 | 199,350 | |||||
GAAP income per share - diluted | $ 1.12 | $ 0.96 | $ 1.81 | $ 2.83 | $ 3.88 | |||||
Non-GAAP income per share - diluted | $ 1.04 | $ 0.66 | $ 1.61 | $ 2.19 | $ 3.28 | |||||
Shares used in computation - diluted | 60,407,086 | 60,846,753 | 62,356,019 | 60,777,696 | 62,291,670 | |||||
View original content:http://www.prnewswire.com/news-releases/canadian-solar-reports-fourth-quarter-and-full-year-2019-results-301030252.html
SOURCE Canadian Solar Inc.
Article Date
3/26/2020Canadian Solar Completes the Sale of A 17.7 MWp Subsidy-free Solar Portfolio in Italy
Source: PR Newswire
GUELPH, Ontario, March 23, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) announced today the closing of a 17.7 MWp portfolio sale in Italy to Sonnedix. The Company expects to recognize revenue from the sale in the first quarter of 2020.
The portfolio of five solar PV plants in Sicily was jointly developed by Canadian Solar and Manni Energy, and has been operational since February 2020. The energy produced is sold to TrailStone Renewables GmbH through a recently signed 10-year PPA. This is one of the longest PPAs for subsidy-free solar portfolios in Italy to date. These solar plants are expected to produce approximately 34 GWh of clean energy per annum, equivalent to providing approximately 12,000 Italian households with clean solar energy.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We are pleased to partner with Sonnedix and Manni Energy on the sale of our landmark subsidy-free portfolio in Italy, the first-of-its-kind in the local market. Italy is one of Canadian Solar's core markets in the EMEA region and we are committed to investing and growing it even during difficult times. Just a few days ago, we secured EUR 55 million in project financing to fund the construction of 151 MWp of solar power plants in Sicily, Apulia and Lazio, which are expected to break ground in Q3 this year. We have been active in the Italian subsidy-free market since 2018, and now have over 900 MWp of project pipeline under permitting, solidifying our position as one of leading players in the country."
Mr. Franco Citron, Head of Business Development at Manni Energy, commented, "It was a great pleasure to collaborate with Canadian Solar and Sonnedix, two key players in the solar industry. We believe that moving towards market parity, a path that Manni Energy undertook two years ago, is the right way to contribute to Italy's decarbonization goals as stated in the Integrated National Energy and Climate Plan, which runs through 2030. Based on this belief, we started the development of important projects for the 2020-2022 triennium, not only in southern but also in northern and central Italy. In addition, we are working on solutions and technologies that will optimize the energy generation of these plants, with the aim to make the prime cost of energy even more sustainable and competitive."
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest 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 19 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.
About Manni Energy
Manni Energy is the renewable energy company of Manni Group, devoted to development, construction and O&M services of utility scale and industrial photovoltaic systems. Manni Group, an industrial business in Verona with over 75 years of history, promotes innovation in processing and in using steel in its wide range of applications. Over the past 10 years, Manni Energy has successfully installed over 800 photovoltaic plants in Italy, market in which is currently managing over 250 plants as O&M Contractor. For more information, please visit www.mannienergy.com
About Sonnedix
Sonnedix Power Holdings Limited (together with its subsidiaries, "Sonnedix") is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix develops, builds, owns and operates solar power plants globally. For more information about Sonnedix, please visit www.sonnedix.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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-completes-the-sale-of-a-17-7-mwp-subsidy-free-solar-portfolio-in-italy-301028138.html
SOURCE Canadian Solar Inc.
Article Date
3/23/20203/17/2020 - Canadian Solar Secures Project Financing and Continues to Invest into Solar Energy Development in Italy
Canadian Solar Secures Project Financing and Continues to Invest into Solar Energy Development in Italy
Source: PR Newswire
GUELPH, Ontario, March 17, 2020 /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 secured a EUR55 million bilateral Revolving Credit Facility with Intesa Sanpaolo to fund the construction of a 151 MWp portfolio of solar PV projects in Italy, located across different municipalities in Sicily, Apulia and Lazio. The first projects of the portfolio are expected to break ground in Q3 this year.
"Canadian Solar has always been standing in solidarity with our employees, customers and partners around the world. By securing this project construction financing, we are committed to, and will continue to invest in the Italian solar market during this challenging time," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
This portfolio of 12 projects will be among Italy's first subsidy-free utility scale solar projects. These projects will be built using Canadian Solar HiKu CS3W-425 modules and its EPC capabilities.
Once operational, these projects are expected to generate approximately 287 GWh of solar power per year, equivalent to the annual electricity consumption of 57,331 people, and contributing to displacing 73,384 tons of CO₂ per year.
Being one of the first financings of this type and size in Italy, it shows Canadian Solar's strong bankability in the global solar market. This strong bankability is built on Canadian Solar's 18 year's track records on its quality product performance, its solar project development experience and its senior management winning strategy and execution.
Canadian Solar hopes to continue working with Intesa Sanpaolo to further strengthen its leadership position in the important Italian renewable energy market and to advance the European Union goal to a carbon-neutral economy by 2050.
Dr. Shawn Qu continued, "I appreciate Intesa Sanpaolo's trust in Canadian Solar and its support for solar energy development. Italy is an important energy market where subsidy-free solar energy is already competitive with conventional sources. Meanwhile, Italy is expected to be one of the fastest growing solar energy markets in Europe given the size of its economy and abundant solar resources. Canadian Solar is well positioned to play a role in achieving the goal of building a carbon-neutral future."
Canadian Solar has been active in the Italian subsidy-free market since 2018, and has now over 900 MWp of project pipeline under permitting, making it one of leading players in the country. The Company is also growing its pipeline in the other key unsubsidized European markets, namely Spain and the UK, with a portfolio of over 2 GWp under development across 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 power projects in various stages of development. Over the past 18 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-secures-project-financing-and-continues-to-invest-into-solar-energy-development-in-italy-301025351.html
SOURCE Canadian Solar Inc.
Article Date
3/17/2020Canadian Solar Signs Solar Power Purchase Agreement in Australia with Amazon
Source: PR Newswire
GUELPH, Ontario, March 12, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its subsidiary Canadian Solar Australia has signed a power purchase agreement ("PPA") with Amazon.
The solar power will be supplied from the Company's 146 MWp/110 MWac Gunnedah solar farm, which will reach commercial operation by 2021. The solar farm will utilize Canadian Solar's BiKu bifacial modules.
The agreement with Amazon is Canadian Solar's first PPA in New South Wales and marks its strategic entry into the large Australian Consumer and Industrial ("C&I") PPA market.
"Canadian Solar is very proud to sign this power purchase agreement with Amazon. Our team has worked hard to bring this opportunity to fruition, and we look forward to further collaboration with Amazon, while we bring the Gunnedah project to commercial operation. We are honored to help Amazon meet its renewable energy goals by utilizing our solar technology and development expertise," said Dr. Shawn Qu, Chairman and Chief Executive Officer at Canadian Solar.
Dr. Shawn Qu continued, "Canadian Solar is a leading developer in the Australian solar market, where we have a pipeline of nearly 1.2 GWp, including 335 MWp of projects ready to build. We look forward to growing our solar projects and solar module supply businesses in Australia, while expanding into other C&I sectors in this region. We see a bright future ahead as Australia continues to expand its renewable energy market."
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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-signs-solar-power-purchase-agreement-in-australia-with-amazon-301022164.html
SOURCE Canadian Solar Inc.
Article Date
3/12/2020Canadian Solar Signs PPA Contract With Techgen S.A de C.V. in Mexico
Source: PR Newswire
GUELPH, Ontario and MONTERREY, Mexico, March 9, 2020 /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 a PPA contract with Techgen, S.A. de C.V. ("Techgen"), an affiliate of Ternium, S.A., (NYSE: TX) and Tenaris, S.A. (NYSE: TS).
The PPA contract has a 15-year term and will allow Canadian Solar to finance and build a 103 MWp solar power project located in Ojocaliente Municipality, Zacatecas State, Mexico. The solar plant will use Canadian Solar high efficiency modules and is expected to start operations in 2021.
The execution of this contract is a landmark for Canadian Solar strengthening its leadership position in Latin America to offer clean energy solutions. It is also a step forward for Techgen and its affiliates in their continuous efforts to improve their business systems towards a more sustainable future.
Techgen owns and operates a combined cycle power plant that supplies energy to Tenaris' and Ternium's manufacturing plants in Mexico. Ternium, S.A. is a leading company in the Americas that manufactures and processes a wide range of high-complexity steel products using the most advanced technology. Tenaris, S.A. is a leading global manufacturer and supplier of steel tubes and related services for the world's energy industry and certain other industrial applications.
"We are honored to supply competitive and clean energy to one of the main steel manufacturing corporations in Latin America. Signing this PPA demonstrates Canadian Solar's ability to meet the commercial and environmental needs of corporate customers, strengthening our track record in Mexico where we have already been awarded with four projects totaling 438 MWp in the Long-Term Auctions," said Dr. Shawn Qu, Chairman and Chief Executive Officer at Canadian Solar.
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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SOURCE Canadian Solar Inc.
Article Date
3/9/2020Canadian Solar Sets a 23.81% Conversion Efficiency World Record for N-type Large Area Multi-Crystalline Silicon Solar Cell
Source: PR Newswire
GUELPH, Ontario, March 6, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its technology team set a world record of 23.81% conversion efficiency for n-type large area multi-crystalline silicon solar cell. The record-setting N-type P5 cell conversion efficiency was recently tested and certified by Germany's Institute für Solarenergieforschung GmbH (ISFH). This is the third time within a span of nine months that the company has set multi-crystalline solar cell conversion efficiency world record (see 22.8% and 22.28% records for p-type multi-crystalline cells).
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar said, "I am very pleased to announce that we broke the world record yet again. This is a milestone for our revolutionary n-type P5 technology development. It proves that both our p-type and n-type multi-crystalline silicon technology can achieve efficiencies as good as mono. We remain focused on expanding our technology pipeline to provide our customers with the most LCOE-competitive products."
Canadian Solar has been developing and is commercially launching its P5 cell technology and solar module products. In September 2019, Canadian Solar set a world record of 22.8% conversion efficiency for p-type P5 cell. The 23.81% record efficiency multi-crystalline cell was fabricated utilizing 157mmx157mm (area 246.44cm2) n-type P5 silicon wafer and PASCon (Passivated Contact) technology.
Canadian Solar is a technology leader in the solar industry and one of the highest ranking global solar manufacturers in terms of patent applications and patent grants. The Company has over 1500 patents granted, covering China, North American, European and Asia-Pacific regions. All of the Company's cell capacity was upgraded to PERC by August 2019. On the module product side, Canadian Solar has pioneered the GW-scale introduction of half-cut cell modules (Ku-series), bifacial modules (BiKu), multi-bus bar (MBB), 166mm wafers (HiKu and BiHiKu).
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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SOURCE Canadian Solar Inc.
Article Date
3/6/2020Canadian Solar Begins Construction on 26.6 MWp of Solar Power Plants in Japan
Source: PR Newswire
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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-begins-construction-on-26-6-mwp-of-solar-power-plants-in-japan-301007264.html
SOURCE Canadian Solar Inc.
Article Date
2/19/20202/18/2020 - Canadian Solar Completes Sale of 56.3 MWp Solar Power Plant in Japan for JPY 22.3 Billion
Canadian Solar Completes Sale of 56.3 MWp Solar Power Plant in Japan for JPY 22.3 Billion
Source: PR Newswire
GUELPH, Ontario, Feb. 18, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today it completed the sale of Yamaguchi Shin Mine, a 56.3 MWp operational solar power plant in the Yamaguchi Prefecture in Japan.
Hana Financial Investment, a subsidiary of Hana Financial Group, acquired the solar power plant for an enterprise value of approximately JPY 22.3 billion (around USD 205 million). Canadian Solar expects to recognize the revenue from the transaction in the first quarter of 2020. This sale was originally planned to close in the fourth quarter of 2019 but was delayed due to regulatory and contractual obligations required to be met prior to closing the transaction.
Yamaguchi Shin Mine reached commercial operation in May 2018 and is powered by Canadian Solar high efficiency modules. The electricity generated is being purchased by Chugoku Electric Power Company, Inc. at the rate of JPY 36.0 ($0.32) per kWh for 20 years.
Canadian Solar will continue to provide asset management as well as operational and maintenance services for the plant after the transaction. Additionally, a 5-year profit sharing agreement is in place, enabling Canadian Solar to secure additional revenue after the sale should the power plant outperform agreed upon metrics.
"Canadian Solar is excited to announce the completion of the sale of our Shin Mine project." said Dr. Shawn Qu, Chairman and Chief Executive Officer at Canadian Solar. "This transaction structure ensures that we capture stable, long-term revenue streams for our asset management and operations and maintenance services. We expect to grow this business as we work to enhance and retain greater share of the value creation throughout the life cycle of solar power plants."
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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SOURCE Canadian Solar Inc.
Article Date
2/18/20202/10/2020 - Canadian Solar Secures 225.2 Million Brazilian Reais Financing for Lavras Project in Brazil
Canadian Solar Secures 225.2 Million Brazilian Reais Financing for Lavras Project in Brazil
Source: PR Newswire
GUELPH, Ontario, Feb. 10, 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 secured 225.2 million Brazilian reais (US$ 55 million) non-recourse project financing from Banco do Nordeste do Brasil S.A. (BNB) for its Lavras solar power projects. Since the beginning of 2019, Canadian Solar has secured BRL 1,007 million (US$ 247 million) solar project financing with BNB.
The 152.4 MWp Lavras project will be funded over 21 years across the construction and operation phases of the projects. The inflation-linked debt tied to the National Consumer Price Index (IPCA) will provide improved capital and resource alignment with the Brazilian economy.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar commented, "We are delighted to close our fifth consecutive project financing with BNB. Sustainable public sector commitment for clean and affordable solar energy infrastructure has transformed Brazil to be the fastest growing renewable energy market in Latin America. As a leader in financing infrastructure projects, BNB's continuing participation in our solar portfolio promotes confidence in the long-term potential of Brazil's renewable energy sector."
The funding from BNB across multiple projects will support Canadian Solar's plan to build one of the largest high efficiency bifacial solar power plants in Latin America. These projects will be powered by Canadian Solar high efficiency modules, including the BiHiKu modules.
Canadian Solar won the Lavras solar project in Brazil's A-4 federal auction in April 2018 with 20-year, inflation-adjusted PPAs awarded at a base price of 118 Brazilian reais/MWh (approximately US$29/MWh) with the Brazilian Electric Power Commercialization Chamber (CCEE). The project is expected to start construction in the second quarter of 2020 and reach commercial operation in 2021.
Lavras is part of a 482.6 MWp portfolio whose 80% interest was sold to Nebras Power Investment B.V., a Dutch affiliate of Nebras Q.P.S.C ("Nebras"). Lavras' transfer of shares to Nebras closed in August 2019.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 19 years, Canadian Solar has successfully delivered over 38 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-secures-225-2-million-brazilian-reais-financing-for-lavras-project-in-brazil-301001714.html
SOURCE Canadian Solar Inc.
Article Date
2/10/2020Canadian Solar Acquires 47.5 MWp Portfolio in Chile
Source: PR Newswire
GUELPH, Ontario, Feb. 6, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today the acquisition of a 47.5 MWp portfolio of solar projects under development in Chile. These projects will become operational in two different stages, beginning from the fourth quarter of 2020.
The projects will be located in the Araucanía and Maule Regions of Chile and will use approximately 132,000 pieces of Canadian Solar's high efficiency BiHiKu bifacial modules, expected to generate over 89.1 GWh of electricity or power approximately 28,500 households per year. The projects will operate under the PMGD ("Pequeños Medios de Generación Distribuída") scheme, and given their current stage of development, will be part of the current stabilized price regime, with prices updated and published by the CNE (Comisión Nacional de Energía) every 6 months.
Dr. Shawn Qu, Canadian Solar's Chairman and CEO commented, "As reflected in this acquisition, we are highly confident in the value of these small solar projects in Chile. Due to their size and location, they bring clean and reliable energy to rural areas, reducing the distance between power generation and consumption, and improving the quality of the grid. These plants are valuable additions to Canadian Solar's current portfolio in Latin America and solidify our leading position in this region where we have been cumulatively awarded 2.2 GWp in solar projects across Brazil, Chile, Argentina and Mexico."
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 19 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-acquires-47-5-mwp-portfolio-in-chile-301000054.html
SOURCE Canadian Solar Inc.
Article Date
2/6/2020Canadian Solar and Lightsource BP Sign 1.2 GW Module Supply Agreement
Source: PR Newswire
GUELPH, Ontario, Feb. 5, 2020 /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 a multi-year module supply agreement with Lightsource BP to deliver 1.2 GW of high efficiency polycrystalline solar modules for projects in the US and Australia. Lightsource BP is a global market leader in the development, acquisition and long-term management of large-scale solar projects and smart energy solutions.
The projects will be using Canadian Solar's polycrystalline bifacial high power BiHiKu (CS3W-PB-AG) and high power HiKu (CS3W-P) modules. Canadian Solar is a worldwide leader in solar cell and module technologies. Bifacial modules generate power from both the front and the rear sides of the module, which increases the power output compared to conventional monofacial modules. The very high output of the BiHiKu bifacial modules will maximize the power generation in a limited area of plant site, while dramatically reducing the Levelized Cost of Electricity (LCOE) of the power plant.
"We are pleased to be working with Canadian Solar to deliver our global pipeline. They are a bankable and industry proven partner for our projects. Our centralized procurement team selected these modules for their high efficiency performance and we look forward to seeing the satisfactory results in the field very soon," commented Kareen Boutonnat, Chief Operating Officer at Lightsource BP.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are excited about the strong partnership with Lightsource BP that has contributed to the 1.2 GW of module sales commitments. As a solar technology leader, we are working continuously on innovation. I am proud to see that our high-power modules, based on the latest bifacial technology, have been selected for these projects in Australia and the US."
About Lightsource BP
Lightsource BP is an independent, global leader in the development, funding and long-term management of utility-scale solar PV projects with around $7 billion of financing and capital raised to date and a current operational portfolio of 2 GW of solar projects. Leveraging a strategic partnership with BP and through its integrated platform, structured finance, in-house engineering excellence and dedicated O&M division, Lightsource BP is helping drive the global energy transition with competitively priced, dependable, clean energy for businesses and communities. Headquartered in the UK, Lightsource BP comprises a team of over 400 industry specialists in 16 offices across five continents. For more information visit Lightsourcebp.com, follow us on Twitter @lightsourceBP and Instagram @lightsourcebp or view our LinkedIn page.
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 160 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-and-lightsource-bp-sign-1-2-gw-module-supply-agreement-300999168.html
SOURCE Canadian Solar Inc.
Article Date
2/5/2020Canadian Solar to Present at the 22nd Annual Needham Growth Conference in New York City
Source: PR Newswire
GUELPH, Ontario, Jan. 14, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to present at the 22nd Annual Needham Growth Conference on Wednesday, January 15, 2020 at the Lotte New York Palace Hotel in New York City.
During the conference, Ed Job, Managing Director, Investor Relations, and Isabel Zhang, Associate Director, Investor Relations and Strategic Analysis, will meet with institutional investors.
A group presentation is scheduled for 8:40 a.m. EST on January 15, 2020 and will be available through a live webcast in the investor relations section of the Company's website at www.canadiansolar.com.
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 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.
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SOURCE Canadian Solar Inc.
Article Date
1/14/2020Canadian Solar Increases Size of Board of Directors from Five to Six Directors and Appoints Lauren C. Templeton as an Independent Director and Karl E. Olsoni as a Strategic Advisor
Source: PR Newswire
GUELPH, Ontario, Jan. 6, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has increased the size of its Board of Directors from five to six directors and appointed Lauren C. Templeton as an independent director, thereby increasing the number of independent directors to five. The Company also announced that it has appointed Karl E. Olsoni as a strategic advisor to its Board of Directors. Both appointments are effective January 1, 2020. The appointments follow a search process conducted as part of Canadian Solar's ongoing focus on shareholder value creation and Board composition and diversity.
Ms. Templeton is the founder and President of Templeton & Phillips Capital Management, LLC, a global investing boutique located in Chattanooga, Tennessee. She is also an independent director and member of the Audit Committee of Fairfax Financial Holdings Limited, a financial holding company engaged in property and casualty insurance and reinsurance and associated investment management, and its publicly-traded subsidiary, Fairfax India Holdings Corporation.
Ms. Templeton serves on a number of non-profit organizations, including the John Templeton Foundation, the Templeton World Charities Foundation and the Templeton Religion Trust. She also serves on the Board of Trustees at the Baylor School, the Board of Trustees at the Bright School and the Board of Overseers at the Atlas Economic Research Foundation. Ms. Templeton is the former President of the Southeastern Hedge Fund Association, based in Atlanta, Georgia. She is also the co-author of "Investing the Templeton Way: The Market Beating Strategies of Value Investing's Legendary Bargain Hunter", which has been translated into nine languages. Ms. Templeton holds a Bachelor of Arts Degree in Economics from the University of the South, Sewanee.
Mr. Olsoni is currently an Operating Partner with Quinbrook Infrastructure Partners, an infrastructure fund manager investing in clean energy infrastructure in the United States, the United Kingdom and Australia. He is also a Partner with the kRoad group of companies which invest in battery storage, waste transformation and e-mobility. He previously served as Managing Director of the Clean Energy and Infrastructure team at Capital Dynamics where he and his partners raised and invested approximately $1 billion in clean energy infrastructure projects in the United States, the United Kingdom and Australia.
Mr. Olsoni has more than 30 years of international energy sector experience. He was formerly Chief Financial Officer and Senior Vice President of PPM Energy Inc. (now Iberdrola Renewables/Avangrid), a US-based energy company, and Chief Financial Officer of Koch Materials, Inc., a unit of the Koch Industries, Inc., which marketed heavy petroleum products in the United States, China, Mexico and Brazil. Before that, he spent 16 years with the Southern Company where, among other things, he was part of the original management team that built the Southern Company's independent power and merchant energy business (Southern Energy, Inc., later Mirant, Inc.) into one of the largest independent power producers in the world. Mr. Olsoni holds a Bachelor of Arts degree in Economics from George Washington University and an MBA from the College of William and Mary.
Dr. Shawn Qu, Chairman, President and Chief Executive Officer of Canadian Solar, said: "We are very pleased to welcome Lauren as an independent director and Karl as a strategic advisor to our Board of Directors. Both bring significant experience and outstanding track records of value creation and will provide fresh perspectives to our Board deliberations as we consider a broad range of value-enhancing strategic alternatives for our Modules and Systems Solutions and Energy businesses. We are enthusiastic about Canadian Solar's growth potential, underpinned by strong Company fundamentals and industry growth prospects. We look forward to Lauren and Karl's input as we take actions, including our recently announced buyback program, to create sustainable value for our shareholders."
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 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.
View original content:SOURCE Canadian Solar Inc.
Article Date
1/6/2020Canadian Solar Achieves Commercial Operation on 1.98 MWp Project in Taiwan
Source: PR Newswire
GUELPH, Ontario, Dec. 23, 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 reached commercial operation on a 1.98 MWp solar power plant in Taiwan.
The Hualien Rongkai solar project achieved commercial operation on December 13th and is powered by 6,384 pieces of Canadian Solar modules which are certified by the Voluntary Product Certification (VPC) and locally manufactured in Canadian Solar's Taiwan module plant. The project is expected to generate approximately 2,505 MWh of clean, solar electricity per year, which will be purchased by TaiPower Inc. under a 20-year feed-in-tariff contract at the rate of NTD 4.922 (US$0.16) per kWh.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We are pleased to announce the completion of our first project in Taiwan where we are managing an early stage pipeline of 43 MWp. Canadian Solar has had significant success in markets where we have local manufacturing and project development presence. We expect to expand on that success and continue to look for opportunities to grow the development pipeline in Taiwan."
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 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-achieves-commercial-operation-on-1-98-mwp-project-in-taiwan-300978840.html
SOURCE Canadian Solar Inc.
Article Date
12/23/2019Canadian Solar Announces a $150 Million Share Repurchase Program
Source: PR Newswire
GUELPH, Ontario, Dec. 9, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its Board of Directors has authorized a $150 million share repurchase program for a six month period beginning December 9th, 2019 and ending June 8th, 2020. The exact timing and amount of any repurchase will be determined by the Company's management, based on market conditions, share price and other factors, and will be subject to the restrictions relating to volume, price and timing under applicable law, including Rule 10b-18 under the Securities Exchange Act of 1934.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "The share repurchase program further reinforces our commitment to our shareholders. We have confidence in the Company's long-term business plan and prospects and believe there is considerable value in investing in Canadian Solar shares, which are trading below book value and significantly below intrinsic value. We focus our disciplined and balanced capital allocation strategy on driving profitable growth, strengthening our balance sheet and creating sustainable value for our shareholders."
Dr. Huifeng Chang, Chief Financial Officer commented, "Over the past 18 years, we have built Canadian Solar into one of the world's largest solar energy companies, with a dominant, fully-integrated module manufacturing and energy business. Globally, we have a 4 GWp pipeline of late-stage, utility-scale solar power projects, with another 415 MWp in construction. In addition, our module manufacturing business, which has been rated the Number 1 Bankable Module Supplier by Bloomberg New Energy Finance survey respondents for three consecutive years, continues to deliver industry leading profitability by commanding a premium for products due to our innovative technology, industry leading quality and reliability."
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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-announces-a-150-million-share-repurchase-program-300971119.html
SOURCE Canadian Solar Inc.
Article Date
12/9/201912/5/2019 - Canadian Solar Completes the Sale of the Last Subsidized Operational Project of 3.3 MWp in the UK
Canadian Solar Completes the Sale of the Last Subsidized Operational Project of 3.3 MWp in the UK
Source: PR Newswire
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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-completes-the-sale-of-the-last-subsidized-operational-project-of-3-3-mwp-in-the-uk-300969754.html
SOURCE Canadian Solar Inc.
Article Date
12/5/2019Canadian Solar Completes JPY4.6 Billion Asset Sale to CSIF in Japan
Source: PR Newswire
GUELPH, Ontario, Dec. 2, 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 completed the sale of a 10.8 MWp operating solar power plant in Izu-shi, Shizuoka Prefecture to Canadian Solar Infrastructure Fund, Inc. ("CSIF", Tokyo Stock Exchange ticker 9284) for JPY4,569 million (US$42.1 million).
The Izu-shi solar power plant is powered by 30,202 Canadian Solar KuMax modules. It reached commercial operations in December 2018 and has been selling power to Tokyo Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of JPY36.0 (US$0.33)/kWh.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are pleased to successfully complete another asset sale to CSIF. We are confident this transaction will enhance CSIF's existing high-quality portfolio and provide accretive growth in their cash flow and energy production. The size of the listed infrastructure sector in Japan has more than doubled over the last two years, and along with that growth, CSIF has seen an increase in asset valuations."
In Japan, Canadian Solar's late-stage portfolio of ready to build, under construction or operational projects stand at approximately 217 MWp with a weighted-average FIT of JPY36.0 (US$0.33)/kWh.
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.
About Canadian Solar Infrastructure Fund
CSIF was launched on the Tokyo Stock Exchange as an infrastructure investment fund in October 2017 with initial capacity of 72.7 MWp. After giving effect to the acquisition, CSIF has a total operating capacity of 119.7 MWp. CSIF's total assets under management ("AUM") is JPY54.6 billion (US$502.6 million), using the median project valuation report amounts for existing assets as of June 30, 2019 and acquisition price for the new asset. Canadian Solar maintains approximately 14.7% ownership in CSIF. Canadian Solar Asset Management K.K., a wholly owned subsidiary of the Company, manages CSIF as its asset manager. Canadian Solar O&M Japan K.K., a wholly owned subsidiary of the Company, provides operation and maintenance services to CSIF.
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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-completes-jpy4-6-billion-asset-sale-to-csif-in-japan-300967189.html
SOURCE Canadian Solar Inc.
Article Date
12/2/2019Canadian Solar Achieves Commercial Operation on 53.4 MWp Project in Japan
Source: PR Newswire
GUELPH, Ontario, Nov. 20, 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 reached commercial operation on a 53.4 MWp solar power plant in Japan.
The Oita Hiji Machi solar project achieved commercial operation on October 31, 2019 and is powered by 160,308 Canadian Solar MaxPower modules. The plant is expected to generate approximately 61,587MWh of clean, solar electricity per year, which will be purchased by Kyushu Electric Power Company, Inc. under a 20-year feed-in-tariff contract at the rate of ¥40.0 ($0.37) per kWh.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are pleased to announce the start of operations for this flagship project in the Oita prefecture." The Company now owns and operates a 143 MWp fleet of solar power assets in Japan. Dr. Shawn Qu continued, "Canadian Solar began development of this project in 2014, adding significant value over the course of the last 5 years and we look forward to creating additional value to the project and our shareholders in its next phase."
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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-achieves-commercial-operation-on-53-4-mwp-project-in-japan-300961755.html
SOURCE Canadian Solar Inc.
Article Date
11/20/2019Canadian Solar Subsidiary Recurrent Energy Closes North Carolina Project Sale
Source: PR Newswire
GUELPH, Ontario, Nov. 18, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), today announced its wholly-owned subsidiary Recurrent Energy has closed the sale of 99 percent of the partnership that owns the Class B membership interest in the 74.8 MWac/102 MWp NC 102 solar photovoltaic project, located in Cabarrus County, North Carolina, to NextEnergy Capital.
NextEnergy Capital indirectly acquired 99 percent of the interests through NextPower III, its third institutional solar fund. In May 2018, Recurrent Energy secured the debt and tax equity financing for the project from Prudential Capital Group and U.S. Bancorp Community Development Corporation.
The North Carolina project, which reached commercial operation at the end of September 2018, is one of the largest operating solar projects in North Carolina. The project has a power purchase agreement with Duke Energy Carolinas and generates enough clean solar power to meet the energy needs of approximately 12,000 homes.
"The NC 102 project is Recurrent Energy's second solar project in the North Carolina market and another example of the Company's ability to grow its U.S. footprint," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are very pleased to partner with NextEnergy Capital on the acquisition of their first operating project in the U.S. and look forward to continuing our collaboration in the U.S. and other markets."
Canadian Solar expects to recognize the revenue from the transaction in the fourth quarter of 2019.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and energy storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 7 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-subsidiary-recurrent-energy-closes-north-carolina-project-sale-300959736.html
SOURCE Canadian Solar Inc.
Article Date
11/18/2019Canadian Solar Partners with Korea Electric Power Corporation and Sprott Korea to Build 370 Megawatt Mexico Solar Portfolio
Source: PR Newswire
GUELPH, Ontario and NAJU, South Korea, Nov. 14, 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 sold 49% interest in three solar photovoltaic projects in Mexico totaling 370 MWp (294 MWac) to Korea Electric Power Corporation ("KEPCO"), South Korea's largest electric utility, and Sprott Korea, a leading fund manager ("Sprott"). KEPCO and Sprott acquired the interests in the Horus (119MWp), Tastiota (125MWp) and El Mayo (126 MWp) projects located in the states of Aguascalientes and Sonora. Under the agreement, KEPCO and Sprott will acquire Canadian Solar's remaining interest in the projects following their commercial operation date.
Canadian Solar developed the three projects and will supply the modules and manage the projects' construction. Horus construction is under way with COD expected in Q2 2020, Tastiota and El Mayo COD is expected in Q1 2021. Once operational, the projects are expected to generate 900 GWh of clean electricity annually, enough to power 206,000 households and offset 524,000 tons of carbon dioxide emission each year. The electricity generated will be sold under 15-year power purchase agreements for energy and capacity and 20-year for Clean Energy Certificates awarded in November 2017 in the third government auction organized by CENACE.
The transaction marks KEPCO and Sprott's first investment in the solar market in Mexico and the second transaction with Canadian Solar following the acquisition of the Astoria, Astoria 2, and Barren Ridge projects in the U.S. in 2018.
"This high-quality solar portfolio is a strategic addition to our international renewable energy holdings and will allow us to further diversify our generation portfolio," said KEPCO's President and CEO JongKap Kim. "We are pleased to be working again with Canadian Solar, an industry-leading developer, and expect further cooperation in the global solar market."
"The investment by KEPCO and Sprott in our portfolio further illustrates the success of Canadian Solar in the Mexican solar energy market. This is the second sale of projects developed by Canadian Solar in Mexico and strengthens our position in this growing electricity market," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. "We are pleased to have partnered again with KEPCO, a global energy leader, and financial investor like Sprott and look forward to continuing our successful collaboration."
"The transaction represents the best co-investment structure that can be deployed by strategic and financial investors in terms of collaboration among three partners and investment stage," said CEO of Sprott Asia, Jay Lee. "Based on the strong partnership with KEPCO and Canadian Solar built in the last two transactions, we expect to develop further investment opportunities in the U.S and Europe, as well as in Latin America."
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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SOURCE Canadian Solar Inc.
Article Date
11/14/201911/12/2019 - Canadian Solar Reports Third Quarter 2019 Results
Canadian Solar Reports Third Quarter 2019 Results
Source: PR Newswire
GUELPH, Ontario, Nov. 12, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced financial results for the third quarter ended September 30, 2019.
Third Quarter 2019 Highlights
Third Quarter 2019 Results
Net revenue in the third quarter of 2019 was $759.9 million, compared to $1.0 billion in the second quarter of 2019, and $768.0 million in the third quarter of 2018. The sequential decline primarily reflects the lower revenue from the sale of solar power plants.
Total solar module shipments in the third quarter of 2019 were 2,387 MW, compared to 2,143 MW in the second quarter of 2019 and third quarter 2019 guidance of 2.2 GW to 2.3 GW. Total solar module shipments in the third quarter of 2019 included 61 MW shipped to the Company's utility-scale solar power projects. Solar module shipments recognized in revenue in the third quarter of 2019 totaled 2,156 MW, compared to 2,376 MW in the second quarter of 2019 and 1,521 MW in the third quarter of 2018.
Gross profit in the third quarter of 2019 was $198.9 million, compared to $182.6 million in the second quarter of 2019 and $200.4 million in the third quarter of 2018. The benefit for the anti-dumping ("AD") and CVD true-up was $24.3 million in the third quarter of 2019, $21.6 million in the second quarter of 2019, and $8.3 million, in the third quarter of 2018.Gross margin in the third quarter of 2019 was 26.2%, compared to 17.6% in the second quarter of 2019 and 26.1% in the third quarter of 2018. Non-GAAP gross margin, which excludes the impact of the quarterly AD/CVD true-up, was 23.0% in the third quarter of 2019, compared to 15.5% in the second quarter of 2019 and 25.0% in the third quarter of 2018.
The Company's Module and System Solutions ("MSS") business comprises primarily the design, development, manufacture and sale of solar modules, other solar power products and solar system kits. The MSS business also provides engineering, procurement and construction ("EPC") and operating and maintenance ("O&M") services. The Company's Energy business comprises primarily the development and sale of solar projects, operating solar power projects and the sale of electricity. Module sales from the MSS business to the Energy business are on terms and conditions similar to sales to third parties.
The Company develops solar power projects worldwide. Where applicable, the Company may apply for and/or be entitled to receive a feed-in tariff ("FIT") for its projects. Alternatively, the Company may participate in public or private energy auctions and bidding, which result in long-term power purchase agreements ("PPAs"). The Company may also sell all or a portion of the electricity generated from its solar power projects on the merchant power market. Due to the relatively long lead times (usually two to four years) required to develop solar power projects and bring them to a commercial operation date ("COD"), the actual gross margin of a project may deviate from the expected gross margin. The deviation may be caused by, among other things, changes in political and economic conditions in host countries, project specific conditions, fluctuations in the price of solar modules and other components, changes in the cost of EPC services and the capital return requirements of solar asset buyers. In recent years, the Company has sold some solar power projects before COD. We typically refer to these sales as "notice to proceed" or NTP sales. In NTP sales, the revenue is lower while the gross margin percentage is higher than in COD sales, even if the absolute margin is the same. Results from the Energy business may be lumpy from quarter to quarter, depending on whether projects are sold at NTP or COD, project sale transaction dates and the profit level of each project.
The following tables provide selected financial data for the Company's MSS and Energy businesses:
Three Months Ended September 30, 2019 | ||||||||||||
MSS | Energy | Elimination | Total | |||||||||
Net revenue | 674,921 | 97,550 | (12,589) | 759,882 | ||||||||
Cost of revenue | 493,505 | 77,589 | (10,126) | 560,968 | ||||||||
Gross profit | 181,416 | 19,961 | (2,463) | 198,914 | ||||||||
Gross Margin | 26.9% | 20.5% | — | 26.2% | ||||||||
Income (loss) from operations | 86,686 | (4,116) | (2,463) | 80,107 | ||||||||
Nine Months Ended September 30, 2019 | ||||||||||||
MSS | Energy | Elimination | Total | |||||||||
Net revenue | 1,816,938 | 504,075 | (40,137) | 2,280,876 | ||||||||
Cost of revenue | 1,382,545 | 453,292 | (43,956) | 1,791,881 | ||||||||
Gross profit | 434,393 | 50,783 | 3,819 | 488,995 | ||||||||
Gross Margin | 23.9% | 10.1% | — | 21.4% | ||||||||
Income (loss) from operations | 165,864 | (22,229) | 3,819 | 147,454 | ||||||||
Three Months Ended September 30, 2019 | Nine Months Ended September 30, 2019 | |||||||
(In Thousands of U.S. Dollars) | ||||||||
MSS: | ||||||||
Solar modules and other solar power products | 539,038 | 1,435,262 | ||||||
Solar system kits | 28,100 | 85,020 | ||||||
EPC services | 69,429 | 193,533 | ||||||
O&M services | 5,535 | 13,442 | ||||||
Others (materials and components) | 20,230 | 49,544 | ||||||
Subtotal | 662,332 | 1,776,801 | ||||||
Energy: | ||||||||
Solar power projects | 83,973 | 474,506 | ||||||
Electricity | 1,090 | 4,066 | ||||||
Others (EPC and development services) | 12,487 | 25,503 | ||||||
Subtotal | 97,550 | 504,075 | ||||||
Total net revenue | 759,882 | 2,280,876 | ||||||
Total operating expenses in the third quarter of 2019 were $118.8 million, compared to $121.9 million in the second quarter of 2019 and $104.5 million in the third quarter of 2018.
Selling expenses in the third quarter of 2019 were $46.9 million, compared to $45.4 million in the second quarter of 2019 and $38.4 million in the third quarter of 2018. The sequential increase was primarily due to an increase in shipping and handling costs, partially offset by lower project transaction fees.
General and administrative expenses in the third quarter of 2019 were $61.5 million, compared to $65.7 million in the second quarter of 2019 and $58.9 million in the third quarter of 2018. The sequential decrease was mainly due to a $7.3 million decrease in impairment in the third quarter of 2019, compared to the second quarter of 2019 and $1.6 million decrease in labor cost, partially offset by a $6.0 million customer settlement.
Research and development expenses in the third quarter of 2019 were $11.6 million, compared to $12.1 million in the second quarter of 2019 and $10.1 million in the third quarter of 2018.
Other operating income in the third quarter of 2019 was $1.2 million, compared to $1.3 million in the second quarter of 2019 and $2.9 million in the third quarter of 2018.
Income from operations in the third quarter of 2019 was $80.1 million, compared to $60.7 million in the second quarter of 2019, and $95.9 million in the third quarter of 2018. Operating margin was 10.5% in the third quarter of 2019, compared to 5.9% in the second quarter of 2019 and 12.5% in the third quarter of 2018.
Non-cash depreciation and amortization charges in the third quarter of 2019 were $37.0 million, compared to $39.7 million in the second quarter of 2019 and $32.5 million in the third quarter of 2018. Non-cash equity compensation expense in the third quarter of 2019 was $2.8 million, compared to $3.5 million in the second quarter of 2019 and $2.5 million in the third quarter of 2018.
Interest expense in the third quarter of 2019 was $19.2 million, compared to $20.7 million in the second quarter of 2019 and $26.8 million in the third quarter of 2018.
Interest income in the third quarter of 2019 was $2.6 million, compared to $4.5 million in the second quarter of 2019 and $2.6 million in the third quarter of 2018.
The Company recorded a loss on the change in fair value of derivatives in the third quarter of 2019 of $2.2 million, compared to $12.5 million in the second quarter of 2019 and $8.9 million in the third quarter of 2018. Foreign exchange gain in the third quarter of 2019 was $2.8 million, compared to $16.4 million in the second quarter of 2019, and $10.1 million in the third quarter of 2018.
Income tax expense in the third quarter of 2019 was $10.4 million, compared to $14.0 million in the second quarter of 2019 and $13.4 million in the third quarter of 2018.
Net income attributable to Canadian Solar in the third quarter of 2019 was $58.3 million or $0.96 per diluted share, compared to net income of $62.7 million or $1.04 per diluted share in the second quarter of 2019 and net income of $66.5 million or $1.09 per diluted share in the third quarter of 2018.
Financial Condition
The Company had $1,048.9 million of cash, cash equivalents and restricted cash as of September 30, 2019, compared to $981.0 million as of June 30, 2019.
Accounts receivable, net of allowance for doubtful accounts, at the end of the third quarter of 2019 were $449.3 million, compared to $454.6 million at the end of the second quarter of 2019. Accounts receivable turnover in the third quarter of 2019 was 64 days, compared to 41 days in the second quarter of 2019.
Inventories at the end of the third quarter of 2019 were $413.0 million, compared to $337.8 million at the end of the second quarter of 2019. Inventory turnover in the third quarter of 2019 was 63 days, compared to 40 days in the second quarter of 2019.
Accounts and notes payable at the end of the third quarter of 2019 were $1,006.0 million, compared to $926.2 million at the end of the second quarter of 2019.
Short-term borrowings and the current portion of long-term borrowings on project assets at the end of the third quarter of 2019 were $1.3 billion, compared to $1.3 billion at the end of the second quarter of 2019. Long-term borrowings at the end of the third quarter of 2019 were $525.9 million, compared to $462.9 million at the end of the second quarter of 2019.
Total borrowings directly related to the Company's utility-scale solar power projects were $670.8 million at the end of the third quarter of 2019, compared to $640.5 million at the end of the second quarter of 2019. Total debt at the end of the third quarter of 2019 was $1.97 billion, compared to $1.86 billion at the end of the second quarter of 2019.
Dr. Shawn Qu, Chairman and Chief Executive Officer, commented: "Q3 was another strong, highly profitable quarter for Canadian Solar. Our results reflect robust global demand for our solar power products, the benefit of stable pricing trends and continued execution by our team. Strategic decisions we made in R&D and manufacturing efforts have positioned Canadian Solar at the forefront of solar cell and module manufacturing technology. For example, we recently set another world record of 22.8% conversion efficiency for P-type large area multi-crystalline silicon solar cells. We remain committed to developing and commercializing the solar technologies and system innovations that drive efficiency levels higher and total cost of ownership lower. This approach brings additional value to our customers and helps ensure the Company's long-term success. We have significant room for growth ahead of us and remain positive in our outlook given further improvements in our backlog and visibility."
Yan Zhuang, Acting Chief Executive Officer, commented: "Our solar module shipments and gross margin expansion underscore the solid execution of our strategies in both our MSS and Energy businesses. Higher module shipments were led by the success of Canadian Solar's premium brand and the strength of the global sales channels we have built over many years. Our solid track record has also allowed us to grow our presence across the solar supply chain. During the third quarter, we signed an O&M agreement for third party projects totaling 300 MWp; and completed the sale of the 266 MWp Rambler project in the U.S. and the sale of an 80% interest in the 171.5 MWp Lavras project in Brazil. In addition, we won a total of 424 MWp of projects with attractive PPAs, energized a 100 MWp project in Argentina and secured additional project development financing at favorable rates. Globally, as of September 30, 2019, we had a 3.4 GWp pipeline of late-stage, utility-scale solar power projects. In addition, our 796 MWp portfolio of solar power plants under operation has an estimated resale value of approximately $900 million."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer, added: "We achieved GAAP net income of $58 million, or $0.96 per diluted share, for the third quarter even with lower than expected revenue which was primarily due to the delayed closing of solar power plant sales in Japan. This reflects an underlying improvement in our operating and financial performance as well as benefit from the CVD true-up adjustment of $24 million. Our focus on operating efficiency improvements helped us further reduce our blended module manufacturing costs. In October, we completed the sale of an 80% interest in 353 MWp of projects in Brazil, in addition to the 80% interest in the 171.5 MWp Lavras project which we sold in August. We will continue to monetize the remainder of our 3.4 GWp late-stage utility-scale solar project pipeline through 2020 and to maintain a balance between driving profitable growth and strengthening the Company's balance sheet."
Utility-Scale Solar Project Pipeline
The Company divides its utility-scale solar project pipeline into two categories: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline includes primarily those projects that have FITs or PPAs and are expected to be built within the next four years. The Company cautions that some late-stage projects may not reach completion due to such factors as failure to secure permits and grid connection, and changes of political and economic conditions in host countries, among others.
Late-Stage Utility-Scale Solar Project Pipeline
As of September 30, 2019, the Company's late-stage, utility-scale solar project pipeline, including those in construction, totaled approximately 3.4 GWp, with 1,285 MWp in the U.S., 832 MWp in Brazil, 370 MWp in Mexico, 343.5 MWp in Japan, 145 MWp in China and an additional 422.1 MWp in Australia, Canada, Israel, Taiwan, the Philippines, Malaysia, Italy and South Korea.
In the United States, as of September 30, 2019, the Company's late-stage, utility-scale solar project pipeline totaled 1,285 MWp* as detailed in the table below.
Project | MWp | Storage (MWh) | Location | Status | Expected COD |
Gaskell West 2 | 147 | N/A | California | Development | 2022 |
Pflugerville | 185 | N/A | Texas | Development | 2021 |
Texas Project | 280 | N/A | Texas | Development | 2021 |
Maplewood | 310 | N/A | Texas | Development | 2021 |
Maplewood 2 | 40 | N/A | Texas | Development | 2021 |
Slate | 235 | 180 | California | Development | 2021 |
Stanford Solar Generating Station #2 |
88 |
N/A |
California |
Development |
2021 |
Total | 1,285 |
*This table does not include the 100 MWac Sunflower project located in Mississippi. In November 2018, the Company entered into a build-to-transfer agreement with Entergy Mississippi for the Sunflower project. As part of the agreement, Entergy Mississippi will serve as both project owner and electricity off-taker once the project is constructed and transferred to them. This build-to-transfer agreement is pending approval by the Mississippi Public Service Commission.
In Japan, as of September 30, 2019, the Company's late-stage, utility-scale solar project pipeline for which interconnection agreements and FITs have been secured totaled approximately 343.5 MWp, including 104.3 MWp under construction and 239.2 MWp under development.
The table below sets forth the expected COD schedule of the Company's late-stage utility-scale solar power projects in Japan, as of September 30, 2019:
Expected COD Schedule (MWp)
2019 | 2020 | 2021 and Thereafter | Total | |||||
62.5 | 72.5 | 208.5 | 343.5 |
In Brazil, as of September 30, 2019, the Company had an 832 MWp late-stage, utility-scale solar project pipeline as detailed in the table below.
Project | MWp | Location | Status | Expected COD |
Francisco Sa | 125.7* | Minas Gerais | Development | 2021 |
Jaiba | 112.4* | Minas Gerais | Development | 2021 |
Jaiba Expansao | 51.2 | Minas Gerais | Development | 2021 |
Lavras | 34.3* | Ceara | Development | 2021 |
Salgueiro | 114.7* | Pernambuco | Development | 2020 |
Ciranda | 190.5 | Pernambuco | Development | 2022 |
Lavras Expansion | 76.2 | Ceara | Development | 2022 |
Jaiba Expansao II | 127 | Minas Gerais | Development | 2023 |
Total | 832 |
*In April 2019, the Company signed an agreement to sell its 80% interest in the 482.6 MWp (has now expanded to 524.3 MWp) of solar power projects to Nebras Power Investment Management B.V., a Dutch affiliate of Nebras Q.P.S.C. Canadian Solar completed the sale of the 80% interest in the 171.5 MWp Lavras project in August 2019 and the sale of the 80% interest in the Francisco Sa, Jaiba and Salgueiro projects in October 2019.
In Mexico, as of September 30, 2019, the Company had a 370 MWp late-stage, utility-scale solar project pipeline as detailed in the table below.
Project | MWp | Location | Status | Expected COD |
Horus | 119 | Aguascalientes | Under construction | 2020 |
EL Mayo | 126 | Sonora | Development | 2021 |
Tastiota | 125 | Sonora | Development | 2021 |
Total | 370 |
In China, as of September 30, 2019, the Company's late-stage, utility-scale solar project pipeline was 145 MWp.
Solar Power Plants in Operation
In addition to its late-stage, utility-scale solar project pipeline, as of September 30, 2019, the Company had a portfolio of utility-scale, solar power plants in operation totaling 795.8 MWp. The Company records these power plants on the balance sheet as "project assets (build to sell)", "assets held-for-sale" and "solar power systems, net (build to own)". The proceeds of project sales recorded as "project assets (build to sell)" on the balance sheet will be recorded as revenue in the income statement once revenue recognition criteria are met. The gain or loss from the sale of projects recorded as "assets held-for-sale" and "solar power systems, net (build to own)" on the balance sheet will be recorded within "other operating income (expenses)" in the income statement.
The table below sets forth the Company's total portfolio of utility-scale, solar power plants in operation, as of September 30, 2019 (MWp):
U.S. | Japan | China | India | Argentina | Others | Total |
205.9 | 89.6 | 350.3 | 35.0 | 100.1 | 14.9 | 795.8 |
Manufacturing Capacity
The table below sets forth the Company's manufacturing capacity expansion plan from December 31, 2019 to December 31, 2020.
Manufacturing Capacity (MW) | ||||
30-Sept-2019 Actual | 31-Dec-2019 Planned | 30-Jun-2020 Planned | 31-Dec-2020 Planned | |
Ingot | 1,850 | 1,850 | 1,850 | 2,350 |
Wafer | 5,000 | 5,000 | 5,000 | 5,000 |
Cell | 8,700 | 9,600 | 9,600 | 9,600 |
Module | 11,150 | 13,040 | 13,420 | 15,170 |
The Company's manufacturing capacity expansion plan is subject to change based on market conditions.
Business Outlook
The Company's business outlook is based on management's current views and estimates given existing market conditions, the Company's order book and production capacity, the timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, final customer demand and solar project construction and sale schedules. Management's views and estimates are subject to change without notice.
For the fourth quarter of 2019, the Company expects total solar module shipments to be in the range of 2.3 GW to 2.4 GW, including approximately 190 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in the fourth quarter of 2019. Total revenue for the fourth quarter is expected to be in the range of $850 million to $880 million. Gross margin for the fourth quarter is expected to be between 19% and 21%.
For the full year 2019, the Company now expects total module shipments to the range of approximately 8.4 GW to 8.5 GW. Total revenue for the year is expected to be in the range of $3.13 billion to $3.16 billion.
Yan Zhuang, Acting Chief Executive Officer of Canadian Solar, commented: "While our near-term revenue is expected to be impacted by the potential shift of certain project sales into 1Q 2020 from 4Q 2019 due to revised sales schedules, we expect sequential growth in solar module shipments based on our backlog and demand forecasts. The broader global market remains healthy as we benefit from robust demand in traditional geographies and the development of new markets where our brand, track record and local presence give us a distinct competitive advantage. We expect to gain additional momentum in 2020 as we monetize our late-stage, utility-scale solar project pipeline as well as solar power plants in operation. We also continue to explore opportunities to create additional synergies across the upstream and downstream businesses by leveraging our global purchasing power and providing total solutions to our customers, thereby building value for our Company's shareholders."
Recent Developments
On November 11, 2019, Canadian Solar announced that it had been awarded two solar PV projects totaling 190.5 MWp in the 7th Brazilian Federal Auction held in October 2019.
On October 22, 2019, Canadian Solar announced that it had been awarded a 30 MWp project in Japan's 4th solar energy auction. Once constructed, the project will enter into a 20-year power purchase agreement with Chugoku Power Electric Company at a rate of ¥13.47 ($0.12) per kWh.
On October 10, 2019, Canadian Solar announced that it had been awarded three solar PV projects totaling 393.7 MWp in two recent Private Corporate Auctions held in Brazil during the third quarter of 2019.
On September 17, 2019, Canadian Solar announced that its technology team set a world record of 22.80% conversion efficiency for P-type large area multi-crystalline silicon solar cells.
On September 12, 2019, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, LLC, sold the 200 MWac/266 MWp Rambler solar project to Duke Energy Renewables, a subsidiary of Duke Energy.
On August 28, 2019, Canadian Solar announced that it secured 487.0 million Brazilian reals (US$120 million) in non-recourse project financing from Banco do Nordeste do Brasil S.A. (BNB) for its Francisco Sa and Jaiba solar power projects.
On August 21, 2019, Canadian Solar announced that it signed O&M agreements with Gannawarra Solar Farm Pty Ltd, Hayman Solar Farm Pty Ltd and Daydream Solar Farm Pty Ltd for three solar PV plants totaling 300 MWp in Australia.
On August 5, 2019, Canadian Solar announced that it energized its 100.1 MWp Cafayate solar power project in Argentina on July 19, 2019, the largest operational solar power plant in the country.
Conference Call Information
The Company will hold a conference call at 5:00 p.m. U.S. Eastern Standard Time on November 12, 2019 (6:00 a.m., November 13, 2019 in Hong Kong) to discuss the Company's third quarter 2019 results and business outlook. The dial-in phone number for the live audio call is +1 866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1 845-675-0437 (from international locations). The passcode for the call is 3366785. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available two hours after the conclusion of the call until 8:00 a.m. U.S. Eastern Standard Time on Wednesday, November 20, 2019 (9:00 p.m., November 20, 2019 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 (from international locations), with passcode 3366785. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
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 regarding the Company's expected future shipment volumes, gross margins 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.
FINANCIAL TABLES FOLLOW
Canadian Solar Inc. | |||||||||||
Unaudited Condensed Consolidated Statement of Operations | |||||||||||
(In Thousands of U.S. Dollars, Except Share and Per Share Data and Unless Otherwise Stated) | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||
Net revenues | $ 759,882 | $ 1,036,275 | $ 767,970 | $ 2,280,876 | $ 2,843,471 | ||||||
Cost of revenues | 560,968 | 853,633 | 567,579 | 1,791,881 | 2,339,698 | ||||||
Gross profit | 198,914 | 182,642 | 200,391 | 488,995 | 503,773 | ||||||
Operating expenses: | |||||||||||
Selling expenses | 46,935 | 45,361 | 38,423 | 130,227 | 121,030 | ||||||
General and administrative expenses | 61,491 | 65,735 | 58,862 | 178,650 | 164,067 | ||||||
Research and development expenses | 11,567 | 12,133 | 10,143 | 36,865 | 28,776 | ||||||
Other operating income | (1,186) | (1,329) | (2,941) | (4,201) | (38,192) | ||||||
Total operating expenses | 118,807 | 121,900 | 104,487 | 341,541 | 275,681 | ||||||
Income from operations | 80,107 | 60,742 | 95,904 | 147,454 | 228,092 | ||||||
Other income (expenses): | |||||||||||
Interest expense | (19,240) | (20,654) | (26,839) | (61,591) | (83,028) | ||||||
Interest income | 2,579 | 4,452 | 2,567 | 9,060 | 9,026 | ||||||
Loss on change in fair value of derivatives | (2,176) | (12,489) | (8,881) | (15,924) | (11,974) | ||||||
Foreign exchange gain (loss) | 2,825 | 16,415 | 10,112 | 6,653 | (799) | ||||||
Investment income (loss) | (738) | 2,002 | 6,528 | 1,809 | 5,944 | ||||||
Other expenses, net | (16,750) | (10,274) | (16,513) | (59,993) | (80,831) | ||||||
Income before income taxes and equity in earnings of unconsolidated investees | 63,357 | 50,468 | 79,391 | 87,461 | 147,261 | ||||||
Income tax expense | (10,434) | (13,951) | (13,423) | (16,858) | (25,280) | ||||||
Equity in earnings of unconsolidated investees | 2,303 | 23,740 | 2,504 | 28,025 | 6,353 | ||||||
Net income | 55,226 | 60,257 | 68,472 | 98,628 | 128,334 | ||||||
Less: Net income (loss) attributable to non-controlling interests | (3,105) | (2,425) | 1,932 | (5,221) | 2,846 | ||||||
Net income attributable to Canadian Solar Inc. | $ 58,331 | $ 62,682 | $ 66,540 | $ 103,849 | $ 125,488 | ||||||
Earnings per share - basic | $ 0.97 | $ 1.05 | $ 1.14 | $ 1.74 | $ 2.13 | ||||||
Shares used in computation - basic | 59,900,740 | 59,547,209 | 58,526,275 | 59,562,101 | 58,826,117 | ||||||
Earnings per share - diluted | $ 0.96 | $ 1.04 | $ 1.09 | $ 1.71 | $ 2.08 | ||||||
Shares used in computation - diluted | 60,846,753 | 60,260,410 | 61,937,187 | 61,040,675 | 62,103,349 | ||||||
Canadian Solar Inc. | ||||||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income | ||||||||||
(In Thousands of U.S. Dollars) | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||
2019 | 2019 | 2018 | 2019 | 2018 | ||||||
Net Income | 55,226 | 60,257 | 68,472 | 98,628 | 128,334 | |||||
Other comprehensive income (net of tax of nil): | ||||||||||
Foreign currency translation adjustment | (13,419) | (11,170) | 26,709 | (8,604) | (12,179) | |||||
Gain (loss) on changes in fair value of derivatives | (1,314) | (3,310) | 2,464 | (6,994) | 9,510 | |||||
Comprehensive income | 40,493 | 45,777 | 97,645 | 83,030 | 125,665 | |||||
Less: comprehensive income (loss) attributable to non-controlling interests | (3,529) | (1,028) | 4,844 | (8,884) | 7,052 | |||||
Comprehensive income attributable to Canadian Solar Inc. | 44,022 | 46,805 | 92,801 | 91,914 | 118,613 | |||||
Canadian Solar Inc. | |||||
Unaudited Condensed Consolidated Balance Sheets | |||||
(In Thousands of U.S. Dollars) | |||||
September 30, | December 31, | ||||
2019 | 2018 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ 526,175 | $ 444,298 | |||
Restricted cash | 515,260 | 480,976 | |||
Accounts receivable trade, net | 449,347 | 498,231 | |||
Accounts receivable, unbilled | 38,996 | 38 | |||
Amounts due from related parties | 44,307 | 16,740 | |||
Inventories | 413,036 | 262,022 | |||
Value added tax recoverable | 100,088 | 107,222 | |||
Advances to suppliers | 80,875 | 37,011 | |||
Derivative assets | 5,131 | 4,761 | |||
Project assets | 910,101 | 933,563 | |||
Prepaid expenses and other current assets | 261,458 | 289,459 | |||
Total current assets | 3,344,774 | 3,074,321 | |||
Restricted cash | 7,417 | 15,716 | |||
Property, plant and equipment, net | 995,932 | 884,986 | |||
Solar power systems, net | 53,460 | 54,898 | |||
Deferred tax assets, net | 184,680 | 121,087 | |||
Advances to suppliers | 64,901 | 48,908 | |||
Prepaid land use right | 62,839 | 65,718 | |||
Investments in affiliates | 149,813 | 126,095 | |||
Intangible assets, net | 24,019 | 14,903 | |||
Goodwill | - | 1,005 | |||
Derivatives assets | - | 3,216 | |||
Project assets | 237,585 | 352,200 | |||
Right-of-use assets* | 37,141 | - | |||
Other non-current assets | 145,079 | 129,605 | |||
TOTAL ASSETS | $ 5,307,640 | $ 4,892,658 | |||
Current liabilities: | |||||
Short-term borrowings | $ 1,055,762 | $ 1,027,927 | |||
Long-term borrowings on project assets - current | 261,868 | 265,770 | |||
Accounts payable | 529,416 | 379,462 | |||
Notes payable | 476,611 | 369,722 | |||
Amounts due to related parties | 13,949 | 16,847 | |||
Other payables | 453,118 | 408,013 | |||
Convertible notes | - | 127,428 | |||
Advance from customers | 65,210 | 39,024 | |||
Derivative liabilities | 13,539 | 13,698 | |||
Lease Liabilities* | 17,352 | - | |||
Tax equity liabilities | 53,175 | 158,496 | |||
Other current liabilities | 139,791 | 141,970 | |||
Total current liabilities | 3,079,791 | 2,948,357 | |||
Accrued warranty costs | 52,992 | 50,605 | |||
Long-term borrowings | 525,935 | 393,614 | |||
Amounts due to related parties | 338 | 568 | |||
Derivatives liabilities | 3,008 | - | |||
Liability for uncertain tax positions | 26,486 | 20,128 | |||
Deferred tax liabilities | 66,028 | 35,698 | |||
Loss contingency accruals | 27,646 | 24,608 | |||
Lease Liabilities* | 21,066 | - | |||
Financing liabilities | 75,528 | 77,835 | |||
Other non-current liabilities | 63,371 | 68,400 | |||
Total LIABILITIES | 3,942,189 | 3,619,813 | |||
Equity: | |||||
Common shares | 703,806 | 702,931 | |||
Additional paid-in capital | 19,378 | 10,675 | |||
Retained earnings | 725,864 | 622,016 | |||
Accumulated other comprehensive loss | (122,084) | (110,149) | |||
Total Canadian Solar Inc. shareholders' equity | 1,326,964 | 1,225,473 | |||
Non-controlling interests in subsidiaries | 38,487 | 47,372 | |||
TOTAL EQUITY | 1,365,451 | 1,272,845 | |||
TOTAL LIABILITIES AND EQUITY | $ 5,307,640 | $ 4,892,658 | |||
Note: * The Company adopted ASU 2016-02 – Leases (Topic ASC842) in the first quarter of 2019 using the optional transition method and elected certain practical expedients, which were permitted under the guidance ASU 2018-11, Leases (Topic 842) – Targeted Improvements. The transition guidance allowed the Company not to reassess prior conclusions related to contracts containing leases or lease classification. The adoption primarily affected the condensed consolidated balance sheet through the recognition of right-of-use assets and lease liabilities as of January 1, 2019. The adoption did not have a significant impact on the results of operations or cash flows.
About Non-GAAP Financial Measures
To supplement its financial disclosures presented in accordance with GAAP, the Company uses non-GAAP measures which are adjusted from the most comparable GAAP measures for certain items as described below. The Company presents non-GAAP net income and diluted earnings per share so that readers can better understand the underlying operating performance of the business before the impact of AD/CVD true-up provisions. The non-GAAP numbers are not measures of financial performance under U.S. GAAP, and should not be considered in isolation or as an alternative to other measures determined in accordance with GAAP. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited.
Statement of Operations Data: | ||||||||||
(In Thousands of U.S. Dollars, Except Share and Per Share Data) | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September 30, 2019 | June 30, 2019 | September 30, 2018 | September 30, 2019 | September 30, 2018 | ||||||
GAAP net income attributable to Canadian Solar Inc. | 58,331 | 62,682 | 66,540 | 103,849 | 125,488 | |||||
Non-GAAP income adjustment items: | ||||||||||
AD/CVD provision true-up | (24,291) | (21,617) | (8,271) | (45,908) | (34,074) | |||||
Tax impact | 6,029 | 5,365 | 2,053 | 11,394 | 8,457 | |||||
Non-GAAP net income attributable to Canadian Solar Inc. | 40,069 | 46,430 | 60,322 | 69,335 | 99,871 | |||||
GAAP income per share - diluted | $ 0.96 | $ 1.04 | $ 1.09 | $ 1.71 | $ 2.08 | |||||
Non-GAAP income per share - diluted | $ 0.66 | $ 0.77 | $ 0.99 | $ 1.14 | $ 1.66 | |||||
Shares used in computation - diluted | 60,846,753 | 60,260,410 | 61,937,187 | 61,040,675 | 62,103,349 | |||||
View original content:http://www.prnewswire.com/news-releases/canadian-solar-reports-third-quarter-2019-results-300956729.html
SOURCE Canadian Solar Inc.
Article Date
11/12/2019Canadian Solar Won 190.5 MWp Solar Power Projects in Brazil
Source: PR Newswire
GUELPH, Ontario, Nov. 11, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has been awarded two solar photovoltaic (PV) projects totaling 190.5 MWp in the 7th Brazilian Federal Auction held in October 2019. This was the first time that solar participated in an A-6 energy auction. The Brazilian government allocated a total of 2,979 MW of generation capacity, of which 530 MW was solar.
Canadian Solar will develop and build the 152.4 MWp Gameleira project in the State of Ceará and the 38.1 MWp Luiz Gonzaga Project located in the State of Pernambuco. The construction is expected to start in Q3 2021 and Q1 2022 respectively, and the projects will both reach commercial operation before January 2023, two years earlier than the date required by the government. Once in operation, the two solar power plants will generate approximately 433 GWh of electricity annually. 30% of the electricity generated by the plants will be purchased by a pool of distribution companies under two 20-year power purchase agreements (PPAs), with an average contracted price of 84.38 BRL/MWh, or approximately US$22.32/MWh. The rest of the electricity will be purchased under long-term private PPAs which are under negotiation.
Dr. Shawn Qu, Chief Executive Officer and Chairman of Canadian Solar, commented, "We are proud to be the only company that has been successful in winning projects in all seven federal energy auctions held to date in Brazil. This auction win further strengthens our leading position in the Brazilian solar market where we have been awarded accumulatively around 1.6 GWp of PPAs."
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 36 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-won-190-5-mwp-solar-power-projects-in-brazil-300955253.html
SOURCE Canadian Solar Inc.
Article Date
11/11/2019Canadian Solar Schedules Third Quarter 2019 Earnings Conference Call for November 12
Source: PR Newswire
GUELPH, Ontario, Oct. 28, 2019 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Tuesday, November 12, 2019 at 5:00 p.m. U.S. Eastern Standard Time (6:00 a.m., November 13, 2019 in Hong Kong) to discuss the Company's third quarter 2019 results and business outlook.
The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from Hong Kong) or +1 845-675-0437 from international locations. The passcode for the call is 3366785. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 8:00 a.m. U.S. Eastern Standard Time on Wednesday, November 20, 2019 (9:00 p.m., November 20, 2019 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from Hong Kong) or +1-646-254-3697 from international locations. The passcode for the replay is 3366785. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
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 36 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-schedules-third-quarter-2019-earnings-conference-call-for-november-12-300946127.html
SOURCE Canadian Solar Inc.
Article Date
10/28/201910/24/2019 - Canadian Solar Releases 2018 Sustainability Report
Canadian Solar Releases 2018 Sustainability Report
Source: PR Newswire
GUELPH, Ontario, Oct. 24, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its latest Corporate Social Responsibility Report is now available online.
The report shows Canadian Solar's firm commitment to sustainable social and environmental development and the company's great efforts in making the difference in business and in local communities.
The Corporate Social Responsibility Report is prepared following the guidelines of Global Reporting Initiative™ (GRI) G4 CORE option, the global standard for sustainability reports. Below are the report highlights.
Operational highlights:
Environmental highlights:
Social highlights:
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented: "I feel very proud that Canadian Solar has played a big role in the global solar energy development, and I am very grateful to all our customers, partners and employees for making this possible. I look forward to working with all of you moving forward. Only when we work together, we can make the difference."
Canadian Solar's 2018 Sustainability Report can be downloaded as PDF via http://www.canadiansolar.cc/fileadmin/user_upload/media/Canadian_Solar_Sustainability_Report_2018_en.pdf
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 36 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-releases-2018-sustainability-report-300944531.html
SOURCE Canadian Solar Inc.
Article Date
10/24/2019Canadian Solar Secures 30 MWp in Japan's 4th Solar Auction
Source: PR Newswire
GUELPH, Ontario, Oct. 22, 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 been awarded a 30 MWp project in Japan's 4th solar energy auction.
The project is located in Maniwa City within Okayama prefecture and will be powered by high-efficiency Canadian Solar modules. Once constructed, the project will enter into a 20-year power purchase agreement with Chugoku Power Electric Company at a rate of ¥13.47 ($0.12) per kWh. The Company expects the project to reach commercial operation by 2024.
In addition to the 30 MWp won in Maniwa City, the Company recently acquired five utility-scale solar power projects totaling 20.5 MWp that have secured feed-in-tariff contracts and are expected to reach commercial operation in the 2020-21 time frame.
"Since we launched our Energy Business in Japan in 2011, Canadian Solar has completed the construction and grid connection of 39 solar power plants totaling 241.9 MWp, making us one of the largest utility-scale solar developers in the Japanese market. We are delighted to announce that our team in Japan continues to build on our track record of success, sourcing high-quality development opportunities through acquisitions as well as government tenders, which give us further certainty on the outlook for our Japanese energy business," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
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 36 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-secures-30-mwp-in-japans-4th-solar-auction-300942670.html
SOURCE Canadian Solar Inc.
Article Date
10/22/2019Canadian Solar Awarded 393.7 MWp Solar Power Projects in Brazil
Source: PR Newswire
GUELPH, Ontario, Oct. 10, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has been awarded three solar photovoltaic (PV) projects totaling 393.7 MWp in two recent Private Corporate Auctions held in Brazil in the third quarter of 2019.
Canadian Solar will develop and build two projects, one in the State of Pernambuco (190.5 MWp) and the other in the State of Ceará (76.2 MWp). The latter will be an expansion of the existing Project Lavras which is under development by the company. Construction is expected to start in 2021, and the projects will reach commercial operation before the end of 2022. Once in operation, the two solar power plants will generate approximately 598 GWh of electricity annually. Most of the energy generated will be purchased by COPEL Energia, which is part of COPEL Group, one of the top 10 energy trading companies in Brazil under two 15-year Power Purchase Agreements ("PPAs").
In addition, the Company will develop and build a 127 MWp project in the State of Minas Gerais, southeast of Brazil, which is expected to reach commercial operation before January 2023. Once in operation, this solar power plant will generate approximately 280 GWh of electricity annually. Most of the energy generated will be purchased by one of the largest electric utilities in the country under a long-term PPA. This project will be constructed in the same region and close to other existing projects developed and built by Canadian Solar in Minas Gerais.
Canadian Solar's high efficiency bifacial BiHiKu modules are planned to be installed on the three projects. These corporate PPAs will be the first of its kind to be executed by Canadian Solar in Brazil and will add to the company's portfolio of more than 1 GWp of contracted PPAs since the company entered the Brazilian market. Canadian Solar now has over 2 GWp of awarded and contracted PPAs in Latin America.
Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar, commented, "We are proud to be the only company that has been successful in winning projects in all six federal energy auctions held to date in Brazil and now winning our first batch of corporate PPAs in this booming market. This win demonstrates our long-term commitment to solar energy in Brazil and is the first step to initiate investment in the Brazilian Corporate Power Purchase Agreements market."
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 36 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-awarded-393-7-mwp-solar-power-projects-in-brazil-300936277.html
SOURCE Canadian Solar Inc.
Article Date
10/10/2019Canadian Solar Sets a 22.80% Conversion Efficiency World Record for P-type Large Area Multi-Crystalline Silicon Solar Cell
Source: PR Newswire
GUELPH, Ontario, Sept. 17, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its technology team set a world record of 22.80% conversion efficiency for p-type large area multi-crystalline silicon solar cell. The record-setting P5 (casted mono) cell conversion efficiency was tested and certified by Germany's Institute für Solarenergieforschung GmbH (ISFH) in September 2019. It surpasses the previous multi-crystalline cell efficiency world record of 22.28% which was also set by Canadian Solar in April 2019.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar said, "I am very pleased to announce that we broke the world record yet again. This is a milestone for our P5 technology development. It proves that our multi-crystalline silicon technology can achieve efficiencies very close to mono while still enjoying the cost advantage of multi. We remain focused on expanding our technology pipeline to provide our customers with the most LCOE-competitive products."
Canadian Solar has been developing and is commercially launching its P5 cell technology and solar module products. The 22.80% record efficiency multi-crystalline cell was fabricated utilizing 157mmx157mm (area 246.66cm2) P5 silicon wafers and production-ready technologies such as MCCE (Metal Catalyzed Chemical Etch) black-silicon texturing, selective emitter, multi-layer anti-reflection coating, advanced surface passivation, and optimized grid design and metallization. Notably, the MCCE black-silicon texturing technology, originally developed and mass-produced by Canadian Solar, was used to further improve cell performance.
Canadian Solar is a technology leader in the solar industry and one of the highest ranked global solar manufacturers in terms of patent applications and patent grants. The Company has 1,422 patents granted, covering the North American, European and Asia-Pacific regions. In August this year, all of the Company's cell capacity was upgraded to mono-PERC or multi-PERC. On the module product side, Canadian Solar has pioneered the GW-scale introduction of half-cut cell modules (Ku-series), bifacial modules (BiKu), multi-bus bar (MBB), 166mm wafers (HiKu and BiHiKu) and shingled modules (HiDM).
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 36 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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SOURCE Canadian Solar Inc.
Article Date
9/17/2019Duke Energy Renewables acquires 200-MWac Texas solar project from Canadian Solar
Source: PR Newswire
CHARLOTTE, N.C. and GUELPH, Ontario, Sept. 12, 2019 /PRNewswire/ -- Duke Energy Renewables, a subsidiary of Duke Energy (NYSE: DUK), is expanding its solar energy portfolio by acquiring the 200-megawatt (MWac) / 266-megawatt peak (MWp) Rambler solar project from Recurrent Energy, a wholly-owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ). The project will be located in Tom Green County, Texas and is expected to achieve commercial operation in mid-2020.
The energy generated from the Rambler solar project will be sold to a customer under a 15-year agreement. The 200-MWac project will utilize more than 733,000 of Canadian Solar's high efficiency bifacial BiKu modules across approximately 1,700 acres west of San Angelo, Texas. Rambler will power the equivalent of 40,000 homes, and Duke Energy Renewables will provide long-term operations and maintenance services to the project.
"We're pleased to continue our expansion of solar energy resources in Texas, which is seeing increasing demand for power," said Rob Caldwell, president of Duke Energy Renewables. "In addition to generating clean energy, this project will also bring significant economic benefits to the state."
The project is expected to employ 400 workers at peak construction. Along with indirect economic benefits that accompany solar project development – such as increased local spending in the service and construction industries – Rambler will also directly provide several million dollars to Tom Green County and to the local school district over the 40-year life of the project.
"With over one gigawatt of contracted projects in ERCOT's service territory, we are proud that Recurrent Energy continues to lead solar energy development in Texas, one of the fastest growing U.S. states for the solar industry," said Shawn Qu, chairman and CEO of Canadian Solar. "It has been our pleasure to rekindle our long relationship with Duke Energy Renewables' talented team through this strategic transaction."
The Rambler solar project, which is the fifth acquisition by Duke Energy Renewables this year, will be the company's fourth solar generation facility in Texas. The Rambler solar project also represents one of seven large-scale projects in Recurrent Energy's development portfolio within the state.
Canadian Solar expects to recognize the majority of the revenue from the sale of the project in the third quarter of 2019.
Since 2010, Duke Energy and Recurrent Energy have now partnered on six solar projects, including four equity transactions. Duke Energy has also purchased equity stakes in solar projects developed by Recurrent Energy that include Ajo and Bagdad located in Arizona and the Sunset Reservoir project located in San Francisco. Duke Energy subsidiaries have also purchased electricity from the North Carolina IS-42 and NC 102 projects, for which Recurrent Energy played a development or construction oversight role.
Duke Energy Renewables
Duke Energy Renewables, a nonregulated unit of Duke Energy, operates wind and solar generation facilities across the U.S., with a total electric capacity of 3,000 megawatts. Duke Energy is one of the nation's top renewable energy providers – on track to own or purchase 8,000 megawatts of wind, solar and biomass energy by 2020. The power is sold to electric utilities, electric cooperatives, municipalities, and commercial and industrial customers. The unit also operates energy storage and microgrid projects. Visit Duke Energy Renewables for more information.
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, in addition to Duke Energy Renewables' capacity.
Duke Energy was named to Fortune's 2019 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and energy storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
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.
Cautionary Language Concerning Forward-Looking Statements
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "outlook," "guidance," and similar expressions. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These risks and uncertainties are identified and discussed in Duke Energy's Form 10-K for the year ended December 31, 2018, and subsequent quarterly reports filed with the Securities and Exchange Commission ("SEC") and available at the SEC's website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Duke Energy has described. Duke Energy expressly disclaims an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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.
Contact: Jennifer Garber
Office: 980.373.0668 | 24-Hour: 800-559-3853
Recurrent Energy Contact: Jesse Prier
Email: PR@RecurrentEnergy.com
Office: 415.814.1067
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SOURCE Duke Energy
Article Date
9/12/20199/12/2019 - Canadian Solar completes the sale of a 266-MWp Texas solar project to Duke Energy Renewables
Canadian Solar completes the sale of a 266-MWp Texas solar project to Duke Energy Renewables
Source: PR Newswire
CHARLOTTE, N.C. and GUELPH, Ontario, Sept. 12, 2019 /PRNewswire/ -- Duke Energy Renewables, a subsidiary of Duke Energy (NYSE: DUK), is expanding its solar energy portfolio by acquiring the 200-megawatt (MWac) / 266-megawatt peak (MWp) Rambler solar project from Recurrent Energy, a wholly-owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ). The project will be located in Tom Green County, Texas and is expected to achieve commercial operation in mid-2020.
The energy generated from the Rambler solar project will be sold to a customer under a 15-year agreement. The 200-MWac project will utilize more than 733,000 of Canadian Solar's high efficiency bi-facial BiKu modules across approximately 1,700 acres west of San Angelo, Texas. Rambler will power the equivalent of 40,000 homes, and Duke Energy Renewables will provide long-term operations and maintenance services to the project.
"We're pleased to continue our expansion of solar energy resources in Texas, which is seeing increasing demand for power," said Rob Caldwell, president of Duke Energy Renewables. "In addition to generating clean energy, this project will also bring significant economic benefits to the state."
The project is expected to employ 400 workers at peak construction. Along with indirect economic benefits that accompany solar project development – such as increased local spending in the service and construction industries – Rambler will also directly provide several million dollars to Tom Green County and to the local school district over the 40-year life of the project.
"With over one gigawatt of contracted projects in ERCOT's service territory, we are proud that Recurrent Energy continues to lead solar energy development in Texas, one of the fastest growing U.S. states for the solar industry," said Shawn Qu, chairman and CEO of Canadian Solar. "It has been our pleasure to rekindle our long relationship with Duke Energy Renewables' talented team through this strategic transaction."
The Rambler solar project, which is the fifth acquisition by Duke Energy Renewables this year, will be the company's fourth solar generation facility in Texas. The Rambler project also represents one of seven large-scale projects in Recurrent Energy's development portfolio within the state.
Canadian Solar expects to recognize the majority of the revenue from the sale of the project in the third quarter of 2019.
Since 2010, Duke Energy and Recurrent Energy have now partnered on six solar projects, including four equity transactions. Duke Energy has also purchased equity stakes in solar projects developed by Recurrent Energy that include Ajo and Bagdad located in Arizona and the Sunset Reservoir project located in San Francisco. Duke Energy subsidiaries have also purchased electricity from the North Carolina IS-42 and NC 102 projects, for which Recurrent Energy played a development or construction oversight role.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and energy storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 7 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
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 36 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.
Duke Energy Renewables
Duke Energy Renewables, a nonregulated unit of Duke Energy, operates wind and solar generation facilities across the U.S., with a total electric capacity of 3,000 megawatts. Duke Energy is one of the nation's top renewable energy providers – on track to own or purchase 8,000 megawatts of wind, solar and biomass energy by 2020. The power is sold to electric utilities, electric cooperatives, municipalities, and commercial and industrial customers. The unit also operates energy storage and microgrid projects. Visit Duke Energy Renewables for more information.
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of the largest energy holding companies in the U.S. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities, in addition to Duke Energy Renewables' capacity.
Duke Energy was named to Fortune's 2019 "World's Most Admired Companies" list, and Forbes' 2019 "America's Best Employers" list. More information about the company is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos, videos and other materials. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
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.
Cautionary Language Concerning Forward-Looking Statements
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management's beliefs and assumptions. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will," "potential," "forecast," "target," "outlook," "guidance," and similar expressions. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These risks and uncertainties are identified and discussed in Duke Energy's Form 10-K for the year ended December 31, 2018, and subsequent quarterly reports filed with the Securities and Exchange Commission ("SEC") and available at the SEC's website at www.sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than Duke Energy has described. Duke Energy expressly disclaims an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Canadian Solar Inc. Contacts
Ed Job
Managing Director, Investor Relations
investor@canadiansolar.com
David Pasquale
Global IR Partners
Tel: +1-914-337-8801
csiq@globalirpartners.com
Recurrent Energy Media Relations
Jesse Prier
Manager, Marketing & Communications
Tel: +1-415-814-1067
PR@RecurrentEnergy.com
Duke Energy Media Relations
Jennifer Garber
Corporate Communications
Tel: 980.373.0668
24-Hour Tel: 800-559-3853
View original content:http://www.prnewswire.com/news-releases/canadian-solar-completes-the-sale-of-a-266-mwp-texas-solar-project-to-duke-energy-renewables-300917047.html
SOURCE Canadian Solar Inc.
Article Date
9/12/20198/28/2019 - Canadian Solar Secures Additional 487 Million Brazilian Reais Financing for Solar Power Projects in Brazil
Canadian Solar Secures Additional 487 Million Brazilian Reais Financing for Solar Power Projects in Brazil
Source: PR Newswire
GUELPH, Ontario, Aug. 28, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has secured 487.0 million Brazilian reais (US$ 120 million) non-recourse project financing from Banco do Nordeste do Brasil S.A. (BNB) for its Francisco Sa and Jaiba solar power projects. Since the beginning of 2019, Canadian Solar has secured BRL 782 million (US$ 192 million) solar project financing with BNB.
The 114.3 MWp Francisco Sa and 112.4 MWp Jaiba projects will be funded over 23 years across the construction and operation phases of the projects. The inflation-linked debt tied to the National Consumer Price Index (IPCA) will provide improved capital and resource alignment with the Brazilian economy.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar commented, "We are delighted to close our third and fourth consecutive project financings with BNB. These new financings affirm the public sector's support to empower social demand for clean and affordable solar energy infrastructure in Brazil. As a financier to the fastest growing renewables market in Latin America, BNB's continuing participation promotes our confidence in the long-term potential of Brazil's green energy sector."
The funding from BNB across multiple projects will support Canadian Solar's plan to build one of the largest high efficiency bi-facial solar power plants in Latin America. These projects will be powered by Canadian Solar high efficiency modules, including BiHiKu modules.
Canadian Solar won the Francisco Sa and Jaiba solar projects in Brazil's A-4 federal auction in April 2018 with 20-year, inflation-adjusted PPAs awarded at a base price of 118 Brazilian reais/MWh (approximately US$29/MWh) with the Brazilian Electric Power Commercialization Chamber (CCEE). The projects are expected to start construction in the fourth quarter of 2019 and reach commercial operation in 2021.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 36 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-secures-additional-487-million-brazilian-reais-financing-for-solar-power-projects-in-brazil-300908281.html
SOURCE Canadian Solar Inc.
Article Date
8/28/2019Canadian Solar Signs Agreements to Provide Operations & Maintenance Services for 300 MWp Solar Power Plants in Australia
Source: PR Newswire
GUELPH, Ontario, Aug. 21, 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 Operations & Maintenance (O&M) agreements with Gannawarra Solar Farm Pty Ltd, Hayman Solar Farm Pty Ltd and Daydream Solar Farm Pty Ltd for three solar PV plants totaling 300 MWp in Australia.
The Gannawarra Solar Farm near Kerang in western Victoria, co-owned by Wirsol and Edify Energy, is a 60 MWp single-axis tracking solar system with energy storage and it is the first large-scale solar farm in Victoria to date. The Hayman and Daydream solar farms are located in Collinsville of Northern Queensland with a combined capacity of 240 MWp, and are developed by Edify Energy and co-owned by Blackrock and Edify Energy. Canadian Solar will be responsible for plant monitoring, performance management, and preventative and corrective maintenance in all three facilities. Canadian Solar's O&M portfolio in Australia is now over 875 MWp with over 2.9 GWp O&M portfolio in operation or contracted worldwide.
"Edify's position as a market leader in Australia provides the opportunity to work in partnership with other world class leaders in renewable energy," said John Cole, Founder and Chief Executive of Edify Energy. "We are excited to be working with Canadian Solar as our O&M contractor on five power stations – four solar farms and an energy storage system – for which we have an ownership stake and are asset manager. Working with Canadian Solar will ensure a continued source of efficient, innovative and reliable renewable energy. We continue to lead the charge towards a smarter and cleaner energy supply for Australia."
Dr. Shawn Qu, Chairman and CEO of Canadian Solar Inc. said, "As one of the leading global providers of solar system solutions for the past 18 years with extensive experience in operating and maintaining our own solar facilities, offering operations and maintenance services to customers is a natural extension of Canadian Solar's value proposition. We are delighted to be selected by Wirsol and Edify Energy to provide O&M services to the 3 solar farms to minimize downtime and increase site availability. We will continue to add value to the Australian energy market by providing the best quality service, maximize production of renewable energy and enhance the value of solar assets through our O&M services."
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 36 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.
Canadian Solar 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.
Article Date
8/21/2019Canadian Solar Reports Second Quarter 2019 Results
Source: PR Newswire
GUELPH, Ontario, Aug. 15, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced financial results for the second quarter ended June 30, 2019.
Second Quarter 2019 Highlights
Second Quarter 2019 Results
Net revenue in the second quarter of 2019 was $1,036.3 million, compared to $484.7 million in the first quarter of 2019, and $650.6 million in the second quarter of 2018. The sequential increase was primarily due to higher solar module shipments and higher revenue from the sale of solar power plants.
Total solar module shipments in the second quarter of 2019 were 2,143 MW, compared to 1,575 MW in the first quarter of 2019 and second quarter 2019 guidance of 1.95 GW to 2.05 GW. Total solar module shipments in the second quarter of 2019 included 65 MW shipped to the Company's utility-scale solar power projects. Module shipments recognized in revenue in the second quarter of 2019 totaled 2,376 MW, compared to 1,423 MW in the first quarter of 2019 and 1,454 MW in the second quarter of 2018.
Gross profit in the second quarter of 2019 was $182.6 million, compared to $107.4 million in the first quarter of 2019 and $159.4 million in the second quarter of 2018. Gross margin in the second quarter of 2019 was 17.6%, including the benefit of an AD and CVD true-up of $21.6 million, or 15.5% without the true-up benefit which represents the non-GAAP gross margin, compared to 22.2% in the first quarter of 2019, and 24.5% in the second quarter of 2018, including the benefits of AD and CVD true-ups of $25.8 million in the second quarter of 2018, or 20.5% without the true-up benefit. The non-GAAP gross margin achieved in the second quarter was higher than previous guidance of 13.0% to 15.0% primarily due to lower blended module manufacturing costs and slightly higher than expected average selling price of solar modules.
The Company's Module and System Solutions (MSS) business comprises primarily the design, development, manufacture and sale of solar modules, other solar power products and solar system kits. The MSS business also provides engineering, procurement and construction (EPC) and operating and maintenance (O&M) services. The Company's Energy business includes primarily the development and sale of solar projects, operating solar power projects and the sale of electricity. Module sales from the Company's MSS business to the Energy business are on terms and conditions similar to sales to third parties.
The Company develops solar power projects worldwide. Where applicable, the Company may apply for and/or be entitled to receive a feed-in tariff (FIT) for its projects. Alternatively, the Company may participate in public or private energy auctions and bidding, which result in long-term power purchase agreements (PPAs). The Company may also sell all or part of the electricity generated from its solar power projects on the merchant power market. Due to the relatively long lead times (two to four years) required to develop solar power projects and bring them to a commercial operation date (COD), the actual gross margin of a project may deviate from the expected gross margin. The deviation may be caused by, among other things, changes in the political and economic conditions in host countries, project specific conditions, price movements of solar modules and other components, changes in the cost of EPC services and the capital return requirements of solar asset buyers. In recent years, the Company has sold some solar power projects before COD. We typically refer to these sales as "notice to proceed" or NTP sales. In NTP sales, revenue is lower while the gross margin percentage is higher than in COD sales, even if the absolute margin is the same. Results from the Company's Energy business may be lumpy from quarter to quarter, depending on whether projects are sold at NTP or COD, project sale transaction dates and the profit level of each project.
The following tables provide selected financial data for the Company's MSS and Energy businesses:
Three Months Ended June 30, 2019 | ||||||||||||
MSS | Energy | Elimination | Total | |||||||||
Net revenue | 673,116 | 374,938 | (11,779) | 1,036,275 | ||||||||
Cost of revenue | 519,376 | 353,529 | (19,272) | 853,633 | ||||||||
Gross profit | 153,740 | 21,409 | 7,493 | 182,642 | ||||||||
Gross Margin | 22.8% | 5.7% | — | 17.6% | ||||||||
Income (loss) from | 58,437 | (5,188) | 7,493 | 60,742 | ||||||||
Six Months Ended June 30, 2019 | ||||||||||||
MSS | Energy | Elimination | Total | |||||||||
Net revenue | 1,142,017 | 406,525 | (27,548) | 1,520,994 | ||||||||
Cost of revenue | 889,040 | 375,703 | (33,830) | 1,230,913 | ||||||||
Gross profit | 252,977 | 30,822 | 6,282 | 290,081 | ||||||||
Gross Margin | 22.2% | 7.6% | — | 19.1% | ||||||||
Income (loss) from operations | 79,178 | (18,113) | 6,282 | 67,347 | ||||||||
Three Months Ended | Six Months Ended | |||||||
(In Thousands of U.S. Dollars) | ||||||||
MSS: | ||||||||
Solar modules and other solar power products | 525,130 | 896,224 | ||||||
Solar system kits | 31,844 | 56,920 | ||||||
EPC services | 84,424 | 124,104 | ||||||
O&M services | 3,397 | 7,907 | ||||||
Others (materials and components) | 16,542 | 29,314 | ||||||
Subtotal | 661,337 | 1,114,469 | ||||||
Energy: | ||||||||
Solar power projects | 365,962 | 390,533 | ||||||
Electricity | 1,693 | 2,976 | ||||||
Others (EPC and development services) | 7,283 | 13,016 | ||||||
Subtotal | 374,938 | 406,525 | ||||||
Total net revenue | 1,036,275 | 1,520,994 | ||||||
Total operating expenses in the second quarter of 2019 were $121.9 million, compared to $100.8 million in the first quarter of 2019 and $105.5 million in the second quarter of 2018.
Selling expenses in the second quarter of 2019 were $45.4 million, compared to $37.9 million in the first quarter of 2019 and $40.3 million in the second quarter of 2018. The sequential increase was primarily due to the increase in shipping and handling costs and project transaction fees associated with the higher quarterly revenue level.
General and administrative expenses in the second quarter of 2019 were $65.7 million, compared to $51.4 million in the first quarter of 2019 and $56.4 million in the second quarter of 2018. The sequential increase was mainly due to the impairment of $9.7 million for certain manufacturing equipment, as well as a $2.9 million increase in bad debt provision.
Research and development expenses in the second quarter of 2019 were $12.1 million, compared to $13.2 million in the first quarter of 2019 and $9.1 million in the second quarter of 2018.
Other operating income in the second quarter of 2019 was $1.3 million, compared to $1.7 million in the first quarter of 2019 and $0.3 million in the second quarter of 2018.
Income from operations in the second quarter of 2019 was $60.7 million, compared to $6.6 million in the first quarter of 2019, and $53.9 million in the second quarter of 2018. Operating margin was 5.9% in the second quarter of 2019, compared to 1.4% in the first quarter of 2019 and 8.3% in the second quarter of 2018.
Non-cash depreciation and amortization charges in the second quarter of 2019 were $39.7 million, compared to $37.6 million in the first quarter of 2019 and $30.2 million in the second quarter of 2018. Non-cash equity compensation expense in the second quarter of 2019 was $3.5 million, compared to $2.4 million in the first quarter of 2019 and $3.3 million in the second quarter of 2018.
Interest expense in the second quarter of 2019 was $20.7 million, compared to $21.7 million in the first quarter of 2019 and $26.6 million in the second quarter of 2018.
Interest income in the second quarter of 2019 was $4.5 million, compared to $2.0 million in the first quarter of 2019 and $2.9 million in the second quarter of 2018.
The Company recorded a loss on the change in fair value of derivatives in the second quarter of 2019 of $12.5 million, compared to $1.3 million in the first quarter of 2019 and $7.6 million in the second quarter of 2018. Foreign exchange gain in the second quarter of 2019 was $16.4 million, compared to a loss of $12.6 million in the first quarter of 2019, and a loss of $2.5 million in the second quarter of 2018.
Income tax expense in the second quarter of 2019 was $14.0 million, compared to income tax benefit of $7.5 million in the first quarter of 2019 and income tax expense of $7.8 million in the second quarter of 2018.
Net income attributable to Canadian Solar in the second quarter of 2019 was $62.7 million, or $1.04 per diluted share, compared to net loss of $17.2 million, or $0.29 per diluted share, in the first quarter of 2019 and net income of $15.6 million, or $0.26 per diluted share, in the second quarter of 2018.
Financial Condition
The Company had $981.0 million of cash, cash equivalents and restricted cash as of June 30, 2019, compared to $912.3 million as of March 31, 2019.
Accounts receivable, net of allowance for doubtful accounts, at the end of the second quarter of 2019 were $454.6 million, compared to $388.7 million at the end of the first quarter of 2019. Accounts receivable turnover in the second quarter of 2019 was 41 days, compared to 91 days in the first quarter of 2019.
Inventories at the end of the second quarter of 2019 were $337.8 million, compared to $385.1 million at the end of the first quarter of 2019. Inventory turnover in the second quarter of 2019 was 40 days, compared to 81 days in the first quarter of 2019.
Accounts and notes payable at the end of the second quarter of 2019 were $926.2 million, compared to $934.0 million at the end of the first quarter of 2019.
Short-term borrowings and the current portion of long-term borrowings on project assets at the end of the second quarter of 2019 were $1.3 billion, compared to $1.4 billion at the end of the first quarter of 2019. Long-term borrowings at the end of the second quarter of 2019 were $462.9 million, compared to $433.5 million at the end of the first quarter of 2019.
Total borrowings directly related to the Company's utility-scale solar power projects were $640.5 million at the end of the second quarter of 2019, compared to $735.0 million at the end of the first quarter of 2019. Total debt at the end of the second quarter of 2019 was $1.86 billion, compared to $1.92 billion at the end of the first quarter of 2019.
Dr. Shawn Qu, Chairman and Chief Executive Officer, commented: "Canadian Solar's strong Q2 financial performance is principally due to the resiliency of our business model and our team's solid execution of the business plan. Our focus on achieving improved operating efficiencies with reduced manufacturing costs across global operations, while continuing to invest in R&D to ensure long-term success, puts us in the most competitive position in the Company's history. Overall, we are incrementally more positive in the outlook for the second half of 2019 based on the improved visibility, healthy demand levels in key markets, more stable average selling prices and higher capacity utilization levels."
Yan Zhuang, Acting Chief Executive Officer, commented: "We are pleased with the 2019 second quarter results and continue to focus on increasing shareholder value. Solar module shipments, revenue and gross margin were all above expectations, underscoring the combined strengths of the MSS and Energy businesses. The MSS business benefited from higher capacity utilization, healthy demand levels and a slightly higher average selling price than previously forecasted. We are also encouraged with the execution on the R&D roadmap, which gives us an added competitive advantage with a leadership position in sought-after high efficiency modules. During the quarter, we signed a multi-year contract with EDF Renewables North America to supply 1.8 GW of high-efficiency modules. This module supply agreement represents the largest single module supply agreement in Canadian Solar's 18-year history and is the latest example of the trust that our clients place in our ability to execute and deliver. In the Energy business, we completed the sale of 228 MWp projects globally in the second quarter, including 134 MWp in the U.S., 68 MWp in Mexico, 20 MWp in China and 6 MWp in Namibia. We also further expanded the global late-stage, utility-scale solar power project pipeline to over 3.6 GWp as of July 31, 2019, while maintaining a portfolio of solar power plants in operation at 795.8 MWp, with an estimated resale value of approximately $1.0 billion."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer, added: "Our solid execution resulted in the better than expected profitability for the second quarter. We improved the gross margin to 17.6% and delivered a net income of $1.04 per diluted share on a GAAP basis, compared to a loss of $0.29 per diluted share in the first quarter. The improved profitability was driven by lower overall manufacturing costs, higher earnings contribution from unconsolidated investees, and a foreign exchange gain. In the second quarter, as compared to the first quarter, we reduced operating expenses to 11.8% of revenues from 20.8% and reduced inventories by $47.3 million. Importantly, we generated $225.8 million in cash from operations, which allowed us to further reduce total debt and strengthen the balance sheet. We are firmly on track for continued business success as we move into the second half of 2019."
Utility-Scale Solar Project Pipeline
The Company divides its utility-scale solar project pipeline into two categories: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline includes primarily those projects that have feed-in tariffs (FITs) or power purchase agreements (PPAs) and are expected to be built within the next four years. The Company cautions that some late-stage projects may not reach completion due to such factors as failure to secure permits and grid connection, and changes of political and economic conditions in host countries, among others.
Late-Stage Utility-Scale Solar Project Pipeline
As of July 31, 2019, the Company's late-stage, utility-scale solar project pipeline, including those in construction, totaled approximately 3.6 GWp, with 1,565 MWp in the U.S., 508.2 MWp in Brazil, 368 MWp in Mexico, 311.8 MWp in Japan, 385 MWp in China and additional 465.2 MWp in total in Australia, Canada, Israel, Taiwan, the Philippines, Malaysia, Italy and South Korea.
In the United States, as of July 31, 2019, the Company's late-stage, utility-scale solar project pipeline in the U.S. totaled 1,565 MWp* as detailed in the table below.
Project | MWp | Storage (MWh) | Location | Status | Expected COD |
Gaskell West 2 | 147 | N/A | California | Development | 2021 |
Pflugerville | 185 | N/A | Texas | Development | 2021 |
Texas Project | 280 | N/A | Texas | Development | 2021 |
Texas Project 3 | 280 | N/A | Texas | Development | 2020 |
Maplewood (1) | 310 | N/A | Texas | Development | 2021 |
Maplewood 2 (1) | 40 | N/A | Texas | Development | 2021 |
Slate | 235 | 180 | California | Development | 2021 |
Stanford Solar | 88 |
N/A |
California |
Development |
2021 |
Total | 1,565 |
(1) In June, the Company announced the addition of two new commercial and industrial (C&I) electricity contracts: the first with Anheuser-Busch on the 310 MWp Maplewood project, and the second with Energy Transfer on the 40 MWp Maplewood 2 project. The electricity contract with Maplewood was signed in December 2018 but announced in June 2019. |
*This table does not include the 100 MWac Sunflower project located in Mississippi. In November 2018, the Company entered into a build-to-transfer agreement with Entergy Mississippi for the Sunflower project. As part of the agreement, Entergy Mississippi will serve as both project owner and electricity off-taker once the project is constructed and transferred to them. This build-to-transfer agreement is pending approval by the Mississippi Public Service Commission. |
In Japan, as of July 31, 2019, the Company's late-stage, utility-scale solar project pipeline, for which interconnection agreements and FIT have been secured, totaled approximately 311.8 MWp, including 94.4 MWp under construction and 217.4 MWp under development. In July 2019, two projects totaling 3.3 MWp reached COD.
The table below sets forth the expected COD schedule of the Company's late-stage utility-scale solar power projects in Japan, as of July 31, 2019:
Expected COD Schedule (MWp) | ||||||||
2019 | 2020 | 2021 and Thereafter | Total | |||||
61.8 | 62.3 | 187.7 | 311.8 | |||||
In Brazil, as of July 31, 2019, the Company has a 508.2 MWp late-stage, utility-scale solar project pipeline as detailed in the table below.
Project | MWp | Location | Status | Expected |
Francisco Sa | 114.3* | Minas Gerais | Development | 2021 |
Jaiba | 101.6* | Minas Gerais | Development | 2021 |
Jaiba Expansao | 25.6 | Minas Gerais | Development | 2021 |
Lavras | 152.4* | Ceara | Development | 2021 |
Salgueiro | 114.3* | Pernambuco | Development | 2020 |
Total | 508.2 |
*In April 2019, the Company signed an agreement to sell its 80% interest in the 482.6 MWp of solar power projects to Nebras Power Investment Management B.V., a Dutch affiliate of Nebras Q.P.S.C. Canadian Solar will supply high efficiency bi-facial solar modules to the projects. The Company expects to complete the sale and recognize revenues over the coming months. |
In Mexico, as of July 31, 2019, the Company has a 368 MWp late-stage, utility-scale solar project pipeline as detailed in the table below.
Project | MWp | Location | Status | Expected |
EL Mayo | 124 | Sonora | Development | 2021 |
Horus | 119 | Aguascalientes | Development | 2020 |
Tastiota | 125 | Sonora | Development | 2020 |
Total | 368 |
In China, as of July 31, 2019, the Company's late-stage power pipeline was 385 MWp.
Solar Power Plants in Operation
In addition to its late-stage, utility-scale solar project pipeline, as of July 31, 2019, the Company had a portfolio of utility-scale, solar power plants in operation totaling 795.8 MWp. The Company records these power plants on the balance sheet as "project assets (build to sell)", "assets held-for-sale" and "solar power systems, net (build to own)". The proceeds of project sales recorded as "project assets (build to sell)" on the balance sheet will be recorded as revenue in the income statement once revenue recognition criteria are met. The gain or loss from the sale of projects recorded as "assets held-for-sale" and "solar power systems, net (build to own)" on the balance sheet will be recorded within "other operating income (expenses)" in the income statement.
The table below sets forth the Company's total portfolio of utility-scale, solar power plants in operation, as of July 31, 2019 (MWp):
U.S. | Japan | China | India | Argentina | Others | Total |
205.9 | 89.6 | 350.3 | 35.0 | 100.1 | 14.9 | 795.8 |
Manufacturing Capacity
The table below sets forth the Company's manufacturing capacity expansion plan for 2019.
Manufacturing Capacity (MW) | ||||
31-Dec-18 | 30-Jun-19 (Actual) | 31-Dec-19 | ||
Ingot | 1,650 | 1,650 | 1,650 | |
Wafer | 5,000 | 5,000 | 5,000 | |
Cell | 6,300 | 7,800 | 9,300 | |
Module | 8,880 | 9,400 | 12,220 | |
The Company's manufacturing capacity expansion plan is subject to change based on market conditions.
Senior Management Appointments
At the beginning of Q3 2019, the Company appointed Ismael Guerrero Arias as Corporate Vice President and President of the Energy Group, and Ed Job as Managing Director, Investor Relations.
Mr. Guerrero brings over fifteen years of solar energy experience to Canadian Solar, most recently as President, Head of Origination for Asia of TerraForm Global, Inc. Before joining TerraForm, Mr. Guerrero served as Canadian Solar's Vice President of Global Projects and led the Company's Energy Group's project development, sales and EPC activities. He was previously Director of Operations for Asia of the Global Sustainable Fund based in Singapore. Mr. Guerrero replaces Arthur Chien, who will continue to act as an advisor on special projects, and will report to Yan Zhuang, Acting Chief Executive Officer of the Company.
Mr. Job returns to Canadian Solar following a three-year sabbatical after serving as Canadian Solar's Director of Investor Relations. Mr. Job has over twenty years of experience in the areas of strategic development, corporate finance and investor relations. He will report to Huifeng Chang, Senior Vice President and Chief Financial Officer.
Dr. Shawn Qu, Chairman and Chief Executive Officer commented: "I am pleased to welcome back Ismael and Ed, two former colleagues who know Canadian Solar well. Both have a proven track record of excellence in their fields. Their return will further strengthen the focus of our Energy business and bolster our engagement with the investment community."
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to market conditions, production capacity, the Company's order book and the global economic environment. This outlook is subject to uncertainty on final customer demand, solar project construction and sale schedules. Management's views and estimates are subject to change without notice.
For the third quarter of 2019, the Company expects total solar module shipments to be in the range of 2.2 GW to 2.3 GW, including approximately 160 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in the third quarter of 2019. Total revenue for the third quarter is expected to be in the range of $780 million to $810 million. Gross margin for the third quarter is expected to be between 24% and 26%, reflecting the positive impact of planned higher gross margin project sales primarily in Japan and the U.S. The aforementioned revenue forecast does not include the potential sales of a project that may be completed in the third quarter. If the transaction is closed in time, total revenue for the third quarter is expected to be in the range of $970 million to $1 billion and gross margin between 27% and 29%.
For the full year 2019, the Company now raises its guidance for total module shipments to the range of approximately 8.4 GW to 8.5 GW from the previous guidance of 7.4 GW to 7.8 GW. Total revenue for the year is expected to be in the range of $3.5 billion to $3.8 billion.
Yan Zhuang, Acting Chief Executive Officer of Canadian Solar commented: "At our recent Solar Future Forum in New York City, we highlighted Canadian Solar's considerable technology leadership advantages, our efforts to lower the levelized cost of energy and long-term track record. Among other things, there was a lot of excitement around the completion of the transition of all our cell capacity to PERC, which should be achieved by the end of August. This will give us a further competitive advantage as bi-facial capacity is expanded to meet increasing global demand. In the Energy business, we look forward to monetizing the late-stage, utility scale project pipeline, which now stands at 3.6 GWp and the portfolio of utility-scale, solar power plants in operation, which currently stands at 795.8 MWp. There is considerable interest in Canadian Solar power plants given the unparalleled track record of consistent module performance and reliability. As part of these efforts, we expect to complete the sale of our 80% interest in the 482.6 MWp Brazil portfolio of solar power plants in the coming months."
Mr. Zhuang added: "We remain committed to increasing shareholder value by executing on Canadian Solar's strategy for both the MSS and Energy businesses, while strengthening the balance sheet. In addition, we have expanded our Investor Relations team to improve our shareholder communication. We strive to enhance the investment community's understanding of the strengths of Canadian Solar's business model, strategy and performance track record."
Recent Developments
On July 25, 2019, Canadian Solar announced that it signed an agreement for the purchase of electricity from its 32 MWp/23 MWac Suffield solar facility with Direct Energy. 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.
On July 17, 2019, Canadian Solar announced that it was awarded a 51.1 MWp solar photovoltaic project in the Sixth Brazilian Federal Energy Auction (A-4) held on June 28, 2019. 50% of the electricity generated will be purchased by two utilities under awarded 20-year power purchase agreements, with an average contracted price of 73.60 BRL/MWh, or approximately US$19.37/MWh, and the other 50% will be purchased under a long-term private PPA.
On July 11, 2019, Canadian Solar announced that it achieved commercial operation on its first third-party EPC project in Vietnam. Canadian Solar provided solar modules, inverter stations and EPC services in a joint venture with IPC Technique JSC and SD668 Vietnam JSC for the 15 MWp Chu Ngoc Solar Project owned by Licogi 16 JSC. The 15 MWp project reached commercial operation in June 2019.
On June 6, 2019, Canadian Solar announced that it signed a module contract with Solar Century to supply 500 MW modules to Solar Century's two projects in Spain.
On June 4, 2019, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, LLC signed a 15-year power purchase agreement with Energy Transfer for 40 MWp/28 MWac of electricity from its Maplewood 2 solar project.
On June 4, 2019, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, LLC signed 15-year power purchase agreement with Anheuser-Busch for 310 MWp/222 MWac of electricity from its Maplewood solar project.
Conference Call Information
The Company will hold a conference call at 8:00 a.m. U.S. Eastern Daylight Time on August 15, 2019 (8:00 p.m., August 15, 2019 in Hong Kong) to discuss the Company's second quarter 2019 results and business outlook. The dial-in phone number for the live audio call is +1 866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1 845-675-0437 (from international locations). The passcode for the call is 7591587. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 8:00 a.m. U.S. Eastern Daylight Time on Friday, August 23, 2019 (8:00 p.m., August 23, 2019 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 (from international locations), with passcode 7591587. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
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 36 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 regarding the Company's expected future shipment volumes, gross margins 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.
FINANCIAL TABLES FOLLOW
Canadian Solar Inc. | ||||||||||
Unaudited Condensed Consolidated Statement of Operations | ||||||||||
(In Thousands of U.S. Dollars, Except Share and Per Share Data and Unless Otherwise Stated) | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | ||||||
2019 | 2019 | 2018 | 2019 | 2018 | ||||||
Net revenues | $ 1,036,275 | $ 484,719 | $ 650,590 | $ 1,520,994 | $ 2,075,501 | |||||
Cost of revenues | 853,633 | 377,280 | 491,155 | 1,230,913 | 1,772,119 | |||||
Gross profit | 182,642 | 107,439 | 159,435 | 290,081 | 303,382 | |||||
Operating expenses: | ||||||||||
Selling expenses | 45,361 | 37,931 | 40,275 | 83,292 | 82,607 | |||||
General and administrative | 65,735 | 51,423 | 56,433 | 117,159 | 105,208 | |||||
Research and development | 12,133 | 13,166 | 9,134 | 25,298 | 18,633 | |||||
Other operating income | (1,329) | (1,686) | (345) | (3,015) | (35,251) | |||||
Total operating expenses | 121,900 | 100,834 | 105,497 | 222,734 | 171,197 | |||||
Income from operations | 60,742 | 6,605 | 53,938 | 67,347 | 132,185 | |||||
Other income (expenses): | ||||||||||
Interest expense | (20,654) | (21,699) | (26,596) | (42,352) | (56,190) | |||||
Interest income | 4,452 | 2,029 | 2,883 | 6,481 | 6,459 | |||||
Loss on change in fair value of | (12,489) | (1,260) | (7,567) | (13,748) | (3,093) | |||||
Foreign exchange gain (loss) | 16,415 | (12,586) | (2,454) | 3,828 | (10,911) | |||||
Investment income (loss) | 2,002 | 545 | (584) | 2,547 | (584) | |||||
Other expenses, net | (10,274) | (32,971) | (34,318) | (43,244) | (64,319) | |||||
Income (loss) before income taxes | 50,468 | (26,366) | 19,620 | 24,103 | 67,866 | |||||
Income tax benefit (expense) | (13,951) | 7,529 | (7,766) | (6,423) | (11,857) | |||||
Equity in earnings of unconsolidated | 23,740 | 1,981 | 4,119 | 25,721 | 3,850 | |||||
Net income (loss) | 60,257 | (16,856) | 15,973 | 43,401 | 59,859 | |||||
Less: Net income (loss) attributable | (2,425) | 309 | 404 | (2,116) | 913 | |||||
Net income (loss) attributable to | $ 62,682 | $ (17,165) | $ 15,569 | $ 45,517 | $ 58,946 | |||||
Earnings (loss) per share - basic | $ 1.05 | $ (0.29) | $ 0.26 | $ 0.77 | $ 1.00 | |||||
Shares used in computation - basic | 59,547,209 | 59,231,227 | 58,826,343 | 59,389,975 | 58,690,736 | |||||
Earnings (loss) per share - diluted | $ 1.04 | $ (0.29) | $ 0.26 | $ 0.76 | $ 1.00 | |||||
Shares used in computation - diluted | 60,260,410 | 59,231,227 | 59,215,958 | 60,272,536 | 59,183,822 | |||||
Canadian Solar Inc. | |||||||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income | |||||||||||
(In Thousands of U.S. Dollars) | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
June 30, | March 31, | June 30, | June 30, | June 30, | |||||||
2019 | 2019 | 2018 | 2019 | 2018 | |||||||
Net Income (loss) | 60,257 | (16,856) | 15,973 | 43,401 | 59,859 | ||||||
Other comprehensive income (net of tax | |||||||||||
Foreign currency translation adjustment | (11,170) | 15,985 | (62,068) | 4,815 | (38,887) | ||||||
Gain (loss) on changes in fair value of | (3,310) | (2,370) | 1,918 | (5,680) | 7,046 | ||||||
Comprehensive income (loss) | 45,777 | (3,241) | (44,177) | 42,536 | 28,018 | ||||||
Less: comprehensive income (loss) | (1,028) | (4,327) | (1,292) | (5,355) | 2,208 | ||||||
Comprehensive income (loss) attributable | 46,805 | 1,086 | (42,885) | 47,891 | 25,810 | ||||||
Canadian Solar Inc. | |||||||
Unaudited Condensed Consolidated Balance Sheets | |||||||
(In Thousands of U.S. Dollars) | |||||||
June 30, | December 31, | ||||||
2019 | 2018 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ 438,496 | $ 444,298 | |||||
Restricted cash | 525,835 | 480,976 | |||||
Accounts receivable trade, net | 454,645 | 498,231 | |||||
Accounts receivable, unbilled | 19,519 | 38 | |||||
Amounts due from related parties | 14,190 | 16,740 | |||||
Inventories | 337,819 | 262,022 | |||||
Value added tax recoverable | 100,505 | 107,222 | |||||
Advances to suppliers | 62,237 | 37,011 | |||||
Derivative assets | 4,246 | 4,761 | |||||
Project assets | 690,493 | 933,563 | |||||
Prepaid expenses and other current | 247,337 | 289,459 | |||||
Total current assets | 2,895,322 | 3,074,321 | |||||
Restricted cash | 16,620 | 15,716 | |||||
Property, plant and equipment, net | 957,905 | 884,986 | |||||
Solar power systems, net | 57,131 | 54,898 | |||||
Deferred tax assets, net | 178,165 | 121,087 | |||||
Advances to suppliers | 105,557 | 48,908 | |||||
Prepaid land use right | 64,755 | 65,718 | |||||
Investments in affiliates | 153,317 | 126,095 | |||||
Intangible assets, net | 19,305 | 14,903 | |||||
Goodwill | - | 1,005 | |||||
Derivatives assets | - | 3,216 | |||||
Project assets | 404,192 | 352,200 | |||||
Right-of-use assets* | 39,559 | - | |||||
Other non-current assets | 146,834 | 129,605 | |||||
TOTAL ASSETS | $ 5,038,662 | $ 4,892,658 | |||||
Canadian Solar Inc. | |||||
Unaudited Condensed Consolidated Balance Sheets (Continued) | |||||
(In Thousands of U.S. Dollars) | |||||
June 30, | December 31, | ||||
2019 | 2018 | ||||
Current liabilities: | |||||
Short-term borrowings | $ 1,080,488 | $ 1,027,927 | |||
Long-term borrowings on project assets - | 176,595 | 265,770 | |||
Accounts payable | 505,840 | 379,462 | |||
Notes payable | 420,399 | 369,722 | |||
Amounts due to related parties | 10,023 | 16,847 | |||
Other payables | 440,363 | 408,013 | |||
Convertible notes | - | 127,428 | |||
Advance from customers | 53,713 | 39,024 | |||
Derivative liabilities | 14,481 | 13,698 | |||
Lease Liabilities* | 17,236 | - | |||
Tax equity liabilities | 50,428 | 158,496 | |||
Other current liabilities | 160,943 | 141,970 | |||
Total current liabilities | 2,930,509 | 2,948,357 | |||
Accrued warranty costs | 49,937 | 50,605 | |||
Long-term borrowings | 462,908 | 393,614 | |||
Amounts due to related parties | 422 | 568 | |||
Derivatives liabilities | 1,760 | - | |||
Liability for uncertain tax positions | 24,118 | 20,128 | |||
Deferred tax liabilities | 64,239 | 35,698 | |||
Loss contingency accruals | 24,713 | 24,608 | |||
Lease Liabilities* | 23,532 | - | |||
Financing liabilities | 77,705 | 77,835 | |||
Other non-current liabilities | 57,476 | 68,400 | |||
Total LIABILITIES | 3,717,319 | 3,619,813 | |||
Equity: | |||||
Common shares | 703,014 | 702,931 | |||
Additional paid-in capital | 16,554 | 10,675 | |||
Retained earnings | 667,533 | 622,016 | |||
Accumulated other comprehensive loss | (107,775) | (110,149) | |||
Total Canadian Solar Inc. shareholders' | 1,279,326 | 1,225,473 | |||
Non-controlling interests in subsidiaries | 42,017 | 47,372 | |||
TOTAL EQUITY | 1,321,343 | 1,272,845 | |||
TOTAL LIABILITIES AND EQUITY | $ 5,038,662 | $ 4,892,658 | |||
Note: * The Company adopted ASU 2016-02 – Leases (Topic ASC842) in the first quarter of 2019 using the optional transition method and elected certain practical expedients, which were permitted under the guidance ASU 2018-11, Leases (Topic 842) – Targeted Improvements. The transition guidance allowed the Company not to reassess prior conclusions related to contracts containing leases or lease classification. The adoption primarily affected the condensed consolidated balance sheet through the recognition of right-of-use assets and lease liabilities as of January 1, 2019. The adoption did not have a significant impact on the results of operations or cash flows. |
About Non-GAAP Financial Measures
To supplement its financial disclosures presented in accordance with GAAP, the Company uses non-GAAP measures which are adjusted from the most comparable GAAP measures for certain items as described below. The Company presents non-GAAP net income and diluted earnings per share so that readers can better understand the underlying operating performance of the business before the impact of AD/CVD true-up provisions. The non-GAAP numbers are not measures of financial performance under U.S. GAAP, and should not be considered in isolation or as an alternative to other measures determined in accordance with GAAP. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited.
Statement of Operations Data: | ||||||||
(In Thousands of U.S. Dollars, Except Share and Per | ||||||||
Three Months Ended | Six Months Ended | |||||||
June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | |||||
GAAP net income attributable to Canadian | 62,682 | 15,569 | 45,517 | 58,946 | ||||
Non-GAAP income adjustment items: | ||||||||
AD/CVD provision true-up | (21,617) | (25,803) | (21,617) | (25,803) | ||||
Tax impact | 5,365 | 6,551 | 5,365 | 6,551 | ||||
Non-GAAP net income (loss) attributable | 46,430 | (3,683) | 29,265 | 39,694 | ||||
GAAP income per share - diluted | $ 1.04 | $ 0.26 | $ 0.76 | $ 1.00 | ||||
Non-GAAP income (loss) per share - | $ 0.77 | $ (0.06) | $ 0.49 | $ 0.67 | ||||
Shares used in computation - diluted | 60,260,410 | 59,215,958 | 60,272,536 | 59,183,822 | ||||
View original content:http://www.prnewswire.com/news-releases/canadian-solar-reports-second-quarter-2019-results-300902350.html
SOURCE Canadian Solar Inc.
Article Date
8/15/2019Canadian Solar Energizes Largest Solar Power Plant in Argentina
Source: PR Newswire
GUELPH, Ontario, Aug. 5, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its 100.1 MWp Cafayate solar power project in Argentina started commercial operation on July 19, 2019. It is now the largest operational solar power plant in the country.
Located in the Province of Salta, the solar project is powered by over 289,000 Canadian Solar's high efficiency modules and will generate over 216 GWh of electricity per year. As part of the RenovAR program launched by the Argentinian Government in 2016, the Cafayate project was awarded a 20-year U.S. dollar indexed power purchase agreement of US$56.28/MWh with CAMMESA (the national wholesale power market administrator and clearinghouse) during the second renewable public tender. This 20-year PPA is guaranteed by the World Bank.
"It is with great joy that we announce the commissioning of the 100.1 MWp Cafayate solar power plant in Argentina, our first and the country's largest solar power plant in operation. It once again underscores Canadian Solar's success and leading position in the Latin America region. In Latin America, we have been awarded over 1.6 GWp solar power projects across Argentina, Brazil, Mexico and Chile. We continue to foresee a high potential for photovoltaics in Argentina and the whole region and will deliver more solar projects to help the region diversify its energy matrix," said Dr. Shawn Qu, Chairman at Canadian Solar Inc.
In November 2018, Canadian Solar closed US$50 million of non-recourse financing for the Cafayate project. The financing package was provided by CAF-Banco de Desarrollo de America Latina, Banco Ciudad and BICE.
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.
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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-energizes-largest-solar-power-plant-in-argentina-300896184.html
SOURCE Canadian Solar Inc.
Article Date
8/5/2019Canadian Solar Schedules Second Quarter 2019 Earnings Conference Call for August 15
Source: PR Newswire
GUELPH, Ontario, July 29, 2019 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Thursday, August 15, 2019 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., August 15, 2019 in Hong Kong) to discuss the Company's second quarter 2019 results and business outlook.
The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from Hong Kong) or +1 845-675-0437 from international locations. The passcode for the call is 7591587. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 8:00 a.m. U.S. Eastern Daylight Time on Friday, August 23, 2019 (8:00 p.m., August 23, 2019 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from Hong Kong) or +1-646-254-3697 from international locations. The passcode for the replay is 7591587. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-schedules-second-quarter-2019-earnings-conference-call-for-august-15-300892153.html
SOURCE Canadian Solar Inc.
Article Date
7/29/20197/25/2019 - Canadian Solar Signs Electricity Agreement on Alberta's Largest Solar Photovoltaic Project
Canadian Solar Signs Electricity Agreement on Alberta's Largest Solar Photovoltaic Project
Source: PR Newswire
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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-signs-electricity-agreement-on-albertas-largest-solar-photovoltaic-project-300890901.html
SOURCE Canadian Solar Inc.
Article Date
7/25/2019Canadian Solar Won a 51 MWp Solar Power Project in Brazil
Source: PR Newswire
GUELPH, Ontario, July 17, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has been awarded a 51.1 MWp solar photovoltaic (PV) project in the Sixth Brazilian Federal Energy Auction (A-4) held on June 28, 2019.
Canadian Solar will develop and build the project located in the State of Minas Gerais. Construction of the solar project will start in early 2021 and it is expected to reach commercial operation before January 2023.
This Brazilian Solar power project will use Canadian Solar's latest high efficiency bifacial poly modules, capable of generating power from both sides of a module, and thus significantly boost the power output from a solar power system. Approximately 130,000 Canadian Solar high efficiency BiHiKu modules will be installed, and each module output will exceed 400 W. Once in operation, the solar power plant will generate approximately 107,748 MWh of electricity annually. 50% of the electricity generated will be purchased by two utilities under the two awarded 20-year power purchase agreements (PPAs), with an average contracted price of 73.60 BRL/MWh, or approximately US$19.37/MWh, and the other 50% will be purchased under a long-term private PPA.
Dr. Shawn Qu, Chairman of Canadian Solar commented, "We are proud to be the only company that has been successful in winning projects in all six federal energy auctions held to date in Brazil. It shows our long-term commitment to solar in Brazil and to initiate the investment in mix-models with revenues coming from both regulated and free markets."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 34 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-won-a-51-mwp-solar-power-project-in-brazil-300886474.html
SOURCE Canadian Solar Inc.
Article Date
7/17/20197/11/2019 - Canadian Solar Announces Commercial Operation on Its First Third Party EPC Project in Vietnam
Canadian Solar Announces Commercial Operation on Its First Third Party EPC Project in Vietnam
Source: PR Newswire
GUELPH, Ontario, July 11, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it achieved commercial operation on its first third party Engineering, Procurement and Construction (EPC) project in Vietnam. Canadian Solar provided solar modules, inverter stations and EPC services in a joint venture with IPC Technique JSC and SD668 Vietnam JSC for the 15 MWp Chu Ngoc Solar Project owned by Licogi 16 JSC.
Dr. Shawn Qu, Chairman of Canadian Solar, said, "We are pleased to have completed the project with joint efforts from IPC Technique JSC and SD668 Vietnam JSC. This partnership with Licogi 16 JSC further expands our presence in Vietnam. We are committed to delivering more projects in Vietnam as we further expand our close to 1GWp global EPC project pipeline."
The solar plant covers an area of approximately 43 acres and is located near Phú Túc, Dong Nai Province, Vietnam. It reached commercial operation in June 2019 and over 45,500 of Canadian Solar's 1500V MaxPower modules (CS6U-P) were installed on fixed tilt racking systems. The solar plant will produce enough electricity to meet the needs of more than 3,800 homes and displace nearly 8,000 tonnes of carbon dioxide emissions annually.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 34 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-announces-commercial-operation-on-its-first-third-party-epc-project-in-vietnam-300883296.html
SOURCE Canadian Solar Inc.
Article Date
7/11/2019Canadian Solar Inc. Announces Results of 2019 Annual Meeting of Shareholders
Source: PR Newswire
GUELPH, Ontario, June 26, 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 held its 2019 Annual Meeting of Shareholders on June 26, 2019. Each of the proposals submitted for shareholder approval was approved. Specifically, the shareholders approved:
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 34 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-inc-announces-results-of-2019-annual-meeting-of-shareholders-300875183.html
SOURCE Canadian Solar Inc.
Article Date
6/26/2019Canadian Solar to Participate in ROTH London Investor Conference
Source: PR Newswire
GUELPH, Ontario, June 14, 2019 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to attend the 5th Annual ROTH London Investor Conference on Tuesday, June 18, 2019, at the InterContinental London Park Lane Hotel in London.
During the conference, Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer, will meet with institutional investors. Presentation materials are available on the investor relations section of the Company's website at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 34 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-to-participate-in-roth-london-investor-conference-300867649.html
SOURCE Canadian Solar Inc.
Article Date
6/14/2019Canadian Solar Signs 500 MW Module Supply Contract for Projects in Spain
Source: PR Newswire
GUELPH, Ontario, June 6, 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 a module contract with the global solar power company Solarcentury to supply 500 MW modules to Solarcentury's two projects 'Cabrera' (200 MW) and 'Talayuela Solar' (300 MW) in Spain.
The construction for the 200 MW Cabrera project is scheduled to begin in the summer of 2019 in Alcalá de Guadaira, the Spanish region of Seville and it is expected to be connected to the grid in 2020. Once operational, the plant will produce enough electricity to power 105,000 households in the region.
The 300 MW Talayuela Solar project is scheduled to start construction later in 2019 in the Extremadura region of Talayuela in Spain and will be connected to the grid in 2020. It is expected to be one of the largest solar power plants in Europe, which will produce enough electricity to meet the needs of more than 150,000 homes.
A total of approximately 1.4 million Canadian Solar's high efficiency CS3U-P KuMax Modules will be used for both projects. This 144-cell polycrystalline module is the best solution for these two large-scale projects, as it offers industry-leading cell technology and low power loss in cell connections, which are the key factors for the success of the projects.
Dr. Shawn Qu, Chairman of Canadian Solar, commented, 'We are very proud to partner with Solarcentury in one of the largest solar power projects in Europe, which is set to be built without subsidy in the country. This partnership further expands our presence and competitive position in this region.'
Steven Taylor, Global Operations Director of Solarcentury said, "Solarcentury's purpose is to make a meaningful difference in the fight against climate chaos. Due to the sheer quantity of renewable electricity these subsidy-free projects will generate, they are a highly significant milestone in realizing our vision. With Canadian Solar we have a bankable and industry-proven partner with high quality standards, which is essential for all our solar projects be they large or small".
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.
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.
About Solarcentury
Established in 1998, Solarcentury is a global integrated solar power company, and a leader in the development and operation of solar projects and smart energy technology at all scales, across Europe, Latin America and Africa.
Independent and headquartered in the UK, Solarcentury is known internationally for developing and building some of the largest solar farms in the UK, Netherlands, Spain, Kenya and Mexico, as well as other pioneering projects including the world's first solar bridge at Blackfriars Station in Central London and IKEA's residential solar offer in Europe.
Solarcentury was named the fastest growing privately-owned renewable energy company in the UK in June 2017 and ranked 22nd in The Sunday Times HSBC International Track 200, which recognises the UK's mid-market private companies with the fastest-growing international sales.
Solarcentury's mission is to make solar power mainstream. From homes and commercial rooftops to utility-scale, Solarcentury is making a meaningful difference in the fight against climate change by increasing the accessibility and production of solar power across the world. Over the past 20 years, Solarcentury's solar projects have generated over 3.5 billion kWh of clean electricity and saved over 1.5 million tonnes of CO2 emissions from entering the atmosphere.
In 2006, Solarcentury established SolarAid, a charity which aims to combat climate change and poverty in the developing world by providing access to solar lights, while helping to eradicate the use of kerosene lamps in Kenya, Malawi, Uganda and Zambia. Solarcentury donates 5% of its net profits to SolarAid, which to date has enabled more than 10 million people across Africa to access safe, clean and sustainable solar light power.
Find more information on the company at www.solarcentury.com.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-signs-500-mw-module-supply-contract-for-projects-in-spain-300863132.html
SOURCE Canadian Solar Inc.
Article Date
6/6/20196/4/2019 - Canadian Solar Signs Power Purchase Agreement with Oil and Gas Fortune 100 Company, Energy Transfer
Canadian Solar Signs Power Purchase Agreement with Oil and Gas Fortune 100 Company, Energy Transfer
Source: PR Newswire
GUELPH, Ontario, June 4, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or "the Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today that its wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has signed a power purchase agreement ("PPA") with Dallas-based Fortune 100 oil and gas pipeline company, Energy Transfer. This PPA represents Energy Transfer's first-ever dedicated solar contract.
"Corporations are increasingly purchasing solar energy for a variety of reasons—sometimes environmental—but cost is always a key consideration. Insiders of the renewable energy industry know well that solar PPAs often help corporations lock in low-cost electricity prices to power their operations. However, it is rewarding in 2019 to also see valued partners from the traditional energy sector like Energy Transfer view a purchase of electricity from high quality Canadian Solar assets like the Maplewood 2 project as a financially sensible decision," said Dr. Shawn Qu, chairman at Canadian Solar. "We are honored to partner with our respected colleagues at Energy Transfer on this marquee transaction."
"The PPA made economic sense for us," said David Coker, vice president of Power Optimization at Energy Transfer. "We are always focused on operating our facilities safely and efficiently, and while we mainly rely on electrical energy powered by natural gas, we do use a diversified mix of energy sources when it makes economic sense to do so. In fact, the percentage of electrical energy we purchase that originates from solar and wind sources is now more than 20 percent on any given day with the addition of this contract with Recurrent Energy."
The 40 MWp/28 MWac power contract signed with Energy Transfer for solar energy from the Maplewood 2 project has a duration of 15 years. Like the Maplewood project, which is contracted with Anheuser-Busch as was also announced June 4, the Maplewood 2 project is located in Pecos County in the Permian Basin of West Texas. In total, the Maplewood and Maplewood 2 projects will power 62,000 homes with clean electricity once operational by 2021. Canadian Solar's high efficiency poly modules are likely to be used for the projects.
Recurrent Energy is in the early stages of seeking potential equity partners on the Maplewood project portfolio that includes Maplewood and Maplewood 2. More information on the projects can be found on the portfolio web page: recurrentenergy.com/portfolio/maplewood/.
As previously announced, Recurrent Energy has recently also signed electricity contracts with other C&I customers including, San Francisco Bay Area Rapid Transit, a leading Silicon Valley university, and with Anheuser-Busch.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and energy storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
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 34 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.
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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-signs-power-purchase-agreement-with-oil-and-gas-fortune-100-company-energy-transfer-300861373.html
SOURCE Canadian Solar Inc.
Article Date
6/4/2019Canadian Solar Signs the U.S. Beverage Industry's Largest Solar Power Purchase Agreement with Anheuser-Busch
Source: PR Newswire
GUELPH, Ontario, June 4, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or "the Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today that its wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has signed a 15-year power purchase agreement ("PPA") with Anheuser-Busch for 310 MWp/222 MWac of electricity from its Maplewood solar project. This landmark contract is the seventh largest commercial and industrial ("C&I") power purchase agreement for solar energy signed in the entire world to date, according to data supplied by Bloomberg New Energy Finance. The PPA, which marks the early achievement of Anheuser-Busch's 2025 Renewable Electricity goal in the United States, also represents the U.S. beverage industry's largest single purchase of solar energy.
"The signing of this power purchase agreement with Anheuser-Busch, the U.S. beer industry leader, demonstrates Canadian Solar's ability to meet the needs of a diverse array of corporate customers. We're honored to supply affordable clean energy to a C&I customer base spanning the sectors of academia, transportation, traditional energy, and now food and beverage," said Dr. Shawn Qu, chairman at Canadian Solar. "Looking at publicly announced deals, we are proud to be the leading solar developer in the Texas market, with over 1.3 gigawatts of signed electricity contracts for energy generated within ERCOT's service territory."
The Maplewood solar project, located in Pecos County in the Permian Basin of West Texas, will power the equivalent of 55,000 homes with clean electricity when it enters operation by 2021. Canadian Solar's high efficiency poly modules are likely to be used for the project.
"We take immense pride in being good stewards of the environment and are excited to announce that by 2021 our entire portfolio of beers will be brewed by using 100 percent renewable electricity from solar and wind power," said Ingrid De Ryck, Vice President, Procurement and Sustainability at Anheuser-Busch. "Through our new partnership with Recurrent Energy, we will be able to complete one of our 2025 U.S. sustainability goals four years ahead of schedule."
Recurrent Energy is in the early stages of seeking potential equity partners on the Maplewood project portfolio that includes Maplewood and Maplewood 2. More information on the projects can be found on the portfolio web page: recurrentenergy.com/portfolio/maplewood/.
Recurrent Energy has also recently signed electricity contracts with other C&I customers including Energy Transfer as was also announced on June 4, as well as with San Francisco Bay Area Rapid Transit and a leading Silicon Valley university.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and energy storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
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 34 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.
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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-signs-the-us-beverage-industrys-largest-solar-power-purchase-agreement-with-anheuser-busch-300861372.html
SOURCE Canadian Solar Inc.
Article Date
6/4/2019Canadian Solar Reports First Quarter 2019 Results
Source: PR Newswire
GUELPH, Ontario, May 30, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the first quarter of 2019 ended March 31, 2019.
First Quarter 2019 Highlights
First Quarter 2019 Results
Net revenue in the first quarter of 2019 was $484.7 million, compared to $901.0 million in the fourth quarter of 2018, and $1.42 billion in the first quarter of 2018. The sequential decrease was primarily due to the previously disclosed acceleration of certain high profit project sales into 2018 from 2019, an enterprise resource planning (ERP) system upgrade which resulted in 5 days of work stoppage at several manufacturing facilities and the anticipated lower production and sales volumes due to the impact of the Chinese New Year Holiday. The year over year decrease was primarily due to the higher revenue contribution from project sales and higher solar module ASP in the prior period. First quarter 2019 guidance was $450 million to $480 million.
Total solar module shipments in the first quarter of 2019 were 1,575 MW, compared to 1,951 MW in the fourth quarter of 2018 and first quarter 2019 guidance of 1.3 GW to 1.4 GW. Total solar module shipments in the first quarter of 2019 included 52 MW shipped to the Company's utility-scale solar power projects. Solar module shipments recognized in revenue in the first quarter of 2019 totaled 1,423 MW, compared to 2,076 MW in the fourth quarter of 2018 and 1,765 MW in the first quarter of 2018.
Gross profit in the first quarter of 2019 was $107.4 million, compared to $271.3 million in the fourth quarter of 2018 and $143.9 million in the first quarter of 2018. Gross margin in the first quarter of 2019 was 22.2%, compared to 28.3% in the fourth quarter of 2018, after excluding the benefit of a CVD reversal of $16.1 million in that quarter, and 30.1%, including the benefit of the CVD reversal in that quarter, and 10.1% in the first quarter of 2018. First quarter 2019 guidance was 16.0% to 18.0%. Gross margin in the first quarter of 2019 was better than expected primarily due to a lower blended module manufacturing cost compared to our previous forecast.
Canadian Solar's MSS business comprises primarily the design, development, manufacture and sale of solar modules, other solar power products and solar system kits. The MSS business also provides engineering, procurement and construction (EPC) and operating and maintenance (O&M) services. Canadian Solar's Energy business comprises primarily the development and sale of solar projects, operating solar power projects and the sale of electricity. The module sales from the Company's MSS business to its Energy business are on terms and conditions similar to sales to third parties.
The Company develops solar power projects worldwide. Where applicable, the Company may apply for and/or be entitled to receive a feed-in tariff (FIT) for its projects. Alternatively, the Company may participate in public or private energy auctions and bidding, which result in long-term power purchase agreements (PPAs). The Company may also sell all or part of the electricity generated from its solar power projects on the merchant power market. Because of the longer lead time (two to four years) to develop solar power projects and bring them to a commercial operation date (COD), the actual gross margin of a project may deviate from the expected gross margin. The deviation may be caused by, but not limited to, changes in the political and economic conditions in host countries, project specific conditions, price movements of solar modules and other components, EPC services and the capital return requirements of solar asset buyers. In recent years, the Company has sold some solar power projects before COD. We typically refer to these sales as "notice to proceed" or NTP sales. Revenue is lower, while gross margin percentage is higher, in NTP sales compared to COD sales, even if the absolute margin is the same. Results from the Company's Energy business may be lumpy from quarter to quarter, depending on project NTP and COD dates, project sale transaction dates and the profit level of each project.
The following tables provide select financial data for the Company's MSS and Energy Businesses:
Three Months Ended March 31, 2019 | |||||||||
MSS | Energy | Elimination | Total | ||||||
Net revenue | 468,901 | 31,587 | (15,769) | 484,719 | |||||
Cost of revenue | 369,664 | 22,174 | (14,558) | 377,280 | |||||
Gross profit | 99,237 | 9,413 | (1,211) | 107,439 | |||||
Gross Margin | 21.6% | 29.8% | 7.7% | 22.2% | |||||
Income (loss) from | 20,741 | (12,925) | (1,211) | 6,605 | |||||
Three Months Ended | |||||
MSS: | |||||
Solar modules and other solar power products | 371,094 | ||||
Solar system kits | 25,076 | ||||
EPC services | 39,679 | ||||
O&M services | 4,510 | ||||
Others (materials and components) | 12,773 | ||||
Subtotal | 453,132 | ||||
Energy: | |||||
Solar power projects | 24,571 | ||||
Electricity | 1,283 | ||||
Others (EPC and development services) | 5,733 | ||||
Subtotal | 31,587 | ||||
Total net revenue | 484,719 | ||||
Total operating expenses in the first quarter of 2019 were $100.8 million, compared to $134.7 million in the fourth quarter of 2018 and $65.7 million in the first quarter of 2018.
Selling expenses in the first quarter of 2019 were $37.9 million, compared to $44.4 million in the fourth quarter of 2018 and $42.3 million in the first quarter of 2018. The sequential decrease was primarily due to lower professional service expenses, project transaction fees and shipping and handling costs.
General and administrative expenses in the first quarter of 2019 were $51.4 million, compared to $81.3 million in the fourth quarter of 2018 and $48.8 million in the first quarter of 2018. The sequential decrease was primarily due to a $26.8 million impairment charge related to certain manufacturing assets in the fourth quarter of 2018, decreased professional service expenses and a decrease in bad debt provision.
Research and development expenses in the first quarter of 2019 were $13.2 million, compared to $15.4 million in the fourth quarter of 2018 and $9.5 million in the first quarter of 2018.
Other operating income in the first quarter of 2019 was $1.7 million, compared to $6.4 million in the fourth quarter of 2018 and $34.9 million in the first quarter of 2018. Other operating income in the first quarter of 2018 reflects the net gain from the sale of solar power plants in the U.K. and Japan.
Income from operations in the first quarter of 2019 was $6.6 million, compared to $136.6 million in the fourth quarter of 2018, and $78.2 million in the first quarter of 2018. The fourth quarter of 2018 reflects the previously disclosed acceleration of certain high profit project sales into 2018 from 2019. Operating margin was 1.4% in the first quarter of 2019, compared to 15.2% in the fourth quarter of 2018 and 5.5% in the first quarter of 2018.
Non-cash depreciation and amortization charges in the first quarter of 2019 were $37.6 million, compared to $32.2 million in the fourth quarter of 2018 and $34.5 million in the first quarter of 2018. Non-cash equity compensation expense in the first quarter of 2019 was $2.4 million, compared to $2.4 million in the fourth quarter of 2018 and $2.1 million in the first quarter of 2018.
Interest expense in the first quarter of 2019 was $21.7 million, compared to $23.0 million in the fourth quarter of 2018 and $29.6 million in the first quarter of 2018.
Interest income in the first quarter of 2019 was $2.0 million, compared to $2.2 million in the fourth quarter of 2018 and $3.6 million in the first quarter of 2018.
The Company recorded a loss on change in fair value of derivatives in the first quarter of 2019 of $1.3 million, compared to a loss of $7.3 million in the fourth quarter of 2018 and a gain of $4.5 million in the first quarter of 2018. Foreign exchange loss in the first quarter of 2019 was $12.6 million, compared to a gain of $7.3 million in the fourth quarter of 2018, and a loss of $8.5 million in the first quarter of 2018.
Income tax benefit in the first quarter of 2019 was $7.5 million, compared to income tax expense of $36.7 million in the fourth quarter of 2018 and income tax expense of $4.1 million in the first quarter of 2018.
Net loss attributable to Canadian Solar in the first quarter of 2019 was $17.2 million, or $0.29 per diluted share, compared to net income of $111.6 million, or $1.81 per diluted share, in the fourth quarter of 2018 and net income of $43.4 million, or $0.72 per diluted share, in the first quarter of 2018.
Financial Condition
The Company had $912.3 million of cash, cash equivalents and restricted cash as of March 31, 2019, compared to $941.0 million as of December 31, 2018.
Accounts receivable, net of allowance for doubtful accounts, at the end of the first quarter of 2019 were $388.7 million, compared to $498.2 million at the end of the fourth quarter of 2018. Accounts receivable turnover in the first quarter of 2019 was 91 days, compared to 46 days in the fourth quarter of 2018.
Inventories at the end of the first quarter of 2019 were $385.1 million, compared to $262.0 million at the end of the fourth quarter of 2018. Inventory turnover in the first quarter of 2019 was 81 days, compared to 44 days in the fourth quarter of 2018.
Accounts and notes payable at the end of the first quarter of 2019 were $934.0 million, compared to $749.2 million at the end of the fourth quarter of 2018.
Short-term borrowings and current portion of long-term borrowings on project assets at the end of the first quarter of 2019 were $1.4 billion, compared to $1.3 billion at the end of the fourth quarter of 2018. Long-term borrowings at the end of the first quarter of 2019 were $433.5 million, compared to $393.6 million at the end of the fourth quarter of 2018.
Total borrowings directly related to the Company's utility-scale solar power projects were $735.0 million at the end of the first quarter of 2019, compared to $735.1 million at the end of the fourth quarter of 2018. Total debt at the end of the first quarter of 2019 was approximately $1.92 billion, compared to approximately $1.96 billion at the end of the fourth quarter of 2018.
Yan Zhuang, acting Chief Executive Officer of Canadian Solar, commented, "After achieving close to 140% growth of net profit in 2018 from the 2017 level, we reasonably expected a healthy pause in the first quarter of 2019 due to the acceleration of some high-profit project sales from 2019 into 2018, the appreciation of the RMB, lost manufacturing days related to our ERP system upgrade and the impact of Chinese New Year on production and sales volumes. Despite these challenges, we remained focused and delivered Q1 2019 solar module shipments, revenue and gross margin at or above our expectations. We are encouraged by the healthy demand levels we are seeing in our key markets, stability in module ASPs and anticipated higher utilization of our capacity. Our late-stage, utility-scale solar power project pipeline, including those under construction, increased to approximately 3.4 GWp, as of April 30, 2019. The sale of the majority of these projects remains on track for 2020 or later. Our portfolio of solar power plants in operation, as of April 30, 2019, was 983.6 MWp, with an estimated total resale value of approximately $1.2 billion. In addition, we are pleased with the interest in our high efficiency products. These products continue to give us added competitive advantage as we deliver to customers higher efficiency and lower total cost of ownership energy solutions."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added, "We managed all aspects of the business within our direct control, with total operating expenses lowered to $100.8 million compared to $134.7 million in the fourth quarter of 2018. Our continued organizational focus on profitable module sales helped us deliver a 21.6% gross margin in a challenging quarter, which was above our expectations. Our overall profitability for the first quarter 2019 was impacted by a foreign exchange loss due to the appreciation of the RMB against the U.S. dollar, lost manufacturing days and a lower production volume due to our ERP system upgrade and the Chinese New Year holiday, as well as anticipated lower sales of solar power projects compared to the previous quarter. We expect our profitability will improve as we move through 2019. We signed an agreement in April to sell 80% interest in our 482.6 MWp late-stage project portfolio in Brazil and expect to close this transaction and recognize the revenue after the second quarter of 2019. In addition, in May, we completed the sale of the 134 MWp Mustang project in the U.S. and the 68 MWp Aguascalientes project in Mexico."
Utility-Scale Solar Project Pipeline
The Company divides its utility-scale solar project pipeline into two categories: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline includes primarily those projects that have feed-in tariffs (FITs) or power purchase agreements (PPAs), and are expected to be built within the next four years. The Company cautions that some late-stage projects may not reach completion due to such factors as failure to secure permits and grid connection, and changes of host country political and economic conditions, among others.
Late-Stage Utility-Scale Solar Project Pipeline
As of April 30, 2019, the Company's late-stage, utility-scale solar project pipeline, including those in construction, totaled approximately 3.4 GWp, with 1,525 MWp in the U.S., 482.6 MWp in Brazil, 368 MWp in Mexico, 294.8 MWp in Japan, 100 MWp in China and additional 651.5 MWp in Australia, Argentina, Canada, Israel, Taiwan, the Philippines, India, Malaysia, Italy and South Korea.
In the United States, as of April 30, 2019, the Company's late-stage, utility-scale solar project pipeline totaled 1,525 MWp as detailed in the table below. In March, the Company signed a 280 MWp power purchase agreement on another project in Texas, as well as a 20-year 35 MWp power purchase agreement with Power and Water Resources Pooling Authority (PWRPA) on the Slate project in Kings County, California. In April, the Company secured a $50 million letter of credit facility from Natixis to support the development of its solar and storage projects across the U.S. and Canada.
As of April 30, 2019, the Company's late-stage, utility-scale solar project pipeline in the U.S. totaled 1,525 MWp* as detailed in the table below.
Project | MWp | Storage (MWh) | Location | Status | Expected COD |
Gaskell West 2 | 147 | N/A | California | Development | 2020 |
Pflugerville | 185 | N/A | Texas | Development | 2020 |
Texas Project | 280 | N/A | Texas | Development | 2020 |
Texas Project 2 | 310 | N/A | Texas | Development | 2020 |
Texas Project 3 | 280 | N/A | Texas | Development | 2021 |
Slate | 235 | 180 | California | Development | 2021 |
Stanford Solar |
88 |
N/A |
California |
Development |
2021 |
Total | 1,525 |
*This table does not include the 100 MWac Sunflower project located in Mississippi. In November 2018, the Company entered into a build-to-transfer agreement with Entergy Mississippi for the Sunflower project. As part of the agreement, Entergy Mississippi will serve as both project owner and electricity off-taker once the project is constructed and transferred to them. This build-to-transfer agreement is pending approval by the Mississippi Public Service Commission.
In Japan, as of April 30, 2019, the Company's late-stage, utility-scale solar project pipeline, for which interconnection agreements and FIT have been secured, totaled approximately 294.8 MWp, including 97.7 MWp under construction and 197.1 MWp under development.
The Japan Ministry of Economy Trade and Industry (METI) finalized the rule change to the FIT program for 32, 36 and 40 yen projects that are not operational. The Company's current pipeline of 294.8 MWp in Japan reflects the anticipated impact of the final rule change.
The table below sets forth the expected COD schedule of the Company's late-stage utility-scale solar power projects in Japan, as of April 30, 2019:
Expected COD Schedule (MWp) | ||||||
2019 | 2020 | 2021 and | Total | |||
67.7 | 48.6 | 178.5 | 294.8 | |||
In Brazil, as of April 30, 2019, the Company has a 482.6 MWp late-stage, utility-scale solar project pipeline as detailed in the table below.
Project | MWp | Location | Status | Expected |
Francisco Sa | 114.3 | Minas Gerais | Development | 2021 |
Jaiba | 101.6 | Minas Gerais | Development | 2021 |
Lavras | 152.4 | Ceara | Development | 2021 |
Salgueiro | 114.3 | Pernambuco | Development | 2020 |
Total | 482.6* |
In April 2019, the Company signed an agreement to sell its 80% interest in the 482.6 MWp of solar power projects to Nebras Power Investment Management B.V., a Dutch affiliate of Nebras Q.P.S.C. Canadian Solar will supply its high efficiency bi-facial solar modules to the projects. The Company expects to close the transaction and recognize the revenue after the second quarter of 2019.
In Mexico, as of April 30, 2019, the Company has a 368 MWp late-stage, utility-scale solar project pipeline as detailed in the table below.
Project | MWp | Location | Status | Expected |
EL Mayo | 124 | Sonora | Development | 2021 |
Horus | 119 | Aguascalientes | Development | 2020 |
Tastiota | 125 | Sonora | Development | 2020 |
Total | 368 |
In China, as of April 30, 2019, the Company's late-stage power pipeline was 100 MWp.
Solar Power Plants in Operation
In addition to its late-stage, utility-scale solar project pipeline, as of April 30, 2019, the Company had a portfolio of utility-scale, solar power plants in operation totaling 983.6 MWp. The Company records these power plants on the balance sheet as "project assets (build to sell)", "assets held-for-sale" and "solar power systems, net (build to own)". The proceeds of sale of projects recorded as "project assets (build to sell)" on the balance sheet will be recorded as revenue in the income statement once revenue recognition criteria are met. The gain or loss from the sale of projects recorded as "assets held-for-sale" and "solar power systems, net (build to own)" on the balance sheet will be recorded within "other operating income (expenses)" in the income statement.
*The table below sets forth the Company's total portfolio of utility-scale, solar power plants in operation, as of April 30, 2019:
U.S. | Japan | China | India | Mexico | Others | Total |
339.9* | 86.2 | 370.3 | 90.1 | 68* | 29.1 | 983.6 |
*The Company sold the 134 MWp Mustang solar power plant in the U.S. and the 68 MWp Aguascalientes solar power plant in Mexico in May 2019.
Manufacturing Capacity
The table below sets forth the Company's manufacturing capacity expansion plan for 2019.
Manufacturing Capacity (MW) | |||
31-Dec-18 | 30-Jun-19 | 31-Dec-19 | |
Ingot | 1,650 | 1,650 | 1,650 |
Wafer | 5,000 | 5,000 | 5,000 |
Cell | 6,300 | 7,800 | 9,300 |
Module | 8,880 | 9,130 | 11,200 |
The Company's manufacturing capacity expansion plan is subject to change based on market conditions.
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to market conditions, production capacity, order book and global economic environment. This outlook is subject to uncertainty on final customer demand, solar project construction and sale schedules. Management's views and estimates are subject to change without notice.
For the second quarter of 2019, the Company expects total solar module shipments to be in the range of approximately 1.95 GW to 2.05 GW, including approximately 50 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in the second quarter 2019. Total revenue for the second quarter of 2019 is expected to be in the range of $970 million to $1.01 billion. Gross margin for the second quarter is expected to be between 13% and 15%, reflecting the inclusion of the Mustang project sale, which has a lower gross margin based on the enterprise value of the project, not equity. Excluding the Mustang project sale, gross margin for the second quarter is expected to be between 16% and 18%.
Yan Zhuang, acting Chief Executive Officer of Canadian Solar commented: "All key aspects of our fundamental business remain strong led by healthy demand and relatively stable pricing. We view Q1 2019 as a one-time bump in our record of consistently delivering profitable results in both up and down markets. Our focus is on monetizing the 3.4 GWp of assets in our late-stage, utility scale solar power project pipeline and redeploying that capital into attractive project opportunities to ensure our future success. Separately, in our MSS business, we are currently running with about 50% to 60% of our long-term capacity booked. We have historically left some capacity to meet the needs of higher margin near-term sales. This has been a very successful strategy and remains an important element of our planning, execution and track record of success."
Recent Developments
On May 29, 2019, Canadian Solar announced that it signed a multi-year module supply agreement with EDF Renewables North America to deliver 1,800 MW of high efficiency solar modules for projects in the U.S., Canada, and Mexico. This module supply agreement represents the largest single module supply agreement in Canadian Solar's 18 year history.
On May 28, 2019, Canadian Solar announced that it achieved a world record of 22.28% conversion efficiency for its p-type multi-crystalline P5 cells. The record high P5 cell efficiency was tested and certified by Fraunhofer ISE of Germany in April 2019.
On May 23, 2019, Canadian Solar announced that it completed the sale of 68 MWp Aguascalientes project in Mexico to BlackRock.
On May 16, 2019, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, LLC completed the sale of the 134 MWp Mustang project in the U.S. to Goldman Sachs Asset Management, L.P.
On May 15, 2019, Canadian Solar announced that it closed a $50 million term loan from Credit Suisse to support the development of its international solar project pipeline and for general corporate purposes. The U.S. dollar denominated term loan is expected to mature in April 2021. Credit Suisse further provided Canadian Solar with a cross-currency interest rate swap to hedge its cross-currency interest rate liabilities relating to the term loan.
On May 1, 2019, Canadian Solar announced that it won two accolades in the 2018 Power Finance & Risk Deal of the Year Awards: Latin America Project Finance Borrower of the Year and Latin America Project Finance Deal of the Year for the financing of its 100 MWp solar project in Cafayate, Argentina.
On April 29, 2019, Canadian Solar announced that its wholly-owned subsidiary, Canadian Solar Projects K.K., expanded and renewed its credit facility with a syndicate of four finance leasing institutions led by Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL). SMFLis a member of Sumitomo Mitsui Financial Group and one of Japan's largest leasing institutions with global presence.
On April 24, 2019, Canadian Solar announced that it signed an agreement to sell its 80% interest in a 482.6 MWp portfolio of contracted solar projects in Brazil to Nebras Power Investment Management B.V., a Dutch affiliate of Nebras Q.P.S.C.
On April 2, 2019, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, LLC, secured a $50 million letter of credit facility from Natixis, a multinational financial services firm, to support the development of the Company's utility-scale solar projects across the U.S. and Canada.
Conference Call Information
The Company will hold a conference call at 8:00 a.m. U.S. Eastern Daylight Time on May 30, 2019 (8:00 p.m., May 30, 2019 in Hong Kong) to discuss the Company's first quarter 2019 results and business outlook. The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1 845-675-0437 (from international locations). The passcode for the call is 3779288. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 8:00 a.m. U.S. Eastern Daylight Time on Friday, June 7, 2019 (8:00 p.m., June 7, 2019 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 (from international locations), with passcode 3779288. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
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 34 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 regarding the Company's expected future shipment volumes, gross margins 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.
FINANCIAL TABLES FOLLOW
Canadian Solar Inc. | ||||||
Unaudited Condensed Consolidated Statement of Operations | ||||||
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated) | ||||||
Three Months Ended | ||||||
March 31, | December 31, | March 31, | ||||
2019 | 2018 | 2018 | ||||
Net revenues | $ 484,719 | $ 901,041 | $ 1,424,911 | |||
Cost of revenues | 377,280 | 629,732 | 1,280,965 | |||
Gross profit | 107,439 | 271,309 | 143,946 | |||
Operating expenses: | ||||||
Selling expenses | 37,931 | 44,372 | 42,331 | |||
General and administrative expenses | 51,423 | 81,309 | 48,775 | |||
Research and development expenses | 13,166 | 15,417 | 9,499 | |||
Other operating income | (1,686) | (6,353) | (34,906) | |||
Total operating expenses | 100,834 | 134,745 | 65,699 | |||
Income from operations | 6,605 | 136,564 | 78,247 | |||
Other income (expenses): | ||||||
Interest expense | (21,699) | (23,003) | (29,594) | |||
Interest income | 2,029 | 2,180 | 3,576 | |||
Gain (loss) on change in fair value of | (1,260) | (7,256) | 4,474 | |||
Foreign exchange gain (loss) | (12,586) | 7,328 | (8,456) | |||
Investment income | 545 | 35,416 | - | |||
Other expenses, net | (32,971) | 14,665 | (30,000) | |||
Income (loss) before income taxes and equity in | (26,366) | 151,229 | 48,247 | |||
Income tax benefit (expense) | 7,529 | (36,684) | (4,092) | |||
Equity in earnings (loss) of unconsolidated | 1,981 | (445) | (269) | |||
Net income (loss) | (16,856) | 114,100 | 43,886 | |||
Less: Net income attributable to non-controlling | 309 | 2,516 | 509 | |||
Net income (loss) attributable to Canadian Solar | $ (17,165) | $ 111,584 | $ 43,377 | |||
Earnings (loss) per share - basic | $ (0.29) | $ 1.89 | $ 0.74 | |||
Shares used in computation - basic | 59,231,227 | 59,160,338 | 58,553,622 | |||
Earnings (loss) per share - diluted | $ (0.29) | $ 1.81 | $ 0.72 | |||
Shares used in computation - diluted | 59,231,227 | 62,356,019 | 61,952,777 | |||
Canadian Solar Inc. | ||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income | ||||||
(In Thousands of US Dollars) | ||||||
Three Months Ended | ||||||
March 31, | December 31, | March 31, | ||||
2019 | 2018 | 2018 | ||||
Net Income (loss) | (16,856) | 114,100 | 43,886 | |||
Other comprehensive income (net of tax of nil): | ||||||
Foreign currency translation adjustment | 15,985 | (38,399) | 23,181 | |||
Gain (loss) on changes in fair value of derivatives | (2,370) | (3,416) | 5,128 | |||
Loss on de-recognition of commodity hedge and | - | (8,752) | - | |||
Comprehensive income (loss) | (3,241) | 63,533 | 72,195 | |||
Less: comprehensive income (loss) attributable to | (4,327) | 1,189 | 3,500 | |||
Comprehensive income attributable to Canadian | 1,086 | 62,344 | 68,695 | |||
Canadian Solar Inc. | |||||
Unaudited Condensed Consolidated Balance Sheets | |||||
(In Thousands of US Dollars) | |||||
March 31, | December 31, | ||||
2019 | 2018 | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ 370,154 | $ 444,298 | |||
Restricted cash | 516,407 | 480,976 | |||
Accounts receivable trade, net | 388,707 | 498,231 | |||
Amounts due from related parties | 14,210 | 16,740 | |||
Inventories | 385,141 | 262,022 | |||
Value added tax recoverable | 129,022 | 107,222 | |||
Advances to suppliers | 75,181 | 37,011 | |||
Derivative assets | 5,262 | 4,761 | |||
Project assets | 919,545 | 933,563 | |||
Prepaid expenses and other current assets | 286,215 | 289,497 | |||
Total current assets | 3,089,844 | 3,074,321 | |||
Restricted cash | 25,744 | 15,716 | |||
Property, plant and equipment, net | 932,983 | 884,986 | |||
Solar power systems, net | 60,396 | 54,898 | |||
Deferred tax assets, net | 121,811 | 121,087 | |||
Advances to suppliers | 58,830 | 48,908 | |||
Prepaid land use right | 66,032 | 65,718 | |||
Investments in affiliates | 128,232 | 126,095 | |||
Intangible assets, net | 18,539 | 14,903 | |||
Goodwill | 1,005 | 1,005 | |||
Derivatives assets | 1,458 | 3,216 | |||
Project assets | 393,401 | 352,200 | |||
Right-of-use assets* | 48,072 | - | |||
Other non-current assets | 126,520 | 129,605 | |||
TOTAL ASSETS | $ 5,072,867 | $ 4,892,658 | |||
Canadian Solar Inc. | ||||
Unaudited Condensed Consolidated Balance Sheets (Continued) | ||||
(In Thousands of US Dollars) | ||||
March 31, | December 31, | |||
2019 | 2018 | |||
Current liabilities: | ||||
Short-term borrowings | $ 1,071,107 | $ 1,027,927 | ||
Long-term borrowings on project assets - | 280,481 | 265,770 | ||
Accounts payable | 492,737 | 379,462 | ||
Notes payable | 441,270 | 369,722 | ||
Amounts due to related parties | 6,649 | 16,847 | ||
Other payables | 379,571 | 408,013 | ||
Convertible notes | - | 127,428 | ||
Advance from customers | 38,334 | 39,024 | ||
Derivative liabilities | 3,321 | 13,698 | ||
Lease Liabilities* | 19,280 | - | ||
Tax equity liabilities | 157,954 | 158,496 | ||
Other current liabilities | 173,673 | 141,970 | ||
Total current liabilities | 3,064,377 | 2,948,357 | ||
Accrued warranty costs | 52,846 | 50,605 | ||
Long-term borrowings | 433,502 | 393,614 | ||
Amounts due to related parties | 505 | 568 | ||
Derivatives liabilities | 497 | - | ||
Liability for uncertain tax positions | 15,523 | 20,128 | ||
Deferred tax liabilities | 35,036 | 35,698 | ||
Loss contingency accruals | 22,831 | 24,608 | ||
Lease Liabilities* | 31,316 | - | ||
Financing liabilities | 79,335 | 77,835 | ||
Other non-current liabilities | 64,406 | 68,400 | ||
Total LIABILITIES | 3,800,174 | 3,619,813 | ||
Equity: | ||||
Common shares | 703,648 | 702,931 | ||
Additional paid-in capital | 13,047 | 10,675 | ||
Retained earnings | 604,851 | 622,016 | ||
Accumulated other comprehensive loss | (91,898) | (110,149) | ||
Total Canadian Solar Inc. shareholders' equity | 1,229,648 | 1,225,473 | ||
Non-controlling interests in subsidiaries | 43,045 | 47,372 | ||
TOTAL EQUITY | 1,272,693 | 1,272,845 | ||
TOTAL LIABILITIES AND EQUITY | $ 5,072,867 | $ 4,892,658 | ||
Note: * The Company adopted ASU 2016-02 - Leases (Topic ASC842) in the first quarter of 2019 using the optional transition method and elected certain practical expedients, which were permitted under the guidance ASU 2018-11, Leases (Topic 842) - Targeted Improvements. The transition guidance allowed the Company not to reassess prior conclusions related to contracts containing leases or lease classification. The adoption primarily affected the condensed consolidated balance sheet through the recognition of right-of-use assets and lease liabilities as of January 1, 2019. The adoption did not have a significant impact on the results of operations or cash flows.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-reports-first-quarter-2019-results-300859001.html
SOURCE Canadian Solar Inc.
Article Date
5/30/2019Canadian Solar Announces Appointment of Yan Zhuang as Acting Chief Executive Officer while Dr. Shawn Qu is on a Medical Leave of Absence
Source: PR Newswire
GUELPH, Ontario, May 30, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the Board of Directors of the Company ("Board") has appointed Yan Zhuang, the Company's Senior Vice President and Chief Commercial Officer and President of Modules and System Solutions Business, as acting Chief Executive Officer while Dr. Shawn Qu, its founder and Chairman, President and Chief Executive Officer, is on a medical leave of absence. Mr. Zhuang will also continue in his current position.
Earlier this month, Dr. Qu was injured in an accident and is now recuperating in a hospital. Although Dr. Qu is making steady progress, it is uncertain at this time how long Dr. Qu's period of recuperation will be.
Dr. Qu commented: "During my absence, I will continue to be involved in all major decisions affecting the Company. I am fortunate to have assembled a strong senior management team over the past 10 years. I have known Yan for 30 years. In 2006, he became a director of Canadian Solar. In 2009, he resigned as a director and joined the Company as Vice President of Global Sales and Marketing and was later promoted to Chief Commercial Officer and President of the MSS Business. Over the past 10 years, Yan has helped build a world-class global sales team for the Company. I am confident that he will provide the day-to-day leadership needed during my absence."
Mr. Zhuang commented: "I have worked for Canadian Solar for over 13 years. The Company has a clear business plan and strategy. I am confident that, with the support of the Board and my fellow senior officers, the business of the Company will continue to run smoothly in Dr. Qu's absence."
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 34 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 regarding the Company's expected future shipment volumes, gross margins 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-announces-appointment-of-yan-zhuang-as-acting-chief-executive-officer-while-dr-shawn-qu-is-on-a-medical-leave-of-absence-300858968.html
SOURCE Canadian Solar Inc.
Article Date
5/30/2019Canadian Solar Signs 1,800 MW Module Supply Agreement with EDF Renewables North America - Largest Module Supply Agreement in the Company's History
Source: PR Newswire
GUELPH, Ontario, May 29, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the Company has signed a multi-year module supply agreement with EDF Renewables North America to deliver 1,800 MW of high efficiency poly solar modules for projects in the US, Canada, and Mexico. Utilizing unique multi-year contractual terms, Canadian Solar will supply its bifacial enhanced wafer BiHiKu (CS3W-PB) and enhanced wafer HiKu (CS3W-P) modules to EDF Renewables' multiple solar projects.
This module supply agreement is the largest single module supply agreement signed in Canadian Solar's 18-year history, and is an anchor of the company's 3+ GW of forward-committed contracts in the North American market through 2023.
"EDF Renewables North America is pleased to announce this substantial module supply agreement with Canadian Solar Inc. The agreement demonstrates our confidence in the bifacial module technology to support our robust pipeline of contracted projects over the next 5 years," said Tristan Grimbert, President and CEO of EDF Renewables North America.
"We are excited to partner with EDF Renewables to help them bring a stable supply of clean, reliable solar energy to the North American market," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "As the US market recovers from the uncertainties brought by Section 201 tariffs and rushes to meet the step-down of the Investment Tax Credit deadline, we are seeing a significant rebound of demand in the US solar market which impacts module supply across the entire region. This contract continues to strengthen the global partnership between EDF Renewables and Canadian Solar."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 18 years, Canadian Solar has successfully delivered over 32 GW of premium quality modules to over 150 countries around the world. Furthermore, 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 EDF Renewables North America
EDF Renewables North America is a market leading independent power producer and service provider with over 30 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distributed solutions: solar, solar+storage, EV charging and energy management; and asset optimization: technical, operational, and commercial skills to maximize performance of generating projects. EDF Renewables' North American portfolio consists of 16 GW of developed projects and 10 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renewables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.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.
View original content:SOURCE Canadian Solar Inc.
Article Date
5/29/20195/28/2019 - Canadian Solar Set a World Record of 22.28% Multi-crystalline Cell Conversion Efficiency
Canadian Solar Set a World Record of 22.28% Multi-crystalline Cell Conversion Efficiency
Source: PR Newswire
GUELPH, Ontario, May 28, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the Company has set a world record of 22.28% conversion efficiency for its p-type multi-crystalline P5 cell. The record high P5 cell efficiency was tested and certified by Fraunhofer ISE of Germany in April 2019.
Canadian Solar has been developing its P5 (casted mono) technology and products for the past few years. The 22.28% record cell was fabricated by utilizing 157mmx157mm P5 multi-crystalline wafers and other production-ready technologies such as selective emitter, silicon oxide passivation, multi-layer anti-reflection coating, aluminum oxide backside passivation, and advanced metallization. In addition, the MCCE (or Metal Catalyzed Chemical Etch) black silicon technology, originally developed by Canadian Solar, was also employed.
Dr. Shawn Qu, chairman and CEO of Canadian Solar Inc. said, "We are pleased to see Canadian Solar P5 technology set a new world record. This shows that our multi-crystalline technology can achieve higher efficiencies while still enjoy the cost advantage. We will continue to expand our technology pipeline and provide our customers with the most LCOE-competitive products."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 18 years, Canadian Solar has successfully delivered over 32 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-set-a-world-record-of-22-28-multi-crystalline-cell-conversion-efficiency-300857243.html
SOURCE Canadian Solar Inc.
Article Date
5/28/2019New Power System with Canadian Solar Modules Helps a Medical Center in Sierra Leone
Source: PR Newswire
GUELPH, Ontario, May 24, 2019 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today that through its module donation, a new solar power system has been successfully energized at the Evans Medical Center at Kirma, Lungi, Sierra Leone.
The charity project was initiated a year ago by Melanie Evans from the 'Lungi Sierra Leone Charity' and was realized with Canadian Solar MaxPower CS6U-P 330W solar modules for a 4 KW solar system.
Four other industry partners donated additional equipment, including storage and control systems. SegenSolar (Pty) Ltd. supplied the inverter, charge controller and electrical components. The Schletter Group contributed the mounting system, while Bonus Solar provided batteries, cables and isolators. The installation and commissioning was carried out by Electric Future, who specializes in design and delivery of solar installations. They provided the expertise and manpower along with Canadian Solar to deliver a safe and reliable solution. The solar power system provides the clinic with a sustainable energy source that enables a constant power supply for vaccine refrigerators, a blood bank and many other medical accessories and emergency lighting.
A reliable power supply is a fundamental prerequisite for adequate medical care. The solar system will directly improve the quality of medical care in the region. A new blood bank, which is the first in the Lungi area, will provide patients with vital bloods, where they previously had to rely on a suitable donor and wait for screening. The solar power system not only provides energy for the blood bank but also powers the vaccine refrigerators, fetal monitor and labor ward ultrasound, along with other critical equipment. A constant power supply is required as any power outage would destroy vital bloods and vaccines. Before the solar power system was installed, the Medical Center had to rely on an ageing generator, which would incur prohibitive costs if it operated for 24 hours a day. Now the generator is used as a backup generator.
"The realization of the solar power system for the clinic in Lungi shows how our industry can sustainably improve the situation for newborn babies, children, and the local population in a developing country," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
The project is also an example of how different companies from the same industry can consolidate their resources to achieve positive results.
Sierra Leone is one of the least electrified countries with a nationwide electrification rate of just 5%, and in outlay rural areas this drops to 1% – the use of photovoltaics therefore provides greatly needed electricity.
Today, May 24, 2019, the clinic has its official opening ceremony to thank all donors and staff. The ceremony will be attended by the Vice President of Sierra Leone Mohamed Juldeh Jalloh and other dignitaries including the Ministers of Health and Education.
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 32 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.
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.
View original content:http://www.prnewswire.com/news-releases/new-power-system-with-canadian-solar-modules-helps-a-medical-center-in-sierra-leone-300856548.html
SOURCE Canadian Solar Inc.
Article Date
5/24/2019Canadian Solar Completes Sale of Aguascalientes Solar Project to BlackRock
Source: PR Newswire
GUELPH, Ontario, and MEXICO CITY, May 23, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has completed the sale of its 68 MWp Aguascalientes solar project in Mexico to BlackRock Infrastructure Fund II.
Canadian Solar developed, arranged construction and long-term project financing, built and energized the project in January 2019. Powered by 200,000 Canadian Solar high-efficiency poly modules CS6U-P, the solar power plant is expected to generate 145 GWh of electricity annually, enough to power 20,690 households and offset 72,700 tons of carbon dioxide emission each year. The electricity generated will be sold under a 15-year power purchase agreement for energy and capacity, and 20-year for Clean Energy Certificates with Mexico's state-owned utility. Canadian Solar will provide operations and maintenance services to the plant, starting in the third year of operations.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "The Aguascalientes project demonstrated Canadian Solar's capabilities to take a utility-scale solar project through the full cycle of development, PPA award, financing, construction and sale, and it further strengthened our leading position in the solar energy market in Mexico. We have a remaining pipeline of more than 600 MWp of solar projects in the country at various stages of development, including 368 MWp with awarded power purchase agreements. We are very glad to have partnered again with a leading global investor such as BlackRock, following the sale of three Canadian Solar projects in Ontario to BlackRock in 2014."
"This acquisition reflects BlackRock's commitment to investing in Mexican infrastructure, on behalf of our clients, as well as the firm's focus on renewable energy projects globally, having supported over 250 wind and solar projects," said Juan Alberto Leautaud, Head of BlackRock's Mexico Infrastructure Investment Group.
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 32 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.
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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-completes-sale-of-aguascalientes-solar-project-to-blackrock-300855722.html
SOURCE Canadian Solar Inc.
Article Date
5/23/2019Canadian Solar Schedules First Quarter 2019 Earnings Conference Call for May 30
Source: PR Newswire
GUELPH, Ontario, May 17, 2019 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Thursday, May 30, 2019 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., May 30, 2019 in Hong Kong) to discuss the Company's first quarter 2019 results and business outlook.
The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from Hong Kong) or +1 845-675-0437 from international locations. The passcode for the call is 3779288. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 8:00 a.m. U.S. Eastern Daylight Time on Friday, June 7, 2019 (8:00 p.m., June 7, 2019 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from Hong Kong) or +1-646-254-3697 from international locations. The passcode for the replay is 3779288. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
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 32 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-schedules-first-quarter-2019-earnings-conference-call-for-may-30-300852283.html
SOURCE Canadian Solar Inc.
Article Date
5/17/20195/16/2019 - Canadian Solar Subsidiary Recurrent Energy Completes Sale of Mustang Solar Project to Goldman Sachs
Canadian Solar Subsidiary Recurrent Energy Completes Sale of Mustang Solar Project to Goldman Sachs
Source: PR Newswire
GUELPH, Ontario, May 16, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has sold its equity stake in the 134 MWp/100 MWac Mustang solar project to the Renewable Power Group of Goldman Sachs Asset Management, L.P. ("Goldman Sachs"). This transaction completes Recurrent Energy's sale of equity stakes in the 973 MWp portfolio of California solar projects that came online in 2016. The Company expects to recognize the sales revenue from Mustang in the second quarter of 2019.
Community choice aggregators (CCAs) Sonoma Clean Power and MCE (formerly Marin Clean Energy) are the purchasers of the electricity from the Mustang project under long-term power purchase agreements. Mustang became the first utility-scale solar project fully contracted with CCAs to obtain non-recourse financing in October 2015. Today, Recurrent Energy continues to lead the renewable energy industry in power contracts signed with CCAs. Wood Mackenzie reported in its U.S. Utility PV Market: Quarterly Update – Q1 2019 that Recurrent Energy holds 42 percent of all signed electricity contracts with CCAs.
"We are thrilled to partner with Goldman Sachs on the sale of the Mustang solar project, and this transaction again demonstrates Canadian Solar's ability to attract top tier investors," said Dr. Shawn Qu, chairman and chief executive of Canadian Solar. "Constructed with a primarily local workforce, the Mustang project was a prime example of how solar project development benefits the surrounding communities."
Located in California's Central Valley, Mustang produces enough clean electricity to power approximately 45,000 homes. Canadian Solar will continue to provide asset management services to the project. More information on the project can be found in this quick video overview: vimeo.com/recurrentenergy/remustang.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
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 32 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.
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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-subsidiary-recurrent-energy-completes-sale-of-mustang-solar-project-to-goldman-sachs-300851507.html
SOURCE Canadian Solar Inc.
Article Date
5/16/2019Canadian Solar Secures US$50 Million Term Loan from Credit Suisse
Source: PR Newswire
GUELPH, Ontario, May 15, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the closing of a US$50 million term loan from Credit Suisse AG, Singapore Branch ("Credit Suisse"), one of the world's leading financial services providers.
Canadian Solar intends to deploy the term loan to support the development of international solar project pipeline and for general corporate purposes. The U.S. dollar denominated term loan is expected to mature in April 2021. Credit Suisse further provided Canadian Solar with a cross-currency interest rate swap to hedge its cross-currency interest rate liabilities relating to the term loan.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are pleased with this strong demonstration of capital support from Credit Suisse. This term loan provides us with the financial flexibility to invest in growth and further improve our cost of capital."
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 32 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-secures-us50-million-term-loan-from-credit-suisse-300850597.html
SOURCE Canadian Solar Inc.
Article Date
5/15/20195/14/2019 - Canadian Solar Showcases Next Generation Solar Modules: BiHiKu Bifacial, HiKu poly and HiDM All-Black
Canadian Solar Showcases Next Generation Solar Modules: BiHiKu Bifacial, HiKu poly and HiDM All-Black
Source: PR Newswire
GUELPH, Ontario, May 14, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar"), (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it will showcase its next generation solar modules - BiHiKu (polycrystalline bifacial), HiKu (polycrystalline exceeding 400 Watts), and HiDM All-Black (monocrystalline PERC) - at Intersolar Europe from May 15 - 17, 2019 in Munich, Germany.
BiHiKu bifacial polycrystalline dual-cell is a module based on Canadian Solar's industry-leading bifacial cell technology and extensive double glass module manufacturing know-how. The achievement is a new generation of high efficiency bifacial modules with both sides producing power at the same time. BiHiKu's front side output can reach up to 410W, while its bifaciality (percentage of rear side to front side power) is as high as 70%. BiHiKu modules generate up to 30% more power than conventional modules under certain installation conditions, dramatically lowering Levelized Cost of Electricity (LCOE).
HiKu is the first polycrystalline module exceeding 400W, thus reaching one of the highest module power outputs in the solar industry. HiKu modules can also reduce the LCOE of solar power projects.
HiDM All Black is a high-density module of up to 420W with a very appealing homogeneous black surface. It is an ideal solution for residential rooftop installations. By maximizing the light absorption area, the module efficiency can reach up to 20.37%.
Both Canadian Solar's poly and mono modules have very low LeTID (light and elevated temperature-induced degradation) based on the third party testing. LeTID is a new degradation mode found in most of the high efficiency modules in high working temperature. Canadian Solar is one of the world's leading companies in LeTID research and has successfully developed its unique anti-LeTID technology to guarantee its advanced modules' superb performance in the field.
Visit our booth A1.480 at Intersolar Europe, May 15 - 17, 2019 in Munich, Germany to learn more about Canadian Solar and its latest innovations.
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 32 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-showcases-next-generation-solar-modules-bihiku-bifacial-hiku-poly-and-hidm-all-black-300849617.html
SOURCE Canadian Solar Inc.
Article Date
5/14/2019Canadian Solar Wins Two Deal of the Year Awards from Power Finance & Risk
Source: PR Newswire
GUELPH, Ontario, May 1, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it won two accolades in the 2018 Power Finance & Risk Deal of the Year Awards.
Canadian Solar was named the Latin America Project Finance Borrower of the Year, and was further recognized as Latin America Project Finance Deal of the Year for the financing of its 100 MWp solar project in Cafayate, Argentina.
Power Finance & Risk recognizes excellence and innovation in power project finance and M&A. Canadian Solar was selected as the winner in two of the twenty-five categories through an industry-wide poll that surveyed investors, sponsors, bankers and advisers throughout the Americas. Winners in other categories include Capital Dynamics, Allianz Global Investors, BlackRock, Enel, MUFG and Goldman Sachs. This recognition follows the success of Recurrent Energy, Canadian Solar's U.S. project development arm, which was previously named 2015 Project Finance Borrower of the Year for North America.
The Cafayate solar project was awarded a 20-year U.S. dollar indexed Power Purchase Agreement (PPA) of US$56.28/MWh during the second renewable public tender (RenovAR 1.5). The U.S. dollar indexed PPA is backed with a three-level guarantee mechanism, including a World Bank guarantee and Argentina's government guarantee through the Trust Fund for Renewable Energy (FODER). The US$50 million non-recourse financing package, arranged by CAF - Development Bank of Latin America, consists of a US$30 million CAF A-loan with a 15-year tenor, a US$15 million parallel loan from the Argentinian Development Bank of Investment and Foreign Trade (BICE) with a 15-year tenor, and a US$5 million parallel loan from the Bank of the City of Buenos Aires (Banco de la Ciudad) with a 10-year tenor. CAF and Canadian Solar have a financing target of US$75 million and are seeking an additional US$25 million in senior financing in which the new lender will benefit from CAF's preferred creditor status.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are honored to receive these awards and to be recognized by Power Finance & Risk. We have successfully raised approximately US$800 million of debt capital in Latin America since we first started in 2015. We are committed to working with our business partners, investors, lenders and advisers to finance and build high-quality solar power generation assets across Latin America."
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 32 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-wins-two-deal-of-the-year-awards-from-power-finance--risk-300841457.html
SOURCE Canadian Solar Inc.
Article Date
5/1/20194/29/2019 - Canadian Solar Secures JPY 5.35 Billion Credit Facility with Sumitomo Mitsui Finance and Leasing Company
Canadian Solar Secures JPY 5.35 Billion Credit Facility with Sumitomo Mitsui Finance and Leasing Company
Source: PR Newswire
GUELPH, Ontario, April 29, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary Canadian Solar Projects K.K. has expanded and renewed its credit facility with a syndicate of four finance leasing institutions led by Sumitomo Mitsui Finance and Leasing Company, Limited ("SMFL"), a member of Sumitomo Mitsui Financial Group. SMFL is one of Japan's largest leasing institutions with global presence.
The facility has been increased from JPY 4.0 billion (US$36 million) to JPY 5.35 billion (US$48 million) and will mature in March 2022. The Company intends to utilize the facility to develop more high quality solar power projects in Japan.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "Since 2018, as a testament to Canadian Solar's deep operating experience and credit strength, we have successfully raised JPY 16 billion (US$ 145 million) of flexible capital sources at favorable rates from our relationship Japanese lenders. We value the ongoing support of SMFL and our syndicate group of finance leasing institutions."
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 32 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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SOURCE Canadian Solar Inc.
Article Date
4/29/2019Canadian Solar Files Annual Report on Form 20-F for Year Ended December 31, 2018
Source: PR Newswire
GUELPH, Ontario, April 25, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the filing of its annual report on Form 20-F for the year ended on December 31, 2018 with the U.S. Securities and Exchange Commission ("SEC"). The annual report on Form 20-F can be accessed on the Company's Investor Relations website at www.canadiansolar.com or on the SEC's website at www.sec.gov.
The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders upon request. Requests should be directed for the attention of the Investor Relations Department to Canadian Solar Inc., 545 Speedvale Avenue West Guelph, Ontario, Canada N1K 1E6.
About Canadian Solar
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 32 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.
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SOURCE Canadian Solar Inc.
Article Date
4/25/2019Canadian Solar to sell its 80% interest in a 482.6 MWp contracted Brazilian solar project portfolio to Nebras Power
Source: PR Newswire
GUELPH, Ontario and MADRID, April 24, 2019 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today the signing of an agreement for the sale of its 80% interest in a 482.6 MWp portfolio of contracted solar projects in Brazil to Nebras Power Investment Management B.V., a Dutch affiliate of Nebras Q.P.S.C. ("Nebras").
These projects are in advanced stages of development with construction expected to begin in 2019. Canadian Solar will supply to the projects the high efficiency bi-facial modules, including from its manufacturing facility in Brazil, which is the leading supplier of high quality modules for the growing solar market in the country.
The solar portfolio includes the following projects:
With the completion of 80% interest sale of the 482.6 MWp Brazilian portfolio to Nebras Power, Canadian Solar will have successfully sold close to 1GWp of high quality solar projects in Brazil. The agreement with Nebras provides Canadian Solar with the retention of the remaining 20% interest in the portfolio.
"Canadian Solar and Nebras will jointly manage the execution of the EPC and will bring the projects to completion. Once operational, these solar energy systems will be one of the largest bi-facial solar portfolios in Latin America, highlighting Canadian Solar's technology leadership. We are very pleased to be partnering with Nebras Power and supporting the growth of the solar energy market in Brazil." said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
About Nebras Power Q.P.S.C.
Nebras Power Q.P.S.C. ("Nebras") headquartered in Doha, State of Qatar, is a joint venture of Qatar Electricity and Water Company ("QEWC") (60%) and Qatar Holding ("QH") (40%). Nebras is a strategic investor in the power and water sectors with a global vision. Its target is a well-balanced investment portfolio in terms of technology mix, markets and greenfield development vs M&A. Nebras is committed to providing safe, sustainable, efficient and environmentally sound energy solutions for future generations.
About Nebras Power Investment Management B.V.
Nebras Power Investment Management B.V. ("NPIM") is a wholly owned subsidiary of Nebras Power Q.P.S.C., incorporated in the Netherlands and is operating since 2016. NPIM is the international investment management platform of Nebras Power Q.P.S.C. Its mandate is to own, develop and invest, in greenfield developments and brownfield projects, in the sectors of power and water, in the Netherlands and internationally.
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 32 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 26, 2018. 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.
Article Date
4/24/2019Canadian Solar Subsidiary Recurrent Energy Secures $50 Million Letter of Credit Facility from Natixis
Source: PR Newswire
GUELPH, Ontario, Canada, April 2, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or "the Company") (NASDAQ: CSIQ) today announced that its wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has secured a $50 million letter of credit ("LC") facility from multinational financial services firm, Natixis.
The $50 million LC facility is to support the development of the Company's utility-scale solar projects across the U.S. and Canada. Recurrent Energy will use this LC facility primarily to support security obligations under power purchase agreements and interconnection agreements for development-stage projects. The facility size may be increased with participation from other banking partners that are committed to the North American renewable energy market.
"The closing of this innovative LC facility with long-time partner Natixis reflects strong market confidence in Canadian Solar's high quality solar assets in the U.S. and Canada," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are very happy to again join forces with Natixis, a global leader in renewable energy financing, as we continue to expand our North American solar portfolio."
The closing of this LC facility marks Canadian Solar's fifth successful transaction with Natixis.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and energy storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
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 32 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.
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 26, 2018. 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. Contacts
Mary Ma
Manager, Investor Relations
investor@canadiansolar.com
David Pasquale
Global IR Partners
Tel: +1-914-337-8801
csiq@globalirpartners.com
Recurrent Energy Media Relations
Jesse Prier
Manager, Marketing & Communications
Tel: +1-415-814-1067
PR@RecurrentEnergy.com
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SOURCE Canadian Solar Inc.
Article Date
4/2/2019Canadian Solar Reports Fourth Quarter and Full Year 2018 Results
Source: PR Newswire
GUELPH, Ontario, March 21, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the fourth quarter and full year ended December 31, 2018. The Company also announced the appointment of Arthur (Lap Tat) Wong as an independent director of the Company, effective March 8, 2019, which increased the size of the Board of Directors from five to six directors.
Fourth Quarter 2018 and Related Highlights
Full Year 2018 Results
Fourth Quarter 2018 Results
Net revenue in the fourth quarter of 2018 was $901.0 million, an increase of 17.3% from $768.0 million in the third quarter of 2018, as the Company benefited from the successful monetization of solar power projects and increased solar module shipments. Net revenue in the fourth quarter of 2018 declined 18.7% from $1.11 billion in the fourth quarter of 2017, due to a lower average module selling price and reduction in project revenue. The revised fourth quarter 2018 guidance was $850 million to $900 million.
Total solar module shipments in the fourth quarter of 2018 were 1,951 MW, compared to 1,590 MW in the third quarter of 2018 and the revised fourth quarter of 2018 guidance of 1,900 MW to 1,950 MW. Total solar module shipments in the fourth quarter of 2018 included 169 MW shipped to the Company's utility-scale solar projects. Solar module shipments recognized in revenue in the fourth quarter of 2018 totaled 2,076 MW, compared to 1,521 MW in the third quarter of 2018 and 1,983 MW in the fourth quarter of 2017.
Gross profit in the fourth quarter of 2018 was $271.3 million, compared to $200.4 million in the third quarter of 2018 and $218.6 million in the fourth quarter of 2017. Gross margin in the fourth quarter of 2018 was 30.1%, compared to 26.1% in the third quarter of 2018 and 19.7% in the fourth quarter of 2017. The fourth quarter gross margin included the benefit of a CVD reversal of $16.1 million. Excluding the CVD reversal benefits, gross margin would be 28.3%, compared to 25.0% in the third quarter of 2018. The revised fourth quarter guidance was 27.0% to 28.0%. The sequential increase in gross margin was primarily due to the realization of deferred module profits after project sales and a lower blended module manufacturing cost, partially offset by a lower average module selling price. The year-over-year increase in gross margin was primarily due to the benefit of the CVD reversal and a lower blended module manufacturing cost, partially offset by a lower average module selling price. Gross margin for the Company's MSS business in the fourth quarter 2018 was 31.7%, or 28.8% excluding the CVD reversal benefit. This compares to a gross margin of 25.1% in the third quarter 2018, or 23.4% excluding the CVD reversal benefit in that quarter, and 15.4% in the fourth quarter of 2017. Gross margin for the Company's Energy business for the fourth quarter of 2018 was 27.5%, compared to 28.2% in the third quarter of 2018 and 27.9% in the fourth quarter of 2017.
The Company has been operating in two principal businesses since 2016: MSS and Energy. The MSS business comprises primarily the design, development, manufacture and sale of solar modules, other solar power products and solar system kits. The MSS business also provides engineering, procurement and construction (EPC) and operating and maintenance (O&M) services. The Energy business comprises primarily the development and sale of solar projects, operating solar power projects and the sale of electricity. The module sales from the Company's MSS business to its Energy business are on terms and conditions similar to sales to third parties.
The Company develops solar power projects worldwide. Where applicable, the Company may apply for and/or be entitled to receive a feed-in tariff (FIT) for its projects. Alternatively, the Company may participate in public or private energy auctions and bidding, which results in long-term power purchase agreements (PPA). The Company may also sell all or part of the electricity generated from its solar power projects on the merchant power market. Because of the longer lead time (two to four years) to develop solar power projects and bring them to a commercial operation date (COD), the actual gross margin for a project may deviate from the expected gross margin. The deviation may be caused by, but are not limited to, changes in the political and economic conditions in host countries, project specific conditions, price movements of solar modules and other components, EPC services and the capital return requirements of solar asset buyers. In recent years, the Company has sold some solar power projects before COD. We typically refer these sales as "notice to proceed" or NTP sales. Revenue will be lower, while gross margin percentage will be higher, in NTP sales compared to COD sales, even if the absolute margin is the same. Results from the Company's Energy business may be lumpy from quarter to quarter, depending on project NTP or COD dates, project sale transaction dates and the profit level of each project.
The following table summarizes the Company's revenues, gross profit and income from operations generated from each business for the periods indicated:
Three Months Ended December 31, 2018 | ||||||||
(in Thousands of US Dollars) | ||||||||
MSS | Energy | Elimination | Total | |||||
Net revenues | 629,716 | 336,214 | (64,889) | 901,041 | ||||
Cost of revenues | 472,229 | 243,923 | (86,420) | 629,732 | ||||
Gross profit | 157,487 | 92,291 | 21,531 | 271,309 | ||||
Income from operations* | 52,829 | 62,204 | 21,531 | 136,564 | ||||
Twelve Months Ended December 31, 2018 | ||||||||
(in Thousands of US Dollars) | ||||||||
MSS | Energy | Elimination | Total | |||||
Net revenues | 2,413,889 | 1,575,594 | (244,971) | 3,744,512 | ||||
Cost of revenues | 1,923,131 | 1,302,779 | (256,480) | 2,969,430 | ||||
Gross profit | 490,758 | 272,815 | 11,509 | 775,082 | ||||
Income from operations* | 141,609 | 211,539 | 11,509 | 364,657 | ||||
*The management added a new line of "Income from operations" compared to the previous quarter release in order to better disclose the earning power of the two business groups. This line is, however, an estimate based on the Company's management accounts as some services are shared by two groups.
The following table provides a further breakdown of the Company's revenues generated from different products or services:
Three Months | Twelve Months | |||
(in Thousands of US Dollars) | ||||
MSS: | ||||
Solar modules and other solar power products | 498,538 | 1,930,701 | ||
Solar system kits | 24,420 | 93,253 | ||
EPC and development services | 21,139 | 62,408 | ||
O&M services | 3,296 | 10,767 | ||
Other | 17,434 | 71,789 | ||
Energy: | ||||
Solar power projects | 326,469 | 1,542,906 | ||
Electricity | 1,615 | 8,735 | ||
Other | 8,130 | 23,953 | ||
Total net revenues | 901,041 | 3,744,512 | ||
Total operating expenses in the fourth quarter of 2018 were $134.7 million, compared to $104.5 million in the third quarter of 2018 and $88.4 million in the fourth quarter of 2017. The sequential and year-over-year increases were primarily due to a $26.8 million impairment charge related to certain manufacturing assets, and a $6 million increase in transaction fees associated with project sales.
Selling expenses in the fourth quarter of 2018 were $44.4 million, compared to $38.4 million in the third quarter of 2018 and $39.9 million in the fourth quarter of 2017. The sequential increase was primarily due to an increase in project transaction fees and shipping and handling expenses. The year-over-year increase was primarily due to higher project transaction fees and increased professional services expenses and labor costs, partially offset by a decrease in shipping and handling costs.
General and administrative expenses in the fourth quarter of 2018 were $81.3 million, compared to $58.9 million in the third quarter of 2018 and $69.7 million in the fourth quarter of 2017. The sequential and year-over-year increases were primarily due to the above-mentioned asset impairment charge and increased professional service expenses, partially offset by a decrease in the provision for bad debt.
Research and development expenses in the fourth quarter of 2018 were $15.4 million, compared to $10.1 million in the third quarter of 2018 and $8.6 million in the fourth quarter of 2017, as the Company further moved to strengthen its leadership position by investing in and commercializing solar technology enhancements, advancements and efficiencies.
Other operating income in the fourth quarter of 2018 was $6.4 million, compared to $2.9 million in the third quarter of 2018 and $29.8 million in the fourth quarter of 2017.
Income from operations in the fourth quarter of 2018 was $136.6 million, compared to $95.9 million in the third quarter of 2018, and $130.2 million in the fourth quarter of 2017. Operating margin was 15.2% in the fourth quarter of 2018, compared to 12.5% in the third quarter of 2018 and 11.7% in the fourth quarter of 2017.
Non-cash depreciation and amortization charges in the fourth quarter of 2018 were approximately $32.2 million, compared to $32.5 million in the third quarter of 2018 and $37.2 million in the fourth quarter of 2017. Non-cash equity compensation expense in the fourth quarter of 2018 was $2.4 million, compared to $2.5 million in the third quarter of 2018 and $2.2 million in the fourth quarter of 2017.
Interest expense in the fourth quarter of 2018 was $23.0 million, compared to $26.8 million in the third quarter of 2018 and $33.5 million in the fourth quarter of 2017.
Interest income in the fourth quarter of 2018 was $2.2 million, compared to $2.6 million in the third quarter of 2018 and $3.2 million in the fourth quarter of 2017.
The Company recorded a loss on change in fair value of derivatives in the fourth quarter of 2018 of $7.3 million, compared to a loss of $8.9 million in the third quarter of 2018 and a gain of $7.6 million in the fourth quarter of 2017. Foreign exchange gain in the fourth quarter of 2018 was $7.3 million, compared to a gain of $10.1 million in the third quarter of 2018, and a loss of $9.5 million in the fourth quarter of 2017.
Investment income in the fourth quarter of 2018 was $35.4 million, compared to $6.5 million in the third quarter of 2018 and a loss of $3.6 million in the fourth quarter of 2017. The sequential and year-over-year increase was primarily due to investment income of $40.4 million from sale of non-controlling interests in Tranquillity and Garland projects in the U.S. and Pirapora project portfolio in Brazil, partially offset by $5.0 million investment impairment charge.
Income tax expense in the fourth quarter of 2018 was $36.7 million, compared to $13.4 million in the third quarter of 2018 and $28.9 million in the fourth quarter of 2017.
Net income attributable to Canadian Solar in the fourth quarter of 2018 was $111.6 million, or $1.81 per diluted share, compared to $66.5 million, or $1.09 per diluted share, in the third quarter of 2018 and $61.4 million, or $1.01 per diluted share, in the fourth quarter of 2017.
Non-GAAP adjusted net income attributable to Canadian Solar in the fourth quarter of 2018 was $99.5 million, or $1.61 per diluted share. This excludes the impact of the CVD reversal, net of income tax effect. For a reconciliation of GAAP to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures".
Financial Condition
The Company had $941.0 million of cash, cash equivalents and restricted cash as of December 31, 2018, compared to $995.0 million as of September 30, 2018.
Accounts receivable, net of allowance for doubtful accounts, at the end of the fourth quarter of 2018 were $498.2 million, compared to $322.9 million at the end of the third quarter of 2018. Accounts receivable turnover in the fourth quarter of 2018 was 46 days, compared to 47 days in the third quarter of 2018.
Inventories at the end of the fourth quarter of 2018 were $262.0 million, compared to $322.0 million at the end of the third quarter of 2018. Inventory turnover in the fourth quarter of 2018 was 44 days, compared to 55 days in the third quarter of 2018.
Accounts and notes payable at the end of the fourth quarter of 2018 were $749.2 million, compared to $856.7 million at the end of the third quarter of 2018.
Short-term borrowings and long-term borrowings on project assets - current at the end of the fourth quarter of 2018 were $1.3 billion, compared to $1.9 billion at the end of the third quarter of 2018. Long-term borrowings at the end of the fourth quarter of 2018 were $393.6 million, compared to $120.2 million at the end of the third quarter of 2018.
Senior convertible notes totaled $127.4 million at the end of the fourth quarter of 2018, compared to $127.2 million at the end of the third quarter of 2018. The Company repaid the entire $127.5 million outstanding balance of senior convertible notes in February 2019.
Total borrowings directly related to the Company's utility-scale solar power projects were $735.1 million at the end of the fourth quarter of 2018, compared to $1.07 billion at the end of the third quarter of 2018, a decrease of $334.3 million. Total debt at the end of the fourth quarter of 2018 was approximately $1.96 billion, compared to approximately $2.27 billion at the end of the third quarter of 2018, a decrease of approximately $310 million.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented: "2018 was a record year for us as our revenue, total module shipments and gross margin all exceeded our expectations for both the fourth quarter and full year 2018. Our integrated business strategy and commitment to profitability helped us achieve a new high for Canadian Solar, as we delivered net income of $3.88 per diluted share. The acceleration on the sale of certain solar power projects also positively contributed to the revenue and profit in 2018. However, this will reduce our project sales revenue and profit in 2019, as noted in our outlook. Our portfolio of solar power plants in operation as of February 28, 2019 was approximately 986 MWp, with an estimated total resale value of approximately $1.2 billion. Our portfolio of late-stage, utility-scale solar power projects as of February 28, 2019, including those under construction, was approximately 2.9 GWp. Our focus remains on downstream Energy Business where we can leverage our expertise and competitive advantage to deliver a higher return on investment. This includes consistently winning new projects in sought-after markets, reliably developing projects on time and on budget and leveraging our powerful global network of banking and investor partners. We are also pleased with our continued success in introducing innovative solar module products and expanding our services to engineering, procurement and construction ("EPC"), solar component sales and operation and maintenance ("O&M")."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "In addition to the quarterly and yearly record net income, we achieved a record quarterly gross margin of 30.1% or 28.3% excluding the benefit of the US CVD reversal, as we continued to capture the benefits of our operational cost and inventory controls, and capitalize on declining raw material prices. We continue to successfully execute on our project monetization efforts, with the completion of the fourth quarter 2018 sales of 470 MWp solar projects in the U.S., 247 MWp of solar power plants in China and our 20% interests in the 399 MWp Pirapora portfolio in Brazil. Our ability to successfully monetize our solar project assets, while profitably running our module business, has allowed us to strengthen our balance sheet, including an approximately 14% reduction in debt in the fourth quarter of 2018 compared to the third quarter and our repayment in February 2019 of the full $127.5 million outstanding balance of senior convertible notes. We are also actively redeploying capital into attractive project opportunities as we lay the groundwork for the Company's future success."
Utility-Scale Solar Project Pipeline
The Company divides its utility-scale solar project pipeline into two categories: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline primarily includes projects that have FITs or PPAs, and are expected to be built within the next four years. The Company cautions that some late-stage projects may not reach completion due to such as failure to secure permits and grid connection, and changes of host country political and economic conditions, among others.
Late-Stage Utility-Scale Solar Project Pipeline
As of February 28, 2019, the Company's late-stage, utility-scale solar project pipeline, including those in construction, totaled approximately 2.9 GWp, with 1,210 MWp in the U.S., 476.2 MWp in Brazil, 368 MWp in Mexico, 295.1 MWp in Japan, 100 MWp in China and additional 450.1 MWp in Australia, Argentina, Canada, Taiwan, the Philippines, India, Malaysia, Italy and South Korea.
In the United States, the Company completed the sale of Garland and Tranquillity solar power plants totaling 260 MWp in October 2018. In December 2018, it completed the sale of the 210 MWp Mustang 2 solar power project to Solar Frontier Americas. Canadian Solar's wholly-owned subsidiary Recurrent Energy will continue to develop Mustang 2 until it reaches construction later in 2019. Also in December 2018, the Company signed both a 25-year power purchase agreement for the 63 MWac/88 MWp Stanford Solar Generating Station #2 project with Stanford University and a long-term power purchase agreement on a 310 MWp project in Texas with a leading commercial and industrial customer.
As of February 28, 2019, the Company's late-stage, utility-scale solar project pipeline in the U.S.* totaled 1,210 MWp as detailed in the table below.
Project | MWp | Storage (MWh) | Location | Status | Expected COD |
Gaskell West 2 | 147 | N/A | California | Development | 2020 |
Pflugerville | 185 | N/A | Texas | Development | 2020 |
Texas Project | 280 | N/A | Texas | Development | 2020 |
Texas Project 2 | 310 | N/A | Texas | Development | 2020 |
Slate | 200 | 180 | California | Development | 2021 |
Stanford Solar | 88 | N/A | California | Development | 2021 |
Total | 1,210 |
*The above late-stage, utility-scale solar project pipeline in the U.S. does not include the 100 MWac Sunflower project located in Mississippi. In November 2018, the Company entered into a build-to-transfer agreement with Entergy Mississippi on the Sunflower project. As part of the agreement, Entergy Mississippi will serve as both project owner and electricity off-taker once the project is constructed and transferred to them. This build-to-transfer agreement is pending approval by the Mississippi Public Service Commission.
In Japan, as of February 28, 2019, the Company's late-stage, utility-scale solar project pipeline, for which interconnection agreements and FIT have been secured, totaled approximately 295.1 MWp, including 97.7 MWp under construction and 197.4 MWp under development.
The Japan Ministry of Economy Trade and Industry (METI) finalized the rule change to the FIT program for 32, 36 and 40 yen projects that are not operational. The Company's current pipeline of 295.1MWp in Japan reflects the anticipated impact of the final rule change.
The table below sets forth the expected COD schedule of the Company's late-stage utility-scale solar power projects in Japan, as of February 28, 2019:
Expected COD Schedule (MWp)
2019 | 2020 | 2021 and | Total | |||
67.7 | 48.9 | 178.5 | 295.1 |
In Brazil, as of February 28, 2019, the Company has a 476.2MWp late-stage, utility-scale solar project pipeline as detailed in the table below.
Project | MWp | Location | Status | Expected |
Francisco Sa | 122.2 | Minas Gerais | Development | 2021 |
Jaiba | 97.3 | Minas Gerais | Development | 2021 |
Lavras | 144.7 | Ceara | Development | 2021 |
Salgueiro | 112 | Pernambuco | Development | 2020 |
Total | 476.2 |
In Mexico, as of February 28, 2019, the Company has a 368MWp late-stage, utility-scale solar project pipeline as detailed in the table below.
Project | MWp | Location | Status | Expected |
EL Mayo | 124 | Sonora | Development | 2021 |
Horus | 119 | Aguascalientes | Development | 2020 |
Tastiota | 125 | Sonora | Development | 2020 |
Total | 368 |
In China, as of February 28, 2019, the Company's late-stage power pipeline was 100 MWp.
Solar Power Plants in Operation
In addition to its late-stage, utility-scale solar project pipeline, as of February 28, 2019, the Company had a portfolio of utility-scale, solar power plants in operation totaling 986.3 MWp. The Company records these power plants on the balance sheet as "project assets (build to sell)", "assets held-for-sale" and "solar power systems, net (build to own)". The proceeds of sale of projects recorded as "project assets (build to sell)" on the balance sheet will be recorded as revenue in the income statement once revenue recognition criteria are met. The gain or loss from the sale of projects recorded as "assets held-for-sale" and "solar power systems, net (build to own)" on the balance sheet will be recorded within "other operating income (expenses)" in the income statement.
The table below sets forth the Company's total portfolio of utility-scale, solar power plants in operation, as of February 28, 2019:
U.S. | Japan | China | India | Mexico | Others | Total |
340.1* | 89.4 | 369.6 | 90.1 | 68 | 29.1 | 986.3 |
*The Company has signed with a buyer to sell the 134 MWp Mustang solar power plant and are now waiting for regulatory approval.
Manufacturing Capacity
The table below sets forth the Company's manufacturing capacity expansion plan for 2019.
Manufacturing Capacity (MW)
31-Dec-18 | 30-Jun-19 | 31-Dec-19 | |
Ingot | 1,650 | 1,650 | 1,650 |
Wafer | 5,000 | 5,000 | 5,000 |
Cell | 6,300 | 7,800 | 9,300 |
Module | 8,880 | 9,130 | 11,200 |
The Company's manufacturing capacity expansion plan is subject to change based on market conditions.
Business Outlook
The Company's business outlook is based on management's views and estimates with respect to market conditions, production capacity, the current order book and the global economic environment. This outlook is subject to uncertainty on final customer demand, solar project construction and sale schedules. Management's views and estimates are subject to change without notice.
For the first quarter of 2019, the Company expects total solar module shipments to be in the range of approximately 1.3 GW to 1.4 GW, including approximately 50 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in first quarter 2019. Total revenue for the first quarter of 2019 is expected to be in the range of $450 million to $480 million. Gross margin for the first quarter is expected to be between 16% and 18%. The Company expects the net profit for the first quarter of 2019 to be low or negative, primarily due to typical lower production and sales volume during the Chinese New Year holiday, IT upgrade, a lower module ASP, decreased sales of solar power projects compared to previous quarters, and an expected foreign exchange loss due to the appreciation of the Chinese RMB against the U.S. dollar.
For the full year 2019, the Company expects total module shipments to be in the range of approximately 7.4 GW to 7.8 GW. Total revenue for the full year 2019 is expected to be in the range of $3.5 billion to $3.8 billion. The full year revenue guidance reflects the impact of an expected lower module ASP and lower revenue from solar project sales. While the profit in subsequent quarters will likely recover from the first quarter of 2019 level, as module and project sales increase, the Company currently expects its net profit for 2019 to be lower than 2018.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented: "We had an exceptional year in 2018, with close to 140% growth of net profit from the 2017 level. This clearly demonstrated our global leadership position, the winning model of our solar project business, and the benefits of our manufacturing business strategy. As we discussed previously, the acceleration of certain high profit project sales also contributed to our success in 2018. This acceleration, however, will result in a reduction in solar project sale revenue and profit in 2019. And while we have a strong 2.9 GWp late-stage solar project pipeline, due to the typical project development cycle, we expect to realize sales for the majority of these late-stage projects in 2020 or later. This will likely create a temporary pullback in 2019 compared to 2018. We also expect lower profit from our module manufacturing business, partly due to higher costs caused by the appreciation of the Chinese RMB against the U.S. dollar and Euro over the past few months. Such cost increases would normally be offset by an adjustment of module ASP or by the cost reduction through technology improvements but that process takes time."
Dr. Shawn Qu continued, "Overall, while we expect 2019 financial results to be lower than 2018 due to the timing issues noted, this does not change our view on the long-term health, growth and profitability of our core business. We expect a rebound in project sales in 2020 and beyond given our robust project pipeline. Our focus on new solar module technologies, innovative products and premium channels will also help the Company maintain its competitive edge in its Module and Solar System business. We will continue to focus on delivering improved results and maximizing shareholder value."
Recent Developments
On February 15, 2019, Canadian Solar announced that it won three solar power contracts with Alberta's Ministry of Infrastructure, for a total of 94 megawatts (MWp) of solar power systems in southeast Alberta, at an average contracted PPA price of C$48.05 per MWh.
On February 14, 2019, Canadian Solar announced that its first solar power project of 68 MWp in Mexico started commercial operations in January 2019.
On January 31, 2019, Canadian Solar announced that it secured a 295 million Brazilian reais (US$80 million) financing from Banco do Nordeste S.A. for the 114 MWp Salgueiro solar power project in the northeast state of Pernambuco, Brazil.
On January 17, 2019, Canadian Solar announced that it was selected by Edify Energy and Octopus Investments to partner with Signal Energy and jointly provide EPC services for the 333 MWp/275 MWac Darlington Point Solar Farm in New South Wales, Australia. Canadian Solar will supply solar modules for the project.
On January 10, 2019, Canadian Solar announced that, as of December 31, 2018, it had shipped accumulatively 2.6 GW of high efficiency anti-LeTID PERC solar modules worldwide. This represents a significant milestone in Canadian Solar's continuous efforts in developing and delivering high-efficiency and high-quality solar modules.
On January 9, 2019, Canadian Solar announced that it completed the closing of its first equity securitization in Japan and successfully raised JPY6.3 billion (US$58 million) from a diversified mix of Japanese and Korean institutional investors in its inaugural offering of equity-backed securities of Canadian Solar Securitized Green Equity Trust 1. Proceeds from the offering were originally deployed to acquire Canadian Solar's 34MWp operating solar portfolio, comprising the 23.8MWp Smart Solar Yamaguchi-Aio Solar Power Plant and the 10.2MWp CSJ Kamikitagun Rokunohemachi Solar Power Plant. Canadian Solar recognized revenue from sale of the plants in the third and fourth quarter of 2018. This transaction is the first equity securitization in the world to be backed by long-term contracted solar assets.
On January 7, 2019, Canadian Solar announced that it completed the sale of the 18 MWp portfolio of PMGD solar power projects, developed under Chile's Small Distributed Generation Means to Sonnedix in December 2018.
On December 21, 2018, Canadian Solar announced that it completed the sale of its remaining 20% interest in the 399 MWp Pirapora solar complex in Brazil to Omega Geracao S.A. Canadian Solar had previously sold an 80% interest in the portfolio to EDF Renewables at construction-ready stage.
On December 18, 2018, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, LLC, had completed the sale of its 150 MWac/210 MWp Mustang Two solar project to Solar Frontier Americas.
On December 17, 2018, Canadian Solar announced that it entered into a 10-year power purchase agreement with TrailStone GmbH for the electricity produced by a 17.6 MWp solar PV plant portfolio in Sicily, Italy. The portfolio is jointly owned by Canadian Solar (51%) and Manni Energy (49%).
On December 14, 2018, Canadian Solar announced that it had achieved financial close on a $69.0 million non-recourse project financing for the 67.8 MWp Aguascalientes solar power project in Mexico.
On December 12, 2018, Canadian Solar announced that it secured a $50 million non-recourse project financing for its 100.1 MWp solar power project in Cafayate, Salta Province, Argentina.
On December 3, 2018, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, LLC, had signed a 25-year power purchase agreement for the 63 MWac/88 MWp Stanford Solar Generating Station #2.
On November 26, 2018, Canadian Solar announced that the 399 MWp Pirapora solar complex in Brazil, jointly owned by the Company (20%) and EDF Renewables (80%), had successfully raised a total of 1.39 billion Brazilian reais (US$373 million) via multiple project finance sources.
On November 14, 2018, Canadian Solar announced that it delivered 10 MW bifacial PV modules - BiKuCS3U-PB-AG - to Neighborhood Power for four solar power projects near Portland, Oregon. This represents the first significant delivery of bifacial solar PV modules into the U.S.
On November 8, 2018, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, LLC, signed a build-transfer agreement with Entergy Mississippi for a 100 MWac solar photovoltaic project for a base purchase price of approximately $138.4 million.
On November 5, 2018, Canadian Solar announced that the Board of Directors' Special Committee completed its review of a proposed "going private" transaction. The Company will continue to operate its two principal reportable businesses, the MSS and Energy segments, under one publicly-listed corporate umbrella, while focusing on ways to further build shareholder value.
Appointment of Independent Director
The Company appointed of Arthur (Lap Tat) Wong as an independent director of the Company, effective March 8, 2019, which increased the size of the Board of Directors from five to six directors. Mr. Wong currently serves as an independent director and chair of the audit committee of China Automotive Systems, Inc. (NASDAQ: CAAS), Daqo New Energy Corp. (NYSE: DQ), and China Maple Leaf Educational Systems Limited (HKSE: 1317). From 1982 to 2008, Mr. Wong held various positions with Deloitte Touche Tohmatsu (Deloitte) in Hong Kong, San Jose and Beijing, with his last position as a partner in Deloitte's Beijing office. He subsequently served as the Chief Financial Officer at a variety of companies. Mr. Wong received a Higher Diploma in Accountancy from Hong Kong Polytechnic University and a Bachelor of Science degree in Applied Economics from University of San Francisco. He is a fellow of the Hong Kong Institute of Certified Public Accountants; a fellow of the Association of Chartered Certified Accountants; and a member of the American Institute of Certified Public Accountants.
Conference Call Information
The Company will hold a conference call at 8:00 a.m. U.S. Eastern Daylight Time on March 21, 2019 (8:00 p.m., March 21, 2019 in Hong Kong) to discuss the Company's fourth quarter and full year 2018 results and business outlook. The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1 845-675-0437 (from international locations). The passcode for the call is 7693309. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 8:00 a.m. U.S. Eastern Daylight Time on Friday, March 29, 2019 (8:00 p.m., March 29, 2019 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 (from international locations), with passcode 7693309. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
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 32 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 regarding the Company's expected future shipment volumes, gross margins 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 26, 2018. 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.
FINANCIAL TABLES FOLLOW
Canadian Solar Inc. | ||||||||||
Unaudited Condensed Consolidated Statement of Operations | ||||||||||
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated) | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||
2018 | 2018 | 2017 | 2018 | 2017 | ||||||
Net revenues | $ 901,041 | $ 767,970 | 1,108,764 | $ 3,744,512 | $ 3,390,393 | |||||
Cost of revenues | 629,732 | 567,579 | 890,211 | 2,969,430 | 2,752,795 | |||||
Gross profit | 271,309 | 200,391 | 218,553 | 775,082 | 637,598 | |||||
Operating expenses: | ||||||||||
Selling expenses | 44,372 | 38,423 | 39,935 | 165,402 | 156,032 | |||||
General and administrative | 81,309 | 58,862 | 69,650 | 245,376 | 230,998 | |||||
Research and development | 15,417 | 10,143 | 8,564 | 44,193 | 28,777 | |||||
Other operating income | (6,353) | (2,941) | (29,756) | (44,546) | (47,554) | |||||
Total operating expenses | 134,745 | 104,487 | 88,393 | 410,425 | 368,253 | |||||
Income from operations | 136,564 | 95,904 | 130,160 | 364,657 | 269,345 | |||||
Other income (expenses): | ||||||||||
Interest expense | (23,003) | (26,839) | (33,487) | (106,032) | (117,971) | |||||
Interest income | 2,180 | 2,567 | 3,180 | 11,207 | 10,477 | |||||
Gain (loss) on change in fair | (7,256) | (8,881) | 7,565 | (19,230) | (272) | |||||
Foreign exchange gain (loss) | 7,328 | 10,112 | (9,541) | 6,529 | (23,449) | |||||
Investment income (loss) | 35,416 | 6,528 | (3,607) | 41,361 | (3,607) | |||||
Other expenses, net | 14,665 | (16,513) | (35,890) | (66,165) | (134,822) | |||||
Income before income taxes and | 151,229 | 79,391 | 94,270 | 298,492 | 134,523 | |||||
Income tax expense | (36,684) | (13,423) | (28,940) | (61,969) | (40,951) | |||||
Equity in earnings (loss) of | (445) | 2,504 | (2,550) | 5,908 | 9,411 | |||||
Net income | 114,100 | 68,472 | 62,780 | 242,431 | 102,983 | |||||
Less: Net income attributable to | 2,516 | 1,932 | 1,378 | 5,361 | 3,411 | |||||
Net income attributable to | $ 111,584 | $ 66,540 | $ 61,402 | $ 237,070 | $ 99,572 | |||||
Earnings per share - basic | $ 1.89 | $ 1.14 | $ 1.05 | $ 4.02 | $ 1.71 | |||||
Shares used in computation - basic | 59,160,338 | 58,526,275 | 58,486,391 | 58,914,540 | 58,167,004 | |||||
Earnings per share - diluted | $ 1.81 | $ 1.09 | $ 1.01 | $ 3.88 | $ 1.69 | |||||
Shares used in computation - diluted | 62,356,019 | 61,937,187 | 61,936,162 | 62,291,670 | 61,548,158 | |||||
Canadian Solar Inc. | |||||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income | |||||||||
(In Thousands of US Dollars) | |||||||||
Three Months Ended | Twelve Months Ended | ||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | |||||
2018 | 2018 | 2017 | 2018 | 2017 | |||||
Net Income | 114,100 | 68,472 | 62,780 | 242,431 | 102,983 | ||||
Other comprehensive income (net of | |||||||||
Foreign currency translation adjustment | (38,399) | 26,709 | 3,395 | (50,577) | 39,305 | ||||
Gain (loss) on changes in fair value of | (3,416) | 2,464 | 296 | 6,094 | (2,090) | ||||
Loss on de-recognition of commodity | (8,752) | - | - | (8,752) | - | ||||
Comprehensive income | 63,533 | 97,645 | 66,471 | 189,196 | 140,198 | ||||
Less: comprehensive income | 1,189 | 4,844 | 2,034 | 8,241 | 2,846 | ||||
Comprehensive income attributable | 62,344 | 92,801 | 64,437 | 180,955 | 137,352 | ||||
Canadian Solar Inc. | ||||
Unaudited Condensed Consolidated Balance Sheets | ||||
(In Thousands of US Dollars) | ||||
December 31, | December 31, | |||
2018 | 2017 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 444,298 | $ 561,679 | ||
Restricted cash - current | 480,976 | 617,761 | ||
Accounts receivable trade, net | 498,231 | 358,091 | ||
Contract assets | 38 | 1,253 | ||
Amounts due from related parties | 16,740 | 26,102 | ||
Inventories | 262,022 | 346,092 | ||
Value added tax recoverable | 107,222 | 94,503 | ||
Advances to suppliers - current | 37,011 | 61,399 | ||
Derivative assets - current | 4,761 | 16,200 | ||
Project assets - current | 933,563 | 1,523,342 | ||
Assets held-for-sale | - | 182,797 | ||
Prepaid expenses and other current assets | 289,459 | 296,084 | ||
Total current assets | 3,074,321 | 4,085,303 | ||
Restricted cash - non-current | 15,716 | 10,695 | ||
Property, plant and equipment, net | 884,986 | 747,235 | ||
Solar power systems, net | 54,898 | 63,964 | ||
Deferred tax assets, net | 121,087 | 131,796 | ||
Advances to suppliers - non-current | 48,908 | 38,325 | ||
Prepaid land use right | 65,718 | 78,649 | ||
Investments in affiliates | 126,095 | 414,215 | ||
Intangible assets, net | 14,903 | 10,986 | ||
Goodwill | 1,005 | 6,248 | ||
Derivatives assets - non-current | 3,216 | 10,911 | ||
Project assets - non-current | 352,200 | 148,170 | ||
Other non-current assets | 129,605 | 143,130 | ||
TOTAL ASSETS | $ 4,892,658 | $ 5,889,627 | ||
Canadian Solar Inc. | ||||
Unaudited Condensed Consolidated Balance Sheets (Continued) | ||||
(In Thousands of US Dollars) | ||||
December 31, | December 31, | |||
2018 | 2017 | |||
Current liabilities: | ||||
Short-term borrowings | $ 1,027,927 | $ 1,608,962 | ||
Long-term borrowings on project assets - | 265,770 | 348,793 | ||
Accounts payable | 379,462 | 402,964 | ||
Notes payable | 369,722 | 572,631 | ||
Amounts due to related parties | 16,847 | 6,023 | ||
Other payables | 408,013 | 315,321 | ||
Convertible notes | 127,428 | - | ||
Contract liabilities | 39,024 | 51,739 | ||
Derivative liabilities - current | 13,698 | 6,121 | ||
Liabilities held-for-sale | - | 185,872 | ||
Tax equity liabilities | 158,496 | 407,683 | ||
Other current liabilities | 141,970 | 201,903 | ||
Total current liabilities | 2,948,357 | 4,108,012 | ||
Accrued warranty costs | 50,605 | 55,659 | ||
Convertible notes | - | 126,476 | ||
Long-term borrowings | 393,614 | 404,341 | ||
Amounts due to related parties | 568 | - | ||
Derivatives liabilities - non-current | - | 359 | ||
Liability for uncertain tax positions | 20,128 | 9,264 | ||
Deferred tax liabilities - non-current | 35,698 | 5,562 | ||
Loss contingency accruals | 24,608 | 25,682 | ||
Financing liabilities - non-current | 77,835 | 12,243 | ||
Other non-current liabilities | 68,400 | 82,254 | ||
Total LIABILITIES | 3,619,813 | 4,829,852 | ||
Equity: | ||||
Common shares | 702,931 | 702,162 | ||
Additional paid-in capital | 10,675 | 417 | ||
Retained earnings* | 622,016 | 383,681 | ||
Accumulated other comprehensive loss | (110,149) | (54,034) | ||
Total Canadian Solar Inc. shareholders' equity | 1,225,473 | 1,032,226 | ||
Non-controlling interests in subsidiaries | 47,372 | 27,549 | ||
TOTAL EQUITY | 1,272,845 | 1,059,775 | ||
TOTAL LIABILITIES AND EQUITY | $ 4,892,658 | $ 5,889,627 | ||
Note: * The Company, starting from January 1, 2018, adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606), using the modified retrospective method. The reported results for year 2018 reflect the adoption of ASC 606, while the reported results for year 2017 were prepared under the previous revenue recognition guidance. The adoption of ASC 606 has no material impact on the revenue recognition for 2018. The cumulative-effect adjustment to the beginning balance of retained earnings on January 1, 2018 was an increase of $1.3 million from $383.7 million to $385.0 million, related to variable consideration recognized for project sales in year 2017.
About Non-GAAP Financial Measures
To supplement its financial disclosures presented in accordance with GAAP, the Company uses non-GAAP measures which are adjusted from the most comparable GAAP measures for certain items as described below. The Company presents non-GAAP net income and diluted earnings per share so that readers can better understand the underlying operating performance of the business before the impact of AD/CVD true-up provisions in 2018 and AD/CVD true-up provision, LDK provision and gain from insurance compensation in 2017. The non-GAAP numbers are not measures of financial performance under U.S. GAAP, and should not be considered in isolation or as an alternative to other measures determined in accordance with GAAP. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited.
Reconciliation of U.S. GAAP to Non-GAAP financial measures | ||||||||
Statement of Operations Data: | ||||||||
(In Thousands, except per share amounts) | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
December 31, | September 30, | December 31, | December 31, | |||||
GAAP net income attributable to Canadian | 111,584 | 66,540 | 237,070 | 99,572 | ||||
Non-GAAP income adjustment items: | ||||||||
AD/CVD provision reversal | (16,098) | (8,271) | (50,172) | (57,602) | ||||
LDK provision | - | - | - | 8,615 | ||||
Gain from insurance compensation | - | - | - | (15,238) | ||||
Tax impact | 3,995 | 2,053 | 12,452 | 24,227 | ||||
Non-GAAP net income attributable to | 99,481 | 60,322 | 199,350 | 59,574 | ||||
GAAP income per share-diluted | 1.81 | 1.09 | 3.88 | 1.69 | ||||
Non-GAAP income per share - diluted | 1.61 | 0.99 | 3.28 | 0.97 | ||||
Shares used in computation - diluted | 62,356,019 | 61,937,187 | 62,291,670 | 61,548,158 | ||||
View original content:http://www.prnewswire.com/news-releases/canadian-solar-reports-fourth-quarter-and-full-year-2018-results-300816324.html
SOURCE Canadian Solar Inc.
Article Date
3/21/2019Canadian Solar Schedules 4Q/FY18 Earnings Conference Call for March 21
Source: PR Newswire
GUELPH, Ontario, March 7, 2019 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Thursday, March 21, 2019 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., March 21, 2019 in Hong Kong) to discuss the Company's fourth quarter and full year 2018 results and business outlook.
The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from Hong Kong) or +1 845-675-0437 from international locations. The passcode for the call is 7693309. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 8:00 a.m. U.S. Eastern Daylight Time on Friday, March 29, 2019 (8:00 p.m., March 29, 2019 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from Hong Kong) or +1-646-254-3697 from international locations. The passcode for the replay is 7693309. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
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 32 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.
CONTACT INFORMATION:
Mary Ma Manager, Investor Relations Canadian Solar Inc.
| David Pasquale Global IR Partners New York: +1-914-337-8801
|
View original content:http://www.prnewswire.com/news-releases/canadian-solar-schedules-4qfy18-earnings-conference-call-for-march-21-300808375.html
SOURCE Canadian Solar Inc.
Article Date
3/7/20192/15/2019 - Canadian Solar Won 94 MWp of Subsidy-Free Electricity Contracts in Alberta's Public Power Auction
Canadian Solar Won 94 MWp of Subsidy-Free Electricity Contracts in Alberta's Public Power Auction
Source: PR Newswire
GUELPH, Ontario, Feb. 15, 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 won three solar power contracts with Alberta's Ministry of Infrastructure, for a total of 94 megawatts (MWp) of solar power system in southeast Alberta, with an average contracted PPA price of 48.05 Canadian dollars per megawatt-hour (MWh). When in operation, these solar plants will provide 55 percent of the electricity needs for Alberta provincial government. This is likely the largest public sector solar energy procurement contract in Canada in 2019.
"We see great potential in the Alberta solar market, and we're pleased to supply subsidy-free solar power to meet Alberta's clean energy needs. We hope these 94 MWp solar project contracts serve as a catalyst for solar industry growth in Canada, specifically in Alberta," said Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are delighted to partner with Conklin Métis Local 193, the indigenous community, who owns a 50-percent equity stake in the Hays, Jenner and Tilley solar projects."
In the fall of 2018, Canadian Solar entered into a 50-percent equity partnership with Conklin Métis Local 193 on the three projects. The Conklin Métis are an indigenous community based in the rural hamlet of Conklin, part of the Athabasca Oil Sands region in eastern Alberta.
"We are extremely excited about our partnership with Canadian Solar, a global leader in solar energy. As a Métis community, we highly value the opportunity to invest in renewable energy projects within Canada," said Shirley Tremblay, president of the Conklin Métis Local 193. "This partnership will help us diversify our investment portfolio, and its financial benefits will support key social and economic initiatives within our community. We applaud the Government of Alberta and Canadian Solar for their progressive mentality and look forward to a long-lasting, prosperous relationship."
The three projects in the contracts are the Jenner, Tilley, and Hays solar projects. Once completed in early 2021, these solar plants are expected to generate enough power for more than 20,000 homes. During the construction of the three solar projects, an estimated 270 jobs will be created in Alberta.
All three projects are expected to use bifacial solar panels, which generate up to 20 percent more energy than standard solar modules due to their ability to produce electricity from both their front and back sides. These modules are particularly well-suited to snowy climates like Alberta in the winter, as snow will increase reflection of sunlight.
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 32 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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-won-94-mwp-of-subsidy-free-electricity-contracts-in-albertas-public-power-auction-300796671.html
SOURCE Canadian Solar Inc.
Article Date
2/15/20192/14/2019 - Canadian Solar's First Solar Power Project of 68 MWp in Mexico Started Commercial Operations
Canadian Solar's First Solar Power Project of 68 MWp in Mexico Started Commercial Operations
Source: PR Newswire
GUELPH, Ontario, Feb. 14, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies today announced its first solar power project of 68 MWp in Mexico started commercial operations in January 2019.
The solar plant, located in Aguascalientes, Mexico, is powered by over 200,000 Canadian Solar high-efficiency poly modules CS6U-P. The plant will generate 145 gigawatt hours (GWh) of electricity annually, enough to power 20,690 households and offset 72,700 tons of carbon dioxide emission each year. In addition to that, a total of 535 jobs were created during the PV plant construction and more than 15 new jobs are expected to be created for operations and maintenance during the upcoming 20 years the plant is in operation. Canadian Solar will provide operations and maintenance services to the plant.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "Achieving commercial operations for the Aguascalientes project is a significant milestone for Canadian Solar. This definitely strengthens our position as a leading solar project developer in Mexico and Latin America. Mexico is a very important new market for us where we started solar project development business three years ago. We have a remaining pipeline of 368 MWp of solar projects in Mexico with awarded power purchase agreements. Construction of these late-stage projects will soon start and commercial operations will be achieved in 2020."
Canadian Solar competed for and won the Aguascalientes project in the first Long Term Auction in Mexico in 2016. According to the contract agreement, the electricity generated will be sold to Comisión Federal de Electricidad (CFE) under a 15-year PPA for energy and capacity, and 20-year for Clean Energy Certificates.
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 32 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.
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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solars-first-solar-power-project-of-68-mwp-in-mexico-started-commercial-operations-300795672.html
SOURCE Canadian Solar Inc.
Article Date
2/14/2019Canadian Solar Announces Date of its Q4/FY 2018 Earnings Conference Call, Updates its Guidance for 4Q 2018, and Provides a Preliminary Assessment of the Potential Impact of PG&E's Bankruptcy on its Project Pipeline
Source: PR Newswire
GUELPH, Ontario, Feb. 6, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies today announced it plans to report its financial results for the fourth quarter and full year 2018 on Thursday, March 21, 2019. Management will host a conference call to discuss these results and its business outlook for the first quarter and full year 2019.
The Company now expects its shipments for the fourth quarter of 2018 to be in the range of 1.90 GW to 1.95 GW, compared to the previous guidance of 1.67 GW to 1.72 GW; its net revenue for the fourth quarter of 2018 to be in range of $850 million to $900 million, compared to the previous guidance of $690 million to $800 million; and its gross margin for the fourth quarter of 2018 to be in the range of 27% to 28% compared to the previous guidance of 24% to 26%.
The Company has been closely monitoring the bankruptcy filing of Pacific Gas and Electric Company ("PG&E"). Potential outcomes are dependent upon a variety of factors, including future decisions of PG&E, the bankruptcy court, the investment community, and other stakeholders. Consequently, the Company can only provide a preliminary assessment of its potential exposure.
The Company does not have material exposure with respect to previously sold projects. It does, however, have potential exposure with respect to 60 MWac of power purchase agreements with PG&E for a portion of the Gaskell West 2 project, which is planned to reach commercial operation in 2020. These power purchase agreements were executed in late 2017 at very competitive prices. Further, the Company has potential exposure with respect to interconnection agreements with PG&E including an early to mid-stage development project and the late-stage Slate project, which together total approximately 700 MWac. Based on current information, the planned commercial operation dates have not been impacted for any projects in the Company's pipeline. The Company will provide a further update, as possible, in its fourth quarter and full year 2018 earnings conference call.
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 17 years, Canadian Solar has successfully delivered over 30 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 regarding the Company's expected future shipment volumes, gross margins 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 26, 2018. 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.
View original content:SOURCE Canadian Solar Inc.
Article Date
2/6/20191/31/2019 - Canadian Solar Secures 295 Million Brazilian Reais Financing for the Salgueiro Project in Brazil
Canadian Solar Secures 295 Million Brazilian Reais Financing for the Salgueiro Project in Brazil
Source: PR Newswire
GUELPH, Ontario, Jan. 31, 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 secured a 295 million Brazilian reais (US$80 million) financing from Banco do Nordeste S.A. ("BNB") for its 114 MWp Salgueiro solar power project in the northeast state of Pernambuco, Brazil. BNB is the largest regional development bank in Latin America.
The 114 MWp Salgueiro solar power project is part of the 478 MWp solar portfolio awarded to Canadian Solar during the past two Brazil A-4 energy auctions in December 2017 and April 2018. The Salgueiro project has a 20-year, inflation-linked power purchase agreement (PPA) with the Brazilian Electric Power Commercialization Chamber (CCEE). Construction is expected to start this year, with the plant entering commercial operations by mid of 2020. The plant will utilize over 286,000 of Canadian Solar's high efficiency bifacial modules (BiHiKu) that can generate electricity from both sides of the module to benefit from high solar irradiance in Brazil's northeast region.
The financing package comprises a comprehensive limited-recourse construction and non-recourse operations debt funding over a 20-year tenor based on the concessionary Constitutional Funds Interest Rate (TFC) in Brazil. The Salgueiro project is the second Canadian Solar project to be financed by BNB. The first one is the 366 million Brazilian reais (US$99 million) debt funding for the 115 MWp Pirapora II project in 2018.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "Salgueiro project is among the first solar projects under the Brazil A-4 2017 auction to secure BNB's development funding under the Northeast Constitutional Fund (FNE) program. To date, Canadian Solar has in total developed operational and pipeline projects of over 955 MWp under the federal government energy auctions. Brazil has become one of the most important solar development platforms in the southern hemisphere. Together with our business partners, we are pleased to support the expansion of economic resources in Brazil's northeast region through robust infrastructure investments in renewable energy."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-secures-295-million-brazilian-reais-financing-for-the-salgueiro-project-in-brazil-300787308.html
SOURCE Canadian Solar Inc.
Article Date
1/31/2019Canadian Solar to Provide EPC Services and Supply Solar Modules for 333MWp Darlington Point Solar Farm in Australia
Source: PR Newswire
GUELPH, Ontario, Jan. 17, 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 been selected by Edify Energy and Octopus Investments to be partnering with Signal Energy to provide Engineering, Procurement and Constructions (EPC) services and supply solar modules for the 333 MWp/275 MWac Darlington Point Solar Farm in New South Wales, Australia.
Construction of the Darlington Point Solar Farm will begin in March 2019 with over 820,000 Canadian Solar HiKu modules (CS3W-P), averaged over 400W per module. These high efficiency PV modules will be installed on single-axis solar tracking systems in an area of approximately 2,000 acres. The project is expected to reach completion in early 2020, and the solar system is expected to produce enough electricity to meet the needs of more than 115,000 NSW homes and displace nearly 600,000 tonnes of carbon dioxide emissions annually.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "We are delighted to be selected by Edify Energy and Octopus Investments to provide EPC services together with Signal Energy and to supply our high efficiency and industry-leading 1500V and 400W multi-crystalline solar modules to this large-scale solar power plant. Our work with Darlington Point Solar Farm further demonstrates our strengths as a system solution provider with global experience. We are committed to working closely with local Australian communities in creating new jobs and to provide customers in Australia with affordable and reliable solar energy."
"We are extremely pleased that Edify Energy and Octopus Investments selected us to construct the Darlington Point project," said Greg Pawson, President of Signal Energy, "Edify's track record of success in Australia, collaboration, and focus on quality makes them an ideal customer to work with. Octopus brings a wealth of solar investment experience from Europe and we look forward to building our relationship with them."
About Canadian Solar, Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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 Signal Energy
Signal Energy, headquartered in Chattanooga, Tennessee, is a leading full service design/build contractor providing Engineering, Procurement and Construction (EPC) services for utility-scale renewable energy projects. Signal Energy is the renewable energy subsidiary of EMJ Corporation. Signal Energy Australia was established in January 2018 and is headquartered in Sydney. For more information visit: www.signalenergy.com. Add social media links.
Canadian Solar 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 26, 2018. 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.
Article Date
1/17/20191/11/2019 - UPDATED TIME: Canadian Solar to Present at the 21st Annual Needham Growth Conference in New York City
UPDATED TIME: Canadian Solar to Present at the 21st Annual Needham Growth Conference in New York City
Source: PR Newswire
GUELPH, Ontario, Jan. 11, 2019 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to present at the 21st Annual Needham Growth Conference on Tuesday January 15, 2019 at the Lotte New York Palace Hotel in New York City.
PRESENTATION / WEBCAST TIME NOW AT 4:50 PM EST, JANUARY 15, 2019:
A group presentation is now scheduled for 4:50 p.m. EST on January 15, 2019. It had been previously scheduled for 5:30 p.m. EST. The 4:50 p.m. EST group presentation will be also available through a live webcast in the investor relations section of the Company's website at www.canadiansolar.com.
During the conference, Dr. Huifeng Chang, Canadian Solar's Senior Vice President and Chief Financial Officer and Mary Ma, Manager of Investor Relations will meet with institutional investors.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/updated-time-canadian-solar-to-present-at-the-21st-annual-needham-growth-conference-in-new-york-city-300776667.html
SOURCE Canadian Solar Inc.
Article Date
1/11/20191/10/2019 - Canadian Solar Delivered 2.6 GW of High Efficiency Anti-LeTID PERC Solar Modules Worldwide
Canadian Solar Delivered 2.6 GW of High Efficiency Anti-LeTID PERC Solar Modules Worldwide
Source: PR Newswire
GUELPH, Ontario, Jan. 10, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the company has shipped accumulatively 2.6 GW of high efficiency anti-LeTID PERC solar modules worldwide as of December 31st, 2018. This represents a significant milestone in Canadian Solar's continuous efforts in developing and delivering high efficiency and high quality solar modules.
Solar modules with Passivated Emitter and Rear Cell (PERC) technology can significantly improve the module efficiency compared to standard modules with aluminum back surface field (Al BSF) cells, which significantly reduces solar system's Balance of System (BOS) costs. In addition, PERC modules exhibit lower temperature coefficient and lower operation temperature over Al BSF modules, therefore further improving energy yield of solar systems. As a result, end users can enjoy lower levelized cost of electricity (LCOE) and higher return on investment (ROI).
LeTID, or Light and elevated Temperature Induced Degradation, in PERC modules is a phenomenon exhibited in both lab tests and field operations. This degradation effect usually happens when module temperature is higher than 50°C and the magnitude of such degradation can reach up to 10% for both multicrystalline and monocrystalline PERC modules. R&D engineers at Canadian Solar developed proprietary LeTID mitigation technologies through many years of intensive research in materials, processes and production equipment. Canadian Solar's PERC modules exhibit excellent LeTID performance as demonstrated in internal lab and third party tests. This made Canadian Solar one of a few solar cell and module manufacturers who have mastered the technology to mitigate and control the LeTID in large scale production process. According to a research report published by University of New South Wales (UNSW) in November 2018, Canadian Solar's P4 module that is based on black silicon and multi-PERC technology showed less than 0.3% degradation in open-circuit voltage (Voc) after 166 hours of light irradiation at 1 Sun and of 75°C testing conditions, the lowest degradation among all multi-PERC modules in the industry tested under the same conditions. The percentage of Voc degradation reflects the effectiveness of LeTID mitigation.
"Going into 2019, we will soon convert all of our cell capacities into PERC technology. The successful mitigation of LeTID, combined with our gigawatt-scale high efficiency module technologies such as Ku, BiKu, HiKu, HiDM and BiHiKu, further solidifies Canadian Solar's leadership in solar technology and products", commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-delivered-2-6-gw-of-high-efficiency-anti-letid-perc-solar-modules-worldwide-300776204.html
SOURCE Canadian Solar Inc.
Article Date
1/10/2019Canadian Solar to Present at the 21st Annual Needham Growth Conference in New York City
Source: PR Newswire
GUELPH, Ontario, Jan. 10, 2019 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to present at the 21st Annual Needham Growth Conference on Tuesday January 15, 2019 at the Lotte New York Palace Hotel in New York City. A group presentation is scheduled for 5:30 p.m. EST on January 15, 2019 and will be available through a live webcast in the investor relations section of the Company's website at www.canadiansolar.com.
During the conference, Dr. Huifeng Chang, Canadian Solar's Senior Vice President and Chief Financial Officer and Mary Ma, Manager of Investor Relations will meet with institutional investors.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-to-present-at-the-21st-annual-needham-growth-conference-in-new-york-city-300776033.html
SOURCE Canadian Solar Inc.
Article Date
1/10/2019Canadian Solar Announces JPY6.3 Billion Closing of Solar Equity Securitization in Japan
Source: PR Newswire
GUELPH, Ontario, Jan. 9, 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 completed the closing of its first equity securitization in Japan. This transaction is the first equity securitization in the world to be backed by long-term contracted solar assets.
Canadian Solar successfully raised JPY6.3 billion (US$58 million) from a diversified mix of Japanese and Korean institutional investors in its inaugural offering of equity backed securities, Canadian Solar Securitized Green Equity Trust 1. Proceeds from the offering were originally deployed to acquire Canadian Solar's 34MWp operating solar portfolio, comprising the 23.8MWp Smart Solar Yamaguchi-Aio Solar Power Plant and the 10.2MWp CSJ Kamikitagun Rokunohemachi Solar Power Plant. Canadian Solar recognized revenue from sale of the plants in the third and fourth quarter of 2018.
The two projects have existing debts that have been raised through a non-recourse project bond structure developed using financial securitization techniques. The securitization of the equity portion of the capital structure brings the whole-business securitization concept one step further and culminates into a total securitization of solar assets. The investment period matures in September 2037 and the securities have been rated as Green 1, the highest Environmental, Social and Governance (ESG) investment tier by the Japan Credit Rating Agency, Ltd (JCRA). The underlying solar power plants have each further received the investment grade rating of "A" from JCRA for its non-recourse project bonds.
Electricity generation from the CSJ Kamikitagun Rokunohemachi Solar Power Plant and the Smart Solar Yamaguchi Aio Solar Power Plant is purchased by Tohoku Electric Power Co., Inc. and Chugoku Electric Power Company under 20 years feed-in-tariff (FIT) contracts at the rates of JPY36 (US$0.33) and JPY40 (US$0.37) per kWh, respectively. Canadian Solar's asset management arm, Canadian Solar Asset Management K.K., has been appointed as the Asset Manager to manage the securitized portfolio. Canadian Solar O&M Japan also provides Operations and Maintenance (O&M) services for the remaining duration of the 20 years FIT period. The two solar power plants utilize MaxPower modules supplied by Canadian Solar and began commercial operations in late 2016.
"We are delighted to originate this ground-breaking transaction and to take solar securitization to the next level. We are proud of our continuous achievements to drive Environmental, Social and Governance (ESG) investment growth in Japan. Since 2017, our Japanese asset management arm has rapidly expanded to manage over JPY 60 Billion (US$540 million) of ESG investment platforms, including the TSE-listed Canadian Solar Infrastructure Fund (TSE: 9284)," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We plan to grow our ESG investor base to provide further avenue for institutional and retail investors who are increasingly looking to diversify their portfolios into supporting clean energy transition and secure an investment opportunity in solar assets backed by attractive long-term yields."
Goldman Sachs Japan Co., Ltd, acted as sole structuring agent and sole placement agent for the transaction.
The securities have been assigned the Green 1 rating in accordance with the ICMA's Green Bond Principles and Japan's Ministry of the Environment's Green Bond Guidelines. The Green 1 rating is the investment criteria for asset that demonstrates the best in class performance in environmental impact, disclosure transparency and sustainability. The portfolio is expected to produce 38,580 MWh of clean solar energy annually, or sufficient to reduce 25,441 tons of carbon dioxide emissions.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-announces-jpy6-3-billion-closing-of-solar-equity-securitization-in-japan-300774519.html
SOURCE Canadian Solar Inc.
Article Date
1/9/2019Canadian Solar Completes the Sale of 18 MWp Solar Power Projects in Chile
Source: PR Newswire
GUELPH, Ontario, Jan. 7, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has completed the sale of its 18 MWp portfolio of PMGD solar power projects in Chile to Sonnedix. The transaction was closed in December 2018 and the Company expects to recognize the majority of the revenue from the sale of the projects for the fourth quarter of 2018.
The projects, located in Maule and O'Higgins Regions, and developed under the country's Small Distributed Generation Means scheme "PMGD", are expected to commence construction imminently in January and reach commercial operation in the second quarter of 2019. Canadian Solar will supply 48,600 CS3U-MS KuMax Mono PERC 375W modules to the projects, and once completed, the plants will generate approximately 35,520 MWh of electricity per year.
"The sale of our PMGD portfolio in Chile is another demonstration of the continuing success of Canadian Solar's project development business in Latin America. These are our first solar projects in Chile and their successful development and sale underscore our ability and commitment to expanding our presence in the major solar markets in the region," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
About Sonnedix
Sonnedix Power Holdings Limited (together with its subsidiaries, "Sonnedix") is an Independent Solar Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix develops, builds, owns and operates solar power plants globally. For more information about Sonnedix, please visit www.sonnedix.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
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 26, 2018. 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.
Article Date
1/7/2019Canadian Solar to Provide EPC Services and Supply Solar Modules for 175 MWp Finley Solar Farm in Australia
Source: PR Newswire
GUELPH, Ontario, Jan. 3, 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 will be partnering with Signal Energy to provide Engineering, Procurement and Constructions (EPC) services and supply solar modules for ESCO Pacific's 175MWp/133MWac Finley Solar Farm in New South Wales, Australia.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "We are delighted to be selected by ESCO Pacific to provide EPC services together with Signal Energy and to supply our 1500V crystalline module to this large-scale solar power plant. This partnership further expands our presence and solidifies our competitive position in Australia. We are committed to providing customers in Australia and around the world with access to clean, affordable and reliable solar energy."
The solar plant will be built on approximately 1,000 acres of grazing, crop and irrigated lands near Finley, New South Wales, Australia. Over 490,000 of Canadian Solar's 1500V high efficiency KuMax modules (CS3U-P) will be installed on single-axis solar tracking systems. When completed, it will produce enough electricity to meet the needs of more than 90,000 NSW homes and displacing more than 400,000 tonnes of carbon dioxide emissions annually.
"We are excited about establishing ourselves in the Australian renewable energy market," said Greg Pawson, President of Signal Energy. "Signal Energy has had great success in the United States by creating value for our customers through optimization and execution of their solar projects, and leveraging our experience internationally has proven to make a lot of sense."
"The Australian market has been very receptive to our arrival, and we appreciate the confidence that ESCO Pacific has placed in Signal Energy Australia," said Greg Pawson, President of Signal Energy "Canadian Solar's focus on providing creative technical and commercial solutions match very well with Signal's mission and we are very pleased to be working together again on this important project."
Construction of the project began in December 2018 and is expected to complete in October 2019.
About Canadian Solar, Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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 Signal Energy
Signal Energy, headquartered in Chattanooga, Tennessee, is a leading full service design/build contractor providing Engineering, Procurement and Construction (EPC) services for utility-scale renewable energy projects. Signal Energy is the renewable energy subsidiary of EMJ Corporation. Signal Energy Australia was established in January 2018 and is headquartered in Sydney. For more information visit: www.signalenergy.com. Add social media links.
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SOURCE Canadian Solar Inc.
Article Date
1/3/201912/21/2018 - Canadian Solar Completes the Sale of 20 Percent Interest in the 399 MWp Pirapora Solar Complex in Brazil
Canadian Solar Completes the Sale of 20 Percent Interest in the 399 MWp Pirapora Solar Complex in Brazil
Source: PR Newswire
GUELPH, Ontario, Dec. 21, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has completed the sale of its 20% interest in the 399 MWp Pirapora solar complex in Brazil to Omega Geracao S.A.(Omega), a leading Brazilian renewable energy company dedicated exclusively to operational assets.
Canadian Solar had previously sold 80% interest in the portfolio to EDF Renewables at construction-ready stage.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "This transaction demonstrates the success of our profitable project development strategy in Brazil. Including the sale of our 81 MWp Guimarania projects in April of this year, we have now developed and sold 480 MWp of solar projects in the country and have a remaining pipeline of 476 MWp of projects with PPAs awarded from the government auctions. We are very pleased to have partnered with such leading renewable energy companies as EDF Renewables and Omega and look forward to future opportunities to work with them as we continue to grow and execute on our project pipeline in Brazil."
The Pirapora solar complex, located in the state of Minas Gerais, consists of three solar power plants. The 191.5 MWp Pirapora I, 115 MWp Pirapora II and 92.5 MWp Pirapora III reached commercial operation in November 2017, June 2018 and December 2017, respectively. The solar complex is powered by approximately 1,235,000 high efficiency MaxPower CS6U-P modules manufactured in Sao Paulo, Brazil.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
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 26, 2018. 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.
Article Date
12/21/2018Solar Frontier Americas Acquires Canadian Solar's 210 MWp Mustang Two Solar Project
Source: PR Newswire
GUELPH, Ontario, and SAN FRANCISCO, Dec. 18, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), today announced its wholly owned subsidiary Recurrent Energy LLC ("Recurrent Energy") has completed the sale of its 150 MWac/210 MWp Mustang Two solar project to Solar Frontier Americas ("SFA").
"The Mustang Two transaction is the latest example of the strong demand we see globally for Canadian Solar's high quality solar assets, given our ability to partner at various points in a project's development," said Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are pleased to partner in this transaction with Solar Frontier Americas, given its extensive solar project development and construction experience."
Located on 1,400 acres in Kings County, California, the Mustang Two project is expected to create approximately 400 jobs during peak construction. In this partnership, Recurrent Energy will continue to manage the development of the project, readying it for construction; Solar Frontier Americas will finance and manage the construction of the project, which is slated to achieve commercial operation in 2020. The project will then be operated by Solar Frontier Americas' growing independent power producer ("IPP") business.
"With this important acquisition, SFA further expands its U.S. business to become an independent power producer, an owner of operating electric power facilities," said Charles Pimentel, CEO of Solar Frontier Americas' IPP business unit. "We already have a substantial greenfield pipeline and are actively acquiring utility-scale projects and development assets to further scale our business."
Once the project is operational, the energy generated by the solar power facility will be split between two long-term power purchase agreements: Peninsula Clean Energy (the community choice energy agency which serves San Mateo County) is contracted to receive 100 MWac, and the Modesto Irrigation District will acquire 50 MWac. The combined energy generation from the two PPAs will power 37,500 homes with clean electricity.
About Solar Frontier Americas
Solar Frontier Americas, a U.S. based subsidiary of Showa Shell Sekiyu K.K. (a global energy solutions company), is a growing independent power producer, solar developer and module supplier. The vertically-integrated energy company acquires, develops, owns and operates high yield utility-scale solar power generation plants; selling the clean energy to help communities both economically and ecologically live in healthier environments. With offices in California and Nevada, SFA continues to develop its growing pipeline of over 1 GW of utility-scale projects. Part of a longstanding organization recognized internationally for their dedication to excellence in quality and service, SFA continues that tradition in their North American renewable energy business. Learn more at www.solar-frontier.com.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and energy storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
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 26, 2018. 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 Solar Frontier Americas
Article Date
12/18/2018Solar Frontier Americas Acquires Canadian Solar's 210 MWp Mustang Two Solar Project
Source: PR Newswire
GUELPH, Ontario and SAN FRANCISCO, Dec. 18, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies today announced its wholly owned subsidiary Recurrent Energy LLC ("Recurrent Energy") has completed the sale of its 150 MWac/210 MWp Mustang Two solar project to Solar Frontier Americas ("SFA").
"The Mustang Two transaction is the latest example of the strong demand we see globally for Canadian Solar's high quality solar assets, given our ability to partner at various points in a project's development." said Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are pleased to partner in this transaction with Solar Frontier Americas, given its extensive solar project development and construction experience."
Located on 1,400 acres in Kings County, California, the Mustang Two project is expected to create approximately 400 jobs during peak construction. In this partnership, Recurrent Energy will continue to manage the development of the project, readying it for construction; Solar Frontier Americas will finance and manage the construction of the project, which is slated to achieve commercial operation in 2020. The project will then be operated by Solar Frontier Americas' growing independent power producer ("IPP") business.
"With this important acquisition, SFA further expands its U.S. business to become an independent power producer, an owner of operating electric power facilities," said Charles Pimentel, CEO of Solar Frontier Americas' IPP business unit. "We already have a substantial greenfield pipeline and are actively acquiring utility-scale projects and development assets to further scale our business."
Once the project is operational, the energy generated by the solar power facility will be split between two long-term power purchase agreements: Peninsula Clean Energy (the community choice energy agency which serves San Mateo County) is contracted to receive 100 MWac, and the Modesto Irrigation District will acquire 50 MWac. The combined energy generation from the two PPAs will power 37,500 homes with clean electricity.
About Solar Frontier Americas
Solar Frontier Americas, a U.S. based subsidiary of Showa Shell Sekiyu K.K. (a global energy solutions company), is a growing independent power producer, solar developer and module supplier. The vertically-integrated energy company acquires, develops, owns and operates high yield utility-scale solar power generation plants; selling the clean energy to help communities both economically and ecologically live in healthier environments. With offices in California and Nevada, SFA continues to develop its growing pipeline of over 1 GW of utility-scale projects. Part of a longstanding organization recognized internationally for their dedication to excellence in quality and service, SFA continues that tradition in their North American renewable energy business. Learn more at www.solar-frontier.com.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and energy storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
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 26, 2018. 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.
Article Date
12/18/201812/17/2018 - Canadian Solar and TrailStone Sign a 10-year PPA for an Unsubsidized Solar Portfolio in Italy
Canadian Solar and TrailStone Sign a 10-year PPA for an Unsubsidized Solar Portfolio in Italy
Source: PR Newswire
GUELPH, Ontario, Dec. 17, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies and TrailStone GmbH ("TrailStone"), a global commodities trader and an investor in strategic commodity assets, today announced they entered into a 10-year power purchase agreement ("PPA") for the electricity produced by a 17.6 MWp solar PV plant portfolio in Sicily, Italy. The portfolio is jointly owned by Canadian Solar (51% stake) and Manni Energy (49% stake), a renewable energy company devoted to engineering, O&M services, and energy efficiency and part of Manni Group, which will also provide turnkey EPC services for the project.
This landmark PPA will cover 100% of the electricity generated and is believed to be the longest-term PPA for a fully unsubsidized solar PV portfolio signed to date in Italy. The PPA provides stable and predictable power sales revenues via a fixed price floor but also higher generation-weighted power prices due to an upside-sharing mechanism. As part of the agreement, TrailStone will also act as market representative for the portfolio on the Italian wholesale market.
The solar PV portfolio is expected to start producing electricity in the second quarter of 2019. The expected production is approximately 34 GWh per annum, equivalent to the annual consumption of 12,000 households in Italy.
TrailStone was advised for the transaction by legal firm Paul Hastings while Canadian Solar was advised by Orrick, Herrington & Sutcliffe.
Mr. Franco Citron, Manni Energy, commented: "It is an honor for us to have contributed in a project which will allow the Italian market to foster the deployment of this renewable energy source, with a benefit for the entire community. The agreement signed by Manni Energy and its valuable partners represents one of the first of this kind in Italy; opening the opportunity to private actors to invest in solar energy with a predictable ROI and at a competitive level of earnings, also in comparison to traditional energy sources. This scheme perfectly matches Manni Group's sustainability goals."
Mr. John Redpath, CEO of TrailStone, commented: "TrailStone's strategy is to manage wind and solar portfolios while offering value added digitalized services such as virtual power plants to small decentralized production units. Providing long term solutions for new renewable developments puts TrailStone at the forefront of the energy transition".
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented: "This remarkable milestone marks the start of a new era of subsidy-free solar PV in Italy. Nowadays, solar PV plants can sell electricity at lower prices than conventional power plants. This opens up an unprecedented market independent of government support programs."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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 Manni Energy
Manni Energy is the renewable energy company of Manni Group devoted to engineering, O&M services and energy efficiency. Manni Group, an industrial business in Verona with over 70 years of history, promotes innovation in processing and in using steel in its wide range of applications. For more information, please visit www.mannienergy.com.
About TrailStone.
TrailStone is a global commodities trader and an investor in strategic commodity assets. As a trader, TrailStone uses its capital on a proprietary basis to buy and sell physical commodities, and it leverages its know-how in asset optimisation and logistics, and its access to the physical markets, to trade financial commodities. As an investor, TrailStone uses its industry expertise and private equity backed capital base to invest in and develop strategic commodity assets. For more information, please visit www.trailstonegroup.com.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-and-trailstone-sign-a-10-year-ppa-for-an-unsubsidized-solar-portfolio-in-italy-300767271.html
SOURCE Canadian Solar Inc.
Article Date
12/17/201812/14/2018 - Canadian Solar Closes US$69.0 million Financing with Bancomext and Banco Sabadell for Solar Project in Mexico
Canadian Solar Closes US$69.0 million Financing with Bancomext and Banco Sabadell for Solar Project in Mexico
Source: PR Newswire
GUELPH, Ontario, Dec. 14, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has achieved financial close on a US$69.0 million non-recourse project financing for the 67.8 MWp Aguascalientes solar power project in Mexico.
Arranged by Canadian Solar, the $69.0 million non-recourse financing package was provided by Banco Nacional de Comercio Exterior, S.N.C. ("Bancomext") and Banco Sabadell. Bancomext is a Mexican Development Bank and Export Credit Agency, whereas Banco Sabadell is a commercial banking group headquartered in Spain.
The financing package consists of a US$53.2 million long-term loan, a US$5.6 million letter of credit facility, and a US$10.2 million Value Added Tax (VAT) short-term loan. Proceeds from the long-term loan will be used to repay a US$45 million construction loan that was previously provided by Natixis.
The Aguascalientes project was awarded a Power Purchase Agreement (PPA) during the 2016 inaugural Mexico energy auction. Electricity generated by the plant will be sold to Comisión Federal de Electricidad, under a 15-year PPA for energy and capacity, and 20-year for Clean Energy Certificates. The solar power plant utilizes over 200,000 high-efficiency CS6U-P Max Power modules supplied by Canadian Solar and is expected to begin its commercial operations before the end of December 2018.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to partner with Bancomext and Banco Sabadell to support Mexico's goal of reaching 35% renewable energy by 2024. We already have a 436 MWp late-stage pipeline with contracted PPAs in Mexico. These solar projects will enable Canadian Solar to create many local jobs across the Aguascalientes, Hermosillo, and Obregón regions."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-closes-us69-0-million-financing-with-bancomext-and-banco-sabadell-for-solar-project-in-mexico-300765639.html
SOURCE Canadian Solar Inc.
Article Date
12/14/2018Canadian Solar Subsidiary Recurrent Energy Signs Power Purchase Agreement with a Leading Silicon Valley University
Source: PR Newswire
GUELPH, Ontario, Dec. 3, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), today announced its wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has signed a 25-year power purchase agreement ("PPA") for the 63 MWac/88 MWp Stanford Solar Generating Station #2.
The Stanford Solar Generating Station #2, located on over 400 acres in Kings County, California, will power the equivalent of 15,750 homes with clean electricity. This photovoltaic ("PV") project, together with Stanford University's existing 67 MWp solar PPA and its 5 MWp rooftop installation, will produce enough clean renewable electricity each year to equal the university's annual electricity consumption.
"This power purchase agreement with Stanford University demonstrates Recurrent Energy's ability to work with a diversified customer base in California and across the U.S. We've long partnered with different types of load-serving entities, such as investor-owned and publicly-owned utilities, and we're a known leader for our partnerships with CCAs. Now, we are delighted to also demonstrate our ability to meet the needs of direct access customers," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "We feel honored to help Stanford University achieve its goal to source 100 percent of its campus' electricity from renewable energy."
As part of Recurrent Energy's Slate project portfolio, the Stanford Solar Generating Station #2 is scheduled to enter operation in 2021. Canadian Solar announced last month that another 150 MWac portion of the Slate portfolio has PPAs executed with Silicon Valley Clean Energy and Monterey Bay Community Power.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar and storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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.
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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-subsidiary-recurrent-energy-signs-power-purchase-agreement-with-a-leading-silicon-valley-university-300758945.html
SOURCE Canadian Solar Inc.
Article Date
12/3/2018EDF Renewables and Canadian Solar Secure 1.39 Billion Brazilian Reais (US$373million) Financing on Pirapora Solar Complex
Source: PR Newswire
RIO DE JANEIRO, Brazil, Nov. 26, 2018 /PRNewswire/ -- EDF Renewables, a global market leader in renewable energy, and Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced their jointly-owned 399 MWp Pirapora solar complex in Brazil has successfully raised a total of 1.39 billion Brazilian reais (US$373 million) via multiple project finance sources. EDF Renewables owns 80% of the complex while Canadian Solar owns the remaining 20% stake.
The 191.5 MWp Pirapora I solar power project raised 220 million Brazilian reais (US$59 million) of infrastructure debentures through private placement to accredited institutional investors. The debentures have a tenor of 16 years and are guaranteed by the Inter-American Development Bank ("IDB") and IDB Invest, the private sector arm of the IDB Group. Fitch Ratings assigned the debentures ratings of A+ (Global) and AAA (Brazil), with stable outlook. This innovative issuance marks the first debenture of a solar project in Brazil to be assigned a global investment grade rating. This also marks IDB group's first structured credit guarantee product for solar in Brazil. BTG Pactual acted as a financial advisor to the sponsors for this transaction. Proceeds of this issuance will be used to repay a construction bridge loan provided by IDB. As previously announced on August 7, 2017, the project also received an 18-year financing from the Brazilian Development Bank ("BNDES") in the amount of 529 million Brazilian reais (US$142 million). This structure is the result of an innovative partnership between BNDES and IDB, which could stimulate the financing of other renewable energy projects in the country.
In addition, the 115 MWp Pirapora II solar power project closed long-term project financing of 366 million Brazilian reais (US$99 million) from Banco do Nordeste and the Northeast Constitutional Fund.
Adjacent 92.5 MWp Pirapora III solar power project has secured long-term project financing of 271 million Brazilian reais (US$73 million) from BNDES and the Brazilian National Climate Fund.
"These financings demonstrate the huge interest of leading financial institutions in the development of large scale solar energy infrastructure in Brazil," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "The high quality of the projects and the solidity of the sponsors were determinant to structure this important funding" – said Paulo Abranches, Chief Executive Officer of EDF Renewables in Brazil.
The Pirapora projects, operational since mid-2018, are among the largest solar complexes in the Latin America region. The three plants are powered by approximately 1,235,000 high-efficiency CS6U-P modules manufactured by Canadian Solar in Sao Paulo State, Brazil. Solar energy generated from these projects are fully contracted with 20-year inflation-linked power purchase agreements.
About EDF Renewables (previously EDF Energies Nouvelles)
EDF Renewables is a leading international player in renewable energies, with gross installed capacity of 14.2 GW worldwide. Its development is mainly focused on wind and solar photovoltaic power. EDF Renewables operates mostly in Europe and North America but is continuing to grow by moving into promising emerging regions such as Brazil, China, India, South Africa and the Middle East. The company has strong positions in offshore wind power, but also in other areas of the renewable energies industry such distributed energy and energy storage. EDF Renewables develops, builds, operates and maintains renewable energies projects, both for itself and for third parties. Most of its international subsidiaries bear the EDF Renewables brand. EDF Renewables is the EDF Group subsidiary specialising in developing solar and wind power.
For more information, visit: www.edf-renouvelables.com
Follow us on LinkedIn: https://www.linkedin.com/company/edf-renouvelables and on Twitter (@EDF_RE in French and @EDF_Renewables in English).
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, 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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/edf-renewables-and-canadian-solar-secure-1-39-billion-brazilian-reais-us373million-financing-on-pirapora-solar-complex-300754996.html
SOURCE Canadian Solar Inc.
Article Date
11/26/201811/15/2018 - Canadian Solar Reports Third Quarter 2018 Results
Canadian Solar Reports Third Quarter 2018 Results
Source: PR Newswire
GUELPH, Ontario, Nov. 15, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the third quarter of 2018 ended September 30, 2018.
Third Quarter 2018 Highlights
Third Quarter 2018 Results
Net revenue in the third quarter of 2018 was $768.0 million, up 18.0% from $650.6 million in the second quarter of 2018 and down 15.8% from $912.2 million in the third quarter of 2017. Net revenue in the third quarter of 2018 benefited from higher than expected module average selling prices, offset by the deferral of certain planned project sales. Third quarter of 2018 net revenue from the Company's modules and systems solutions ("MSS") business was $512.3 million, and was $255.7 million from the Company's Energy business.
Total solar module shipments in the third quarter of 2018 were 1,590 MW, compared to 1,700 MW in the second quarter of 2018, and third quarter of 2018 guidance in the range of 1,500 MW to 1,600 MW. Total solar module shipments in the third quarter of 2018 included 180 MW shipped to the Company's projects. Solar module shipments recognized in revenue in the third quarter of 2018 totaled 1,521 MW, compared to 1,454 MW in the second quarter of 2018 and 1,782 MW in the third quarter of 2017.
Gross profit in the third quarter of 2018 was $200.4 million, compared to $159.4 million in the second quarter of 2018 and $159.8 million in the third quarter of 2017. Gross margin in the third quarter of 2018 was 26.1%, compared to 24.5% in the second quarter of 2018 and 17.5% in the third quarter of 2017. Gross profit in the third quarter of 2018 includes the benefit of a CVD reversal of $8.3 million based on the final rate of Solar 1 CVD AR4. Excluding the CVD reversal benefit, gross margin was 25.0% in the third quarter of 2018. Gross margin of the Company's MSS business in the third quarter 2018 was 25.1%, or 23.4% excluding the CVD reversal benefit. This compares to 19.0% in the second quarter of 2018, or 14.3% excluding the benefit of that quarter's AD/CVD reversal benefit, and 14.1% in the third quarter of 2017. Gross margin of the Company's Energy business for the third quarter of 2018 was 28.2%, compared to 54.7% in the second quarter of 2018 and 31.6% in the third quarter of 2017, with both of the prior quarters reflecting the positive impact of the realization of the deferred revenue associated with notice to proceed (NTP) sales in those quarters.
The Company has been operating in two principal businesses since 2016: the MSS business and the Energy business. The MSS business comprises primarily the designing, development, manufacturing and sale of solar modules, other solar power products, solar system kits and the provision of EPC and Operating and Maintenance (O&M) services. The Energy business comprises primarily the development and sale of solar projects, operating solar power projects and the sale of electricity. The module sales from the Company's MSS business to its Energy business are on terms and conditions similar to sales to third parties.
The Company develops solar power projects, then applies for feed-in tariff (FIT), negotiates energy off-take agreements or bids these projects in energy auctions. As we usually bid in energy auctions 2 to 4 years before solar power projects reach commercial operation, the actual gross margin varies, due to the country, project specific risk, the expected length of capital investment, price movements of solar modules and other components, engineering, procurement and construction (EPC), the capital return requirements of solar asset buyers and fluctuations of local currencies, among other factors. In recent years, the Company sold some solar projects before commercial operation date (COD). We typically refer to these as NTP sales. Revenue will be lower, while gross margin percentage will be higher in NTP sales compared to COD sales, even if the absolute margin is the same. Results from the Company's Energy business may be lumpy quarter to quarter, depending on the NTP or COD dates, sales transaction dates, and the profit level of each project.
The following table summarizes the Company's revenues and gross profit generated from each business:
Three Months Ended September 30, 2018 | ||||||||||||
MSS | Energy | Elimination | Total | |||||||||
Net revenues | 585,867 | 255,646 | (73,543) | 767,970 | ||||||||
Cost of revenues | 455,415 | 183,598 | (71,434) | 567,579 | ||||||||
Gross profit | 130,452 | 72,048 | (2,109) | 200,391 | ||||||||
Nine Months Ended September 30, 2018 | |||||||||||
MSS | Energy | Elimination | Total | ||||||||
Net revenues | 1,784,174 | 1,239,378 | (180,081) | 2,843,471 | |||||||
Cost of revenues | 1,450,902 | 1,058,856 | (170,060) | 2,339,698 | |||||||
Gross profit | 333,272 | 180,522 | (10,021) | 503,773 | |||||||
The following table summarizes the Company's revenues generated from each product or service:
Three Months | Nine Months | ||||||
(in Thousands of US Dollars) | |||||||
Module and System Solutions: | |||||||
Solar modules and other solar power products | 440,262 | 1,432,162 | |||||
Solar system kits | 21,910 | 68,833 | |||||
EPC and development services | 32,124 | 41,269 | |||||
O&M services | 2,380 | 7,470 | |||||
Other | 15,648 | 54,359 | |||||
Energy: | |||||||
Solar power projects | 250,981 | 1,216,422 | |||||
Electricity | 2,013 | 7,128 | |||||
Other | 2,652 | 15,828 | |||||
Total net revenues | 767,970 | 2,843,471 | |||||
Total operating expenses in the third quarter of 2018 were $104.5 million, down 1.0% from $105.5 million in the second quarter of 2018, and up 2.4% from $102.0 million in the third quarter of 2017.
Other operating income in the third quarter of 2018 was $2.9 million, compared to $0.3 million in the second quarter of 2018 and $1.4 million in the third quarter of 2017.
Income from operations in the third quarter of 2018 was $95.9 million, compared to $53.9 million in the second quarter of 2018, and $57.8 million in the third quarter of 2017. Operating margin was 12.5% in the third quarter of 2018, compared to 8.3% in the second quarter of 2018 and 6.3% in the third quarter of 2017.
Non-cash depreciation and amortization charges in the third quarter of 2018 were approximately $32.5 million, compared to $30.2 million in the second quarter of 2018 and $23.8 million in the third quarter of 2017. Non-cash equity compensation expense in the third quarter of 2018 was $2.5 million, compared to $3.3 million in the second quarter of 2018 and $2.1 million in the third quarter of 2017.
Interest expense in the third quarter of 2018 was $26.8 million, compared to $26.6 million in the second quarter of 2018 and $33.7 million in the third quarter of 2017.
Interest income in the third quarter of 2018 was $2.6 million, compared to $2.9 million in the second quarter of 2018 and $3.4 million in the third quarter of 2017.
The Company recorded a loss on the change in fair value of derivatives in the third quarter of 2018 of $8.9 million, compared to a loss of $7.6 million in the second quarter of 2018 and a gain of $1.8 million in the third quarter of 2017. Foreign exchange gain in the third quarter of 2018 was $10.1 million, compared to a loss of $2.5 million in the second quarter of 2018, and a loss of $16.5 million in the third quarter of 2017.
Income tax expense in the third quarter of 2018 was $13.4 million, compared to $7.8 million in the second quarter of 2018 and $6.2 million in the third quarter of 2017, primarily reflecting the higher income in the third quarter of 2018, as compared to the prior and year ago quarters.
Net income attributable to Canadian Solar in the third quarter of 2018 was $66.5 million or $1.09 per diluted share, compared to $15.6 million or $0.26 per diluted share in the second quarter of 2018 and $13.3 million or $0.22 per diluted share in the third quarter of 2017.
Financial Condition
The Company had a cash, cash equivalents and restricted cash balance of $995.0 million as of September 30, 2018, compared to $991.1 million as of June 30, 2018.
Accounts receivable, net of allowance for doubtful accounts, at the end of the third quarter of 2018 were $322.9 million, compared to $370.1 million at the end of the second quarter of 2018. Accounts receivable turnover in the third quarter of 2018 was 47 days, compared to 58 days in the second quarter of 2018.
Inventories at the end of the third quarter of 2018 were $322.0 million, compared to $336.5 million at the end of the second quarter of 2018. Inventory turnover in the third quarter of 2018 was 55 days, compared to 72 days in the second quarter of 2018.
Accounts and notes payable at the end of the third quarter of 2018 were $856.7 million, compared to $815.4 million at the end of the second quarter of 2018.
Short-term borrowings at the end of the third quarter of 2018 were $1.9 billion, compared to $2.0 billion at the end of the second quarter of 2018. Long-term borrowings at the end of the third quarter of 2018 were $120.2 million, compared to $221.3 million at the end of the second quarter of 2018.
Senior convertible notes totaled $127.2 million at the end of the third quarter of 2018, compared to $126.9 million at the end of the second quarter of 2018.
Total borrowings directly related to the Company's utility-scale solar power projects were $1.07 billion at the end of the third quarter of 2018, compared to $1.22 billion at the end of the second quarter of 2018. Total debt at the end of the third quarter of 2018 was approximately $2.27 billion.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "The third quarter was one of our most profitable quarters with net income of $1.09 per diluted share and a 26.1% gross margin. Our results underscore the strength of Canadian Solar's module and system solutions business and global energy business, and our team's continued execution. Revenue was slightly lower than expected in the third quarter, while gross margin was higher than expected, as certain project sales with lower gross margins were deferred to later quarters. As of October 31, 2018, our late-stage, utility-scale solar project pipeline reached approximately 2.9 GWp, and our portfolio of solar power projects in operation was about 1.1 GWp, with a resale value of $1.23 billion. For our module and system solutions business, the average selling price of solar modules declined in Q3, compared with Q2, primarily due to China's May 31st solar incentive policy change. We have successfully maintained a healthy gross margin level, despite the headwinds, through product differentiation, operating efficiencies and raw materials cost reductions."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, commented, "Our gross margin, excluding the CVD reversal benefit, was above our third quarter guidance, as we benefited from a slightly higher than expected module ASP, a higher margin project sale mix and ongoing cost controls across our operations. We made further progress in monetizing our solar power project portfolio by completing sales totaling 103 MWp in Q3 and we expanded our late-stage, utility-scale project pipeline in key markets, including the U.S., China and Australia. The monetization process continues with the October sale of two solar power plants totaling 260 MWp in the U.S., and the expectation of further sales in China, India, the U.K. and Africa in the coming quarters. While it is likely our gross margin will continue to fluctuate in future quarters, our solid execution in both our module and system solutions business and our energy business reinforces our competitiveness and positions Canadian Solar for continued business success."
Utility-Scale Solar Project Pipeline
The Company divides its utility-scale solar project pipeline into two categories: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline primarily includes projects that have energy off-take agreements and are expected to be built within the next two to four years. The Company cautions that some late-stage projects may not reach completion due to risks such as failure to secure permits and grid connection, among others.
Late-Stage, Utility-Scale Solar Project Pipeline
As of October 31, 2018, the Company's late-stage, utility-scale solar project pipeline, including those in construction totaled approximately 2.9 GWp, with 1,022 MWp in the U.S., 476.2 MWp in Brazil, 435.7 MWp in Mexico, 310 MWp in Japan, 255 MWp in China, 121 MWp in Australia, 97.6 MWp in Argentina, 41.7 MWp in Taiwan, 27.5 MWp in the Philippines, 24 MWp in India, 18.4 MWp in Chile, 15 MWp in Malaysia and 8 MWp in South Korea.
In the United States, the Company energized the 102 MWp NC102 solar power project in the third quarter of 2018. In August, the Company signed a long-term power purchase agreement for a 280 MWp project in Texas. The Company separately signed a 15-year power purchase agreement in October with Austin Energy for the 185 MWp Pflugerville project in Texas. In October, the Company also signed two 15-year power purchase agreements for 200 MWp (150 MWac) of the 400 MWp Slate solar power project in California. The deal was signed with Silicon Valley Clean Energy and Monterey Bay Community Power, who will receive 55% and 45% of the energy generated by the project, respectively. The power deal includes a 45 MW lithium-ion battery storage component, with 180 MWh of energy capacity.
The Company's late-stage, utility-scale solar project pipeline in the U.S. as of October 31, 2018 is detailed in the table below.
Project | MWp | Storage (MWh) | Location | Status | Expected COD |
Mustang Two | 210 | N/A | California | Development | 2020 |
Gaskell West 2 | 147 | N/A | California | Development | 2020 |
Pflugerville | 185 | N/A | Texas | Development | 2020 |
Texas Project | 280 | N/A | Texas | Development | 2020 |
Slate | 200 | 180 | California | Development | 2021 |
Total | 1,022 |
In Japan, as of October 31, 2018, the Company's late-stage, utility-scale solar project pipeline for which interconnection agreements and FIT have been secured totaled approximately 310 MWp, 73.8 MWp of which are under construction and 236.2 MWp of which are under development. The Company has an additional 11.4 MWp of projects in the bidding process, which will be added to the late-stage, utility-scale solar project pipeline once interconnection agreements and FIT have been secured.
In October 2018, the Japan Ministry of Economy Trade and Industry (METI) proposed a change to the FIT program to address projects with high FITs that are not operational. The proposed rules are not expected to impact on the size of the Company's portfolio, but may reduce the FIT of some projects. The Company is monitoring the situation and will take appropriate action, if needed, after the final version of the rule changes is released.
The table below sets forth the expected COD of the Company's late-stage, utility-scale solar power projects in Japan, as of October 31, 2018:
Expected COD Schedule (MWp) | ||||||||
2H2018 | 2019 | 2020 | 2021 and | Total | ||||
13.2 | 70.3 | 60.6 | 165.9 | 310.0 | ||||
The Company plans to sell most of its late-stage projects in Japan into the Canadian Solar Infrastructure Fund, Inc. (CSIF) after the projects reach COD. Canadian Solar owns approximately 15% of CSIF.
In Brazil, as of October 31, 2018, the Company's late-stage, utility-scale solar project pipeline is detailed in the table below.
Project | MWp | Location | Status | Expected COD |
Francisco Sa | 122.2 | Minas Gerais | Development | 2021 |
Jaiba | 97.3 | Minas Gerais | Development | 2021 |
Lavras | 144.7 | Ceara | Development | 2021 |
Salgueiro | 112 | Pernambuco | Development | 2020 |
Total | 476.2 |
In Mexico, as of October 31, 2018, the Company's late-stage, utility-scale solar project pipeline is detailed in the table below.
Project | MWp | Location | Status | Expected COD |
EL Mayo | 124 | Sonora | Development | 2020 |
Horus | 119 | Aguascalientes | Development | 2020 |
Tastiota | 125 | Sonora | Development | 2020 |
Aguascalientes | 67.7 | Aguascalientes | Construction | 2019 |
Total | 435.7 |
In China, the Company's late-stage power pipeline was 255 MWp as of October 31, 2018.
Solar Power Plants in Operation
In addition to its late-stage, utility-scale solar project pipeline, as of October 31, 2018, the Company had a portfolio of utility-scale, solar power plants in operation totaling approximately 1.1 GWp. The plants are recorded on the Company's balance sheet as "project assets (build to sell)", "assets held-for-sale" and "solar power systems, net (build to own)".
The sale of projects recorded as "project assets" (build to sell) on the balance sheet will be recorded as revenue in the income statement once revenue recognition criteria are met. The gain or loss from the sale of projects recorded as "assets held-for-sale" and "solar power systems, net" (build to own) on the balance sheet will be recorded within "other operating income (expenses)" in the income statement.
The table below sets forth the Company's total portfolio of utility-scale, solar power plants in operation, as of October 31, 2018:
U.S. | Japan | Brazil | China | India | Others | Total |
340.1 | 92.9 | 79.8 | 462.6 | 126.1 | 46.7 | 1,148.2 |
Manufacturing Capacity
The table below sets forth the Company's capacity expansion plan from December 31, 2018 to December 31, 2019:
Manufacturing Capacity Roadmap (MW) | |||
31-Dec-18 | 30-Jun-19 | 31-Dec-19 | |
Ingot | 1,650 | 1,650 | 1,650 |
Wafer | 5,000 | 5,000 | 5,000 |
Cell | 6,250 | 6,300 | 7,100 |
Module | 8,700 | 9,360 | 9,640 |
The Company's manufacturing capacity expansion plans for 2019 are under review and subject to change based on market conditions.
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is subject to uncertainty relating to solar module average selling prices, final customer demand and solar project construction and sale schedules. Management's views and estimates are subject to change without notice.
For the fourth quarter of 2018, the Company expects total solar module shipments to be in the range of 1.67 GW to 1.72 GW, including approximately 170 MW of shipments to the Company's utility-scale, solar power projects that may not be recognized as revenue in fourth quarter 2018. Total revenue for the fourth quarter of 2018 is expected to be in the range of $690 million to $800 million, which would imply total revenue for the full year 2018 in the range of $3.53 billion to $3.64 billion. Gross margin for the fourth quarter is expected to be between 24% and 26%.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "Canadian Solar continues to build on our global leadership position. We have taken definitive steps to realize greater value from our pipeline of solar power projects, while redeploying capital from project sales to fortify our balance sheet and refresh our pipeline. At the same time, we have diligently protected the profitability of our module and system solutions business through a combination of higher value technology and higher yield solar modules, improved efficiencies across our global operations and a conservative approach to our capacity. We are confident in our outlook based on the current market environment. Demand levels at our key markets will likely continue to fluctuate, and uncertainty remains for 2019. As such, we remain cautious in expanding capacity. But we believe that the longer-term prospect for solar energy is bright and, to differentiate, Canadian Solar will take the challenge of industry volatility as an opportunity to ramp up the volume for unconventional innovative products, such as bifacial, that command price premiums."
Recent Developments
On October 30, 2018, Canadian Solar announced its wholly owned subsidiary Recurrent Energy signed two 15-year power purchase agreements with Silicon Valley Clean Energy and Monterey Bay Community Power for a 150 MWac solar power system with 180 MW-hours of battery storage. This joint procurement effort represents the largest contracted solar-plus-storage project in California to date.
On October 25, 2018, Canadian Solar announced its wholly-owned subsidiary Recurrent Energy completed the sale of its interests in two solar photovoltaic projects in California, equivalent to 260 MWp, to PKA, one of Denmark's largest pension service providers.
On October 18, 2018, Canadian Solar announced its partnership with Biosar Australia, a leading solar EPC provider, to jointly provide EPC services for a 256 MWp solar power project in Australia owned by Total Eren, a leading French Independent Power Producer (IPP).
On September 27, 2018, Canadian Solar announced that its wholly-owned Japanese subsidiary, Canadian Solar Projects K.K., had renewed and extended its credit facility with a syndicate of 10 lenders led by Sumitomo Mitsui Banking Corporation to $96 million.
On September 19, 2018, Canadian Solar announced it was awarded a contract to supply 164 MW of photovoltaic modules to the 350 MWp Escatrón Solar power project owned by COBRA Group, a subsidiary of ACS Group in Spain.
On September 13, 2018, Canadian Solar announced it closed a $125 million global guarantee facility with Export Development Canada, Canada's export credit agency, to support existing and future project development activities undertaken by Canadian Solar across North America, Latin America, Europe, Asia and Australia.
On September 12, 2018, Canadian Solar announced that it was awarded a Victorian government support agreement for its greenfield 100MWac Carwarp Solar Project in Australia. This award guarantees revenue for 100% of the energy produced by the Carwarp Solar Farm for the term of the support agreement.
On September 6, 2018, Canadian Solar announced it completed the sale of three solar power plants totaling 30.4 MWp for $103.1 million to the Canadian Solar Infrastructure Fund, Inc. ("CSIF", Tokyo Stock Exchange ticker 9284) in Japan. This expanded CSIF's capacity to 105.6 MWp from 75.2 MWp.
On August 29, 2018, Canadian Solar announced it established a joint venture with ET Energy, a global clean energy developer and operator, to jointly provide EPC services for two solar power projects totaling 132 MWp in South Africa for BioTherm Energy, an independent African power producer.
Conference Call Information
The Company will hold a conference call on November 15, 2018 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m., November 15, 2018 in Hong Kong) to discuss the Company's third quarter 2018 results and business outlook. The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1-845-675-0437 (from international locations). The passcode for the call is 6065909. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 8:00 a.m. U.S. Eastern Standard Time on Friday, November 23, 2018 (9:00 p.m., November 23, 2018 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 from international locations, with passcode 6065909. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins 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 26, 2018. 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.
FINANCIAL TABLES FOLLOW
Canadian Solar Inc. | ||||||||||
Unaudited Condensed Consolidated Statement of Operations | ||||||||||
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated) | ||||||||||
Three Months Ended | Nine Months Ended | |||||||||
September | June 30 | September | September | September | ||||||
2018 | 2018 | 2017 | 2018 | 2017 | ||||||
Net revenues | $ 767,970 | $ 650,590 | $ 912,223 | $ 2,843,471 | $ 2,281,630 | |||||
Cost of revenues | 567,579 | 491,155 | 752,422 | 2,339,698 | 1,862,584 | |||||
Gross profit | 200,391 | 159,435 | 159,801 | 503,773 | 419,046 | |||||
Operating expenses: | ||||||||||
Selling expenses | 38,423 | 40,275 | 42,831 | 121,030 | 116,096 | |||||
General and administrative | 58,862 | 56,433 | 53,328 | 164,067 | 161,347 | |||||
Research and development | 10,143 | 9,134 | 7,271 | 28,776 | 20,214 | |||||
Other operating income | (2,941) | (345) | (1,399) | (38,192) | (17,798) | |||||
Total operating expenses | 104,487 | 105,497 | 102,031 | 275,681 | 279,859 | |||||
Income from operations | 95,904 | 53,938 | 57,770 | 228,092 | 139,187 | |||||
Other income (expenses): | ||||||||||
Interest expense | (26,839) | (26,596) | (33,656) | (83,028) | (84,484) | |||||
Interest income | 2,567 | 2,883 | 3,382 | 9,026 | 7,297 | |||||
Gain (loss) on change in fair | (8,881) | (7,567) | 1,764 | (11,974) | (7,836) | |||||
Foreign exchange gain (loss) | 10,112 | (2,454) | (16,474) | (799) | (13,908) | |||||
Investment income (loss) | 6,528 | (584) | - | 5,944 | - | |||||
Other expenses, net | (16,513) | (34,318) | (44,984) | (80,831) | (98,931) | |||||
Income before income taxes | 79,391 | 19,620 | 12,786 | 147,261 | 40,256 | |||||
Income tax expense | (13,423) | (7,766) | (6,165) | (25,280) | (12,015) | |||||
Equity in earnings of | 2,504 | 4,119 | 6,971 | 6,353 | 11,961 | |||||
Net income | 68,472 | 15,973 | 13,592 | 128,334 | 40,202 | |||||
Less: Net income attributable | 1,932 | 404 | 299 | 2,846 | 2,033 | |||||
Net income attributable to | $ 66,540 | $ 15,569 | $ 13,293 | $ 125,488 | $ 38,169 | |||||
Earnings per share - basic | $ 1.14 | $ 0.26 | $ 0.23 | $ 2.13 | $ 0.66 | |||||
Shares used in computation - | 58,526,275 | 58,826,343 | 58,392,071 | 58,826,117 | 58,059,372 | |||||
Earnings per share - diluted | $ 1.09 | $ 0.26 | $ 0.22 | $ 2.08 | $ 0.65 | |||||
Shares used in computation - | 61,937,187 | 59,215,958 | 59,283,636 | 62,103,349 | 58,608,831 | |||||
Canadian Solar Inc. | |||||||||
Unaudited Condensed Consolidated Statement of Comprehensive Income | |||||||||
(In Thousands of US Dollars) | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||
2018 | 2018 | 2017 | 2018 | 2017 | |||||
Net Income | 68,472 | 15,973 | 13,592 | 128,334 | 40,202 | ||||
Other comprehensive income (net | |||||||||
Foreign currency translation adjustment | 26,709 | (62,068) | 23,148 | (12,179) | 35,910 | ||||
Gain (loss) on changes in fair value | 2,464 | 1,918 | (456) | 9,510 | (2,386) | ||||
Comprehensive income (loss) | 97,645 | (44,177) | 36,284 | 125,665 | 73,726 | ||||
Less: comprehensive income (loss) | 4,844 | (1,292) | 97 | 7,052 | 812 | ||||
Comprehensive income (loss) | 92,801 | (42,885) | 36,187 | 118,613 | 72,914 | ||||
Canadian Solar Inc. | ||||||
Unaudited Condensed Consolidated Balance Sheet | ||||||
(In Thousands of US Dollars) | ||||||
September 30, | December 31, | |||||
2018 | 2017 | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ 519,604 | $ 561,679 | ||||
Restricted cash - current | 459,746 | 617,761 | ||||
Accounts receivable trade, net | 322,867 | 358,091 | ||||
Contract assets | 39 | 1,253 | ||||
Amounts due from related parties | 17,290 | 26,102 | ||||
Inventories | 322,011 | 346,092 | ||||
Value added tax recoverable | 111,101 | 94,503 | ||||
Advances to suppliers - current | 74,355 | 61,399 | ||||
Derivative assets - current | 5,834 | 16,200 | ||||
Project assets - current | 1,187,118 | 1,523,342 | ||||
Assets held-for-sale | - | 182,797 | ||||
Prepaid expenses and other current assets | 316,542 | 296,084 | ||||
Total current assets | 3,336,507 | 4,085,303 | ||||
Restricted cash - non-current | 15,674 | 10,695 | ||||
Property, plant and equipment, net | 863,359 | 747,235 | ||||
Solar power systems, net | 55,804 | 63,964 | ||||
Deferred tax assets, net | 119,085 | 131,796 | ||||
Advances to suppliers - non-current | 59,286 | 38,325 | ||||
Prepaid land use right | 65,826 | 78,649 | ||||
Investments in affiliates | 403,141 | 414,215 | ||||
Intangible assets, net | 12,320 | 10,986 | ||||
Goodwill | 4,061 | 6,248 | ||||
Derivatives assets - non-current | 14,967 | 10,911 | ||||
Project assets - non-current | 117,470 | 148,170 | ||||
Other non-current assets | 136,370 | 143,130 | ||||
TOTAL ASSETS | $ 5,203,870 | $ 5,889,627 | ||||
Current liabilities: | ||||||
Short-term borrowings | $ 1,877,952 | $ 1,957,755 | ||||
Accounts and notes payable | 856,733 | 975,595 | ||||
Amounts due to related parties | 36,389 | 6,023 | ||||
Other payables | 321,939 | 315,321 | ||||
Convertible notes | 127,188 | - | ||||
Advances from customers | 64,301 | 51,739 | ||||
Derivative liabilities - current | 17,716 | 6,121 | ||||
Liabilities held-for-sale | - | 185,872 | ||||
Financing liabilities - current | 164,491 | 407,683 | ||||
Other current liabilities | 178,713 | 201,903 | ||||
Total current liabilities | 3,645,422 | 4,108,012 | ||||
Accrued warranty costs | 53,541 | 55,659 | ||||
Convertible notes | - | 126,476 | ||||
Long-term borrowings | 120,158 | 404,341 | ||||
Amounts due to related parties | 638 | - | ||||
Derivatives liabilities - non-current | - | 359 | ||||
Liability for uncertain tax positions | 8,721 | 9,264 | ||||
Deferred tax liabilities - non-current | 5,634 | 5,562 | ||||
Loss contingency accruals | 25,047 | 25,682 | ||||
Financing liabilities - non-current | 71,840 | 12,243 | ||||
Other non-current liabilities | 71,097 | 82,254 | ||||
Total LIABILITIES | 4,002,098 | 4,829,852 | ||||
Equity: | ||||||
Common shares | 702,877 | 702,162 | ||||
Additional paid-in capital | 8,305 | 417 | ||||
Retained earnings* | 510,432 | 383,681 | ||||
Accumulated other comprehensive loss | (60,909) | (54,034) | ||||
Total Canadian Solar Inc. shareholders' equity | 1,160,705 | 1,032,226 | ||||
Non-controlling interests in subsidiaries | 41,067 | 27,549 | ||||
TOTAL EQUITY | 1,201,772 | 1,059,775 | ||||
TOTAL LIABILITIES AND EQUITY | $ 5,203,870 | $ 5,889,627 | ||||
Note: * The Company, starting from January 1, 2018, adopted Accounting Standards Update 2014-09, Revenue | ||||||
View original content:http://www.prnewswire.com/news-releases/canadian-solar-reports-third-quarter-2018-results-300751102.html
SOURCE Canadian Solar Inc.
Article Date
11/15/2018Canadian Solar's Delivery of 10 MW Bifacial Modules to Neighborhood Power for Projects near Portland, Oregon Signals that US Market is Now Open for Bifacial PV
Source: PR Newswire
GUELPH, Ontario, Nov. 14, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the company has delivered 10 MW of Canadian Solar bifacial PV modules – BiKu CS3U-PB-AG – to Neighborhood Power for four solar power projects near Portland, Oregon. This represents the first significant delivery of bifacial solar PV modules into the United States.
Bifacial (literally: two faces) solar modules can generate energy not only from the front side, but from the back side as well. With Canadian Solar's Biku bifacial modules, the sunlight on the ground is reflected to the glass-covered back side of the module, producing extra solar energy in a solar system, significantly reducing the solar system's levelized cost of electricity (LCOE), hence higher return on investment (ROI). Depending on the albedo (reflectivity) of the ground and other site conditions, daily energy yield for projects with bifacial modules can be 5-20% higher than with conventional polymer backsheet modules. This improved yield can dramatically enhance the economics of solar system deployments.
Canadian Solar is a leader in bifacial polycrystalline PERC (passivated emitter and rear contact) solar technology. By innovatively integrating bifacial and Ku (dual cell) technologies, the BiKu module can reach up to 370W on the front side, using poly PERC in a 144 cell format. Canadian Solar's bifacial module comes with a 30mm frame for easy handling, saving significant installation costs.
Neighborhood Power chose Canadian Solar bifacial modules because the additional energy gain is significant enough to compensate for the new tariffs on solar modules and steel mounting equipment, and the extra power gain made their solar projects economical again.
"When the solar industry was hit with tariffs on solar modules and steel, it seemed that rising landed costs had priced these projects out of the market," said Stephen Gates, President, Neighborhood Power Corporation. "But with the additional power generated by Canadian Solar's bifacial modules, delivered in the quantities and in the timeframe we needed, we were able to make the project economics work and bring these projects online by the end of 2018 as planned."
Canadian Solar BiKu bifacial modules are warranted for 30 years, 5 years longer than the industry standard, and have a lower degradation rate, which results in 20% additional yield over the lifetime of the solar module. When added to the additional daily bifacial yield of 5-20%, Canadian Solar BiKu bifacial modules deliver up to 44% additional lifetime value compared to conventional modules.
"Canadian Solar foresaw early on that bifacial technology had the potential to be a game changer in the economics of large-scale solar and set out to be a leader in the development and deployment of bifacial solar modules. Our early deployment with Neighborhood Power in the U.S. is one proof point of our successful execution on that strategy," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "All together, Canadian Solar has delivered and deployed over 200 MW of bifacial solar modules for customers and our own solar projects around the world. We pledge to continue innovating and delivering on the breakthrough products and services that will soon make solar PV the most cost-effective source of power generation everywhere."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 29 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 Neighborhood Power
Neighborhood Power Corporation (NPC) is a turn-key developer of solar micro-utilities. NPC sells solar power by the kilowatt-hour to residential, commercial, municipal, non-profit and utility markets. www.neighborhoodpower.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 26, 2018. 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.
View original content:SOURCE Canadian Solar Inc.
Article Date
11/14/2018Canadian Solar and PKA Complete a Large Scale Solar Transaction in California
Source: PR Newswire
GUELPH, Ontario and HELLERUP, Denmark, Oct. 25, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, and Pensionskassernes Administration ("PKA"), one of Denmark's largest pension service providers, today announced Recurrent Energy, LLC ("Recurrent Energy"), a wholly owned subsidiary of Canadian Solar, has finalized a transaction with PKA for its interests in two solar photovoltaic projects.
In a deal valued around 2 billion Danish kroner (US$307 million), PKA will acquire Canadian Solar's 49 percent passive equity stake in the Garland and Tranquillity solar facilities equivalent to 260 MWp. The transaction is PKA's first solar investment and was completed following an efficient sales process.
"At PKA we are strongly committed to investing in a greener and more sustainable future while securing good returns for our members. Therefore, we are delighted to partner with Canadian Solar and Recurrent Energy and add yet another green energy investment to our portfolio. This is our first direct investment in solar energy, and it is an important addition to our investments in wind energy and biomass. By 2020 our ambition is to have 10 percent of our total investments allocated to climate related projects equivalent to 30 billion Danish kroner," said Peter Damgaard Jensen, chief executive officer of PKA.
"As more pension funds find value in utility-scale solar, we are proud to partner with PKA to build upon its energy investments," said Shawn Qu, chairman and chief executive officer of Canadian Solar. "The Recurrent Energy team continues to develop assets for world class investors that are focused on adding high quality assets to their portfolios. We will continue to partner with likeminded investors across our global pipeline of solar projects."
The above two projects, developed by Recurrent Energy, reached commercial operation in 2016 with long-term power purchase agreements in place. Southern Power, a leading U.S. wholesale energy provider and subsidiary of Southern Company, through its majority owned subsidiary Southern Power Renewable Partnerships, LLC, owns the 51 percent majority stake. Southern Power will continue to provide asset management services on both projects.
The Tranquillity and Garland facilities are located in Fresno County and Kern County respectively, and together power approximately 100,000 homes. Additional project details are available at recurrentenergy.com/portfolio.
About PKA
PKA is one of the largest pension service providers for labour market pension funds in Denmark. Their 300,000 members work primarily in the public sector. PKA invest approximately DKK 275bn (EUR 36bn) on behalf of their members. PKA has a special focus on investing in projects that help to mitigate the effects of climate change. They have invested approximately DKK 19bn (EUR 2.3bn) in climate-related projects and have currently investments in five offshore wind farms.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 29 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-and-pka-complete-a-large-scale-solar-transaction-in-california-300737754.html
SOURCE Canadian Solar Inc.
Article Date
10/25/2018Canadian Solar Schedules Third Quarter 2018 Earnings Conference Call for November 15
Source: PR Newswire
GUELPH, Ontario, Oct. 23, 2018 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Thursday, November 15, 2018 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m., November 15, 2018 in Hong Kong) to discuss the Company's third quarter 2018 results and business outlook.
The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1 845-675-0437 from international locations. The passcode for the call is 6065909. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 8:00 a.m. U.S. Eastern Standard Time on Friday, November 23, 2018 (9:00 p.m., November 23, 2018 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 from international locations, with passcode 6065909. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 29 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-schedules-third-quarter-2018-earnings-conference-call-for-november-15-300735904.html
SOURCE Canadian Solar Inc.
Article Date
10/23/201810/18/2018 - Canadian Solar Partners with Biosar to Build a 256 MWp of Solar Project for Total Eren in Australia
Canadian Solar Partners with Biosar to Build a 256 MWp of Solar Project for Total Eren in Australia
Source: PR Newswire
GUELPH, Ontario, Oct. 18, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies and Biosar Australia, a leading solar EPC provider, today announced they will jointly provide Engineering, Procurement and Construction ("EPC") services to a 256 MWp solar power project in Australia for Total Eren, a leading French Independent Power Producer (IPP).
The project, Kiamal Solar Farm, is located in Northwest Victoria and has secured several Power Purchase Agreements (PPAs) with energy retailers such as Flow Power and Alinta Energy and a 20-year PPA with Mars Australia. Construction is planned to start in October 2018 and it is expected to reach commercial operation by mid-2019. Over 720,000 of Canadian Solar's 1500V high efficiency KuMax modules (CS3U-P) will be installed on single-axis solar tracking systems. When completed, it is expected to be the single largest solar power plant in Victoria, Australia, and will produce enough electricity to meet the needs of more than 133,500 Victorian homes and displacing more than 610,000 tonnes of carbon dioxide emissions annually.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "We are delighted to be selected by a very ambitious and professional IPP such as Total Eren to provide EPC services together with Biosar and to supply our 1500V crystalline module to this large-scale solar power project which was very diligently developed. This partnership further expands our presence and solidifies our competitive position in Australia. We are committed to providing customers in Australia and around the world with access to clean, affordable and reliable solar energy."
"Canadian Solar's wide experience and technological leadership in the solar energy market are an ideal combination for new solar projects in a very fast growing market such as Australia" said Aris Polychronopoulos, General Manager of Biosar. "Canadian Solar is the perfect partner and we are very glad to join forces with them in order to provide a strategic client such as Total Eren with EPC services in their first mega scale project in the country".
"I am delighted to launch the construction of our largest solar project worldwide and Victoria's largest solar PV plant, which was only possible thanks to the excellent work performed by our team and our partners, in particular Mars Australia, Flow Power and Alinta Energy. We selected to work with Canadian Solar and Biosar as we believe their expertise and proven track record of deployment of large-scale solar power projects worldwide will bring success to our mega project in Australia," commented David Corchia, Chief Executive Officer of Total Eren. "Canadian Solar and Biosar have been very supportive and we look forward to working with them for future opportunities."
About Total Eren
Founded in 2012 by Pâris Mouratoglou and David Corchia, Total Eren has built up a substantial and diversified portfolio of wind, solar and hydroelectric assets representing an installed gross capacity of more than 1,300 MW in operation or under construction worldwide. Through partnerships with local developers, Total Eren is currently developing numerous renewable energy projects in countries and regions where renewable energy represents an economically viable response to growing energy demand, such as in Asia-Pacific, Africa and Latin America. Its objective is to achieve a global net installed capacity of more than 3 GW by 2022. On 1 December 2017, Total S.A, the major energy company, has acquired an indirect 23% interest in Total Eren. To learn more: www.total-eren.com
The Kiamal Solar Farm is Total Eren's first investment into Australia with a nameplate capacity of 256 MWp / 200 MW. Located near Ouyen township in north-west Victoria, the Project is connected into the 220 kV transmission network through a new terminal station and substation built by TransGrid. The Project is expected to employ over 200 full-time equivalent jobs during construction and 7 jobs during the operational phase.
About Biosar
Biosar, a global construction firm, offers integrated solutions for design, supply, construction and operation and maintenance of medium and large-scale PV systems. Biosar is a member of the largest construction group in Greece, AKTOR, an international highly diversified company focused on Infrastructure, Building, Industrial, MEP, EPC and Concession Contracts, Facility and Project Management. Biosar operates in 13 countries worldwide, having as of today a total installed capacity of 1.6 Gigawatts and an order book of another Gigawatt, thus making the company one of the most successful international solar energy sector firms. For additional information, follow Biosar on LinkedIn or visit www.biosar.gr.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 29 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
Canadian Solar 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 26, 2018. 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.
Article Date
10/18/20189/27/2018 - Canadian Solar Expands Credit Facility with Sumitomo Mitsui Banking Corporation to JPY 10.7 Billion
Canadian Solar Expands Credit Facility with Sumitomo Mitsui Banking Corporation to JPY 10.7 Billion
Source: PR Newswire
GUELPH, Ontario, Sept. 27, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary Canadian Solar Projects K.K. has renewed and extended its credit facility to JPY 10.7 billion (US$ 96 million), with a syndicate of 10 lenders led by Sumitomo Mitsui Banking Corporation ("SMBC").
The new SMBC credit facility extends the 2019 debt maturity to 2022 and increases the capacity of that facility from JPY 9.6 billion to JPY 10.7 billion. This facility is unsecured and proceeds from the long-term debt will further enhance Canadian Solar's flexibility to develop its solar pipeline in Japan and fund general corporate working capital requirements.
"We value our long-term partnership with SMBC and our syndicate lenders. We have successfully raised in excess of JPY 25 billion of credit lines with the broader Sumitomo Mitsui Financial Group over the last two years," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "The new facility reflects the strength of our business and provides us with enhanced liquidity and flexible funds to grow the Japan business through our well-established solar development track record and financing capability."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 29 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
Canadian Solar 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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-expands-credit-facility-with-sumitomo-mitsui-banking-corporation-to-jpy-10-7-billion-300720087.html
SOURCE Canadian Solar Inc.
Article Date
9/27/2018Canadian Solar Unveils BiHiKu, New 400+ Watt Poly Bifacial Solar Module, and HiDM, High Efficiency Black Shingled Module, at Solar Power International
Source: PR Newswire
GUELPH, Ontario, Sept. 24, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today unveiled our proprietary P4-based BiHiKu module, combining three industry leading solar PV technologies in one new 400+ Watt module: the latest black silicon, poly PERC, and bifacial cell technologies. Merging these technologies enables Canadian Solar to produce the BiHiKu module, a HiKu module with bifaciality up to 75 percent.
This new poly solar module generates 400 Watts or more on the front, plus up to 30 percent additional power generation from the back side, dramatically increasing system yield and reducing the Levelized Cost of Electricity (LCOE). The Company believes that BiHiKu is the first poly bifacial module exceeding 400+ Watt nominal front side power.
BiHiKu is perfect for large commercial or utility-scale solar installations, particularly where a high reflection ground or surface under the module creates high albedo, contributing to high back side yield. The product will be available in 2019 and pre-production orders are being accepted now.
In addition, Canadian Solar is introducing to the North America market the HiDM high density module, a shingled solar module with unique IP-granted design features and up to 19.9% module efficiency. The 60-cell sized mono PERC HiDM, up to 330 Watt, is an aesthetically pleasing all-black module perfect for residential rooftops. The 72-cell sized mono PERC HiDM, up to 410 Watt, is a highly efficient black module for commercial applications.
"As Canadian Solar continues on the forefront of solar module innovation, we are proud to introduce BiHiKu and HiDM as the next steps in maximizing the lifetime value of your solar assets," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "Solar systems using BiHiKu will be able to break away from the pack and score high on low LCOE, making many seemingly impossible low PPA solar projects possible."
Canadian Solar's booth #1604 at Solar Power International (Anaheim, CA USA) honors the fact that Canada is the birthplace of hockey. Donning hockey jerseys, Canadian Solar staff will be talking about BiHiKu and HiDM as Canadian Solar's breakaway products, and showcasing the firm's solar hat trick of modules, inverters, and services.
For product and/or services inquiries, please visit Canadian Solar at Solar Power International Booth 1604 at the Anaheim Convention Center from September 24-26, 2018 or email sales.us@canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 29 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 26, 2018. 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.
View original content:SOURCE Canadian Solar Inc.
Article Date
9/24/2018Canadian Solar to Attend 6th Annual ROTH Solar and Storage Symposium at SPI in Anaheim
Source: PR Newswire
GUELPH, Ontario, Sept. 20, 2018 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to attend the 6th Annual ROTH Solar and Storage Symposium on Tuesday September 25, 2018 at the Hilton Hotel in Anaheim, California.
During the conference, Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer will be available to meet with institutional investors.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 29 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-to-attend-6th-annual-roth-solar-and-storage-symposium-at-spi-in-anaheim-300715942.html
SOURCE Canadian Solar Inc.
Article Date
9/20/2018Canadian Solar to Supply 164 MW of Modules to a Project in Spain
Source: PR Newswire
GUELPH, Ontario, Sept. 19, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today it has been awarded a contract to supply 164 MW of photovoltaic (PV) modules to the 350 MWp Escatrón Solar power project owned by COBRA Group, a subsidiary of ACS Group in Spain.
ACS Group will serve as the EPC provider of the project that was awarded in the recent round of Spain's renewables auction in July 2018. Over 481,900 Canadian Solar's high-efficiency MaxPower modules (CS6U-P 345/350 W) will be installed. This 72-cell polycrystalline module is the best solution for this large-scale project, as it offers industry-leading cell technology and low power loss in cell connections, which are the key factors for the success of the project. Module shipments will commence in September 2018 and the project is expected to reach commercial operation in 2019.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We are delighted to partner with COBRA and supply our high-efficiency modules to this mega project in Spain. It is good to see market demand has started to rebound in Europe and we look forward to delivering more clean and affordable solar energy to the continent."
The Escatrón solar project is one of several large-scale solar projects awarded in Spain's renewable energy auction held in 2018. ACS Group had the largest share of the solar projects awarded with around 1.55 GWp of assigned capacity. The PV projects selected in the contest must start delivering power in 2019.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 29 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
Canadian Solar 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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-to-supply-164-mw-of-modules-to-a-project-in-spain-300715278.html
SOURCE Canadian Solar Inc.
Article Date
9/19/20189/13/2018 - Canadian Solar Increases Global Guarantee Facility from Export Development Canada to US$125 Million
Canadian Solar Increases Global Guarantee Facility from Export Development Canada to US$125 Million
Source: PR Newswire
GUELPH, Ontario, Sept. 13, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has closed a $125 million global guarantee facility with Export Development Canada ("EDC"), Canada's export credit agency. The facility was increased to US$125 million from US$100 million, and will support existing and future project development activities undertaken by Canadian Solar across North America, Latin America, Europe, Asia and Australia.
Under the global facility, EDC will provide Performance Security Guarantees for up to US$125 million to cover credit exposure of Royal Bank of Canada and China Construction Bank Corporation on letters of credit and letters of guarantee issued on behalf of Canadian Solar.
"We highly value our relationship with EDC as we continue to promote clean, reliable and emission-free solar energy worldwide. This represents the fourth consecutive year of financial support from EDC, testament to our leading position in the global solar industry," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "This expanded global facility provides us with a flexible capital source and enhances our capacity and competitiveness across multiple solar development opportunities."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 29 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-increases-global-guarantee-facility-from-export-development-canada-to-us125-million-300711979.html
SOURCE Canadian Solar Inc.
Article Date
9/13/20189/12/2018 - Canadian Solar's 100MWac Solar Project in Australia Wins Victorian Government Support Agreement
Canadian Solar's 100MWac Solar Project in Australia Wins Victorian Government Support Agreement
Source: PR Newswire
GUELPH, Ontario, Sept. 12, 2018 /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 been awarded a Victorian government support agreement for its greenfield 100MWac Carwarp Solar Project in Australia. This award guarantees revenue for 100% of the energy produced by the Carwarp Solar Farm for the term of the support agreement.
The project is located near Mildura, Victoria and will utilize Canadian Solar's high-efficiency bifacial modules with the latest single axis tracking technology. Canadian Solar is a pioneer in commercially deploying high efficiency poly PERC bifacial modules with front-side power output up to 365W, with a nominal bifacial rating of 400W. Canadian Solar's bifacial modules will generate extra power output of up to 30% depending on the GCR and light reflection and have a warranted life of 30 years.
Canadian Solar plans to commence construction of the project in Q1 2019 and achieve commercial operation in Q1 2020. The solar system will generate 267,000 MWh of electricity every year, equivalent to powering approximately 48,000 homes and reducing greenhouse emissions by 288,000 metric tonnes of greenhouse gases.
As part of Canadian Solar's commitment to local investment, the Carwarp Solar Project incorporates support for the local industry and skills development initiatives, including higher education scholarships and training, industry workshops and development programs, support for the integration of renewable energy technology into farming practices, and partnerships with local community organisations, education providers and local start-up businesses.
"We are pleased to secure the prestigious award from the Victorian Government for the Carwarp Solar Project," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "The Victorian Renewable Energy Auction Scheme is a highly competitive tender process and by leveraging our 10-year track record in global project development and execution, we can assist the Victorian Government to reach its renewable energy generation targets."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 29 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
Canadian Solar 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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solars-100mwac-solar-project-in-australia-wins-victorian-government-support-agreement-300711041.html
SOURCE Canadian Solar Inc.
Article Date
9/12/2018Update on Preliminary, Non-Binding "Going Private" Proposal Letter Received by the Company from its Chairman, President and Chief Executive Officer, Dr. Shawn Qu
Source: PR Newswire
GUELPH, Ontario, Sept. 6, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the Special Committee formed by the board of directors of the Company (the "Board") and its financial and legal advisors continue to assess the "going-private" transaction proposed by Dr. Qu in his December 9, 2017 letter to the Board (the "Proposed Transaction").
Dr. Qu has engaged financial advisors and is in discussions with potential equity partners and debt financing sources. The Company has entered into confidentiality and standstill agreements with Dr. Qu and several potential equity partners and provided them with access to information about the Company. The Special Committee has given Dr. Qu and the potential equity partners until the end of September to complete their due diligence on the Company.
The Board cautions shareholders and others considering trading in the Company's securities that the Special Committee and the Board have not made any decision with respect to the Company's response to the Proposed Transaction. The Board also cautions that there can be no assurance that any definitive offer relating to the Proposed Transaction or any other transaction will be made by Dr. Qu or any other person, that any definitive agreement with respect to the Proposed Transaction or any other transaction will be entered into or that the Proposed Transaction or any other transaction will be approved or completed.
The Company does not undertake any obligation to provide any further updates with respect to the Proposed Transaction or any other transaction except as required by applicable law.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 29 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
Forward-Looking Statements
This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 20-F annual report filed with the Securities and Exchange Commission on April 26, 2018, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
View original content:SOURCE Canadian Solar Inc.
Article Date
9/6/2018Canadian Solar Completes JPY11.5 Billion Solar Plant Asset Drop Down to CSIF in Japan
Source: PR Newswire
GUELPH, Ontario, Sept. 6, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced that it has completed the sale of three additional solar power plants totaling 30.4 MWp for JPY11.5 billion (US$103.1 million) to the Canadian Solar Infrastructure Fund, Inc. ("CSIF", Tokyo Stock Exchange ticker 9284) in Japan. This expands CSIF's current capacity to 105.6 MWp from 75.2 MWp.
The 30.4 MWp portfolio consists of the 27.3 MWp Daisen-cho Plant (CS6X-320P) in Tottori Prefecture, the 2.1 MWp Ena-shi Plant (CS6U-325P) and the 1 MWp Takayama-shi Plant (CS6U-330P) in Gifu Prefecture. The plants reached commercial operation in August, September and October 2017, respectively. The electricity generated is being sold under 20-year feed-in-tariff contracts at the rate of JPY40/kWh, JPY32/kWh and JPY32/kWh, respectively.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to complete the additional solar power plant asset drop down to our partner CSIF in Japan. This is another example of our successful global asset monetization strategy, which is the foundation for building greater value for Canadian Solar and all shareholders. Our asset management team is doing an excellent job executing on CSIF's growth strategy in Japan and has quickly crossed the important 100 MWp milestone threshold. We expect there will be additional mutually beneficial asset drop down opportunities with CSIF in the future."
About Canadian Solar Infrastructure Fund
CSIF was launched on the Tokyo Stock Exchange as an infrastructure investment fund last October with initial capacity of 72.7 MWp. Capacity increased to 75.2 MWp in February 2018 after the first asset drop down of two additional solar power plants totaling 2.5 MWp from Canadian Solar. In order to fund the just completed second asset drop down, CSIF completed a second public offering of 46,667 units priced at JPY102,180 per unit on September 6, 2018. Canadian Solar subscribed to 7,000 units in the follow-on offering and expects to maintain its approximately 15% ownership of CSIF. CSIF's total assets under management ("AUM") is JPY47.493 billion (US$427.4 million) after giving effect to the offerings and acquisitions, using the median project valuation report amounts for existing assets and acquisition price for these new assets. Canadian Solar Asset Management K.K., a wholly owned subsidiary of the Company, manages CSIF as its asset manager. Canadian Solar O&M Japan K.K., a wholly owned subsidiary of the Company, provides operation and maintenance services to CSIF.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 29 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
Canadian Solar 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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-completes-jpy11-5-billion-solar-plant-asset-drop-down-to-csif-in-japan-300707881.html
SOURCE Canadian Solar Inc.
Article Date
9/6/20188/29/2018 - Canadian Solar Partners with ET Energy to Build 132 MWp of Solar Projects in South Africa
Canadian Solar Partners with ET Energy to Build 132 MWp of Solar Projects in South Africa
Source: PR Newswire
GUELPH, Ontario and PRETORIA, South Africa, Aug. 29, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies today announced it established a joint venture with ET Energy, a global clean energy developer and operator. Together they will provide Engineering, Procurement and Construction ("EPC") services for two solar power projects totaling 132 MWp in South Africa for BioTherm Energy, an independent African power producer.
The projects, Aggeneys (46 MWp) and Konkoonsies II (86 MWp), are located in northwest South Africa and cover an immense area of 387 hectares. They are Round IV projects of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).
The two solar power plants are expected to be grid-connected by the end of 2019 and early 2020, respectively. Over 400,000 Canadian Solar's 1500V high voltage modules, CS6U-P, will be installed on single-axis solar tracking systems, with a total of 34 central inverters for the two solar projects. Construction of the projects is expected to start in September 2018.
Dennis She, President and CEO of ET Energy, said, "In partnership with Canadian Solar, BioTherm Energy, and other market leaders in South Africa, we have met all the requirements of the REIPPPP. With our South African subsidiary founded in 2016, and years of experience in project operation and EPC management, ET Energy will offer professional EPC and O&M services to utility scale PV plants in Sub-Saharan Africa, including South Africa."
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "These projects are the first large-scale applications of our products in Africa's high voltage market. We hope to set more benchmarks for the renewable energy market in South Africa with high-quality products, advanced PV technology, and global expertise."
As a signatory to the Paris Agreement of the United Nations Framework Convention on Climate Change, South Africa has long been a leader in the African renewable energy industry. In November 2016, the country released the latest draft of its Integrated Resource Plan, which outlines the country's electricity strategy to 2050. Under the plan, the country seeks to add 18 GW of PV plants over 2021-50. In recent years, the successful implementation of the REIPPPP has ensured that the South African renewable energy sector has adhered to this strategy.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 29 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 ET Energy
ET Energy is a global leading clean energy developer and operator. With innovative solar technologies and tailored financial solutions, ET Energy provides professional one-stop solutions across the entire solar power plant lifecycle including development, financing, engineering, procurement, construction, and operations & maintenance. To learn more about ET Energy, please visit http://www.etsolar.com.
Canadian Solar 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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-partners-with-et-energy-to-build-132-mwp-of-solar-projects-in-south-africa-300703941.html
SOURCE Canadian Solar Inc.
Article Date
8/29/2018Canadian Solar Reports Second Quarter 2018 Results
Source: PR Newswire
GUELPH, Ontario , Aug. 14, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the second quarter of 2018 ended June 30, 2018.
Second Quarter 2018 Highlights
Second Quarter 2018 Results
Net revenue in the second quarter of 2018 was $650.6 million, down 54.3% from $1.42 billion in the first quarter of 2018 and down 6.0% from $692.4 million in the second quarter of 2017. The sequential decrease in net revenue is as a result of lower revenue from project sales ($879.9 million in Q1 and $85.6 million in Q2), lower average selling prices for our solar modules and the deferral of several planned project sales to later quarters.
Solar module shipments in the second quarter of 2018 were 1,700 MW, including 246 MW shipped to the Company's own solar projects not recognized into revenue in the quarter, compared to 1,374 MW in the first quarter of 2018, and second quarter 2018 guidance in the range of 1,500 MW to 1,600 MW.
Gross profit in the second quarter of 2018 was $159.4 million, compared $143.9 million in the first quarter of 2018 and $167.8 million in the second quarter of 2017. Gross margin in the second quarter of 2018 was 24.5%, compared to 10.1% in the first quarter of 2018 and 24.2% in the second quarter of 2017, and second quarter 2018 guidance of 20.0% to 22.0%. Gross profit in the second quarter of 2018 includes the benefits of two AD/CVD reversals of $13.1 million and $12.6 million, based on the final rates of Solar 2 AD AR2 and Solar 1 CVD AR4, respectively. Excluding these AD/CVD reversal benefits, gross margin was 20.5% in the second quarter of 2018.
Total operating expenses in the second quarter of 2018 were $105.5 million, up 60.6% from $65.7 million in the first quarter of 2018 and up 25.5% from $84.1 million in the second quarter of 2017.
Selling expenses in the second quarter of 2018 were $40.3 million, down 4.9% from $42.3 million in the first quarter of 2018 and up 2.4% from $39.3 million in the second quarter of 2017.
General and administrative expenses in the second quarter of 2018 were $56.4 million, up 15.7% from $48.8 million in the first quarter of 2018 and up 6.6% from $53.0 million in the second quarter of 2017. The relatively low G&A in Q1 was partially due to a reversal of $4.5 million in other payables accrual in Q1. The sequential increase in Q2 was also due to a $2.6 million increase in labor cost.
Research and development expenses in the second quarter of 2018 were $9.1 million, compared to $9.5 million in the first quarter of 2018 and $7.3 million in the second quarter of 2017.
Other operating income in the second quarter of 2018 was $0.3 million, compared to $34.9 million in the first quarter of 2018 and $15.5 million in the second quarter of 2017.
Income from operations in the second quarter of 2018 was $53.9 million, compared to $78.2 million in the first quarter of 2018, and $83.7 million in the second quarter of 2017. Operating margin was 8.3% in the second quarter of 2018, compared to 5.5% in the first quarter of 2018 and 12.1% in the second quarter of 2017.
Non-cash depreciation and amortization charges in the second quarter of 2018 were approximately $30.2 million, compared to $34.5 million in the first quarter of 2018 and $21.2 million in the second quarter of 2017. Non-cash equity compensation expense in the second quarter of 2018 was $3.3 million, compared to $2.1 million in the first quarter of 2018 and $4.2 million in the second quarter of 2017.
Interest expense in the second quarter of 2018 was $26.6 million, compared to $29.6 million in the first quarter of 2018 and $26.7 million in the second quarter of 2017.
Interest income in the second quarter of 2018 was $2.9 million, compared to $3.6 million in the first quarter of 2018 and $1.4 million in the second quarter of 2017.
The Company recorded a loss on the change in fair value of derivatives in the second quarter of 2018 of $7.6 million, compared to a gain of $4.5 million in the first quarter of 2018 and a loss of $1.8 million in the second quarter of 2017. Foreign exchange loss in the second quarter of 2018 was $2.5 million, compared to $8.5 million in the first quarter of 2018, and $11.6 million in the second quarter of 2017.
Income tax expense in the second quarter of 2018 was $7.8 million, compared to $4.1 million in the first quarter of 2018 and $9.0 million in the second quarter of 2017.
Net income attributable to Canadian Solar in the second quarter of 2018 was $15.6 million or $0.26 per diluted share, compared to $43.4 million or $0.72 per diluted share in the first quarter of 2018 and $38.2 million or $0.63 per diluted share in the second quarter of 2017.
Financial Condition
The Company had a cash, cash equivalents and restricted cash balance of $991.1 million as of June 30, 2018, compared to $1.19 billion as of March 31, 2018.
Accounts receivable, net of allowance for doubtful accounts, at the end of the second quarter of 2018 were $370.1 million, compared to $354.3 million at the end of the first quarter of 2018. Accounts receivable turnover in the second quarter of 2018 was 58 days, compared to 26 days in the first quarter of 2018.
Inventories at the end of the second quarter of 2018 were $336.5 million, compared to $414.1 million at the end of the first quarter of 2018. Inventory turnover in the second quarter of 2018 was 72 days, compared to 28 days in the first quarter of 2018.
Accounts and notes payable at the end of the second quarter of 2018 were $815.4 million, compared to $914.0 million at the end of the first quarter of 2018.
Short-term borrowings at the end of the second quarter of 2018 were $2.0 billion, compared to $1.86 billion at the end of the first quarter of 2018. Long-term borrowings at the end of the second quarter of 2018 were $221.3 million, compared to $328.1 million at the end of the first quarter of 2018.
Senior convertible notes totaled $126.9 million at the end of the second quarter of 2018, compared to $126.7 million at the end of the first quarter of 2018.
Total borrowings directly related to utility-scale solar power projects were $1.22 billion at the end of the second quarter of 2018, compared to $1.12 billion at the end of the first quarter of 2018. Total debt at the end of the second quarter of 2018 was approximately $2.47 billion.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "Our second quarter revenue was affected by the deferral of several project sales as well as an industrywide lower average module selling price. The solar policy change in China effective on May 31, 2018 has caused a significant disruption in China, and the global solar industry. We also incurred a relatively large foreign exchange loss due to the depreciation of currencies in certain developing countries against US dollar during the quarter. However, we are confident we can navigate this challenging period given our proven track record even in prior periods of volatility. On the energy business side, as of July 31, 2018, we have increased our late-stage, utility-scale solar power project pipeline to 2.2 GWp and our portfolio of solar power plants in operation to 1.4 GWp."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, commented, "We were able to improve our gross margin excluding the AD/CVD reversal benefits to 20.5% as we balanced higher than expected shipments of solar modules with our continued focus on cost controls. During the quarter, we achieved several milestones in our energy business. We energized a large fleet of solar power projects in China, Brazil, Japan and Australia. We further diversified our late-stage, utility-scale solar power project pipeline in new countries, including Malaysia. Finally, we are on track to monetize additional solar power assets, including three of our solar power plants in the U.S. totaling 394 MWp.Our continued progress in this regard reflects our ongoing efforts to improve our balance sheet."
Utility-Scale Solar Project Pipeline
The Company divides its utility-scale solar project pipeline into two categories: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline primarily includes projects that have energy off-take agreements and are expected to be built within the next two to four years. The Company cautions that some late-stage projects may not reach completion due to risks such as failure to secure permits and grid connection, among others.
Late-Stage, Utility-Scale Solar Project Pipeline
As of July 31, 2018, the Company's late-stage, utility-scale solar project pipeline, including those in construction totaled approximately 2.2 GWp, including 459 MWp in the U.S., 476.2 MWp in Brazil, 435.7 MWp in Mexico, 304 MWp in India, 295.6 MWp in Japan, 100 MWp in China, 97.6 in Argentina, 18.4 MWp in Chile, 15.3 MWp in Australia,15 MWp in Malaysia, 14 MWp in Taiwan and 8 MWp in South Korea.
In the United States, as of July 31, 2018, the Company's late-stage, utility-scale solar project pipeline is detailed in the table below.
|
Project |
MWp |
Location |
Status |
Expected COD |
|
Mustang Two |
210 |
California |
Development |
2020 |
|
Gaskell West 2 |
147 |
California |
Development |
2020 |
|
NC102 |
102 |
North Carolina |
Construction |
2018 |
|
Total |
459 |
In Japan, as of July 31, 2018, the Company's late-stage, utility-scale solar project pipeline for which interconnection agreements and feed-in tarrif ("FIT") have been secured totaled approximately 295.6 MWp, 67.4 MWp of which are under construction and 228.2 MWp of which are under development. The Company has an additional 11.4 MWp of projects in the bidding process, which will be added to the late-stage, utility-scale solar project pipeline once interconnection agreements and FIT have been secured.
In May 2018, the Company achieved commercial operation on the 56.3 MWp Yamaguchi Shin Mine solar power project. In July, the company achieved COD on a 2.2 MWp solar power project.
The table below sets forth the expected commercial operation dates ("COD") of the Company's late-stage utility-scale solar power projects in Japan, as of July 31, 2018:
Expected COD Schedule (MWp)
|
2H2018 |
2019 |
2020 |
2021 and |
Total | ||||
|
14 |
97.9 |
47.8 |
135.9 |
295.6 |
In Brazil, as of July 31, 2018, the Company's late-stage, utility-scale solar project pipeline is detailed in the table below.
|
Project |
MWp |
Location |
Status |
Expected |
|
Francisco Sa |
122.2 |
Ceara |
Development |
2021 |
|
Jaiba |
97.3 |
Minas Gerais |
Development |
2021 |
|
Lavras |
144.7 |
Minas Gerais |
Development |
2021 |
|
Salgueiro |
112 |
Pernambuco |
Development |
2020 |
|
Total |
476.2 |
In Brazil's A-4 auction held on April 4, 2018, the Company won three solar power projects totaling 364.2 MWp. The projects have been awarded 20-year power purchase agreements with an average price of 118.15 BRL/MWh (approximately US$35.58/MWh). The Company will develop and build the projects and expects to bring them to COD in 2021.
In Mexico, as of July 31, 2018, the Company's late-stage, utility-scale solar project pipeline is detailed in the table below.
|
Project |
MWp |
Location |
Status |
Expected |
|
EL Mayo |
124 |
Sonora |
Development |
2020 |
|
Horus |
119 |
Aguascalientes |
Development |
2020 |
|
Tastiota |
125 |
Sonora |
Development |
2020 |
|
Aguascalientes |
67.7 |
Aguascalientes |
Construction |
2018 |
|
Total |
435.7 |
In China, The Company's late-stage, utility-scale power pipeline was 100 MWp as of July 31, 2018.
Solar Power Plants in Operation
In addition to its late-stage utility-scale solar project pipeline, as of July 31, 2018, the Company had a portfolio of utility-scale, solar power plants in operation totaling approximately 1.4 GWp. The plants are recorded on the Company's balance sheet as "project assets (build to sell)", "assets held-for-sale" and "solar power systems, net (build to own)". Revenue from the sale of electricity was $2.5 million in the second quarter of 2018.
The sale of projects recorded as "project assets" (build to sell) on the balance sheet will be recorded as revenue in the income statement once revenue recognition criteria are met. The gain from the sale of projects recorded as "assets held-for-sale" and "solar power systems, net" (build to own) on the balance sheet will be recorded within "other operating income (expenses)" in the income statement.
The table below sets forth the Company's total portfolio of utility-scale, solar power plants in operation, as of July 31, 2018:
U.S. Japan Brazil China India Others Total 499 144.1 79.8 487.6 126.1 41.2 1,377.8
Manufacturing Capacity
Subject to market conditions, the Company plans to expand its ingot, wafer, cell and module manufacturing capacity to 1.65 GW, 5.0 GW, 6.25 GW and 9.13 GW, respectively, by December 31, 2018. This represents a reduction from the Company's previously announced ingot, cell and module manufacturing capacity expansion plan by 355 MW, 800 MW and 780 MW, respectively.
Manufacturing Capacity Roadmap (MW)
|
31-Dec-17 |
30-Jun-18 |
31-Dec-18 |
Changes on | |
|
Ingot |
1,200 |
1,645 |
1,645 |
Down 355 |
|
Wafer |
5,000 |
5,000 |
5,000 |
Unchanged |
|
Cell |
5,450 |
5,450 |
6,250 |
Down 800 |
|
Module |
8,110 |
8,310 |
9,130 |
Down 780 |
|
Module (effective capacity) |
7,550 |
8,370 |
All of the Company's wafer manufacturing capacity uses diamond wire-saw technology. Diamond wire-saw technology is compatible with the Company's proprietary and highly efficient black silicon multi-crystalline solar cell technology, thereby reducing silicon usage and manufacturing cost.
The Company owns solar module manufacturing factories in Canada and Brazil, with nominal capacity of 400 MW and 360 MW, respectively. Due to lower volume in the Canadian market and the Section 201 import duty in the U.S., the Canadian factory has been running at a low utilization rate since February of 2018. The Brazilian plant is also running at a relatively low utilization rate as we completed our planned utility scale projects in the market. As a result, the Company considers its effective solar module production capacity being 7,550 MW as of June 30, 2018, and expects it to be 8,370 MW on December 31, 2018.
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is subject to uncertainty relating to solar module average selling prices, final customer demand and solar project construction and sale schedules. Management's views and estimates are subject to change without notice.
For the third quarter of 2018, the Company expects total solar module shipments to be in the range of 1.5 GW to 1.6 GW, including approximately 210 MW of shipments to the Company's utility-scale, solar power projects that may not be recognized as revenue in third quarter 2018. Total revenue for the third quarter of 2018 is expected to be in the range of $790 million to $840 million. Gross margin for the third quarter is expected to be between 20.0% and 23.0%.
Given global market changes following the new policy announcement in China effective on May 31, 2018 and the policy and market changes in other key markets, the Company is updating its full year 2018 total module shipment guidance to be in the range of 6.0 GW to 6.2 GW, compared to 6.6 GW to 7.1 GW previously. The Company now expects total revenue for the full year 2018 to be in the range of $4.0 billion to 4.2 billion, compared to $4.4 billion to $4.6 billion previously.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "The revision of our annual guidance is in-line with the boarder industry and mainly reflects the expected reduction of shipment volumes to the Chinese market in the second half of the year, as well as the expected lower solar module average selling price. In the near-term, we will focus on maintaining our market share and protecting a reasonable profit margin. In the longer-term, we remain confident that global demand for solar power products will continue to increase in light of solar energy's compelling lower cost of ownership and ability to accommodate locations underserved by other grid power options."
Recent Developments
On August 7, 2018, Canadian Solar announced that it closed a $45 million financing with Natixis, an arm of Groupe BPCE, the second largest banking group in France. Proceeds from the non-recourse financing will be used to construct the Company's 68 MWp solar power project in Aguascalientes, Mexico.
On June 28, 2018, Canadian Solar announced the COD of its 56.3 MWp Yamaguchi Shin Mine solar power project in Japan.
On May 15, 2018, Canadian Solar announced the COD of its 35 MWp commercial and industrial (C&I) solar portfolio in the state of Karnataka, India in March 2018.
On May 15, 2018, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, had closed on debt financing and tax equity investment commitments for its 102 MWp NC 102 solar power project, located in Cabarrus County, North Carolina. Prudential Capital Group will provide a $106.7 million debt facility for the project, including a tax equity bridge loan, term loan and revolving loan. U.S. Bancorp Community Development Corporation, a division of U.S. Bank, will make a tax equity investment in the project under a separate agreement.
Conference Call Information
The Company will hold a conference call at 8:00 a.m. U.S. Eastern Daylight Time on August 14, 2018 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., August 14, 2018 in Hong Kong) to discuss the Company's second quarter 2018 results and business outlook. The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1-845-675-0437 (from international locations). The passcode for the call is 4858436. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 9:00 a.m. U.S. Eastern Daylight Time on Wednesday, August 22, 2018 (9:00 p.m., August 22, 2018 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 from international locations, with passcode 4858436. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 28GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins 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 26, 2018. 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.
FINANCIAL TABLES FOLLOW
|
Canadian Solar Inc. | ||||||||||
|
Unaudited Condensed Consolidated Statement of Operations | ||||||||||
|
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated) | ||||||||||
|
Three Months Ended |
Six Months Ended | |||||||||
|
June 30 |
March 31 |
June 30 |
June 30 |
June 30 | ||||||
|
2018 |
2018 |
2017 |
2018 |
2017 | ||||||
|
Net revenues |
$ 650,590 |
$ 1,424,911 |
$ 692,366 |
$ 2,075,501 |
$ 1,369,407 | |||||
|
Cost of revenues |
491,155 |
1,280,965 |
524,527 |
1,772,119 |
1,110,162 | |||||
|
Gross profit |
159,435 |
143,946 |
167,839 |
303,382 |
259,245 | |||||
|
Operating expenses: |
||||||||||
|
Selling expenses |
40,275 |
42,331 |
39,324 |
82,607 |
73,265 | |||||
|
General and administrative |
56,433 |
48,775 |
52,950 |
105,208 |
108,020 | |||||
|
Research and development |
9,134 |
9,499 |
7,318 |
18,633 |
12,942 | |||||
|
Other operating income |
(345) |
(34,906) |
(15,502) |
(35,251) |
(16,400) | |||||
|
Total operating expenses |
105,497 |
65,699 |
84,090 |
171,197 |
177,827 | |||||
|
Income from operations |
53,938 |
78,247 |
83,749 |
132,185 |
81,418 | |||||
|
Other income (expenses): |
||||||||||
|
Interest expense |
(26,596) |
(29,594) |
(26,717) |
(56,190) |
(50,828) | |||||
|
Interest income |
2,883 |
3,576 |
1,393 |
6,459 |
3,915 | |||||
|
Gain (loss) on change in fair |
(7,567) |
4,474 |
(1,849) |
(3,093) |
(9,601) | |||||
|
Foreign exchange gain (loss) |
(2,454) |
(8,456) |
(11,648) |
(10,911) |
2,566 | |||||
|
Investment loss |
(584) |
- |
- |
(584) |
- | |||||
|
Other expenses, net |
(34,318) |
(30,000) |
(38,821) |
(64,319) |
(53,948) | |||||
|
Income before income taxes |
19,620 |
48,247 |
44,928 |
67,866 |
27,470 | |||||
|
Income tax expense |
(7,766) |
(4,092) |
(8,958) |
(11,857) |
(5,849) | |||||
|
Equity in earnings (loss) of |
4,119 |
(269) |
4,384 |
3,850 |
4,990 | |||||
|
Net income |
15,973 |
43,886 |
40,354 |
59,859 |
26,611 | |||||
|
Less: Net income attributable to |
404 |
509 |
2,142 |
913 |
1,734 | |||||
|
Net income attributable to |
$ 15,569 |
$ 43,377 |
$ 38,212 |
$ 58,946 |
$ 24,877 | |||||
|
Earnings per share - basic |
$ 0.26 |
$ 0.74 |
$ 0.66 |
$ 1.00 |
$ 0.43 | |||||
|
Shares used in computation - |
58,826,343 |
58,553,622 |
57,947,324 |
58,690,736 |
57,890,265 | |||||
|
Earnings per share - diluted |
$ 0.26 |
$ 0.72 |
$ 0.63 |
$ 1.00 |
$ 0.42 | |||||
|
Shares used in computation - |
59,215,958 |
61,952,777 |
62,049,899 |
59,183,822 |
58,647,785 | |||||
|
Canadian Solar Inc. | |||||||||
|
Unaudited Condensed Consolidated Statement of Comprehensive Income | |||||||||
|
(In Thousands of US Dollars) | |||||||||
|
Three Months Ended |
Six Months Ended | ||||||||
|
June 30 |
March 31 |
June 30 |
June 30 |
June 30 | |||||
|
2018 |
2018 |
2017 |
2018 |
2017 | |||||
|
Net Income |
15,973 |
43,886 |
40,354 |
59,859 |
26,611 | ||||
|
Other comprehensive income (net of tax |
|||||||||
|
of nil): |
|||||||||
|
Foreign currency translation adjustment |
(62,068) |
23,181 |
3,833 |
(38,887) |
12,762 | ||||
|
Gain (loss) on changes in fair value of |
|||||||||
|
derivatives |
1,918 |
5,128 |
(3,611) |
7,046 |
(1,930) | ||||
|
Comprehensive income (loss) |
(44,177) |
72,195 |
40,576 |
28,018 |
37,443 | ||||
|
Less: comprehensive income (loss) |
|||||||||
|
attributable to non-controlling interests |
(1,292) |
3,500 |
3,153 |
2,208 |
715 | ||||
|
Comprehensive income (loss) |
|||||||||
|
attributable to Canadian Solar Inc. |
(42,885) |
68,695 |
37,423 |
25,810 |
36,728 | ||||
|
Canadian Solar Inc. | ||||||
|
Unaudited Condensed Consolidated Balance Sheet | ||||||
|
(In Thousands of US Dollars) | ||||||
|
June 30, |
December 31, | |||||
|
2018 |
2017 | |||||
|
ASSETS |
||||||
|
Current assets: |
||||||
|
Cash and cash equivalents |
$ 452,471 |
$ 561,679 | ||||
|
Restricted cash - current |
535,769 |
617,761 | ||||
|
Accounts receivable trade, net |
370,111 |
358,091 | ||||
|
Contract assets |
40 |
1,253 | ||||
|
Amounts due from related parties |
33,808 |
26,102 | ||||
|
Inventories |
336,468 |
346,092 | ||||
|
Value added tax recoverable |
105,345 |
94,503 | ||||
|
Advances to suppliers - current |
60,849 |
61,399 | ||||
|
Derivative assets - current |
12,022 |
16,200 | ||||
|
Project assets - current |
1,190,742 |
1,523,342 | ||||
|
Assets held-for-sale |
13,611 |
182,797 | ||||
|
Prepaid expenses and other current assets |
285,248 |
296,084 | ||||
|
Total current assets |
3,396,484 |
4,085,303 | ||||
|
Restricted cash - non-current |
2,841 |
10,695 | ||||
|
Property, plant and equipment, net |
796,589 |
747,235 | ||||
|
Solar power systems, net |
59,087 |
63,964 | ||||
|
Deferred tax assets, net |
133,729 |
131,796 | ||||
|
Advances to suppliers - non-current |
51,085 |
38,325 | ||||
|
Prepaid land use right |
90,272 |
78,649 | ||||
|
Investments in affiliates |
411,099 |
414,215 | ||||
|
Intangible assets, net |
12,139 |
10,986 | ||||
|
Goodwill |
4,061 |
6,248 | ||||
|
Derivatives assets - non-current |
13,056 |
10,911 | ||||
|
Project assets - non-current |
92,208 |
148,170 | ||||
|
Other non-current assets |
130,304 |
143,130 | ||||
|
TOTAL ASSETS |
$ 5,192,954 |
$ 5,889,627 | ||||
|
Current liabilities: |
||||||
|
Short-term borrowings |
$ 2,000,267 |
$ 1,957,755 | ||||
|
Accounts and notes payable |
815,378 |
975,595 | ||||
|
Amounts due to related parties |
17,782 |
6,023 | ||||
|
Other payables |
303,499 |
315,321 | ||||
|
Convertible notes |
126,946 |
- | ||||
|
Advances from customers |
81,876 |
51,739 | ||||
|
Derivative liabilities - current |
11,042 |
6,121 | ||||
|
Liabilities held-for-sale |
581 |
185,872 | ||||
|
Financing liabilities - current |
154,200 |
407,683 | ||||
|
Other current liabilities |
151,204 |
201,903 | ||||
|
Total current liabilities |
3,662,775 |
4,108,012 | ||||
|
Accrued warranty costs |
54,904 |
55,659 | ||||
|
Convertible notes |
- |
126,476 | ||||
|
Long-term borrowings |
221,346 |
404,341 | ||||
|
Amounts due to related parties |
863 |
- | ||||
|
Derivatives liabilities - non-current |
- |
359 | ||||
|
Liability for uncertain tax positions |
8,305 |
9,264 | ||||
|
Deferred tax liabilities - non-current |
5,563 |
5,562 | ||||
|
Loss contingency accruals |
24,872 |
25,682 | ||||
|
Financing liabilities - non-current |
35,124 |
12,243 | ||||
|
Other non-current liabilities |
76,009 |
82,254 | ||||
|
Total LIABILITIES |
4,089,761 |
4,829,852 | ||||
|
Equity: |
||||||
|
Common shares |
702,868 |
702,162 | ||||
|
Additional paid-in capital |
5,757 |
417 | ||||
|
Retained earnings* |
443,892 |
383,681 | ||||
|
Accumulated other comprehensive loss |
(87,170) |
(54,034) | ||||
|
Total Canadian Solar Inc. shareholders' equity |
1,065,347 |
1,032,226 | ||||
|
Non-controlling interests in subsidiaries |
37,846 |
27,549 | ||||
|
TOTAL EQUITY |
1,103,193 |
1,059,775 | ||||
|
TOTAL LIABILITIES AND EQUITY |
$ 5,192,954 |
$ 5,889,627 | ||||
|
Note: * The Company, starting from January 1, 2018, adopted Accounting Standards Update 2014-09, Revenue | ||||||
View original content:http://www.prnewswire.com/news-releases/canadian-solar-reports-second-quarter-2018-results-300696661.html
SOURCE Canadian Solar Inc.
Article Date
8/14/2018Canadian Solar Closes US$45 Million Financing with Natixis for Mexican Power Project
Source: PR Newswire
GUELPH, Ontario, Aug. 7, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has closed a US$45 million financing with Natixis, an arm of Groupe BPCE, the second largest banking group in France. Proceeds from the non-recourse financing will be used to construct the Company's 68MWp solar power project in Aguascalientes, Mexico.
Canadian Solar was awarded the Aguascalientes project during the 2016 inaugural Mexico energy auction. Electricity generated by the project will be sold to Comisión Federal de Electricidad, under a 15-year Power Purchase Agreement (PPA) for energy and capacity, and 20-year for Clean Energy Certificates for approximately US$47.95/MWh.
The Aguascalientes solar project will utilize over 200,000 high-efficiency CS6U-P poly modules supplied by Canadian Solar. The construction of the project started in April and is expected to reach commercial operation in December 2018. As the Aguascalientes region boasts some of the highest levels of solar irradiation in the world, the project is expected to meet the electricity demand of approximately 60,000 local homes and reduce greenhouse gas emissions by approximately 30,000 tons of carbon dioxide.
"This is Canadian Solar's first solar power project in Mexico and our first time working with Natixis. I expect more to come in this rapidly growing market," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "We have a 436 MWp pipeline of late-stage solar projects with PPAs in Mexico and look forward to collaborating with financial institutions, such as Natixis to, construct these projects."
Canadian Solar and Natixis worked closely to conclude this transaction in less than two months, a very short time frame for a non-recourse project financing. This showcases the unique expertise and commitment from Natixis and Canadian Solar as well as the strong development attributes of the Aguascalientes solar project.
Natixis recently announced that it will introduce its Green Weighting Factor system for its financing deals to comply with Paris Agreement goals. Natixis's Green Weighting Factor is intended to allocate capital to promote financings with a positive impact on both the climate and the environment, by adjusting the expected profitability threshold on these various transactions according to their effects on climate change.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 27GW of premium quality modules to over 100 countries around the world. Furthermore, 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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-closes-us45-million-financing-with-natixis-for-mexican-power-project-300693029.html
SOURCE Canadian Solar Inc.
Article Date
8/7/2018Canadian Solar Schedules Second Quarter 2018 Earnings Conference Call for August 14
Source: PR Newswire
GUELPH, Ontario, Aug. 1, 2018 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Tuesday, August 14, 2018 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., August 14, 2018 in Hong Kong) to discuss the Company's second quarter 2018 results and business outlook.
The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1 845-675-0437 from international locations. The passcode for the call is 4858436. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 9:00 a.m. U.S. Eastern Daylight Time on Wednesday, August 22, 2018 (9:00 p.m., August 22, 2018 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 from international locations, with passcode 4858436. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 27 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-schedules-second-quarter-2018-earnings-conference-call-for-august-14-300689940.html
SOURCE Canadian Solar Inc.
Article Date
8/1/2018Canadian Solar Inc. Announces Results of 2018 Annual Meeting of Shareholders
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, June 29, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it held its 2018 Annual Meeting of Shareholders on June 29, 2018. Each of the proposals submitted for shareholder approval was approved. Specifically, the shareholders approved:
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 27GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-inc-announces-results-of-2018-annual-meeting-of-shareholders-300674590.html
SOURCE Canadian Solar Inc.
Article Date
6/29/2018Canadian Solar launches the next generation solar modules: bifacial, high power density and over 400 W poly HiKu modules at Intersolar Europe
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, June 14, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, announced it will introduce the global launch of its next generation solar modules at Intersolar Europe which will be held from June 20 - 22, 2018 in Munich, Germany. The Company's Chairman and CEO Dr. Shawn Qu will inaugurate BiKu, HiKu and HiDM modules during an exclusive event.
Canadian Solar's BiKu modules are at the forefront of high efficiency dual-cell bifacial modules in the industry. Its poly bifacial modules have up to 365 W power output on the front side and 75% bifaciality. It can increase energy yield by up to 30% with backside contributions under certain albedo, thus lowering LCOE dramatically. Canadian Solar's BiKu modules will certainly help you maintain IRR on your project investment, in case project PPA decreases year after year.
HiKu poly modules are developed specially for utility market with power output exceeding 400 W. This product uses the latest high efficiency cell technology, coupled with Canadian Solar's Ku module technology. HiKu modules can reduce EPC cost of solar projects in terms of lower BOS and installation costs.
HiDM (High-Density Module) is the shingle-type of module with Canadian Solar's unique IP-granted design features. It enhances module power density with module efficiency reaching up to 20.2%. The power output of a 60-cell mono HiDM module can reach 335 MW, about 10% higher than a standard full cell mono PERC module. In addition, the design of HiDM modules have much better physical appearance and less shadow effect on electricity generation. HiDM modules, with high wattage, appealing aesthetics and good shading tolerance, are one of the best products for rooftop systems where the space is limited and where shadowing is unavoidable.
BiKu, HiKu and HiDM modules will be on display at Canadian Solar Booth A1.480 during Intersolar.
For product inquires, please contact us at HiKu@canadiansolar.com, BiKu@canadiansolar.com, HiDM@canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 27 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-launches-the-next-generation-solar-modules-bifacial-high-power-density-and-over-400-w-poly-hiku-modules-at-intersolar-europe-300666358.html
SOURCE Canadian Solar Inc.
Article Date
6/14/2018Canadian Solar Reports First Quarter 2018 Results
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, May 16, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the first quarter of 2018 ended March 31, 2018.
First Quarter 2018 Highlights
First Quarter 2018 Results
Net revenue in the first quarter of 2018 was $1.42 billion, up 28.5% from $1.11 billion in the fourth quarter of 2017 and up 110.5% from $677.0 million in the first quarter of 2017. Solar module shipments in the first quarter of 2018 were 1,374 MW, compared to 1,831 MW in the fourth quarter of 2017, and first quarter 2018 guidance in the range of 1.30 GW to 1.35 GW.
Gross profit in the first quarter of 2018 was $143.9 million, compared $218.6 million in the fourth quarter of 2017 and $91.4 million in the first quarter of 2017. Gross margin in the first quarter of 2018 was 10.1%, compared to 19.7% in the fourth quarter of 2017 and 13.5% in the first quarter of 2017, and first quarter 2018 guidance of 10.0% to 12.0%. The sequential decrease in gross margin was primarily due to the low margin associated with the 309 MWp of U.S. solar power plants sold in the quarter, partially offset by an increased module average selling price in the first quarter of 2018.
Total operating expenses in the first quarter of 2018 were $65.7 million, down 25.7% from $88.4 million in the fourth quarter of 2017 and down 29.9% from $93.7 million in the first quarter of 2017.
Selling expenses in the first quarter of 2018 were $42.3 million, up 6.0% from $39.9 million in the fourth quarter of 2017 and up 24.7% from $33.9 million in the first quarter of 2017. The sequential increase was primarily due to increased labor costs and transaction costs related to solar power plant sales, partially offset by decreased shipping and handling costs.
General and administrative expenses in the first quarter of 2018 were $48.8 million, down 30.0% from $69.7 million in the fourth quarter of 2017 and down 11.4% from $55.1 million in the first quarter of 2017. Excluding a $10.2 million fixed asset impairment charge in the fourth quarter of 2017, the sequential decrease was primarily due to a reversal of $4.5 million in other payables and a decrease in professional service expenses.
Research and development expenses in the first quarter of 2018 were $9.5 million, compared to $8.6 million in the fourth quarter of 2017 and $5.6 million in the first quarter of 2017, as the Company further strengthens its leadership position by strategically investing in solar power technology advancements and efficiencies.
Other operating income in the first quarter of 2018 was $34.9 million, compared to $29.8 million in the fourth quarter of 2017 and $0.9 million in the first quarter of 2017. Other operating income in the first quarter of 2018 reflects the net gain from the sale of solar power plants in the U.K. and Japan.
Income from operations in the first quarter of 2018 was $78.2 million, compared to $130.2 million in the fourth quarter of 2017, and a loss from operations of $2.3 million in the first quarter of 2017. Operating margin was 5.5% in the first quarter of 2018, compared to 11.7% in the fourth quarter of 2017 and negative 0.3% in the first quarter of 2017. The sequential decrease primarily reflects the higher revenue contribution from the sale of lower margin solar power plants in the first quarter of 2018.
Non-cash depreciation and amortization charges in the first quarter of 2018 were approximately $34.5 million, compared to $37.2 million in the fourth quarter of 2017, and $17.1 million in the first quarter of 2017. Non-cash equity compensation expense in the first quarter of 2018 was $2.1 million, compared to $2.2 million in the fourth quarter of 2017 and $0.9 million in the first quarter of 2017.
Interest expense in the first quarter of 2018 was $29.6 million, compared to $33.5 million in the fourth quarter of 2017 and $24.1 million in the first quarter of 2017.
Interest income in the first quarter of 2018 was $3.6 million, compared to $3.2 million in the fourth quarter of 2017 and $2.5 million in the first quarter of 2017.
The Company recorded a gain on the change in fair value of derivatives in the first quarter of 2018 of $4.5 million, compared to a gain of $7.6 million in the fourth quarter of 2017 and a loss of $7.8 million in the first quarter of 2017. Foreign exchange loss in the first quarter of 2018 was $8.5 million, compared to $9.5 million in the fourth quarter of 2017, and a foreign exchange gain of $14.2 million in the first quarter of 2017.
Income tax expense in the first quarter of 2018 was $4.1 million, compared to $28.9 million in the fourth quarter of 2017, and an income tax benefit of $3.1 million in the first quarter of 2017.
Net income attributable to Canadian Solar in the first quarter of 2018 was $43.4 million or $0.72 per diluted share, compared to $61.4 million or $1.01 per diluted share in the fourth quarter of 2017 and a net loss of $13.3 million or $0.23 per diluted share in the first quarter of 2017.
Financial Condition
The Company had a cash, cash equivalents and restricted cash balance of $1.19 billion as of March 31, 2018, compared to $1.19 billion as of December 31, 2017.
Accounts receivable, net of allowance for doubtful accounts, at the end of the first quarter of 2018 were $354.3 million, compared to $358.1 million at the end of the fourth quarter of 2017. Accounts receivable turnover in the first quarter of 2018 was 26 days, compared to 38 days in the fourth quarter of 2017.
Inventories at the end of the first quarter of 2018 were $414.1 million, compared to $346.1 million at the end of the fourth quarter of 2017. Inventory turnover in the first quarter of 2018 was 28 days, compared to 35 days in the fourth quarter of 2017.
Accounts and notes payable at the end of the first quarter of 2018 were $914.0 million, compared to $975.6 million at the end of the fourth quarter of 2017.
Short-term borrowings at the end of the first quarter of 2018 were $1.86 billion, compared to $1.96 billion at the end of the fourth quarter of 2017. Long-term borrowings at the end of the first quarter of 2018 were $328.1 million, compared to $404.3 million at the end of the fourth quarter of 2017.
Senior convertible notes totaled $126.7 million at the end of the first quarter of 2018, compared to $126.5 million at the end of the fourth quarter of 2017.
Total borrowings directly related to utility-scale solar power projects were $1.12 billion at the end of the first quarter of 2018, compared to $1.38 billion at the end of the fourth quarter of 2017. Total debt at the end of the first quarter of 2018 was approximately $2.45 billion, of which $785.7 million was non-recourse. Approximately $708.4 million of the non-recourse debt related to utility-scale solar power projects.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "Results for the first quarter 2018 are within our expectations, with solar module shipments and revenue exceeding our guidance. The capacity utilization level was lower than the fourth quarter of 2017, due to several reasons, including seasonally low demand and holidays in China, the Section 201 safeguard decision on solar products by the U.S. government and the safeguard trade investigations in India. On the positive side, we maintained a flat to slightly up module average selling price during the quarter. On the energy business side, we are pleased to have completed the sale of three solar power plants in the U.S. to KEPCO, reflecting the attractiveness of our global power assets. We further diversified our utility scale solar power project pipeline geographically into Australia, South Korea and Argentina, as we executed on additional growth opportunities. As of April 30, 2018, our portfolio of utility-scale solar power plants in operation was approximately 948 MWp and our portfolio of late-stage solar power projects, including those in construction, was approximately 2.3 GWp."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar commented, "We are encouraged by our success in monetizing our solar power plants globally. During the quarter, we completed the sale of the 28 MWp Gaskell West 1 project to Southern Power, sold 142 MWp of solar power plants in the U.K. to Greencoat and sold three solar power plants in the U.S., totaling 309 MWp to KEPCO. Gross margin was in line with our guidance in the range of 10.0% to 12.0%, as we absorbed the impact of the lower margin solar power plants sales in the U.S. and higher than expected purchase prices for raw materials used in module manufacturing. We are working to secure approval for the sale of three other U.S. solar power plants totaling 399 MWp. All together our actions have strengthened our balance sheet and allow us to redeploy our capital to support the profitable growth of our business and build value for shareholders."
Utility-Scale Solar Project Pipeline
The Company divides its utility-scale solar project pipeline into two categories: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline primarily includes projects that have energy off-take agreements and are expected to be built within the next two to four years. The Company cautions that some late-stage projects may not reach completion due to risks such as failure to secure permits and grid connection, among other risk factors.
Late-Stage Utility-Scale Solar Project Pipeline
As of April 30, 2018, the Company's late-stage utility-scale solar project pipeline, including those in construction, totaled approximately 2.3 GWp, including 459 MWp in the U.S., 435.7 MWp in Mexico, 422.5 MWp in China, 351.3 MWp in Japan, 499.2 MWp in Brazil, 97.6 in Argentina, 24 MWp in India, 24.2 MWp in Australia, 18.4 MWp in Chile and 8 MWp in South Korea.
In the United States, as of April 30, 2018, the Company's late-stage, utility-scale solar project pipeline is detailed in the table below.
|
Project |
MWp |
Location |
Status |
Expected |
|
Mustang Two |
210 |
California |
Development |
2020 |
|
Gaskell West 2 |
147 |
California |
Development |
2020 |
|
NC102 |
102 |
North Carolina |
Construction |
2018 |
|
Total |
459 |
In Japan, as of April 30, 2018, the Company's late-stage, utility-scale solar project pipeline for which interconnection agreements and feed-in tarrif ("FIT") have been secured totaled approximately 351.3 MWp, 122.7 MWp of which are under construction and 228.6 MWp of which are under development. The Company has an additional 9.4 MWp of projects in the bidding process, which will be added to the list of late-stage projects once FIT has been secured.
In January 2018, the Company achieved commercial operation ("COD") on a 1 MWp solar power project.
The table below sets forth the expected COD schedule of the Company's late-stage utility-scale solar power projects in Japan, as of April 30, 2018:
|
Expected COD Schedule (MWp) | ||||||||
|
2018 |
2019 |
2020 |
2021 and |
Total | ||||
|
72.7 |
97.5 |
45.3 |
135.8 |
351.3 | ||||
In Brazil, as of April 30, 2018, the Company's late-stage, utility-scale solar project pipeline is detailed in the table below.
|
Project |
MWp |
Location |
Status |
Expected |
|
Pirapora II |
23(1) |
Minas Gerais |
Construction |
2018 |
|
Francisco Sa |
122.2 |
Ceara |
Development |
2021 |
|
Jaiba |
97.3 |
Minas Gerais |
Development |
2021 |
|
Lavras |
144.7 |
Minas Gerais |
Development |
2021 |
|
Salgueiro |
112 |
Pernambuco |
Development |
2020 |
|
Total |
499.2 |
Note: (1) 23 MWp represents the Company's 20% equity interest in 115 MWp Pirapora II.
In Brazil's A-4 auction held on April 4, 2018, the Company won three solar power projects totaling 364.2 MWp. The projects have been awarded 20-year power purchase agreements with an average price of 118.15 BRL/MWh (approximately US$35.58/MWh). The Company will develop and build the projects and expects to bring them to COD in 2021.
In April 2018, the Company completed the sale of its interest in the 80.6 MWp Guimarania solar energy project in Brazil to Global Power Generation, a subsidiary of the Spanish energy group Gas Natural Fenosa.
In Mexico, as of April 30, 2018, the Company's late-stage, utility-scale solar project pipeline is detailed in the table below.
|
Project |
MWp |
Location |
Status |
Expected |
|
EL Mayo |
124 |
Sonora |
Development |
2020 |
|
Horus |
119 |
Aguascalientes |
Development |
2020 |
|
Tastiota |
125 |
Sonora |
Development |
2020 |
|
Aguascalientes |
67.7 |
Aguascalientes |
Construction |
2018 |
|
Total |
435.7 |
In China, as of April 30, 2018, the Company's late-stage, utility-scale power pipeline totaled 422.5 MWp.
Solar Power Plants in Operation
In addition to its late-stage utility-scale solar project pipeline, as of April 30, 2018, the Company's portfolio of utility-scale, solar power plants in operation totaled 947.9 MWp. The plants are recorded on the Company's balance sheet as "project assets", "assets held-for-sale" and "solar power systems, net". Revenue from the sale of electricity generated by the plants recorded as "assets held-for-sale" and "solar power systems, net" totaled $2.6 million in the first quarter of 2018, compared to $4.7 million in the fourth quarter of 2017. The sequential decrease reflects a reduction in the number of plants in operation as of April 30, 2018, compared to February 28, 2018.
The sale of projects recorded as "project assets" (build to sell) on the balance sheet will be recorded as revenue once revenue recognition criteria are met, and the gain from the sale of projects recorded as "assets held-for-sale" and "solar power systems, net" (build to own) on the balance sheet will be recorded within "other operating income (expenses)" in the income statement.
The table below sets forth the Company's total portfolio of utility-scale, solar power plants in operation, as of April 30, 2018:
|
U.S. |
Japan |
Brazil |
China |
India |
Others |
Total |
|
499 |
85.6 |
56.8 |
148.1 |
126.1 |
32.3 |
947.9 |
Manufacturing Capacity
Subject to market conditions, the Company plans to expand its ingot, wafer, cell and module capacities by December 31, 2018 to 2.0 GW, 5.0 GW, 7.05 GW and 9.91 GW, respectively.
|
Manufacturing Capacity Roadmap (MW) | |||
|
31-Dec-17 |
30-Jun-18 |
31-Dec-18 | |
|
Ingot |
1,200 |
1,620 |
2,000 |
|
Wafer |
5,000 |
5,000 |
5,000 |
|
Cell |
5,450 |
5,450 |
7,050 |
|
Module |
8,110 |
8,310 |
9,910 |
All of the Company's wafer manufacturing capacity uses diamond wire-saw technology. Diamond wire-saw technology is compatible with the Company's proprietary and highly efficient black silicon multi-crystalline solar cell technology, thereby reducing silicon usage and manufacturing cost.
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to final customer demand and solar project construction and sale schedules. Management's views and estimates are subject to change without notice.
For the second quarter of 2018, the Company expects total solar module shipments to be in the range of approximately 1.50 GW to 1.60 GW, including approximately 100 MW of shipments to the Company's utility-scale, solar power projects that may not be recognized as revenue in second quarter 2018. Total revenue for the second quarter of 2018 is expected to be in the range of $690 million to $730 million. Gross margin for the second quarter is expected to be between 20.0% and 22.0%.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We expect a shift in global demand to developing markets to offset China, India and the U.S. We also expect demand in other markets to improve, including Europe, Africa, Argentina and Mexico. These trends align themselves with the Company's global footprint and should serve as a catalyst for continued growth."
Recent Developments
On May 14, 2018, Canadian Solar announced that it had acquired exclusive rights to an 8 MW greenfield development project portfolio in South Korea that is expected to start construction by early 2019.
On April 27, 2018, Canadian Solar announced it had signed an agreement with Global Investment Holdings to develop and operate a pipeline of solar power projects with total capacity of up to 300 MWp in Europe, Middle East and Africa. Canadian Solar will provide engineering, procurement and construction for, and operating and maintenance services to, the projects.
On April 16, 2018, Canadian Solar announced it had completed the sale of its interest in the 80.6 MWp Guimarania solar energy project in Brazil to Global Power Generation, a subsidiary of Spanish energy group Gas Natural Fenosa.
On April 10, 2018, Canadian Solar announced that it had won three solar photovoltaic projects totaling 364 MWp in Brazil. The projects have been awarded 20-year power purchase agreements with an average price of 118.15 BRL/MWh (approximately $35.58/MWh).
On March 29, 2018, Canadian Solar announced that it had acquired a 97.6 MWp solar photovoltaic project in Cafayate, Salta Province, Argentina. The project received a USD denominated 20-year power purchase agreement at $56.28/MWh.
On March 14, 2018, Canadian Solar announced that it had successfully started commercial operation of a 6 MWp solar power plant in Keetmanshoop, Namibia.
On March 13, 2018, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, had completed the sale of its interests in three solar power plants -- Astoria (100 MWac/131 MWp), Astoria 2 (75 MWac/100 MWp), and Barren Ridge (60 MWac/78 MWp) projects -- totaling 235 MWac/309 MWp to KEPCO, South Korea's largest electric utility.
Conference Call Information
The Company will hold a conference call at 8:00 a.m. U.S. Eastern Daylight Time on May 16, 2018 (8:00 p.m., May 16, 2018 in Hong Kong) to discuss the Company's first quarter 2018 results and business outlook. The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1-845-675-0437 (from international locations). The passcode for the call is 7789205. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 9:00 a.m. U.S. Eastern Daylight Time on Thursday, May 24, 2018 (9:00 p.m., May 24, 2018 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 (from international locations), with passcode 7789205. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 27GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins 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 26, 2018. 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.
FINANCIAL TABLES FOLLOW
|
Canadian Solar Inc. | ||||||
|
Unaudited Condensed Consolidated Statement of Operations | ||||||
|
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated) | ||||||
|
Three Months Ended | ||||||
|
March 31 |
December 31 |
March 31 | ||||
|
2018 |
2017 |
2017 | ||||
|
Net revenues |
$ 1,424,911 |
$ 1,108,764 |
$ 677,042 | |||
|
Cost of revenues |
1,280,965 |
890,211 |
585,636 | |||
|
Gross profit |
143,946 |
218,553 |
91,406 | |||
|
Operating expenses: |
||||||
|
Selling expenses |
42,331 |
39,935 |
33,941 | |||
|
General and administrative expenses |
48,775 |
69,650 |
55,070 | |||
|
Research and development expenses |
9,499 |
8,564 |
5,624 | |||
|
Other operating income |
(34,906) |
(29,756) |
(898) | |||
|
Total operating expenses |
65,699 |
88,393 |
93,737 | |||
|
Income (loss) from operations |
78,247 |
130,160 |
(2,331) | |||
|
Other income (expenses): |
||||||
|
Interest expense |
(29,594) |
(33,487) |
(24,111) | |||
|
Interest income |
3,576 |
3,180 |
2,522 | |||
|
Gain (loss) on change in fair value of derivatives |
4,474 |
7,565 |
(7,752) | |||
|
Foreign exchange gain (loss) |
(8,456) |
(9,541) |
14,214 | |||
|
Investment loss |
- |
(3,607) |
- | |||
|
Other expenses, net |
(30,000) |
(35,890) |
(15,127) | |||
|
Income (loss) before income taxes and equity in |
48,247 |
94,270 |
(17,458) | |||
|
Income tax (expense) benefit |
(4,092) |
(28,940) |
3,109 | |||
|
Equity in earnings (loss) of unconsolidated investees |
(269) |
(2,550) |
606 | |||
|
Net income (loss) |
43,886 |
62,780 |
(13,743) | |||
|
Less: Net income (loss) attributable to |
509 |
1,378 |
(408) | |||
|
Net income (loss) attributable to Canadian Solar Inc. |
$ 43,377 |
$ 61,402 |
$ (13,335) | |||
|
Earnings (loss) per share - basic |
$ 0.74 |
$ 1.05 |
$ (0.23) | |||
|
Shares used in computation - basic |
58,553,622 |
58,486,391 |
57,832,572 | |||
|
Earnings (loss) per share - diluted |
$ 0.72 |
$ 1.01 |
$ (0.23) | |||
|
Shares used in computation - diluted |
61,952,777 |
61,936,162 |
57,832,572 | |||
|
Canadian Solar Inc. | |||||
|
Unaudited Condensed Consolidated Statement of Comprehensive Income | |||||
|
(In Thousands of US Dollars) | |||||
|
Three Months Ended | |||||
|
March 31 |
December 31 |
March 31 | |||
|
2018 |
2017 |
2017 | |||
|
Net Income (loss) |
43,886 |
62,780 |
(13,743) | ||
|
Other comprehensive income (net of |
|||||
|
Foreign currency translation adjustment |
23,181 |
3,395 |
8,929 | ||
|
Gain on changes in fair value of |
5,128 |
296 |
1,681 | ||
|
Comprehensive income (loss) |
72,195 |
66,471 |
(3,133) | ||
|
Less: comprehensive income (loss) |
3,500 |
2,034 |
(2,438) | ||
|
Comprehensive income (loss) |
68,695 |
64,437 |
(695) | ||
|
Canadian Solar Inc. | |||||
|
Unaudited Condensed Consolidated Balance Sheet | |||||
|
(In Thousands of US Dollars) | |||||
|
March 31, |
December 31, | ||||
|
2018 |
2017 | ||||
|
ASSETS |
|||||
|
Current assets: |
|||||
|
Cash and cash equivalents |
$ 567,350 |
$ 561,679 | |||
|
Restricted cash - current |
613,410 |
617,761 | |||
|
Accounts receivable trade, net |
354,333 |
358,091 | |||
|
Contract assets |
1,227 |
1,253 | |||
|
Amounts due from related parties |
16,194 |
26,102 | |||
|
Inventories |
414,090 |
346,092 | |||
|
Value added tax recoverable |
88,045 |
94,503 | |||
|
Advances to suppliers - current |
66,090 |
61,399 | |||
|
Derivative assets - current |
23,023 |
16,200 | |||
|
Project assets - current |
958,759 |
1,523,342 | |||
|
Assets held-for-sale |
13,812 |
182,797 | |||
|
Prepaid expenses and other current assets |
296,574 |
296,084 | |||
|
Total current assets |
3,412,907 |
4,085,303 | |||
|
Restricted cash - non-current |
11,026 |
10,695 | |||
|
Property, plant and equipment, net |
790,662 |
747,235 | |||
|
Solar power systems, net |
63,144 |
63,964 | |||
|
Deferred tax assets, net |
134,971 |
131,796 | |||
|
Advances to suppliers - non-current |
58,959 |
38,325 | |||
|
Prepaid land use right |
91,368 |
78,649 | |||
|
Investments in affiliates |
414,839 |
414,215 | |||
|
Intangible assets, net |
11,409 |
10,986 | |||
|
Goodwill |
4,061 |
6,248 | |||
|
Derivatives assets - non-current |
11,587 |
10,911 | |||
|
Project assets - non-current |
165,887 |
148,170 | |||
|
Other non-current assets |
128,854 |
143,130 | |||
|
TOTAL ASSETS |
$ 5,299,674 |
$ 5,889,627 | |||
|
Current liabilities: |
|||||
|
Short-term borrowings |
$ 1,857,575 |
$ 1,957,755 | |||
|
Accounts and notes payable |
914,022 |
975,595 | |||
|
Amounts due to related parties |
16,687 |
6,023 | |||
|
Other payables |
294,626 |
315,321 | |||
|
Convertible notes |
126,712 |
- | |||
|
Advances from customers |
52,587 |
51,739 | |||
|
Derivative liabilities - current |
6,353 |
6,121 | |||
|
Liabilities held-for-sale |
569 |
185,872 | |||
|
Financing liabilities-current |
154,698 |
407,683 | |||
|
Other current liabilities |
196,365 |
201,903 | |||
|
Total current liabilities |
3,620,194 |
4,108,012 | |||
|
Accrued warranty costs |
60,214 |
55,659 | |||
|
Convertible notes |
- |
126,476 | |||
|
Long-term borrowings |
328,120 |
404,341 | |||
|
Amounts due to related parties |
863 |
- | |||
|
Derivatives liabilities - non-current |
- |
359 | |||
|
Liability for uncertain tax positions |
8,097 |
9,264 | |||
|
Deferred tax liabilities - non-current |
5,737 |
5,562 | |||
|
Loss contingency accruals |
26,466 |
25,682 | |||
|
Financing liabilities - non-current |
30,597 |
12,243 | |||
|
Other non-current liabilities |
75,850 |
82,254 | |||
|
Total LIABILITIES |
4,156,138 |
4,829,852 | |||
|
Equity: |
|||||
|
Common shares |
702,311 |
702,162 | |||
|
Additional paid-in capital |
2,480 |
417 | |||
|
Retained earnings* |
428,323 |
383,681 | |||
|
Accumulated other comprehensive loss |
(28,716) |
(54,034) | |||
|
Total Canadian Solar Inc. shareholders' equity |
1,104,398 |
1,032,226 | |||
|
Non-controlling interests in subsidiaries |
39,138 |
27,549 | |||
|
TOTAL EQUITY |
1,143,536 |
1,059,775 | |||
|
TOTAL LIABILITIES AND EQUITY |
$ 5,299,674 |
$ 5,889,627 | |||
Note: * The Company, starting from January 1, 2018, adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (ASC 606), using the modified retrospective method. The reported results for year 2018 reflect the adoption of ASC 606, while the reported results for year 2017 were prepared under the previous revenue recognition guidance. The adoption of ASC 606 has no material impact on the revenue recognition for the first quarter of 2018. The cumulative-effect adjustment to the beginning balance of retained earnings on January 1, 2018 was an increase of $1.3 million from $383.7 million to $385.0 million, related to variable consideration recognized for project sales in year 2017. It has no impact on the Company's cash flows for the first quarter of 2018.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-reports-first-quarter-2018-results-300649409.html
SOURCE Canadian Solar Inc.
Article Date
5/16/2018Canadian Solar Commissions a 35MWp Open Access Solar Project in India
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, May 15, 2018 /PRNewswire/ -- Canadian Solar Inc., (the "Company", or "Canadian Solar") (NASDAQ:CSIQ), one of the world's largest solar power companies, today announced that its 35 MWp commercial and industrial (C&I) solar portfolio in the state of Karnataka, India reached commercial operation in March 2018.
The 35 MWp project is located in Bagalkot District of Karnataka and is expected to generate approximately 54,000 MWh of clean solar power every year. This project provides clean electricity to off-takers from the education, healthcare, cement, and auto parts industries through 25-year power purchase agreements (PPAs), in line with the Open Access regulations of Karnataka. Concurrent with this milestone, Canadian Solar has completed its financing of INR1.0 billion (US$16.0 million) for the C&I portfolio with Tata Cleantech Capital Limited.
"We are delighted to launch our first C&I solar portfolio in India which creates sustainable value for our customers. Local businesses can benefit from clean solar energy while mitigating rising electricity costs," commented Dr. Shawn Qu, Chairman and Chief Executive Officer. "Canadian Solar provides strong development, technical, and financing solutions that assist businesses in their switch to clean renewable energy."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 27, 2017. 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.
Article Date
5/15/2018Recurrent Energy Secures Financing and Tax Equity Investment for North Carolina Project from Prudential Capital Group and U.S. Bank
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, May 15, 2018 /PRNewswire/ -- Recurrent Energy, a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), today announced that it has closed on debt financing and tax equity investment commitment for the 74.8 MWac/102 MWp NC 102 solar photovoltaic project, located in Cabarrus County, North Carolina.
Prudential Capital Group will provide a $106.7 million debt facility for the project, including a tax equity bridge loan, term loan and revolving loan to the project. U.S. Bancorp Community Development Corporation ("USBCDC"), a division of U.S. Bank, will make a tax equity investment in the project under a separate agreement.
"Prudential Capital Group and USBCDC are widely regarded as leading investors in the energy space, and we are pleased to partner again with them to continue growing our project portfolio in the United States," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar.
The NC 102 project, which is under construction and is expected to reach commercial operation in the third quarter of 2018, will be one of the largest operating solar projects in North Carolina. The project has a power purchase agreement for 10 years starting in 2018 with Duke Energy Carolinas. Once operating, the project will generate enough clean solar power to meet the energy needs of approximately 12,000 homes.
"Prudential Capital Group is pleased to continue supporting the growth of renewable energy in North Carolina and to strengthen our relationship with Canadian Solar and Recurrent Energy," said Wendy Carlson, managing director of Prudential Capital Group's Energy Finance Group: Power.
USBCDC and Prudential Capital Group financed last year the IS-42 solar project in North Carolina, which Recurrent Energy brought to commercial operation in October 2017. USBCDC and Prudential Capital Group have also separately partnered with Recurrent Energy on various solar projects developed in California.
"It is our pleasure to collaborate with Recurrent Energy to support the solar industry in North Carolina," said Adam Altenhofen, vice president of USBCDC. "As solar energy continues to grow in the state, we look forward to being part of that growth."
About Prudential Capital Group
Prudential Capital Group is the private capital investment arm of PGIM, the $1 trillion global investment management business of Prudential Financial, Inc. (NYSE:PRU). Prudential Capital Group has been a leading provider of private placements, mezzanine debt and equity, to companies for more than 75 years. Managing a portfolio of $81.7 billion as of March 31, 2018, Prudential Capital offers senior debt, mezzanine financing, leveraged leases, project financing, credit tenant leases as well as asset financing to companies, worldwide. The global regional office network has locations in Atlanta, Chicago, Dallas, Frankfurt, London, Los Angeles, Milan, Minneapolis, Newark, New York, Paris, San Francisco and Sydney.* For more information, please visit prudentialcapitalgroup.com.
*Operates through PGIM (Australia) Pty Ltd.
About U.S. Bancorp Community Development Corporation
With $27 billion in managed assets as of March 31, 2018, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has approximately 5 GW of solar projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/recurrent-energy-secures-financing-and-tax-equity-investment-for-north-carolina-project-from-prudential-capital-group-and-us-bank-300648389.html
SOURCE Canadian Solar Inc.
Article Date
5/15/2018Canadian Solar Expands Solar Project Development to South Korea
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, May 14, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has acquired exclusive rights to develop an 8 MWp solar photovoltaic (PV) project in Gangwon Province, South Korea, the Company's first solar project there. The construction of this project will start in early 2019.
The South Korea solar market is not new to Canadian Solar. In 2008, Canadian Solar Korea Branch was established. Since then, Canadian Solar has kept the No.1 position in Korea PV market among foreign module makers for 10 years in a row.
"We are excited to further expand our global project development business to South Korea," Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented. "The Korean Government has recently increased its solar capacity installation target to 36.5 gigawatts from 5.7 gigawatts in order to generate 20% of electricity from renewable energy sources by 2030. With our high efficiency and high quality module supply capabilities and global solar project development experience, Canadian Solar is ready to support our Korean partners and customers to meet their 2030 solar energy target."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit http://www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 26, 2018. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-expands-solar-project-development-to-south-korea-300647551.html
SOURCE Canadian Solar Inc.
Article Date
5/14/2018Canadian Solar Wins Second Award for Dual-Tenor Green Project Bond in Japan
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, May 4, 2018 /PRNewswire/ -- Canadian Solar Inc., (the "Company", or "Canadian Solar") (NASDAQ:CSIQ), one of the world's largest solar power companies, today announced that it won J-Money's Best Structured Product Award during its Japan Deals of the Year 2017 awards program. Canadian Solar is celebrating its second award win for its innovative dual-tenor green project bond, adding the accolade to the prior Project Bond of the Year Award by Environmental Finance and third financing award to date worldwide for 2017.
Originally established by international financial publisher Euromoney PLC, J-Money magazine has covered the Japanese and international capital markets for over 30 years. The awards recognize best financial practices in Japan, and are based on industry peer assessments from the financial industry. Other notable winners for the J-Money Japan Deal Awards of the Year 2017 include KKR, DBJ, and Credit Agricole, among others. This second award affirms that the world's first dual-tenor green project bond, raising JPY5.4 billion (US$49 million) offered by Canadian Solar for its 19 MWp Gunma Aramaki solar power project, is a groundbreaking structure for international structured finance.
"We are honored once more with this second award. The international recognition encourages us to commit to further innovation in the Japan market. We garnered immense support from our business partners, investors, and financiers to shape an innovative financing structure," commented Dr. Shawn Qu, Chairman and Chief Executive Officer, "This success gives us the confidence to execute future financing of solar with the same dynamic approach."
The Gunma Aramaki project bond received an investment grade rating of "A", the highest rating in Japan PV sector, by the Japan Credit Rating Agency, Ltd. ("JCR") and has been independently certified as a green bond in accordance with the Green Bond Principles 2016 published by the International Capital Market Association ("ICMA") by the Japan Research Institution, Limited ("JRI"). Goldman Sachs Japan Co., Ltd. acted as the structuring advisor and sole bond arranger.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 26, 2018. 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.
Article Date
5/4/2018Canadian Solar Schedules First Quarter 2018 Earnings Conference Call for May 16
Source: PR Newswire
GUELPH, Ontario, April 30, 2018 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Wednesday, May 16, 2018 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., May 16, 2018 in Hong Kong) to discuss the Company's first quarter 2018 results and business outlook.
The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1 845-675-0437 from international locations. The passcode for the call is 7789205. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 9:00 a.m. U.S. Eastern Daylight Time on Thursday, May 24, 2018 (9:00 p.m., May 24, 2018 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 from international locations, with passcode 7789205. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-schedules-first-quarter-2018-earnings-conference-call-for-may-16-300638841.html
SOURCE Canadian Solar Inc.
Article Date
4/30/2018Canadian Solar Partners with Global Investment Holdings to Develop and Provide Services for up to 300 MWp Solar Projects in EMEA
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, April 27, 2018 /PRNewswire/ -- Canadian Solar Inc., (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has signed an agreement with Global Investment Holdings (GIH), to develop and operate a pipeline of solar power projects with total capacity of up to 300 MWp. Canadian Solar will provide Engineering, Procurement and Construction ("EPC") and Operations and Maintenance ("O&M") services to the projects. GIH is a diversified conglomerate in Turkey with investments in ports infrastructure, energy and non-banking financial services.
Atay Arpaciogullari, CEO Global Energy stated, "Global Investment Holdings is active in renewable energy and energy efficiency investments; currently we have a combined capacity of 75.5MW. Our envisaged cooperation with Canadian Solar is a planned step taken towards increasing our clean energy investments up to 300-400MW in the next three years."
"We are delighted to partner with Global Investment Holdings and further expand our presence in EMEA. This partnership underscores our global leading position to develop and operate solar projects across the globe," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "We will continue to leverage our expertise to accelerate the adoption of clean and affordable solar energy all over the world."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit http://www.canadiansolar.com.
About Global Investment Holdings
Global Investment Holdings, listed on Borsa Istanbul (BIST) under the ticker "GLYHO", is a diversified conglomerate with investments in multiple industries: ports infrastructure, energy, CNG distribution, mining, brokerage and asset management. With interests in a range of burgeoning business sectors and traditional non-bank financial service providers, Global Investment Holdings has evolved into a dynamic investment vehicle. Its current portfolio offers high growth with 'first mover' advantages. At end-2017, GIH reported total assets of TL 4.4 billion and shareholders' equity of TL 1.6 billion.
Canadian Solar Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 26, 2018. 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.
Article Date
4/27/2018Canadian Solar Files Annual Report on Form 20-F for Year Ended December 31, 2017
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, April 26, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the filing of its annual report on Form 20-F for the year ended on December 31, 2017 with the U.S. Securities and Exchange Commission ("SEC"). The annual report on Form 20-F can be accessed on the Company's Investor Relations website at www.canadiansolar.com or on the SEC's website at www.sec.gov.
The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders upon request. Requests should be directed for the attention of the Investor Relations Department to Canadian Solar Inc., 545 Speedvale Avenue West Guelph, Ontario, Canada N1K 1E6.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit http://www.canadiansolar.com.
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SOURCE Canadian Solar Inc.
Article Date
4/27/20184/16/2018 - Canadian Solar completed sale of 80.6 MWp solar energy project in Brazil to Global Power Generation
Canadian Solar completed sale of 80.6 MWp solar energy project in Brazil to Global Power Generation
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario and MADRID, April 16, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today the sale of its interest in the Guimarania solar energy project in Brazil to Global Power Generation, subsidiary of Spanish energy group Gas Natural Fenosa. The 80.6 MWp project, expandable to 83 MWp, is under construction and expected to reach commercial operation in the fourth quarter of 2018. Canadian Solar will supply its high-efficiency "MaxPower" modules for the Project.
The Project, located in the state of Minas Gerais in Brazil, was awarded a 20-year Power Purchase Agreement in the third Reserve Energy Auction in 2015. Once completed, the Project will generate 162,471 MWh per year and contribute towards the country's goal of obtaining 23% of its energy from renewable sources by 2030.
"The sale of the Guimarania project is another demonstration of the strong potential of the solar energy market in Brazil and the continuing success of Canadian Solar in it. This is the fourth project, which we have successfully developed and sold in Brazil, following the 399 MWp Pirapora project portfolio. With the 476 MWp of projects awarded in the last two energy auctions, Canadian Solar has developed over 955 MWp of solar projects, with long-term PPAs awarded, in the country." said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
"This latest acquisition strengthens GPG's commitment to renewable generation in Latin America by doubling its generation in the Brazilian market since making inroads in 2017. We are pleased to announce this deal; the time is right for GPG since we have made important acquisitions and developments throughout the world, introducing technology innovations to bring quality renewable energy to communities where we operate, in Brazil in this particular case." said Lluis Noguera, Chief Executive Officer of Global Power Generation.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 Global Power Generation
Global Power Generation (GPG), owned by Gas Natural Fenosa and the Kuwait Investment Authority, is a company dedicated to the power generation business. It develops and manages over 3000 MWs of power generation assets with a global focus. For additional information about the company, visit http://www.globalpower-generation.com/#
Canadian Solar 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-completed-sale-of-80-6-mwp-solar-energy-project-in-brazil-to-global-power-generation-300630167.html
SOURCE Canadian Solar Inc.
Article Date
4/16/2018Canadian Solar and EDF Renewables Win IJGlobal Latin America Multisourced Deal of the Year Award for Pirapora I Solar Project
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, April 12, 2018 /PRNewswire/ -- Canadian Solar Inc., (the "Company", or "Canadian Solar") (NASDAQ:CSIQ), one of the world's largest solar power companies, and EDF Renewables, a global market leader in renewable energy, today announced that their jointly-owned 191.5 MWp Pirapora I solar power project was named by Infrastructure Journal Global (IJGlobal) as the Latin America Multisourced Deal of the Year at the IJGlobal Awards on March 15. The project is located in the Minas Gerais State of Brazil with 80% ownership by EDF Renewables and 20% by Canadian Solar.
The IJGlobal Awards are selected annually by an expert panel of judges and are a celebration of the best in class deals in energy and infrastructure in each region. Other award winners this year include JP Morgan and Asian Development Bank.
Pirapora I is the first-ever solar power generation plant financed by Brazilian Development Bank (BNDES), with funding entirely from TJLP (Brazilian Long Term Interest Rate). As one of the world's largest development banks, BNDES allocates the best terms of credit to renewable energy projects to induce economic development in projects with positive externalities, including environmental and social impact. This project was successfully commissioned in November 2017.
The funding commitment for Pirapora I also includes a short-term construction bridge loan in Brazilian Reais provided by IDB Invest, the private sector institution of the Inter-American Development Bank Group (IDB). The IDB is the largest multilateral financing institution for development projects in Latin America and the Caribbean. Banco Itaú BBA S.A., Banco Société Générale Brasil S.A. and Banco ABC Brasil S.A. also provided construction financing as underwriters of a Brazilian Reais denominated unsecured debenture.
"We are delighted that Pirapora I is being recognized with this award, which acknowledges our contribution along with EDF Renewables towards developing one of Brazil's largest solar power plants. Pirapora I is among the first solar projects to close project finance under the Brazil Reserve Energy Auctions scheme," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Latin America is an important market for us and we look forward to working with our partners to increase solar power investments in the region."
Bruno Fyot, COO of EDF Energies Nouvelles' Group, added: "This award underlines the excellence of our Pirapora solar project and constitutes further evidence of our deep interest in realizing renewable energy large-scale projects comprising innovation, local development and socio-environmental contents."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 27, 2017. 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.
About EDF Energies Nouvelles group / EDF Renewables, in Brazil
EDF Energies Nouvelles group is a market leader in renewable energy electricity, with a portfolio of more than 12 GW gross installed capacity focused for the most part on wind (onshore and offshore) and solar photovoltaic energy. Mostly operating in Europe and North America, EDF Energies Nouvelles continues its development by taking strong positions in promising emerging areas such as Brazil, China, India, or South Africa, and North Africa and Gulf Cooperation Council regions. The Company is also present in other segments of the renewable energy market: marine energy, distributed energies and energy storage. EDF Energies Nouvelles manages renewable energy projects' development and construction as well as operations and maintenance for its own account and for third parties. The majority of its international subsidiaries is branded EDF Renewables. EDF Energies Nouvelles is a subsidiary of the EDF Group dedicated to renewable energy.
EDF Renewables' portfolio in Brazil consists of 700 MW of wind and solar projects under development and operating.
Visit us at www.edf-energies-nouvelles.com
Follow us on LinkedIn: https://www.linkedin.com/company/edf-energies-nouvelles and on Twitter @EDFEN_officiel in French, and @EDF_Renewables in English.
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SOURCE Canadian Solar Inc.
Article Date
4/12/20184/11/2018 - Canadian Solar Dedicates Its US Regional Headquarters Office in Walnut Creek, California
Canadian Solar Dedicates Its US Regional Headquarters Office in Walnut Creek, California
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, April 11, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, dedicated its US regional headquarters by unveiling its company logo sign on the exterior of the office building at 3000 Oak Road, Walnut Creek, CA 94597.
The US regional headquarters office brings together three different Canadian Solar businesses into one location: the Module and System Solutions business, the Energy business, and the company's US solar project development subsidiary, Recurrent Energy. Conveniently located one block from the Pleasant Hill BART station, the new Walnut Creek office provides easy access to San Francisco and the rest of the Bay Area on public transit, lowering the carbon footprint of employees and visitors travelling to the office.
"Canadian Solar has been working with our US customers and partners for more than 10 years. We believe in the US solar market and have played a key role in the remarkable development of renewable energy there. Although recent trade policy changes have increased uncertainty in the market, we plan to weather the storm by consolidating and strengthening our operations, as cooperation is a better solution for the industry to develop," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "Canadian Solar is putting its 'mark' on the US solar market with the dedication of this office and logo sign. The United States remains one of the most important solar markets in the world."
Media is available at https://canadiansolar.box.com/s/9co6rgmblixg5dxlkykfdosbazxj8d0s.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
Article Date
4/11/2018Canadian Solar Awarded 364 MWp Solar Projects in Brazil
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, April 10, 2018 /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 won three solar photovoltaic (PV) projects, totaling 364 MWp in Brazil's A-4 auction that was held on April 4, 2018.
The 364 MWp of projects, located in the states of Minas Gerais and Ceara, have been awarded 20-year Power Purchase Agreements with an average price of 118.15 BRL/MWh (approximately US$35.58/MWh). Once connected to the grid, the plants will generate approximately 706,056 MWh of electricity every year. Canadian Solar will develop and build the projects, targeting to bring them to commercial operation by 2022.
"We are proud to be the only company that has been successful in winning projects in all of the five Federal Auctions held to date in Brazil," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "Brazil has proven to be an important market for us. Relentless innovations and focuses on driving down cost while improving efficiencies in all aspects have allowed Canadian Solar to deliver a 55.5% reduction in energy prices from the first auction, which accelerated the adoption of solar energy in the country."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit http://www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
Article Date
4/10/2018Canadian Solar Wins Project Bond of the Year Award by Environmental Finance
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, April 2, 2018 /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 won Environmental Finance's Project Bond of the Year award for its innovative dual-tenor green project bond issuance in Japan.
Environmental Finance, an industry leading global publication, recognized best practices and issues that were significant in the development of the green bond sector at its Green Bond Awards 2018. The panel of judges included some of the world's biggest green bond investors. In total, 32 awards have been given out worldwide. Other than Canadian Solar, winners also include Barclays, Republic of France, City of Paris and City of Cape Town.
The world's first dual-tenor bond served as the financing vehicle for Canadian Solar's 19MW Gunma Aramaki Solar Power Plant when it was issued in April 2017. Canadian Solar paved the way for this pioneering structure by combining maturity of 1.5 years and 18.7 years within a single-tranche of bond. The innovation in the tenor mechanism provided Canadian Solar with the flexibility to maximize the value of its investment through a potential sale to Canadian Solar Infrastructure Fund, recently listed on the Tokyo Stock Exchange, while preserving long-term financing support for its solar power project. Today, Canadian Solar is positioned as the leading international issuer of green project bonds in Japan.
The Gunma Aramaki project bond has been assigned an investment grade rating of "A", the highest rating in Japan PV sector, by the Japan Credit Rating Agency, Ltd. ("JCR") and has been independently certified as green bond in accordance with the Green Bond Principles 2016 published by the International Capital Market Association ("ICMA") by the Japan Research Institution, Limited ("JRI"). Goldman Sachs Japan Co., Ltd. acted as the bond arranger.
"We are honored to receive the Project Bond of the Year Award and to be recognized for delivering world-class global innovation to finance solar investments," commented Dr. Shawn Qu, Chairman and Chief Executive Officer, "This is a remarkable accomplishment and we will continue to work with our financial partners and investors to grow a high-quality project development pipeline that underscores our long-term success in Japan."
Full results of the Green Bond Awards 2018 can be found at https://www.environmental-finance.com/content/news/environmental-finance-green-bond-awards-winners-revealed-2018.html.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 27, 2017. 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.
Article Date
4/2/2018Canadian Solar Acquires a 97.6 MWp Solar Power Project in Argentina
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, March 29, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the acquisition of a 97.6 MWp solar photovoltaic (PV) project in Cafayate, Salta Province, Argentina.
The Cafayate Project was awarded in the second public renewable energy tender in Argentina (RenovAr 1.5), receiving a USD denominated 20-year Power Purchase Agreement at US$56.28/MWh. Canadian Solar plans to start construction on the plant in July 2018. Once connected to the grid by Q2 of 2019, the plant will generate approximately 235,777 MWh of electricity per year, which will be sold to CAMMESA (Compañía Administradora del Mercado Mayorista Eléctrico).
"This project is an important addition to our global late-stage project pipeline, and it represents a milestone of our project development in Argentina, where we see great potential for the growth of solar energy," commented Dr. Shawn Qu, Chairman and Chief Executive Office of Canadian Solar Inc. "The results of the past renewable energy tenders in the country have proved the competitiveness and reliability of solar. We will develop more quality projects in Argentina to meet the growing demand for clean and reliable solar energy in the country."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 27, 2017. 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.
Article Date
3/29/2018Canadian Solar Reports Fourth Quarter and Full Year 2017 Results
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, March 19, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the fourth quarter and full year ended December 31, 2017.
Fourth Quarter 2017 and Related Highlights
Full Year 2017 Results
Fourth Quarter 2017 Results
Net revenue in the fourth quarter of 2017 was $1.11 billion, up 21.5% from $912.2 million in the third quarter of 2017 and up 65.9% from $668.4 million in the fourth quarter of 2016. Solar module shipments were 1,831 MW, compared to 1,870 MW in the third quarter of 2017, and fourth quarter guidance in the range of 1,720 MW to 1,820 MW.
Gross profit in the fourth quarter of 2017 was $218.6 million, compared $159.8 million in the third quarter of 2017 and $49.0 million in the fourth quarter of 2016. Gross margin in the fourth quarter of 2017 was 19.7%, compared to 17.5% in the third quarter of 2017 and 7.3% in the fourth quarter of 2016. The sequential increase in gross margin was primarily due to the high profit margin from the sales of Japanese projects to CSIF. The year-over-year increase in gross margin was primarily due to lower module blended manufacturing cost, lower anti-dumping and countervailing duty ("AD/CVD") charges, higher contributions from the Company's higher margin total solutions business, partially offset by decreased module average selling price.
Total operating expenses in the fourth quarter of 2017 were $88.4 million, down 13.4% from $102.0 million in the third quarter of 2017 and up 45.6% from $60.7 million in the fourth quarter of 2016.
Selling expenses in the fourth quarter of 2017 were $39.9 million, down 6.8% from $42.8 million in the third quarter of 2017 and down 6.6% from $42.7 million in the fourth quarter of 2016. The sequential decrease of $2.9 million was primarily due to a decrease in external sales commission and marketing expenses, partially offset by an increase in labor cost. The year-over-year decrease in selling expenses was primarily due to a decrease in marketing expenses and various professional services expenses, partially offset by an increase in labor cost and higher shipping and handling costs.
General and administrative expenses in the fourth quarter of 2017 were $69.7 million, up 30.6% from $53.3 million in the third quarter of 2017 and up 10.8% from $62.8 million in the fourth quarter of 2016. The sequential increase in general and administrative expenses was primarily due to a $10.2 million asset impairment charge relating to, among other things, certain idle manufacturing equipment, increased labor cost and higher withholding tax expense. The year-over-year increase in general and administrative expenses was primarily due to an increase in labor cost and higher withholding tax expense.
Research and development expenses in the fourth quarter of 2017 were $8.6 million, compared to $7.3 million in the third quarter of 2017 and $3.2 million in the fourth quarter of 2016, as the Company further strengthens its leadership position by strategically investing in solar technology advancements and efficiencies.
Other operating income in the fourth quarter of 2017 was $29.8 million, compared to $1.4 million in the third quarter of 2017 and $48.1 million in the fourth quarter of 2016. Other operating income in the fourth quarter of 2017 reflects a net gain from the sale of certain solar power projects to CSIF in Japan.
Income from operations in the fourth quarter of 2017 was $130.2 million, compared to $57.8 million in the third quarter of 2017, and a loss from operations of $11.8 million in the fourth quarter of 2016. Operating margin was 11.7% in the fourth quarter of 2017, compared to 6.3% in the third quarter of 2017 and negative 1.8% in the fourth quarter of 2016.
Non-cash depreciation and amortization charges in the fourth quarter of 2017 were approximately $37.2 million, compared to $23.8 million in the third quarter of 2017, and $19.3 million in the fourth quarter of 2016. Non-cash equity compensation expense in the fourth quarter of 2017 was $2.2 million, compared to $2.1 million in the third quarter of 2017 and $2.2 million in the fourth quarter of 2016.
Interest expense in the fourth quarter of 2017 was $33.5 million, compared to $33.7 million in the third quarter of 2017 and $22.9 million in the fourth quarter of 2016.
Interest income in the fourth quarter of 2017 was $3.2 million, compared to $3.4 million in the third quarter of 2017 and $2.4 million in the fourth quarter of 2016.
The Company recorded a gain on change in fair value of derivatives in the fourth quarter of 2017 of $7.6 million, compared to a gain of $1.8 million in the third quarter of 2017 and a gain of $24.2 million in the fourth quarter of 2016. Foreign exchange loss in the fourth quarter of 2017 was $9.5 million, compared to $16.5 million in the third quarter of 2017, and $12.5 million in the fourth quarter of 2016.
Income tax expense in the fourth quarter of 2017 was $28.9 million, compared to $6.2 million in the third quarter of 2017 and an income tax benefit of $10.6 million in the fourth quarter of 2016.
Net income attributable to Canadian Solar in the fourth quarter of 2017 was $61.4 million or $1.01 per diluted share, compared to $13.3 million or $0.22 per diluted share in the third quarter of 2017 and a net loss of $13.3 million or $0.23 per diluted share in the fourth quarter of 2016.
Financial Condition
The Company had $1.19 billion of cash, cash equivalents and restricted cash as of December 31, 2017, compared to $1.15 billion as of September 30, 2017.
Accounts receivable, net of allowance for doubtful accounts, at the end of the fourth quarter of 2017 were $358.1 million, compared to $457.4 million at the end of the third quarter of 2017. Accounts receivable turnover in the fourth quarter of 2017 was 38 days, compared to 47 days in the third quarter of 2017.
Inventories at the end of the fourth quarter of 2017 were $346.1 million, compared to $301.5 million at the end of the third quarter of 2017. Inventory turnover in the fourth quarter of 2017 was 35 days, compared to 37 days in the third quarter of 2017.
Accounts and notes payable at the end of the fourth quarter of 2017 were $975.6 million, compared to $1.06 billion at the end of the third quarter of 2017.
Excluding the approximately $166.2 million of 'Liabilities held-for-sale', short-term borrowings at the end of the fourth quarter of 2017 were $1.96 billion, compared to $2.14 billion at the end of the third quarter of 2017. Long-term borrowings at the end of the fourth quarter of 2017 were $404.3 million, compared to $318.2 million at the end of the third quarter of 2017.
Senior convertible notes totaled $126.5 million at the end of the fourth quarter of 2017, compared to $126.2 million at the end of the third quarter of 2017.
Total borrowings directly related to utility-scale solar power projects were $1.38 billion at the end of the fourth quarter of 2017, compared to $1.43 billion at the end of the third quarter of 2017. Excluding the approximately $166.2 million of 'Liabilities held-for-sale' but including the senior convertible notes, total borrowings at the end of the fourth quarter of 2017 were approximately $2.49 billion, of which $1.02 billion was non-recourse. Approximately $890.7 million of the non-recourse borrowings related to utility-scale solar power projects.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "2017 was an exceptional and milestone year for the PV industry, in which total global new solar installation reached 100 GW for the first time in our history. This demonstrates that solar is quickly approaching grid parity and is penetrating more and more markets. Our revenue, shipments, gross margin and net income all exceeded our expectations for the fourth quarter and full year 2017. Our record-high solar module shipments for the full year 2017 were driven by strong demand from China, India, Europe and the United States. We are also pleased with the impressive project sale momentum we achieved, led by demand for our highly-attractive project assets, which we have carefully built up over the past few years in key markets worldwide. We remain focused on securing a competitive return on all of our project investments; and redeploying the capital received into new project opportunities, while also paying down our debt as we continue to build shareholder value. Our portfolio of solar power plants in operation was approximately 1.2 GWp as of February 28, 2018, with an estimated total resale value of approximately $1.5 billion. Our portfolio of late-stage solar power projects, as of February 28, 2018, including those in construction, totaled approximately 2.0 GWp giving us added visibility and confidence."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "We benefitted from the higher margin contribution from the sale of 72.7 MWp of solar projects to CSIF in Japan. We are encouraged by our success in monetizing our operating solar power assets globally. This serves as a further validation of the strength of our business model. We will continue to execute on our strategy to enhance our balance sheet and redeploy our capital to support the profitable growth of our business and build value for shareholders."
Utility-Scale Solar Project Pipeline
The Company divides its utility-scale solar project pipeline into two parts: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline primarily includes projects that have energy off-take agreements and are expected to be built within the next two to four years.
Late-Stage Utility-Scale Solar Project Pipeline
As of February 28, 2018, the Company's late-stage utility-scale solar project pipeline, including those in construction, totaled approximately 2.0 GWp, including 459 MWp in the U.S., 435.7 MWp in Mexico, 410 MWp in China, 362.2 MWp in Japan, 215.6 MWp in Brazil, 59 MWp in India, 24.2 MWp in Australia, 18.4 MWp in Chile, and 8.2 MWp in the United Kingdom.
In the United States, as previously announced, the Company signed two power purchase agreements ("PPAs") for the 150 MWac/210 MWp Mustang Two project located in Kings County in central California. Peninsula Clean Energy signed a 15-year PPA for 100 MWac of the project, and the Modesto Irrigation District signed a 20-year PPA for the remaining 50 MWac of the project. Electricity will be delivered after the project reaches commercial operation, which is expected by 2020.
The Company signed a 20-year PPA for 45 MWac/63 MWp of the Gaskell West 2 project with Bay Area Rapid Transit (BART) in December 2017. The remaining volume will be purchased by Pacific Gas & Electric ("PG&E") under 15-year PPAs. The project is scheduled to reach commercial operation in 2020.
In addition, the Company began construction in December 2017 on the NC 102 project located in North Carolina. The project is expected to reach commercial operation in 2018. It has a PPA for 10 years starting in 2018 with Duke Energy Carolinas.
In January 2018, the Company closed the sale of the 20 MWac/28 MWp Gaskell West 1 Solar Facility, located in southern California in Kern County, to Southern Power, the wholesale subsidiary of Southern Company.
The Company's late-stage, utility-scale solar project pipeline in the U.S. as of February 28, 2018 is detailed in the table below.
|
Project |
MWp |
Location |
Status |
Expected COD |
|
Mustang Two |
210 |
California |
Development |
2020 |
|
Gaskell West 2 |
147 |
California |
Development |
2020 |
|
NC102 |
102 |
North Carolina |
Construction |
2018 |
|
Total |
459 |
In Japan, as of February 28, 2018, the Company's late-stage utility-scale solar project pipeline for which interconnection agreements and FIT have been secured totaled approximately 362.2 MWp, 122.7 MWp of which are under construction and 239.5 MWp of which are under development. The Company has an additional 9.4 MWp of projects in the bidding process, which will be added to the list of late-stage projects once FIT has been secured.
In the fourth quarter of 2017, the Company energized two projects, totaling 20.1 MWp. In January 2018, the Company achieved commercial operation ("COD") on another 1MWp solar power project.
The table below sets forth the expected COD schedule of the Company's late-stage utility-scale solar power projects in Japan, as of February 28, 2018:
Expected COD Schedule (MWp)
|
2018 |
2019 |
2020 |
2021 and Thereafter |
Total | ||||||
|
76.7 |
92.3 |
45.2 |
147.9 |
362.2 |
In Brazil, the Company's late-stage, utility-scale solar project pipeline as of February 28, 2018 is detailed in the table below.
|
Project |
MWp |
Location |
Status |
Expected COD |
|
Pirapora II |
23* |
Minas Gerais |
Construction |
2018 |
|
Guimarania |
80.6 |
Minas Gerais |
Construction |
2018 |
|
Salgueiro |
112 |
Pernambuco |
Development |
2020 |
|
Total |
215.6 |
*23 MWp represents the Company's 20% equity interest in 115 MWp Pirapora II.
The 191.5 MWp Pirapora I and 92.5 MWp Pirapora III solar power projects in Brazil were commissioned in November 2017. In December 2017, the Company was awarded the Salgueiro project in Brazil's A-4 auction. The Company will build the project and construction is planned to start in 2020. The project is expected to reach commercial operation before the end of 2020.
The Company acquired the 80.6 MWp Guimarania during the third quarter of 2017. The Company is building and will provide solar modules to the project. The project received a 20-year PPA from the second Reserve Energy Auction at R$290.00/MWh (approximately US$91.77/MWh). The project is under construction and expected to reach COD in the fourth quarter of 2018.
In Mexico, the Company's late-stage, utility-scale solar project pipeline, as of February 28, 2018 is detailed in the table below.
|
Project |
MWp |
Location |
Status |
Expected COD |
|
EL Mayo |
124 |
Sonora |
Development |
2020 |
|
Horus |
119 |
Aguascalientes |
Development |
2020 |
|
Tastiota |
125 |
Sonora |
Development |
2020 |
|
Aguascalientes |
67.7 |
Aguascalientes |
Construction |
2018 |
|
Total |
435.7 |
In November 2017, the Company won three solar power projects, totaling 367 MWp, in Mexico's third Long-term Auction for renewables held on November 15, 2017. The Company will build the three projects. Once connected to the grid, the electricity generated by the projects will be sold to the Comisión Federal de Electricidad (CFE) under a 15-year PPA and 20-year Clean Energy Certificates ("CELs") at an average price of US$21/MWh. The projects are expected to be connected to the grid during the second quarter of 2020.
In China, as of February 28, 2018, the Company's late-stage utility-scale power pipeline totaled 410 MWp.
Solar Power Plants in Operation
In addition to its late-stage utility-scale solar project pipeline, the Company has a portfolio of solar power plants in operation, totaling 1.2 GWp, as of February 28, 2018, which are recorded on its balance sheet as "project assets", "assets held-for-sale" and "solar power systems, net". Revenue from the sale of electricity generated by the plants, which is recorded as "assets held-for-sale" and "solar power systems, net". totaled $4.7 million in the fourth quarter of 2017, compared to $9.6 million in the third quarter of 2017.
The sale of projects recorded as "project assets" (build to sell) on the balance sheet will be recorded as revenue once revenue recognition criteria are met, and the gain from the sale of projects recorded as "assets held-for-sale" and "solar power systems, net" (build to own) on the balance sheet will be recorded within "other operating income (expenses)" in the income statement.
The table below sets forth the Company's total portfolio of solar power plants in operation, as of February 28, 2018:
|
U.S. |
Japan |
Brazil |
China |
India |
Others |
Total |
|
808 |
85.6 |
56.8 |
145.5 |
91.1 |
24.1 |
1,211.1 |
Manufacturing Capacity
Subject to market conditions, the Company plans to expand its ingot, wafer, cell and module capacities by December 31, 2018 to 2.0 GW, 5.0 GW, 6.35 GW and 9.81 GW, respectively.
Manufacturing Capacity Roadmap (MW)
|
31-Dec-17 |
30-Jun-18 |
31-Dec- 18 | |
|
Ingot |
1,200 |
1,620 |
2,000 |
|
Wafer |
5,000 |
5,000 |
5,000 |
|
Cell |
5,450 |
5,600 |
6,350 |
|
Module |
8,110 |
8,310 |
9,810 |
The Company's ingot manufacturing capacity reached 1.2 GW, as of December 31, 2017 and is expected to reach 1.62 GW and 2.0 GW by June 30, 2018 and December 31, 2018. The increase is intended to reduce the purchase cost of ingots and therefore reduce the Company's all-in module manufacturing cost.
The Company's wafer manufacturing capacity at the end of 2017 was 5.0 GW, all of which uses diamond wire-saw technology. Diamond wire-saw technology is compatible with the Company's proprietary and highly efficient black silicon multi-crystalline solar cell technology, thereby reducing silicon usage and manufacturing cost.
The Company's solar cell manufacturing capacity as of December 31, 2017, was 5.45 GW. The Company expects to increase its cell manufacturing capacity to 5.6 GW and 6.35 GW by June 30, 2018 and December 31, 2018, respectively.
The Company's module manufacturing capacity as of December 31, 2017 was 8.11 GW and it is expected to reach 8.31 GW by June 30, 2018 and 9.81 GW by the end of 2018.
Certain of our production plants have recently experienced under-utilization due to the changing tariff and market conditions. In particular, some of our module and cell production plants in Canada and South East Asia are under-utilized due to the Section 201 tariff decisions by the U.S. government.
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to final customer demand and solar project construction and sale schedules. Management's views and estimates are subject to change without notice.
For the first quarter of 2018, the Company expects total solar module shipments to be in the range of approximately 1.30 GW to 1.35 GW, including approximately 65 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in first quarter 2018. Total revenue for the first quarter of 2018 is expected to be in the range of $1,370 million to $1,400 million, which includes recognized revenue from the sales of solar projects during the quarter. Gross margin for the first quarter is expected to be between 10.0% and 12.0%, which reflects the impact of lower margin U.S. solar projects we have already sold in the quarter.
For the full year 2018, the Company expects total module shipments to be in the range of 6.6 GW to 7.1 GW. Total revenue for the full year 2018 is expected to be in the range of $4.4 billion to $4.6 billion. We expect approximately 53% of total revenue for 2018 to come from our Solar Module and Components Business, while the balance will come from our Energy Business. The Energy Business revenue will mainly come from monetization of the Company's solar power plants in the U.S., Japan, China and the UK. The Company expects its cost of production will decrease throughout the year as material costs decrease and new, higher efficiency cell and module capacity comes online.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "Moving into 2018, we have seen price adjustment throughout the solar value chain. We expect that our technology, new products and the increase in vertical integration along the manufacturing process will help the Company further build upon its leadership position."
Recent Developments
On March 12, 2018, Canadian Solar announced that Recurrent Energy, its wholly owned subsidiary, had completed the sale of its interests in three solar power plants totaling 309 MWp in the U.S. to Korea Electric Power Corporation, South Korea's largest electric utility.
On March 1, 2018, Canadian Solar announced that it had secured a non-recourse project finance facility of up to JPY16 billion ($149 million) from Shinsei Bank, Limited for its 53.4 MWp Oita Hijimachi solar power project in Japan.
On February 22, 2018, Canadian Solar announced that it had completed the sale of solar power plants totaling 142MWp in the U.K. to Greencoat Solar II LP, managed by Greencoat Capital LLP, for approximately GBP 191.2 million ($267.7 million), net of distributions of GBP 3.8 million ($5.3 million) made prior to closing. Completion of the sale reduced non-recourse project debt on the Company's balance sheet by approximately GBP123.0 million ($172.2 million).
On January 30, 2018, Canadian Solar announced that Recurrent Energy, its wholly owned subsidiary, had finalized the sale of the 20 MWac/28 MWp Gaskell West 1 solar power plant, located in Kern County in southern California, to Southern Power, the wholesale subsidiary of Southern Company.
On January 29, 2018, Canadian Solar announced it had entered into an agreement with Photon Energy NV to co-develop five utility-scale solar power projects, with a total capacity of 1.14 GWp, in New South Wales, Australia.
On January 25, 2018, Canadian Solar announced that the special committee (the "Special Committee") of its board of directors (the "Board") had retained Barclays Capital Canada Inc. as its independent financial advisor, Weil, Gotshal & Manges LLP as its U.S. legal counsel and Osler, Hoskin & Harcourt LLP as its Canadian legal counsel to assist in its consideration and review of the previously announced preliminary, non-binding proposal, dated December 9, 2017, that the Board received from the Company's Chairman, President and Chief Executive Officer, Dr. Shawn (Xiaohua) Qu ("Dr. Qu"), to acquire all of the outstanding common shares of the Company not already beneficially owned by Dr. Qu and his wife, Ms. Hanbing Zhang, in a "going private" transaction for cash consideration of $18.47 per common share.
On January 4, 2018, Canadian Solar announced that its wholly-owned subsidiary, CSI New Energy Holding Co., Ltd., had completed the sale of three solar power plants in China, totaling 44.3 MWp, to Shenzhen Energy Nanjing Holding Co., Ltd., a subsidiary of Shenzhen Energy Group Co., Ltd. The transaction closed on December 29, 2017 and the Company recognized revenue from the sale of the plants in its results for the fourth quarter of 2017.
On January 2, 2018, Canadian Solar announced that the Oakey 2 solar power project in Queensland, Australia had reached financial close with the Clean Energy Finance Corporation for a facility commitment of approximately A$55 million ($42.8 million). The project has a capacity of 70 MWp and is part of the aggregate 117 MWp solar power project sale to Foresight Solar Fund Limited.
On December 29, 2017, Canadian Solar announced that it had closed a GBP41.9 million ($56 million) non-recourse project finance facility with a tenor of 17 years with Bayern LB for 10 operating solar power plants totaling 52.2 MWp in the UK. The projects were accredited under the UK's Renewable Obligation Certificate ("ROC") scheme at rates of 1.2 and 1.3 ROC, which provides for inflation-linked solar power generation revenues for a period of 20 years.
On December 28, 2017, Canadian Solar announced that it had signed an Operation & Maintenance Agreement with Axium Infinity Solar LP for eight solar PV plants totaling 105.5 MWp in Canada.
On December 27, 2017, Canadian Solar announced that it had reached commercial operation on its 19.1MWp Gunma Aramaki solar power plant, located approximately 100km northwest of Tokyo, Japan.
On December 21, 2017, Canadian Solar announced that it had been awarded a 112 MWp solar photovoltaic project in the state of Pernambuco, Brazil in the country's A-4 auction. Canadian Solar will build the project, with construction planned to start in 2020 and the project expected to reach COD before January 2021.
On December 7, 2017, Canadian Solar announced that it wholly-owned subsidiary, Recurrent Energy, signed a 20-year power purchase agreement for 45 MWac of solar power with Bay Area Rapid Transit (BART). Power will be supplied to BART from Recurrent Energy's 45 MWac Gaskell West 2 solar photovoltaic project located in southern California. The project is scheduled to reach COD in 2020.
On December 5, 2017, Canadian Solar announced that it had been awarded a 17.87 MWp project in Japan's inaugural solar energy auction. The project is expected to reach COD by 2021 and, once completed, the project will enter into a 20-year power purchase agreement with Chugoku Power Electric Company at a rate of JPY17.97 ($0.16) per kWh.
On December 4, 2017, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, closed the sale of 99 percent of the partnership that owns the Class B membership interest in the 92 MWp/71 MWac IS-42 solar project to Falck Renewables S.p.A. for approximately $43 million. Debt and tax equity financing for the project was secured in April 2017 from Prudential Capital Group and U.S. Bancorp Community Development Corporation.
On November 28, 2017, Canadian Solar announced that it had started construction of two new solar power projects, totaling 12.9 MWp, in Japan. The 10.77 MWp Shizuoka Project is expected to reach COD in Q4 2018. Tokyo Electric Power Co., Inc. will purchase the solar electricity under a 20-year feed-in-tariff contract at the rate of JPY36.0 ($0.32) per kWh. The 2.1 MWp Miyagi Project is expected to reach COD in Q3 2018. The solar electricity will be purchased by Tohoku Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of JPY36.0 ($0.32) per kWh.
On November 27, 2017, Canadian Solar announced that it had won 367 MWp of solar power projects in Aguascalientes, Hermosillo and Obregón, Mexico in that country's third long-term auction for renewables.
On November 16, 2017, Canadian Solar announced that it had completed its second green project bond placement with Goldman Sachs Japan Co., Ltd. The JPY7.4 billion ($66.0 million) dual-tenor green project bond was issued to finance Canadian Solar's 27.3 MWp solar power plant in Tottori Prefecture, Japan. The Tottori plant reached COD in August 2017. The electricity generated is currently being purchased by the Chugoku Electric Power Company, Inc. under a 20-year feed-in-tariff contract at the rate of JPY40.0 ($0.36) per kWh.
On November 15, 2017, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, had closed on a combined construction loan and construction letter of credit facility for its 20 MWac/28 MWp Gaskell West 1 solar power project.
Conference Call Information
The Company will hold a conference call at 8:00 a.m. U.S. Eastern Daylight Time on March 19, 2018 (8:00 p.m., March 19, 2018 in Hong Kong) to discuss the Company's fourth quarter and full year 2017 results and business outlook. The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1 845-675-0437 (from international locations). The passcode for the call is 6358199. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 8:00 a.m. U.S. Eastern Daylight Time on Tuesday, March 27, 2018 (8:00 p.m., March 27, 2018 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 (from international locations), with passcode 6358199. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 25GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, and its ability to receive the required government approvals for the sale of six solar power projects in California, 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 27, 2017. 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.
FINANCIAL TABLES FOLLOW
|
Canadian Solar Inc. | |||||||||||
|
Unaudited Condensed Consolidated Statement of Operations | |||||||||||
|
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated) | |||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||
|
December 31 |
September 30 |
December 31 |
December 31 |
December 31 | |||||||
|
2017 |
2017 |
2016 |
2017 |
2016 | |||||||
|
Net revenues |
$ 1,108,764 |
$ 912,223 |
$ 668,428 |
$ 3,390,393 |
$ 2,853,078 | ||||||
|
Cost of revenues |
890,211 |
752,422 |
619,472 |
2,752,795 |
2,435,890 | ||||||
|
Gross profit |
218,553 |
159,801 |
48,956 |
637,598 |
417,188 | ||||||
|
Operating expenses: |
|||||||||||
|
Selling expenses |
39,935 |
42,831 |
42,749 |
156,032 |
145,367 | ||||||
|
General and administrative expenses |
69,650 |
53,328 |
62,838 |
230,998 |
203,789 | ||||||
|
Research and development expenses |
8,564 |
7,271 |
3,204 |
28,777 |
17,407 | ||||||
|
Other operating income, net |
(29,756) |
(1,399) |
(48,074) |
(47,554) |
(42,539) | ||||||
|
Total operating expenses, net |
88,393 |
102,031 |
60,717 |
368,253 |
324,024 | ||||||
|
Income (loss) from operations |
130,160 |
57,770 |
(11,761) |
269,345 |
93,164 | ||||||
|
Other income (expenses): |
|||||||||||
|
Interest expense |
(33,487) |
(33,656) |
(22,897) |
(117,971) |
(69,723) | ||||||
|
Interest income |
3,180 |
3,382 |
2,381 |
10,477 |
10,236 | ||||||
|
Gain (loss) on change in fair value of derivatives |
7,565 |
1,764 |
24,246 |
(272) |
27,322 | ||||||
|
Foreign exchange gain (loss) |
(9,541) |
(16,474) |
(12,487) |
(23,449) |
25,406 | ||||||
|
Investment loss |
(3,607) |
- |
(971) |
(3,607) |
(1,532) | ||||||
|
Gain on repurchase of convertible notes |
- |
- |
- |
- |
2,782 | ||||||
|
Other expenses, net |
(35,890) |
(44,984) |
(9,728) |
(134,822) |
(5,509) | ||||||
|
Income (loss) before income taxes and equity in earnings (loss) of unconsolidated investees |
94,270 |
12,786 |
(21,489) |
134,523 |
87,655 | ||||||
|
Income tax benefit (expense) |
(28,940) |
(6,165) |
10,598 |
(40,951) |
(17,976) | ||||||
|
Equity in earnings (loss) of unconsolidated investees |
(2,550) |
6,971 |
(2,885) |
9,411 |
(4,404) | ||||||
|
Net income (loss) |
62,780 |
13,592 |
(13,776) |
102,983 |
65,275 | ||||||
|
Less: Net income (loss) attributable to non-controlling interests |
1,378 |
299 |
(448) |
3,411 |
26 | ||||||
|
Net income (loss) attributable to Canadian Solar Inc. |
$ 61,402 |
$ 13,293 |
$ (13,328) |
$ 99,572 |
$ 65,249 | ||||||
|
Earnings (loss) per share - basic |
$ 1.05 |
$ 0.23 |
$ (0.23) |
$ 1.71 |
$ 1.13 | ||||||
|
Shares used in computation - basic |
58,486,391 |
58,392,071 |
57,806,597 |
58,167,004 |
57,524,349 | ||||||
|
Earnings (loss) per share - diluted |
$ 1.01 |
$ 0.22 |
$ (0.23) |
$ 1.69 |
$ 1.12 | ||||||
|
Shares used in computation - diluted |
61,936,162 |
59,283,636 |
57,806,597 |
61,548,158 |
58,059,063 | ||||||
|
Canadian Solar Inc. | |||||||||
|
Unaudited Condensed Consolidated Statement of Comprehensive Income | |||||||||
|
(In Thousands of US Dollars) | |||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||
|
December 31 |
September 30 |
December 31 |
December 31 |
December 31 | |||||
|
2017 |
2017 |
2016 |
2017 |
2016 | |||||
|
Net Income (loss) |
62,780 |
13,592 |
(13,776) |
102,983 |
65,275 | ||||
|
Other comprehensive income (net of tax of nil): |
|||||||||
|
Foreign currency translation adjustment |
3,395 |
23,148 |
(42,554) |
39,305 |
(41,786) | ||||
|
Gain (loss) on changes in fair value of derivatives |
296 |
(456) |
14,520 |
(2,090) |
12,458 | ||||
|
Comprehensive income (loss) |
66,471 |
36,284 |
(41,810) |
140,198 |
35,947 | ||||
|
Less: comprehensive income attributable to non-controlling interests |
2,034 |
97 |
1,088 |
2,846 |
2,656 | ||||
|
Comprehensive income (loss) attributable to Canadian Solar Inc. |
64,437 |
36,187 |
(42,898) |
137,352 |
33,291 | ||||
|
Canadian Solar Inc. | ||||||||
|
Unaudited Condensed Consolidated Balance Sheet | ||||||||
|
(In Thousands of US Dollars) | ||||||||
|
December 31, |
September 30, |
December 31, |
||||||
|
2017 |
2017 |
2016 |
||||||
|
ASSETS |
||||||||
|
Current assets: |
||||||||
|
Cash and cash equivalents |
$ 561,679 |
$ 614,586 |
$ 511,039 |
|||||
|
Restricted cash - current |
617,761 |
528,725 |
487,516 |
|||||
|
Accounts receivable trade, net |
358,091 |
457,418 |
400,251 |
|||||
|
Accounts receivable, unbilled |
1,253 |
3,426 |
3,425 |
|||||
|
Amounts due from related parties |
26,102 |
29,872 |
19,082 |
|||||
|
Inventories |
346,092 |
301,526 |
295,371 |
|||||
|
Value added tax recoverable |
94,503 |
85,477 |
55,680 |
|||||
|
Advances to suppliers - current |
61,399 |
92,895 |
29,312 |
|||||
|
Derivative assets - current |
16,200 |
12,201 |
12,270 |
|||||
|
Project assets - current |
1,523,342 |
1,658,867 |
1,317,902 |
|||||
|
Assets held-for-sale |
182,797 |
227,181 |
392,089 |
|||||
|
Prepaid expenses and other current assets |
296,084 |
192,675 |
266,826 |
|||||
|
Total current assets |
4,085,303 |
4,204,849 |
3,790,763 |
|||||
|
Restricted cash - non-current |
10,695 |
10,770 |
9,145 |
|||||
|
Property, plant and equipment, net |
747,235 |
674,681 |
462,345 |
|||||
|
Solar power systems, net |
63,964 |
66,960 |
112,062 |
|||||
|
Deferred tax assets, net |
131,796 |
248,299 |
229,980 |
|||||
|
Advances to suppliers - non-current |
38,325 |
53,032 |
54,080 |
|||||
|
Prepaid land use right |
78,649 |
68,791 |
48,651 |
|||||
|
Investments in affiliates |
414,215 |
401,971 |
368,459 |
|||||
|
Intangible assets, net |
10,986 |
9,867 |
8,422 |
|||||
|
Goodwill |
6,248 |
6,248 |
7,617 |
|||||
|
Derivatives assets - non-current |
10,911 |
9,911 |
15,446 |
|||||
|
Project assets - non-current |
148,170 |
148,144 |
182,391 |
|||||
|
Other non-current assets |
143,130 |
144,567 |
117,245 |
|||||
|
TOTAL ASSETS |
$ 5,889,627 |
$ 6,048,090 |
$ 5,406,606 |
|||||
|
Current liabilities: |
||||||||
|
Short-term borrowings |
$ 1,957,755 |
$ 2,140,021 |
$ 1,600,033 |
|||||
|
Accounts and notes payable |
975,595 |
1,056,694 |
736,779 |
|||||
|
Amounts due to related parties |
6,023 |
14,231 |
19,912 |
|||||
|
Other payables |
315,321 |
295,780 |
223,584 |
|||||
|
Short-term commercial paper |
- |
- |
131,432 |
|||||
|
Advances from customers |
51,739 |
82,852 |
90,101 |
|||||
|
Derivative liabilities - current |
6,121 |
8,980 |
9,625 |
|||||
|
Liabilities held-for-sale |
185,872 |
227,285 |
279,272 |
|||||
|
Financing liabilities-current |
407,683 |
419,065 |
459,258 |
|||||
|
Other current liabilities |
201,903 |
167,089 |
171,070 |
|||||
|
Total current liabilities |
4,108,012 |
4,411,997 |
3,721,066 |
|||||
|
Accrued warranty costs |
55,659 |
62,768 |
61,139 |
|||||
|
Convertible notes |
126,476 |
126,248 |
125,569 |
|||||
|
Long-term borrowings |
404,341 |
318,174 |
493,455 |
|||||
|
Derivatives liabilities - non-current |
359 |
680 |
- |
|||||
|
Liability for uncertain tax positions |
9,264 |
8,913 |
8,431 |
|||||
|
Deferred tax liabilities - non-current |
5,562 |
26,381 |
23,348 |
|||||
|
Loss contingency accruals |
25,682 |
25,352 |
22,654 |
|||||
|
Financing liabilities-non-current |
12,243 |
- |
- |
|||||
|
Other non-current liabilities |
82,254 |
76,485 |
51,554 |
|||||
|
Total LIABILITIES |
4,829,852 |
5,056,998 |
4,507,216 |
|||||
|
Equity: |
||||||||
|
Common shares |
702,162 |
702,136 |
701,283 |
|||||
|
Additional paid-in capital |
417 |
(1,769) |
(8,897) |
|||||
|
Retained earnings |
383,681 |
322,279 |
284,109 |
|||||
|
Accumulated other comprehensive loss |
(54,034) |
(57,069) |
(91,814) |
|||||
|
Total Canadian Solar Inc. shareholders' equity |
1,032,226 |
965,577 |
884,681 |
|||||
|
Non-controlling interests in subsidiaries |
27,549 |
25,515 |
14,709 |
|||||
|
TOTAL EQUITY |
1,059,775 |
991,092 |
899,390 |
|||||
|
TOTAL LIABILITIES AND EQUITY |
$ 5,889,627 |
$ 6,048,090 |
$ 5,406,606 |
|||||
View original content:http://www.prnewswire.com/news-releases/canadian-solar-reports-fourth-quarter-and-full-year-2017-results-300615788.html
SOURCE Canadian Solar Inc.
Article Date
3/19/2018Canadian Solar Commissioned Its First Solar Power Project in Africa
Source: PR Newswire
GUELPH, Ontario, March 14, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it successfully completed construction and started commercial operation of a 6 MWp solar photovoltaic (PV) power project in Keetmanshoop, Namibia.
The project reached commercial operation on November 27, 2017. Powered by 18,480 Canadian Solar's CS6U modules, the plant is expected to generate approximately 14.6 GWh of clean, reliable solar electricity each year, which will be purchased by Namibia Power Corporation (Proprietary) Ltd. under a 25-year Renewable Energy feed-in-tariff (REFIT) contract at the rate of NAD1.37 ($0.10) per kWh.
"We are delighted to have energized our first solar power project in Africa, a milestone we have achieved in that market," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "Africa is part of our global target markets and we will continue to build solar projects there to deliver more clean, safe and affordable solar energy to the continent."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 25 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-commissioned-its-first-solar-power-project-in-africa-300613728.html
SOURCE Canadian Solar Inc.
Article Date
3/14/20183/5/2018 - Canadian Solar Schedules Fourth Quarter and Full Year 2017 Earnings Conference Call for March 19
Canadian Solar Schedules Fourth Quarter and Full Year 2017 Earnings Conference Call for March 19
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, March 5, 2018 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Monday, March 19, 2018 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., March 19, 2018 in Hong Kong) to discuss the Company's fourth quarter and full year 2017 results and business outlook.
The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1 845-675-0437 from international locations. The passcode for the call is 6358199. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 8:00 a.m. U.S. Eastern Daylight Time on Tuesday, March 27, 2018 (8:00 p.m., March 27, 2018 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 from international locations, with passcode 6358199. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 25 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-schedules-fourth-quarter-and-full-year-2017-earnings-conference-call-for-march-19-300607959.html
SOURCE Canadian Solar Inc.
Article Date
3/5/2018Canadian Solar Secures JPY16 Billion Credit Facility from Shinsei Bank
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, March 1, 2018 /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 secured a non-recourse project finance facility of up to JPY16 billion ($149 million) from Shinsei Bank, Limited ("Shinsei Bank") for its 53.4 MWp Oita Hijimachi solar power project.
The non-recourse facility has an 18.5-year tenor, with debt repayment flexibility in 2019 to enable a potential sale of the solar power project to Canadian Solar Infrastructure Fund, Inc., recently listed on the Tokyo Stock Exchange.
The Oita Hijimachi solar power project is located on Kyushu Island in southern Japan. Construction of the project commenced in November 2017. Canadian Solar will supply approximately 160,000 CS6U MaxPower solar panels. The project is expected to begin commercial operation in May 2019 and will sell its electricity generation to Kyushu Electric Power Company, Inc. under a 20-year feed-in-tariff contract at the highest rate of JPY40.0 ($0.37) per kWh.
"Today's announcement marks our largest non-recourse credit facility raised in Japan. We are delighted to have Shinsei Bank provide us with low cost, flexible and rapidly deployable debt to fund the construction of our largest project this year," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We have secured JPY65 billion of project financing over the past 3 years, a testament to the superior quality of our project development and performance of our Japan assets."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 25 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
Canadian Solar 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-secures-jpy16-billion-credit-facility-from-shinsei-bank-300606450.html
SOURCE Canadian Solar Inc.
Article Date
3/1/20182/26/2018 - Canadian Solar to Attend PV EXPO 2018 - 11th Int'l Photovoltaic Power Generation Expo in Japan
Canadian Solar to Attend PV EXPO 2018 - 11th Int'l Photovoltaic Power Generation Expo in Japan
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Feb. 26, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will participate in the PV EXPO 2018 - 11th Int'l Photovoltaic Power Generation Expo from Wednesday February 28 to Friday March 2, 2018 at Tokyo Big Sight in Tokyo, Japan.
At the show, Canadian Solar will showcase its high-efficiency product portfolio with some latest solar technologies:
360W BiKu Modules - bifacial modules - Canadian Solar's poly BiKu modules (CS3U) have a power output of 360W from the front side, with the backside contributing up to an additional 30% power generation. Adding both sides together, the total power output of a 360W CS3U BiKu module can reach as high as 468W.
For mono BiKu modules (CS3K), the power output of the front side is 315W, with up to 30% additional energy generated from the backside. Both sides combined, the total power output can achieve up to 409.5W. BiKu is a nice choice to reduce LCOE and improve ROI on commercial and utility power plants.
BiKu modules are available in both CS3K-MB-AG and CS3U-PB-FG configurations. Delivery of the products will start from April 2018.
330W HiDM Modules - high density modules - The most distinctive feature of HiDM is its excellent power output and conversion efficiency performance. HiDM modules incorporate the latest solar module technology that maximizes the module power output and power efficiency. The power output of Mono HiDM CS1K-MS can achieve 330W with module efficiency of 19.86%, which is 30W higher than similar sized 300 W mono PERC modules.
Besides, HiDM modules come with very appealing appearance that blends very well with most of roof types in the residential market.
More information on Canadian Solar's industry-leading products is available in booth # E49-52 at PV EXPO 2018.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 25GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-to-attend-pv-expo-2018---11th-intl-photovoltaic-power-generation-expo-in-japan-300603876.html
SOURCE Canadian Solar Inc.
Article Date
2/26/2018Canadian Solar Completes the Sale of a 142MWp Solar Portfolio in the United Kingdom
Source: PR Newswire
GUELPH, Ontario, Feb. 22, 2018 /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 completed the sale of a 142MWp solar portfolio to Greencoat Solar II LP ("Greencoat Solar"), managed by Greencoat Capital LLP ("Greencoat").
The solar portfolio consists of 24 operational solar power plants across England, Wales and Scotland, and is expected to provide inflation-linked solar power generation revenues for a period of 20 years under the UK's Renewable Obligation Certificate (ROC) and Feed-In Tariff (FIT) schemes. The portfolio was valued at approximately GBP 191.2 million (US$267.7 million), net of distributions of GBP 3.8 million (US$5.3 million) made prior to closing. Completion of the sale has further reduced non-recourse project debt on the Company's balance sheet by approximately GBP123.0 million (US$172.2 million). Canadian Solar expects to use the sale proceeds to further strengthen its balance sheet.
The 24 solar power plants will generate approximately 142,000 MWh of clean energy annually, sufficient for approximately 46,000 UK households and will reduce CO2 emissions by 56,800 tons per year. Three of the solar power plants will provide additional benefit under the Community Interest Companies (CIC) scheme, in which profits will benefit the community. The solar power portfolio includes 272,000 Canadian Solar CS6P and CS6U modules. Canadian Solar will provide operations and maintenance services for all 24 solar power plants.
"We are delighted to work with Greencoat, a leading UK renewable infrastructure investment firm, on the sale of our solar asset portfolio. Our sizable operational portfolio creates an interesting investment platform for high quality solar asset growth in the UK," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This transaction demonstrates our continuing ability to monetize our assets effectively and maximize shareholder return. We are well positioned to capitalize on the appreciating sterling pound currency environment and look forward to partnering with Greencoat on future opportunities."
About Greencoat Capital
Greencoat Capital is a specialist asset manager dedicated to the resource efficiency and renewable energy sectors. It has offices in London and Dublin, and more than £2.0bn under management, making it one of the largest of such fund managers in Europe. It was founded in 2009 and currently has fund mandates with segregated strategies in wind infrastructure, solar infrastructure and private equity.
About Greencoat Solar
Greencoat Solar is a platform within Greencoat Capital managing two funds with in excess of £0.6 billion under management. The funds own and operate ground mount solar PV generation assets to provide a robust, inflation-linked income to investors. Acquisitions are made with long-term investment horizons. Greencoat Solar funds currently own c. 470MW of generation capacity across 50+ solar farms around the UK.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 25 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-completes-the-sale-of-a-142mwp-solar-portfolio-in-the-united-kingdom-300602593.html
SOURCE Canadian Solar Inc.
Article Date
2/22/2018Canadian Solar Subsidiary Recurrent Energy Finalizes Sale of California Solar Facility
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Jan. 30, 2018 /PRNewswire/ -- Recurrent Energy, a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), today announced that Southern Power, the wholesale subsidiary of Southern Company, has acquired the 20 MWac/28 MWp Gaskell West 1 Solar Facility, located in southern California in Kern County.
"We are pleased to partner with an energy industry leader like Southern Power on this transaction," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "Recurrent Energy's growing portfolio of U.S. solar assets continues to create value for our customers and shareholders."
The Gaskell West 1 Solar Facility is expected to reach commercial operation in spring of 2018 and has a long-term power purchase agreement with Southern California Edison. The project represents Southern Power and Recurrent Energy's fourth transaction.
This project uses Canadian Solar's MaxPower 1500-volt polycrystalline CS6U-P modules, which deliver excellent module efficiency and performance in a variety of conditions. The project is currently under construction and is expected to create over 200 peak construction jobs.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has more than 4 GW of solar projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 25 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
Canadian Solar Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, and its ability to receive the required government approvals for the sale of six solar power projects in California, 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-subsidiary-recurrent-energy-finalizes-sale-of-california-solar-facility-300589992.html
SOURCE Canadian Solar Inc.
Article Date
1/30/20181/29/2018 - Canadian Solar to Partner with Photon Energy for Co-development of 1.14 GWp Solar Projects in Australia
Canadian Solar to Partner with Photon Energy for Co-development of 1.14 GWp Solar Projects in Australia
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Jan. 29, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has entered into an agreement with Photon Energy NV ("Photon Energy") to co-develop five utility-scale solar power projects, with a total capacity of 1.14 GWp in New South Wales, Australia.
Canadian Solar will acquire a 51% shareholding in each of Photon Energy's five project companies in Australia that carry a total of 1.14 GWp of projects. The portfolio of projects includes the 316 MWp project in Gunning which is fully owned by Photon Energy, as well as four projects co-developed by Photon Energy with Polpo Investment, namely the 178 MWp project in Mumbil, the 165 MWp project in Gunnedah, the 286 MWp project in Suntop and the 196 MWp project in Maryvale.
"This transaction represents an exciting moment for the Photon Energy Group with our long-term commitment to the Australian market bearing fruit. This cooperation marks a tangible achievement of the entire team in Australia who have gained the trust of a leading global player in the solar industry such as Canadian Solar," commented Georg Hotar, CEO of Photon Energy NV.
"Canadian Solar is delighted to partner with Photon Energy and bring 1.14 GWp into the Australian market," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "As a very active developer for solar power plants in Australia, we will continue to strengthen our leading position in the market by partnering with Photon Energy."
ABOUT PHOTON ENERGY
Photon Energy N.V. is a global solar power solutions and services company covering the entire lifecycle of solar power systems. Since its foundation in 2008 Photon Energy has built and commissioned solar power plants across two continents and supplied the technology to many more major commercial projects. Photon Energy's Operate and Maintain division service over 210 MWp worldwide. Photon Energy is headquartered in Amsterdam and has major offices in Europe and Australia. For more information please visit www.photonenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 25 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
Canadian Solar Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, and its ability to receive the required government approvals for the sale of six solar power projects in California, 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-to-partner-with-photon-energy-for-co-development-of-114-gwp-solar-projects-in-australia-300589366.html
SOURCE Canadian Solar Inc.
Article Date
1/29/2018Canadian Solar Inc. Announces Appointment of Independent Financial Advisor and Legal Counsel to the Special Committee
Source: PR Newswire
GUELPH, Ontario, Jan. 25, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the special committee (the "Special Committee") of its board of directors (the "Board"), formed to consider the previously announced preliminary, non-binding proposal, dated December 9, 2017, that the Board received from the Company's Chairman, President and Chief Executive Officer, Dr. Shawn (Xiaohua) Qu ("Dr. Qu"), to acquire all of the outstanding common shares of the Company not already beneficially owned by Dr. Qu and his wife, Ms. Hanbing Zhang, in a "going private" transaction for cash consideration of US$18.47 per common share (the "Proposal"), has retained Barclays Capital Canada Inc. as its independent financial advisor, Weil, Gotshal & Manges LLP as its U.S. legal counsel and Osler, Hoskin & Harcourt LLP as its Canadian legal counsel to assist it in this process.
The Special Committee is composed of the following independent and disinterested directors: Robert McDermott (Chair), Lars-Eric Johansson, Harry Ruda and Andrew Wong.
The Board cautions the Company's shareholders and others considering trading in the Company's securities that the Special Committee is continuing its evaluation of the Proposal and that no decision has been made with respect to the Company's response to the Proposal. The Board also cautions that there can be no assurance that any definitive offer will be made, that any definitive agreement will be executed or that the Proposal or any other transaction will be approved or consummated.
The Company does not undertake any obligation to provide any updates with respect to this or any other transaction except as required by applicable law.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 25 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 27, 2017. 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.
Article Date
1/25/20181/12/2018 - Canadian Solar Updates 4Q/FY17 Guidance to Reflect Timing of Certain Solar Project Sales
Canadian Solar Updates 4Q/FY17 Guidance to Reflect Timing of Certain Solar Project Sales
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Jan. 12, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today updated its guidance for the fourth quarter and full year 2017 in part to reflect the timing of certain utility-scale solar project sales. The updated guidance is subject to adjustments based upon completion of the Company's internal review process. Final reported results could differ materially from the estimates provided below.
In the guidance provided in its press release dated November 9, 2017, the Company noted that in September and October 2017, it had entered into definitive agreements with two buyers to sell a portfolio of six solar power projects in California, totaling 703 MWp. The parties hoped to close the transactions in the fourth quarter of 2017 or the first quarter of 2018, depending on the timing of receipt of the required governmental approvals. These transactions were not completed in 2017 and have not yet received the required government approvals. The Company will update the timing for the completion of these transactions once the parties receive the required government approvals.
As a result of the delay in completing the transactions, the Company now expects its total revenue for the fourth quarter of 2017 to be in the range of $1.04 billion to $1.08 billion, compared to $1.77 billion to $1.81 billion guided previously.
Meanwhile, Canadian Solar updates its solar module shipment guidance for the fourth quarter of 2017 to be in the range of approximately 1,720 MW to 1,820 MW, compared to 1,650 MW to 1,750 MW guided previously. Gross margin for the fourth quarter of 2017 is now expected to be in the range of 16.5% to 18.5%, compared to 10.5% to 12.5% previously guided. The sales of the portfolio of six solar power projects in California have low margins and, therefore, had lowered the gross margin estimate in the previous guidance. On the other hand, in the fourth quarter of 2017, the Company sold a portfolio of Japanese solar projects to Canadian Solar Infrastructure Fund, Inc., which went public in October 2017, as well as sold certain other solar projects in the U.S. and other countries. These transactions had healthy margins. The new guidance reflected the blended gross margin of Canadian Solar's module and solutions businesses, as well as these project sales. The Company will provide more details in the fourth quarter 2017 business update of its regular earnings press release.
For the full year 2017, Canadian Solar now expects its total solar module shipments to be in the range of approximately 6.8 GW to 6.9 GW, compared to 6.7 GW to 6.8 GW guided previously. The Company now expects its total revenue for the full year 2017 to be in the range of $3.33 billion to $3.37 billion, compared to $4.05 billion to $4.09 billion previously guided.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 25 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, and its ability to receive the required government approvals for the sale of six solar power projects in California, 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 27, 2017. 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.
Article Date
1/12/2018Canadian Solar, Photowatt and ECM Greentech Plan to Form a JV Company in Low-Carbon Production of Silicon Ingots and Wafers
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Jan. 9, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it plans to partner with Photowatt, a subsidiary of EDF Energies Nouvelles and ECM Greentech, a group that is in the forefront of silicon crystallization equipment and process in France.
The three companies intend to set up a joint venture ("JV") specialized in low-carbon production of advanced technology silicon ingots and wafers in France. EDF Energies Nouvelles through its subsidiary Photowatt, Canadian Solar and ECM Greentech would own 60%, 30% and 10% of the equity in the JV respectively.
The JV partners are pioneers in high performance of casting mono technology, which gives the JV the potential to deliver the mono-crystalline silicon solar performance at the multi-crystalline cost. Meanwhile, the technology developed by the JV partners would contribute to one of the lowest carbon footprints in manufacturing solar products. France is a leader in low-carbon ingot and wafer production.
"This cooperation is a win-win for each party involved. The French government's ongoing annual solar energy program of 2,500 MWp tendering, together with EDF Group's target of building 30 GWp of solar projects in France between 2020 and 2035 will create great opportunities for solar energy market there. We are happy to participate in the leading development of this next generation of low carbon solar energy production. Canadian Solar has over 16 years of manufacturing experience in the solar industry and has deployed over 25 GWs of solar modules around the world. This new carbon technology, coupled with high efficiency will speed up the energy generation grid parity," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
The establishment of the JV is being reviewed and subject to the clearance by the relevant competition authorities.
About Photowatt
EDF ENR PWT ("Photowatt") has been a pioneer in the solar industry for nearly 40 years. The company designs and produces photovoltaic modules based on crystalline silicon technology for various types of applications, from residential equipment to ground-based solar power plants. Photowatt is a subsidiary of EDF Energies Nouvelles.
About EDF Energies Nouvelles
EDF Energies Nouvelles is a market leader in renewable energy electricity, with a portfolio of more than 10 GW gross installed capacity focused for the most part on wind (onshore and offshore) and solar photovoltaic energy. Mostly operating in Europe and North America, EDF Energies Nouvelles continues its development by taking strong positions in promising emerging areas such as Brazil, China, India, or South Africa, and North Africa and Gulf Cooperation Council regions. The company is also present in other segments of the renewable energy market: marine energy, distributed energies and energy storage. EDF Energies Nouvelles manages renewable energy projects' development and construction as well as operation and maintenance for its own account and for third parties. EDF Energies Nouvelles is a subsidiary of the EDF Group dedicated to renewable energy.
Visit us at www.edf-energies-nouvelles.com
Follow us on Linkedin: https://www.linkedin.com/company/edf-energies-nouvelles and Twitter @EDFEN_officiel
About ECM Greentech
ECM Greentech, SA provides technology, equipment and turnkey plants in the field of renewable energy and energy storage. ECM as a group has been at the forefront of silicon crystallization equipment and processed for the worldwide photovoltaic industry since 1983.
ECM Greentech is headquartered in Grenoble France and operates as a subsidiary of ECM Technologies SA. ECM Technologies is involved as a thermal equipment and process provider in various industries such as automotive, aircraft, medical and semiconductor."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 25 GWs of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
Article Date
1/9/20181/4/2018 - Canadian Solar Completes the Sale of Three Solar Power Plants in China to Shenzhen Energy
Canadian Solar Completes the Sale of Three Solar Power Plants in China to Shenzhen Energy
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Jan. 4, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary, CSI New Energy Holding Co., Ltd. has completed the sale of three solar power plants in China, totaling 44.3 MWp to Shenzhen Energy Nanjing Holding Co., Ltd., a subsidiary of Shenzhen Energy Group Co., Ltd. The transaction was closed on December 29, 2017 and the Company expects to recognize revenue from the sale of the plants for the fourth quarter of 2017.
"With the sale of these three solar plants, we have now sold a total of seven plants in China to Shenzhen Energy," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "As a developer for solar power plants, we are delighted to see many traditional energy companies such as Shenzhen Energy are looking to own and grow more renewable energy assets. This trend will bring cleaner air to China."
About Shenzhen Energy Nanjing Holding Co., Ltd.
Shenzhen Energy Nanjing Holding Co., Ltd. invests, constructs, and operates new energy and conventional energy projects. It operates as a subsidiary of Shenzhen Energy Group Co., Ltd., a listed and state-owned company in China.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
Article Date
1/4/2018Oakey 2 Solar Farm in Australia Reaches Financial Close
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Jan. 2, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the Oakey 2 Solar Farm in Queensland, Australia has reached financial close with the Clean Energy Finance Corporation ("CEFC") for a facility commitment of approximately A$55 million (US$42.8 million). The project has a capacity of 70 MWp and is part of the aggregate 117 MWp solar portfolio sale to Foresight Solar Fund Limited ("FSFL").
Further, Canadian Solar has won the EPC contract to complete the construction of the Oakey 2 Solar Farm and another contract to provide O&M services for the initial two years after completion. The Oakey 2 Solar Farm will be powered by 205,860 Canadian Solar KuMax CS3U-340P solar panels and is expected to reach commercial operation in November 2018. Once operational, the project will generate approximately 138,800 MWh of clean solar power per year powering over 23,000 homes in Queensland.
CEFC has provided non-recourse project finance to Canadian Solar across each of its Oakey 1 Solar Farm, Longreach Solar Farm and Oakey 2 Solar Farm projects in Queensland, Australia. Longreach Solar Farm and Oakey 1 Solar Farm, each holding 20-year off-take agreements with the Queensland Government, are in late-stage construction and will reach the grid connection in March and August 2018, respectively. Both the Oakey 1 and Oakey 2 solar farms will be connected to the Queensland power grid through a shared transmission line, funded within the innovative financing facility from CEFC.
"We are pleased to partner with FSFL and the CEFC on extending our integrated business across the solar value chain in Australia's clean energy sector," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "With a pipeline exceeding 1,000 MW of early to late-stage developments across four states (Queensland, New South Wales, Victoria and Western Australia), we continue to commit to a sustainable clean energy future for Australia."
About Foresight Group LLP
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years. Foresight has £2.8 billion (A$4.8 billion) of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs). As a global leading solar infrastructure investment manager, Foresight currently manages more than £1.6 billion (A$2.7 billion) in over 100 operating Photovoltaic ("PV") plants with a generating capacity of c. 1.2GW in the UK, Southern Europe, Australia and North America. In Bioenergy, Foresight has mobilised £900m of capital investment into 31 waste projects, which when fully operational will have a waste processing capacity of 1.8 million tonnes per annum, diverting some 1 million tonnes of waste from landfill every year and generating 134MW of clean energy, saving 750,000 tonnes of CO2 emissions every year. Foresight manages the A$200 million Australian Bioenergy Fund ("ABF") which targets investments ranging from A$2 million to A$50 million into energy from waste projects across the continent backed by a cornerstone investment from the CEFC. Foresight is headquartered in London, with international offices in Sydney, Rome and San Francisco with regional UK offices in Nottingham, Manchester and Guernsey. www.foresightgroup.eu
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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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Canadian Solar Inc. Contacts |
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Mary Ma |
David Pasquale |
|
Manager, Investor Relations |
Global IR Partners |
|
Canadian Solar Inc. |
Tel: +1-914-337-8801 |
Investors:
Foresight Group LLP
Ben Thompson, Group Marketing Director, +44 (0)20 3667 8155, bthompson@foresightgroup.eu
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SOURCE Canadian Solar Inc.
Article Date
1/2/2018Canadian Solar Closes GBP41.9 Million Financing with BayernLB
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Dec. 29, 2017 /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 closed a GBP41.9 million (US$56 million) non-recourse project finance facility with BayernLB. This financing arrangement is Canadian Solar's third solar power portfolio financing in the United Kingdom (UK).
The solar power portfolio, consisting of 10 operating solar power plants totaling 52.2 MWp, was accredited under the UK's Renewable Obligation Certificate (ROC) scheme at rates of 1.2 and 1.3 ROC, which provides for inflation-linked solar power generation revenues for a period of 20 years. Financing for the portfolio was structured at the UK portfolio holding company level, with no recourse to Canadian Solar, and has a long-term tenor of 17 years.
"We are delighted to complete our second financing with BayernLB. This deal follows on from the successful partnership with BayernLB to finance our first 40.2 MWp portfolio last year," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We are excited to continue our partnership with BayernLB as we seek opportunities to expand our solar energy development initiatives across Europe."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Safe Harbour/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
Article Date
12/29/2017Canadian Solar Signs Agreement with Axium Infinity Solar LP to Provide Operations and Maintenance Services for Eight PV Plants Totaling Over 105 MW
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Dec. 28, 2017 /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 recently signed an Operation & Maintenance agreement with Axium Infinity Solar LP for eight solar PV plants totaling 105.5 MWp.
The eight PV plants, located in Ontario, Canada are Brockville I, Brockville II, Burrits Rapids, Mississippi Mills, William Rutley, and New Liskeard I, III, and IV. Canadian Solar will be responsible for plant monitoring, performance management, preventative maintenance, and corrective maintenance at all eight facilities. Canadian Solar's Operation and Maintenance portfolio in Ontario is now 497 MWp with over 1 GWp in operation or contracted worldwide.
"We selected Canadian Solar to operate and maintain our solar facilities because of their exemplary track record with PV monitoring, maintenance, reporting, and management throughout Ontario," said Juan Caceres, Senior VP at Axium Infrastructure.
"As one of the leading providers of solar products and solutions worldwide for 16 years with extensive experience operating and maintaining our own solar facilities, offering Operations and Maintenance services to customers was a natural extension of our value proposition," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are thrilled to take on responsibility for operations and maintenance for eight of Axium Infinity Solar's PV facilities in Ontario. We look forward to working with them to maximize the energy production, revenues, and profitability from these solar properties."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:SOURCE Canadian Solar Inc.
Article Date
12/28/2017Canadian Solar Achieves Commercial Operation on 19.1MWp Project in Japan
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Dec. 27, 2017 /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 reached commercial operation on its 19.1MWp Gunma Aramaki solar power plant, located approximately 100km northwest of Tokyo, Japan.
The Gunma Aramaki solar power plant is powered by 59,544 Canadian Solar's CS6X MaxPower solar panels. The plant is expected to generate approximately 23,830MWh of clean solar power per year, which will be purchased by Japan's largest energy utility, Tokyo Electric Power Company Holdings Inc. (TEPCO), under a 20 year feed-in-tariff contract at the rate of JPY36.0 ($0.32) per kWh.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "In 2017, we reached commercial operation on over 100MWp of solar power projects in Japan. Our 19.1MWp Gunma Aramaki project is the first of our two projects in the Gunma prefecture to have reached commercial operation. Today, we have successfully developed solar power plant projects in over 19 prefectures, further enhancing the geographic diversity of the operating portfolio we have developed across Japan."
Earlier on April 3, 2017, the Company announced it had raised JPY 5.4 billion for the Gunma Aramaki project through a dual-tenor green project bond, the first of its kind in Japan. The project received an investment grade rating of "A" from the Japan Credit Rating Agency.
"This project represents a high-quality growth opportunity for Canadian Solar Infrastructure Fund and this innovative financing structure preserves the option for the Fund to acquire this operational asset in the future," further commented Dr. Shawn Qu.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-achieves-commercial-operation-on-191mwp-project-in-japan-300575426.html
SOURCE Canadian Solar Inc.
Article Date
12/27/2017Canadian Solar Selected for a 112 MWp Solar Power Project in Brazil
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Dec. 21, 2017 /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 been awarded a 112 MWp solar photovoltaic (PV) project in the state of Pernambuco, Brazi in the country's A-4 auction that was just held in December. Canadian Solar will develop and build the project. Construction is planned to start in 2020 and the project is expected to reach commercial operation before January 2021.
The 112 MWp Salgueiro project has been awarded a 20-year Power Purchase Agreement at 145.44 BRL/MWh (approximately US$44/MWh) in the auction. Canadian Solar will supply more than 310,000 PV panels to the project. Once connected to the grid, the plant will generate approximately 255,743 MWh of electricity every year.
"Canadian Solar has participated in all federal PV auctions in Brazil, and we are the only company that has been awarded projects in all of them. We have a strong presence in the Latin America region where we have secured PPAs for over 1 GW of projects. We will continue to strengthen our leading position in the region by expanding our quality late-stage project pipelines in Brazil, Chile, Argentina and Mexico," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit http://www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-selected-for-a-112-mwp-solar-power-project-in-brazil-300574348.html
SOURCE Canadian Solar Inc.
Article Date
12/21/2017Canadian Solar Inc. Announces Receipt of a Preliminary, Non-Binding "Going Private" Proposal Letter from its Chairman, President and Chief Executive Officer and Formation of an Independent Special Committee
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Dec. 11, 2017 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its Board of Directors (the "Board") has received a preliminary, non-binding proposal letter (the "Proposal Letter"), dated December 9, 2017, from its Chairman, President and Chief Executive Officer, Dr. Shawn (Xiaohua) Qu ("Dr. Qu"), to acquire all of the outstanding common shares of the Company not already beneficially owned by Dr. Qu and his wife, Ms. Hanbing Zhang, (the "Chairman Parties") in a "going-private" transaction (the "Proposed Transaction") for cash consideration of US$18.47 per common share.
A copy of the Proposal Letter is attached as Annex A to this press release.
The Board has formed a special committee (the "Special Committee") of independent and disinterested directors to consider the Proposed Transaction. The Company expects that the Special Committee will retain independent advisors, including independent legal and financial advisors, to assist it in this process.
The Board cautions the Company's shareholders and others considering trading in the Company's securities that the Board has just received the Proposal Letter and has not had an opportunity to carefully review and evaluate the Proposed Transaction or make any decision with respect to the Company's response to the Proposal Letter. The Board also cautions that there can be no assurance that any definitive offer relating to the Proposed Transaction or any other transaction will be made by Dr. Qu or any other person, that any definitive agreement with respect to the Proposed Transaction or any other transaction will be executed or that the Proposed Transaction or any other transaction will be approved or consummated.
The Company does not undertake any obligation to provide any updates with respect to the Proposed Transaction or any other transaction except as required by applicable law.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
Forward-Looking Statements
This press release contains statements that are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. These forward-looking statements include statements regarding the qualitative and quantitative effects of the accounting errors, the periods involved, the nature of the Company's review and any anticipated conclusions of the Company or its management and other statements that are not historical facts. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. As a result, the Company's actual results could differ materially from those contained in these forward-looking statements due to a number of factors, including those described under the heading "Risk Factors" in the Company's Form 20-F annual report filed with the Securities and Exchange Commission on April 27, 2017, and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
Annex A
EXECUTION COPY
December 9, 2017
The Board of Directors
Canadian Solar Inc. (the "Company")
545 Speedvale Avenue West
Guelph, Ontario
Canada N1K 1E6
Tel: (1-519) 837-1881
Fax: (1-519) 837-2550
Dear Sirs:
I, Shawn (Xiaohua) Qu ("Dr. Qu"), Chairman, President and Chief Executive Officer of the Company, am pleased to submit this preliminary non-binding proposal to the board of the directors of the Company (the "Board") to acquire all of the outstanding common shares ("Common Shares") of the Company not already owned by me and my wife, Ms. Hanbing Zhang (together with Dr. Qu, the "Chairman Parties"), in a going-private transaction (the "Transaction"). The Chairman Parties currently beneficially own approximately 23.5% of the issued and outstanding Common Shares of the Company on a fully diluted and as-converted basis.
I believe that my proposal of US$18.47 in cash per Common Share will provide a very attractive opportunity to the Company's shareholders. This price represents a premium of approximately 7.1% to the Company's closing price on December 8, 2017, and a premium of approximately 10% to the average closing price during the last 90 trading days.
The terms and conditions upon which I am prepared to pursue the Transaction are set forth below. I am confident in my ability to consummate a Transaction as outlined in this letter.
1. Buyer. I intend to form an acquisition vehicle for the purpose of pursuing the Transaction. I am interested only in pursuing this Transaction and am not interested in selling the Common Shares owned by the Chairman Parties in connection with any other transaction.
2. Purchase Price. My proposed consideration payable for the Company's Common Shares acquired in the Transaction will be US$18.47 in cash per share.
3. Financing. I intend to finance the Transaction with a combination of debt and equity capital. Equity financing is expected to be provided in the form of rollover equity in the Company from the Chairman Parties and cash contributions from the Chairman Parties and, potentially, third party sponsors. Debt financing is expected to be provided by loans from third party financial institutions. I am confident that I can timely secure adequate financing to consummate the Transaction.
4. Due Diligence. Given my role with the Company and existing ownership interest, my own diligence needs will be quite limited. Parties providing financing will require a timely opportunity to conduct customary due diligence on the Company. I would like to ask the Board to accommodate such due diligence request and approve the provision of confidential information relating to the Company and its business to possible sources of equity and debt financing subject to confidentiality agreements with customary terms.
5. Definitive Agreements. I am prepared to negotiate and finalize definitive agreements (the "Definitive Agreements") expeditiously. This proposal is subject to execution of the Definitive Agreements. These documents will include provisions typical for transactions of this type.
6. Confidentiality. I will, as required by law, promptly file an amendment to my Schedule 13D to disclose this letter. I am sure you will agree with me that it is in all of our interests to ensure that we proceed our discussions relating to the Transaction in a confidential manner, unless otherwise required by law, until we have executed the Definitive Agreements or terminated our discussions.
7. Process. I believe that the Transaction will provide superior value to the Company's shareholders as compared to remaining a publicly traded company. I recognize of course that the Board will evaluate the proposed Transaction independently before it can make its determination whether to endorse it. It is my expectation that the Board will appoint a special committee of independent directors to consider this proposal and make a recommendation to the Board based on its independent evaluation of my proposal.
8. No Binding Commitment. This letter constitutes only a preliminary indication of my interest, and does not constitute any binding commitment with respect to the Transaction. Such a commitment will result only from the execution of Definitive Agreements, and then will be on the terms provided in such documentation.
In closing, I would like to express my commitment to working together with you to bring this Transaction to a successful and timely conclusion. I have engaged Skadden, Arps, Slate, Meagher & Flom LLP as my U.S. legal advisor and Stikeman Elliott LLP as my Canadian legal advisor. Both are ready to help bring this Transaction forward in a timely manner. Should you have any questions regarding this proposal, please do not hesitate to contact me. I look forward to speaking with you.
[Signature Page to Follow]
Sincerely,
Shawn (Xiaohua) Qu
/s/ Shawn (Xiaohua) Qu
[Signature Page to Proposal Letter]
View original content:SOURCE Canadian Solar Inc.
Article Date
12/11/2017Bay Area Rapid Transit Signs First-Ever Utility-Scale Solar PPA with Canadian Solar Subsidiary Recurrent Energy
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Dec. 7, 2017 /PRNewswire/ -- Recurrent Energy LLC ("Recurrent Energy"), a wholly-owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), today announced it has signed a 20-year power purchase agreement ("PPA") for 45 megawatts ("MWac") of solar power with Bay Area Rapid Transit ("BART"), the fifth largest public transit network in the country and one of the largest consumers of electric power in Northern California. The BART Board of Directors approved the PPA on December 7, 2017.
This contract, BART's first-ever PPA for utility-scale solar power, resulted from a renewable energy procurement process that BART launched in May 2017 as part of the organization's Wholesale Electricity Portfolio Policy ("Policy"). The Policy requires 100 percent of BART's power to come from renewable resources by 2045 while maintaining low and stable BART operating costs.
"Utility-scale solar power is a vital part of cost-effectively meeting our sustainability commitments," said BART Sustainability Director Holly Gordon. "It is very important to us to work with an experienced development partner like Recurrent Energy who will help us achieve our goals."
Power will be supplied to BART from Recurrent Energy's 45 MWac Gaskell West 2 solar photovoltaic project located in southern California. The project is scheduled to reach commercial operation in 2020.
"Solar power is a perfect match for BART's commitment to using cost-effective and clean energy," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are proud to support BART's progress towards 100 percent renewable energy while also diversifying Recurrent Energy's customer base."
BART is the first U.S. metro-rail entity to sign a utility-scale solar PPA this year.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has more than 4 GW of solar projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Canadian Solar's Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/bay-area-rapid-transit-signs-first-ever-utility-scale-solar-ppa-with-canadian-solar-subsidiary-recurrent-energy-300568724.html
SOURCE Canadian Solar Inc.
Article Date
12/7/2017Canadian Solar Secures 17.87MWp in Japan's Inaugural Solar Auction
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Dec. 5, 2017 /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 been awarded a 17.87MWp project in Japan's inaugural solar energy auction.
The project is located in Suzuhari City within Hiroshima prefecture and will be powered by over 48,000 high-efficiency Canadian Solar modules. Once constructed, the project will enter into a 20-year power purchase agreement with Chugoku Power Electric Company at a rate of JPY17.97 ($0.16) per kWh. The Company expects the project to reach commercial operation by 2021.
"This project demonstrates our capability to identify and secure high quality development opportunities in Japan's competitive solar market," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "It also underscores our commitment to improve on the cost competitiveness of solar power technology deployment in Japan."
Results of the first auction were announced on November 21, 2017, which showed a total of 141.3MW AC of projects awarded at an average price of JPY19.6 ($0.18) per kWh. Japan's Ministry of Economy, Trade and Industry (METI) have announced plans to run the second auction in July of 2018 and plans are in place to run a third auction in late 2018.
"As we look ahead, we will continue to maintain a strong focus on subsequent solar energy auctions in Japan. This will enhance our ability to provide Canadian Solar Infrastructure Fund with greater access to high-quality projects," stated Dr. Shawn Qu.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit http://www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-secures-1787mwp-in-japans-inaugural-solar-auction-300566581.html
SOURCE Canadian Solar Inc.
Article Date
12/5/201712/4/2017 - Canadian Solar Subsidiary Recurrent Energy Closes North Carolina Project Sale to Falck Renewables
Canadian Solar Subsidiary Recurrent Energy Closes North Carolina Project Sale to Falck Renewables
Source: PR Newswire
MILAN and GUELPH, Ontario, Dec. 4, 2017 /PRNewswire/ -- Recurrent Energy LLC ("Recurrent Energy"), a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), and Falck Renewables S.p.A. ("Falck Renewables") (FKR.MI) today announced the closing of the sale of 99 percent of the partnership that owns the Class B membership interest in the 92 MWp/71 MWac IS-42 solar project. Falck Renewables indirectly acquired 99 percent of the interests through its wholly owned subsidiary Falck Renewables IS 42 LLC, for an all-cash outlay of approximately 43 million U.S. dollars. In April of this year, debt and tax equity financing for the project was secured from Prudential Capital Group and U.S. Bancorp Community Development Corporation.
The North Carolina project, which reached commercial operation at the end of September, is delivering electricity to Duke Energy Progress under a power purchase agreement. Recurrent Energy is providing asset management services to the project, with DEPCOM Power ("DEPCOM") serving as the operations and maintenance contractor. DEPCOM also provided EPC services to the project.
"The closing of our first deal in the U.S. energy market represents a major milestone for our team who has been working relentlessly from the beginning of the year on strategic geographic expansion," said Toni Volpe, chief executive officer of Falck Renewables. "Recurrent Energy has been an outstanding partner on our first opportunity to grow our assets outside Europe."
"The IS-42 project is Recurrent Energy's first solar project in the North Carolina market and another example of the company's ability to grow its U.S. footprint," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are very pleased to partner with Falck Renewables on their first project in the U.S. and look forward to continuing our collaboration in the U.S. and other markets."
Cornerstone Financial Advisors LLC advised Falck Renewables on the transaction, with CohnReznick Capital acting as an advisor to Canadian Solar and Recurrent Energy.
About Falck Renewables
Falck Renewables S.p.A., listed in the STAR segment of the Italian Stock Exchange, develops, designs, builds and manages power production plants from renewable energy sources. Falck Renewables consolidates installed capacity of 858 MW in 2017 (821 MW according to the IFRS 11 reclassification) in Italy, United Kingdom, Spain, France, and produces more than 2 billion KWh of energy per year, generated by wind, solar, biomass, and waste-to-energy technologies. Through its Madrid-based, wholly owned company Vector Cuatro, Falck Renewables delivers commercial and technical asset management, engineering, and M&A advisory services with a track record exceeding 1.7GW of solar and wind and presence in 24 Countries worldwide. For additional information about the company visit www.falckrenewables.eu.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar, Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has more than 4 GW of solar projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Canadian Solar's Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
Article Date
12/4/2017Canadian Solar Starts Construction of Two New Solar Projects in Japan
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Nov. 28, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it successfully started construction of two new solar power projects, totaling 12.9 MWp in Japan.
The 10.77 MWp Shizuoka Project will be powered by 32,640 of Canadian Solar made high-efficiency MaxPower modules, and once connected to the grid, the plant is expected to generate approximately 12,971 MWh of clean, reliable solar electricity each year. Tokyo Electric Power Co., Inc. will purchase the solar electricity under a 20-year feed-in-tariff contract at the rate of JPY36.0 ($0.32) per kWh. The Company expects the project to achieve commercial operation during Q4 2018.
The 2.1 MWp Miyagi Project will use 6,650 of the same Canadian Solar high-efficiency MaxPower modules, and once connected to the grid, the plant will generate approximately 2,400 MWh of clean, reliable solar electricity each year. The solar electricity will be purchased by Tohoku Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of JPY36.0 ($0.32) per kWh. The Company expects the project to reach commercial operation in Q3 2018.
"With the addition of these two projects, the portfolio of Canadian Solar's under-construction or operating assets is well-diversified across 18 prefectures throughout Japan." commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "The Miyagi project, marks our first project under-construction in a region severely impacted by the Great East Japan Earthquake. Canadian Solar is honored to contribute to the on-going revitalization effort, and look forward to being a part of the continued developments within the region."
Yoshihisa Otake, Representative Director of Canadian Solar Infrastructure Fund stated "These two projects represent growth opportunities for Canadian Solar Infrastructure Fund in the future. It speaks to the strength of the Company, our sponsor, and their ability to develop quality solar power projects in Japan, including regions with revitalization as a priority."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 http://www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancellation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
Article Date
11/28/2017Canadian Solar Selected for 367 MW Solar Projects in the Energy Auction in Mexico
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Nov. 27, 2017 /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 won 367 MWp of solar power projects in Aguascalientes, Hermosillo and Obregón, Mexico in the country's third Long-term Auction for renewables held on November 15, 2017.
Canadian Solar will develop and build three projects, totaling 367 MWp. Once connected to the grid, the electricity generated will be sold to the Comisión Federal de Electricidad (CFE) under a 15-year Power Purchase Agreement for Energy and 20-year for Clean Energy Certificates (CELs) at an average price of US$21/MWh. The projects are expected to be connected to the grid around June 2020.
The off-taker CFE purchased 5,492,575 MWh, 5,952,575 CELs, and 593 MW of clean energy in this auction. A total of 46 economic bids were submitted with price declined by 38% than the auction price in 2016. The clean energy projects awarded in this auction have a combined capacity of 2,730 MW. Solar PV was the main contributor, accounting for 55% of the total winning projects.
"We are delighted to win an additional 367 MWp of solar projects in Mexico, which expands our late-stage solar project pipeline in the country to 435 MWp," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We will continue to develop and deliver more quality solar projects in Mexico, while contributing to the government's goal of increasing electricity generated from clean energy sources to 35 percent by 2024 and 50 percent by 2050."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancellation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
Article Date
11/27/201711/16/2017 - Canadian Solar Raises JPY7.4 Billion with Second Dual-Tenor Green Project Bond in Japan
Canadian Solar Raises JPY7.4 Billion with Second Dual-Tenor Green Project Bond in Japan
Source: PR Newswire
GUELPH, Ontario, Nov. 16, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced completion of its second green project bond placement with Goldman Sachs Japan Co., Ltd. The JPY7.4 billion ($66.0 million) dual-tenor green project bond was issued to finance Canadian Solar's 27.3 MWp Tottori Solar Power Plant in Tottori Prefecture, Japan. The Tottori solar power plant achieved commercial operations in August 2017, and the electricity generated is currently being purchased by the Chugoku Electric Power Company, Inc. under a 20-year feed-in-tariff contract at the rate of JPY40.0 ($0.36) per kWh.
The Tottori green project bond consists of a dual-tenor maturity of 1.5 years and 18.3 years, representing the initial and extended tenor respectively, within a single-tranche of the bond. This dual-tenor structure makes full repayment of the bond flexible, while enabling a potential sale of the solar power plant to Canadian Solar Infrastructure Fund, recently listed on the Tokyo Stock Exchange.
The Japan Credit Rating Agency, Ltd. ("JCR") assigned the Tottori project an investment grade rating of "A", making it the fourth project by Canadian Solar in Japan to receive such a rating and in line with the highest ratings reported in the Japan PV sector. Furthermore, the Japan Research Institution, Limited ("JRI") independently certified the designation as a green bond, in accordance with the Green Bond Principles (2016) published by the International Capital Market Association ("ICMA"). The asset-backed, non-recourse bond was issued at par and pays a fixed coupon of 1.2725% per annum during the initial tenor and, if extended at the option of Canadian Solar, 1.3113% per annum thereafter. Goldman Sachs Japan Co., Ltd. acted as the bond arranger and Hitachi Capital Trust Corp., was appointed as trustee.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are very proud to announce the issuance of a second dual-tenor green project bond at a low coupon rate. This solidifies our position as the leading international issuer of green project bonds in Japan. Investors recognize our strong record of building high quality and bankable solar power projects. This project will contribute to the growth of Canadian Solar Infrastructure Fund as a leading renewable energy fund in Japan. We will continue to look for opportunities to promote renewable energy platform in this market."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
Article Date
11/16/201711/15/2017 - Canadian Solar Subsidiary Recurrent Energy Secures Debt Financing for 20 MW California Solar Project
Canadian Solar Subsidiary Recurrent Energy Secures Debt Financing for 20 MW California Solar Project
Source: PR Newswire
GUELPH, Ontario, Nov. 15, 2017 /PRNewswire/ -- Recurrent Energy, LLC ("Recurrent Energy"), a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), today announced it has closed on a combined construction loan and construction letter of credit facility for the 20 MWac/28 MWp Gaskell West 1 solar power project.
KeyBank N.A. provided the construction loan and construction letter of credit facility for the project, while KeyBanc Capital Markets Inc. acted as lead arranger for the deal. This marks Recurrent Energy's seventh transaction with KeyBanc Capital Markets.
"As we advance our solar project pipeline across the U.S., long-standing financial partners like KeyBanc Capital Markets are critical to our continued success," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar.
"Recurrent Energy delivers consistently high-quality solar projects, and we are pleased to take a leading role in the Gaskell West 1 project," said Daniel Brown, managing director, KeyBanc Capital Markets Utilities, Power & Renewable Energy Group. "This transaction underscores our continued commitment to building sustainable communities."
The Gaskell West 1 project began construction in autumn of 2017 and is expected to reach commercial operation in spring of 2018. The project will deliver clean solar energy to Southern California Edison under a long-term power purchase agreement.
About KeyBanc Capital Markets
KeyBanc Capital Markets is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic companies capitalizing on opportunities in changing industries. Our deep industry expertise, broad capabilities and unique ideas are seamlessly delivered to companies across the Consumer & Retail, Diversified Industries, Healthcare, Industrial, Oil & Gas, Real Estate, Utilities, Power & Renewables, and Technology verticals. With over 800 professionals across a national platform, KeyBanc Capital Markets has more than $30 billion of capital committed to clients and an award-winning Equity Research team that provides coverage on over 700 publicly-traded companies. KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member NYSE/FINRA/SIPC ("KBCMI"), and KeyBank National Association ("KeyBank N.A."), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services are offered by KeyBank N.A.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar, Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has more than 4 GW of solar projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar, Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Canadian Solar's Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-subsidiary-recurrent-energy-secures-debt-financing-for-20-mw-california-solar-project-300556379.html
SOURCE Canadian Solar Inc.
Article Date
11/15/2017Canadian Solar Reports Third Quarter 2017 Results
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario, Nov. 9, 2017 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the quarter ended September 30, 2017.
Third Quarter 2017 Highlights
Update on the Monetization of the Operating Projects
Third Quarter 2017 Results
Net revenue in the third quarter of 2017 was $912.2 million, up 31.8% from $692.4 million in the second quarter of 2017 and up 38.8% from $657.3 million in the third quarter of 2016. Solar module shipments recognized in revenue totaled 1,782 MW, compared to 1,638 MW recognized in revenue in the second quarter of 2017 and 1,161 MW recognized in revenue in the third quarter of 2016. Solar module shipments recognized in revenue in the third quarter of 2017 included 12.6 MW used in the Company's total solutions business, compared to 29.2 MW in the second quarter of 2017, and 16.3 MW in the third quarter of 2016.
Gross profit in the third quarter of 2017 was $159.8 million, compared to $167.8 million in the second quarter of 2017 and $117.3 million in the third quarter of 2016. Gross margin in the third quarter of 2017 was 17.5%, compared to 24.2% in the second quarter of 2017, and 17.8% in the third quarter of 2016. Gross profit in the second quarter of 2017 included the benefits of two AD/CVD reversals of $42.6 million and $15.0 million based on the final rates of Solar 1 AR3 and Solar 2 AR1, respectively. Excluding the reversal benefits, gross margin in the second quarter of 2017 was 15.9%.
Total operating expenses were $102.0 million in the third quarter of 2017, up 21.3% from $84.1 million in the second quarter of 2017 and up 13.0% from $90.3 million in the third quarter of 2016.
Selling expenses were $42.8 million in the third quarter of 2017, up 8.9% from $39.3 million in the second quarter of 2017 and up 26.1% from $34.0 million in the third quarter of 2016. The sequential and year-over-year increases were primarily due to higher shipping and handling costs, resulting from higher module shipment volumes and external sales commissions.
General and administrative expenses were $53.3 million in the third quarter of 2017, up 0.7% from $53.0 million in the second quarter of 2017 and up 1.6% from $52.5 million in the third quarter of 2016.
Research and development expenses were $7.3 million in the third quarter of 2017, compared to $7.3 million in the second quarter of 2017 and $4.6 million in the third quarter of 2016. The year-over-year increase reflects the Company's continued commitment to investing in and commercializing solar energy technologies that differentiate the Company and strengthen its competitive position through higher efficiency, and more sought after energy solutions.
Other operating income was $1.4 million in the third quarter of 2017, compared to other operating income of $15.5 million in the second quarter of 2017 and $0.8 million in the third quarter of 2016. Other operating income in the second quarter of 2017 includes insurance compensation of $15.2 million for the loss of profit related to the June 2016 tornado damage to the Company's Funing cell factory.
Income from operations was $57.8 million in the third quarter of 2017, compared to income from operations of $83.7 million in the second quarter of 2017, and $27.0 million in the third quarter of 2016. Operating margin was 6.3% in the third quarter of 2017, compared to 12.1% in the second quarter of 2017 and 4.1% in the third quarter of 2016.
Non-cash depreciation and amortization charges were approximately $23.8 million in the third quarter of 2017, compared to $21.2 million in the second quarter of 2017, and $25.4 million in the third quarter of 2016. Non-cash equity compensation expense was $2.1 million in the third quarter of 2017, compared to $4.2 million in the second quarter of 2017 and $1.8 million in the third quarter of 2016.
Interest expense was $33.7 million in the third quarter of 2017, compared to $26.7 million in the second quarter of 2017 and $18.8 million in the third quarter of 2016.
Interest income was $3.4 million in the third quarter of 2017, compared to $1.4 million in the second quarter of 2017 and $2.1 million in the third quarter of 2016.
The Company recorded a gain on change in fair value of derivatives of $1.8 million in the third quarter of 2017, compared to a loss of $1.8 million in the second quarter of 2017 and a gain of $2.0 million in the third quarter of 2016. Foreign exchange loss in the third quarter of 2017 was $16.5 million compared to a foreign exchange loss of $11.6 million in the second quarter of 2017 and a foreign exchange gain of $4.4 million in the third quarter of 2016.
Income tax expense was $6.2 million in the third quarter of 2017, compared to income tax expense of $9.0 million in the second quarter of 2017 and income tax expense of $16 thousand in the third quarter of 2016.
Net income attributable to Canadian Solar was $13.3 million, or $0.22 per diluted share, in the third quarter of 2017, compared to net income attributable to Canadian Solar of $38.2 million, or $0.63 per diluted share, in the second quarter of 2017, and $15.6 million, or $0.27 per diluted share, in the third quarter of 2016.
Financial Condition
The Company had $1.15 billion of cash, cash equivalents and restricted cash as of September 30, 2017, compared to $961.6 million as of June 30, 2017.
Accounts receivable, net of allowance for doubtful accounts, as of September 30, 2017 were $457.4 million, compared to $367.6 million as of June 30, 2017. Accounts receivable turnover was 47 days in the third quarter of 2017, compared to 56 days in the second quarter of 2017.
Inventories as of September 30, 2017 were $301.5 million, compared to $283.2 million as of June 30, 2017. Inventory turnover was 37 days in the third quarter of 2017, compared to 52 days in the second quarter of 2017.
Accounts and notes payable as of September 30, 2017 were $1.06 billion, compared to $899.5 million as of June 30, 2017.
Excluding the borrowings included in "Liabilities held-for-sale", short-term borrowings as of September 30, 2017 were $2.14 billion, compared to $2.04 billion as of June 30, 2017. Long-term borrowings as of September 30, 2017 were $318.2 million, compared to $273.0 million as of June 30, 2017.
The Company had approximately $1.29 billion in non-recourse bank borrowings as of September 30, 2017. Senior convertible notes totaled $126.2 million as of September 30, 2017, compared to $126.0 million as of June 30, 2017. Total borrowings directly related to utility-scale solar power projects, which included approximately $1.22 billion of non-recourse borrowings, were $1.43 billion as of September 30, 2017, compared to $1.30 billion as of June 30, 2017.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked, "This was a good quarter for us, as solar module shipments, revenue and gross margin all exceeded guidance mainly due to the better-than-expected demand in China, and the pull-in effects in the U.S. market ahead of the Section 201 ruling. As a result, the average selling price of solar modules was sustained in the quarter. Our shipments to third-party customers in the U.S. were moderate in the third quarter, as we supplied modules to our own 281MWp Tranquility 8 utility-scale project in California. However, the pull-in effect appears to have driven the spot market solar module price higher globally and pushed low-price solar module demand into 2018. We did, however, encounter some headwinds. The cost of raw materials, such as high-purity polysilicon and aluminum extrusion products, increased significantly during the quarter. In addition, the appreciation of the Chinese Renminbi and the Canadian dollar against the U.S. dollar resulted in foreign exchange losses to the Company and drove up our production cost. We responded by expanding on those manufacturing steps in which we have technology advantages, such as diamond wire-saw wafering and black silicon solar cell. These efforts helped to partially offset the increase of raw materials costs. Meanwhile, we are continuously making progress in the monetization of our operating solar power plants. We are close to the finish line with transactions to sell certain project assets in the U.S. and Australia. In Japan, CSIF was listed on the TSE's infrastructure investment fund securities market on October 30, 2017, with an initial portfolio of 72.7 MWp. During the quarter, we also completed the sale of the 108 MWp SECI Maharashtra project in India. We are excited with the results of our hard work and remain focused on executing our strategy to develop and sell quality solar products and projects to create the maximum value for our shareholders."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added, "Our higher-than-expected solar module shipments in the third quarter were driven by strong demand for solar modules from China, the U.S., Japan and India. Our higher gross margin was the result of increased average selling price compared to our previous expectation, better cost controls and manufacturing efficiencies. We are pleased with the progress we have made in the monetization of our operating solar power plants in the U.S. and Japan. We will further reduce our overall debt, after the sale of the 703 MWp of U.S. projects, 150 MWp U.K. project and CSIF's initial public offering in Japan."
Utility-Scale Solar Project Pipeline
The Company divides its utility-scale solar project pipeline into two parts: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline primarily includes projects that have energy off-take agreements and are expected to be built within the next two to four years.
Late-Stage Utility-Scale Solar Project Pipeline
As of October 31, 2017, the Company's late-stage utility-scale solar project pipeline, including those in construction, totaled approximately 1,598.9 MWp, which included 344.5 MWp in Japan, 416 MWp in China, 326.4 MWp in Brazil, 238 MWp in the U.S., 117 MWp in Australia, 68 MWp in Mexico, 41 MW in Chile, 22 MWp in the Philippines, 18 MWp in Africa and 8 MWp in the U.K. The Company cautions that some late-stage projects may not reach completion due to various completion risks, such as failure to secure permits and grid connection, among others.
In the U.S., the Company signed two PPAs for the 150 MWac/210 MWp Mustang 2 solar photovoltaic project located in Kings County in central California. Peninsula Clean Energy signed a 15-year Power Purchase Agreement ("PPA") for 100 MWac of solar power, and the Modesto Irrigation District signed a 20-year PPA for the remaining 50 MWac of the project. Electricity will be delivered following commercial operation of the project, expected in 2019.
The 20 MWac/28 MWp Gaskell West 1 solar project, located in Kern County in southern California, is currently under construction and is expected to begin delivering electricity to Southern California Edison by mid-2018 pursuant to a 20-year PPA.
The Company's wholly-owned subsidiary, Recurrent Energy, entered into an agreement for the sale of 99 percent of its Class B membership interest in the 71 MWac/92 MWp IS-42 solar project located in North Carolina to Falck Renewables S.p.A., with closing expected in November 2017. This project reached commercial operation in September 2017.
The table below sets forth the Company's late-stage utility-scale solar project pipeline in the U.S. as of October 31, 2017:
|
U.S. Project |
MWp |
Location |
Status |
Expected COD |
|
Mustang 2 |
210 |
California |
Development |
2019 |
|
Gaskell West 1 |
28 |
California |
Construction |
2018 |
|
Total |
238 |
In Japan, as of October 31, 2017, the Company's pipeline of utility-scale solar projects totaled approximately 543.3 MWp. 344.5 MWp of these projects are described as late-stage which have secured interconnection agreements and FIT. 140.6 MWp of the late-stage projects are under construction and 203.9 MWp are under development. A total of 30.4 MWp of projects have achieved commercial operation since July 31, 2017, of which 29.4 MWp were connected to the grid in the third quarter and 1 MWp was connected in October 2017. Canadian Solar has an additional 198.8 MWp of utility-scale solar projects in the bidding process, which will be added to the list of late-stage projects once FIT is awarded.
|
Expected Japan COD Schedule of Late-Stage Projects (MWp) | ||||||||||
|
Q4 2017 |
2018 |
2019 |
2020 |
2021 and |
Total | |||||
|
19.1 |
79.1 |
87.2 |
141.2 |
17.9 |
344.5 | |||||
In Brazil, the Company has a total of 326.4 MWp of late-stage projects. The table below sets forth the Company's late-stage utility-scale solar project pipeline in Brazil as of October 31, 2017:
|
Brazil Project |
MWp |
Location |
Status |
Expected COD |
|
Guimarania |
80.6 |
Brazil |
Development |
2018 |
|
Pirapora I |
38.3* |
Brazil |
Commissioned |
2017 |
|
Pirapora II |
115 |
Brazil |
Construction |
2018 |
|
Pirapora III (formerly Vazante) |
92.5 |
Brazil |
Construction |
2017 |
|
Total |
326.4 |
|
*38.3 MWp represents the Company's 20% equity interest in 191.5 MWp Pirapora I. |
The Company completed the sale of an 80% interest in each of 191.5 MWp Pirapora I, 115 MWp Pirapora II and 92.5 MWp Pirapora III to EDF. The Company supplies modules for all the Pirapora projects.
In November 2017, the 191.5 MWp Pirapora I project reached commercial operation and the 92.5 MWp Pirapora III project was commissioned.
The Company acquired the 80.6 MWp Guimarania solar power project in Brazil during the third quarter 2017. Canadian Solar will build and provide solar modules to the project. The project received a 20-year PPA from the second Reserve Energy Auction at R$290.00/MWh (approximately US$91.77/MWh). Construction will start in early 2018, with targeted commercial operation in the fourth quarter of 2018.
In Australia, the Company entered into binding contracts in October 2017 to sell interests in three solar farms in Queensland, Australia, with an aggregate 117 MWp of capacity to Foresight Solar Fund Limited ("FSFL"). FSFL is acquiring 49% interests in each of Longreach Solar Farm (17 MWp) and Oakey 1 Solar Farm (30 MWp), and a 100% interest in Oakey 2 Solar Farm (70 MWp).
In China, as of October 31, 2017, the Company's late-stage utility-scale power pipeline stands at 416 MWp.
Solar Power Plants in Operation
In addition to its late-stage, utility-scale solar project pipeline, the Company has a portfolio of solar power plants in operation, totaling 1,419.5 MWp as of September 30, 2017, which are recorded on its balance sheet as project assets, assets held-for-sale and solar power systems, net. Revenue from the sale of electricity generated by the plants recorded as "assets held-for-sale" and "solar power systems, net" in the third quarter of 2017 totaled $9.6 million, compared to $9.8 million in the second quarter of 2017.
The sale of projects recorded as "project assets" (build-to-sell) on the balance sheet will be recorded as revenue once revenue recognition criteria are met, and the gain from the sale of projects recorded as "assets held-for-sale" and "solar power systems, net" (build-to-own) on the balance sheet will be recorded within 'other operating income (expenses)' in the income statement.
The table below sets forth the Company's total portfolio of solar power plants in operation as of September 30, 2017:
|
Plants in Operation (MWp) | ||||||
|
U.S. |
Japan* |
U.K. |
China |
India |
Other |
Total |
|
900 |
139.8 |
150 |
188.7 |
36 |
5 |
1,419.50 |
|
*As of October 31, 2017, the Company had a total of 68.1 MWp of plants in operation in Japan after the sale of 72.7 MWp of operating projects to CSIF in October 2017. The Company plans to continue to sell its operating solar power plants in Japan to CSIF. |
Manufacturing Capacity
The table below sets forth the Company's capacity expansion plan from June 30, 2017 to December 31, 2018:
|
Manufacturing Capacity Roadmap (MW) | ||||
|
30-Jun-17 |
31-Dec-17 |
30-Jun-18 |
31-Dec- 18* | |
|
Ingot |
- |
1,200 |
1,720 |
2,500 |
|
Wafer |
2,000 |
5,000 |
5,000 |
5,000 |
|
Cell |
4,490 |
5,450 |
6,200 |
6,950 |
|
Module |
6,970 |
8,110 |
9,060 |
10,310 |
|
*Final decisions on the manufacturing capacity at the end of 2018 are subject to market conditions. |
The Company completed the ramp up of the new multi-crystalline silicon ingot casting workshop at Baotou, China at the end of the third quarter of 2017, with a total annual capacity of 1,100 MW, including capacity relocated from the Company's Luoyang plant. The total annual capacity is expected to reach 1,200 MW by the end of 2017 through production debottlenecking. The new Baotou ingot factory enables the Company to reduce the amount it pays to purchase external ingots and thus reduces its all-in module manufacturing costs. The Company plans to further increase its ingot capacity to 1,720 MW by June 30, 2018, and may expand to 2,500 MW if market conditions justify.
The Company's wafer manufacturing capacity is now 3.0 GW and is expected to reach 5.0 GW by December 31, 2017, compared to the 4.0 GW originally planned, mainly as a result of production debottlenecking. All the Company's wafer capacity uses diamond wire-saw technology, which is compatible with the Company's proprietary and highly efficient Onyx black silicon multi-crystalline solar cell technology, allowing it to significantly reduce silicon usage and manufacturing costs.
The Company's solar cell manufacturing capacity at the end of third quarter of 2017 was 4.7 GW. The Company plans to add additional cell manufacturing capacity in its Funing and South East Asia plants later this year to bring its total cell manufacturing capacity to 5.45 GW by December 31, 2017. The Company plans to add another 1.5 GW in 2018 to reach approximately 7 GW by the end of 2018.
The Company expects that its total worldwide module manufacturing capacity will exceed 8.11 GW by December 31, 2017, and may further increase it to over 10 GW by the end of 2018, if market conditions justify.
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is subject to uncertainties relating to final customer demand and solar project construction schedules. Management's views and estimates are subject to change without notice.
For the fourth quarter of 2017, the Company expects its total solar module shipments to be in the range of approximately 1,650 MW to 1,750 MW, including approximately 60 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in the fourth quarter of 2017. Total revenue for the fourth quarter of 2017, which includes revenue from both of our solar module sales and from our energy business, is expected to be in the range of $1.77 billion to $1.81 billion, which is based on the best estimate of the transaction dates of certain utility-scale solar project sales, as discussed in previous sections. Revenue will be affected if some of the project sales slip to 2018. Gross margin for the fourth quarter of 2017 is expected to be between 10.5% and 12.5%.
For the full year 2017, the Company expects its total module shipments to be in the range of approximately 6.7 GW to 6.8 GW, compared to 6.0 GW to 6.5 GW as previously guided. The Company expects its revenue for the full year 2017 to be in the range of $4.05 billion to $4.09 billion. Module shipments recognized in revenue and total annual revenue will depend on market conditions, including ASP trends and governmental approvals for the sale of solar projects.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commended, "Looking into Q4 of 2017 and next year, the solar industry continues to face both opportunities and challenges. We believe that solar energy will be adopted by more and more people and the long-term aspect of the industry is bright given the compelling fundamentals. However, the environmental and trade policies of certain countries will likely continue to cause uncertainty. Separately, while Canadian Solar remains an industry cost leader, the unexpected raw material cost increase and the appreciation of Chinese currency over the past few months will make it challenging for us to reach our previously-set solar module manufacturing cost target by the end of 2017. Canadian Solar will continue to prioritize profitability rather than market share, focus on research and technology, and selectively invest into certain manufacturing processes to optimize our supply chain and cost structure."
Recent Developments
In addition to the transactions described above:
On November 8, 2017, Canadian Solar and EDF Energies Nouvelles announced that the 191.5 MWp Pirapora I and 92.5 MWp Pirapora III solar energy projects in Brazil, totaling 284 MWp, were commissioned in November 2017.
On October 23, 2017, Canadian Solar announced that it supplied 666.4 kW of solar PV modules for an iconic solar project on Robben Island, near Cape Town in South Africa.
On October 17, 2017, Canadian Solar announced that one of its wholly-owned subsidiaries and several subsidiaries of Menora Mivtachim Holdings Ltd. entered into a joint venture agreement with the aim of investing in the development, financing, construction and ownership of solar power projects in Israel.
On October 16, 2017, Canadian Solar announced that it entered into contracts to sell interests in three solar farms in Queensland, Australia, with an aggregate 117 MWp of capacity to Foresight Solar Fund Limited.
On September 12, 2017, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, and Peninsula Clean Energy signed a 15-year Power Purchase Agreement for 100 megawatts of solar power.
On September 6, 2017, Canadian Solar announced that it acquired the 80.6 MWp Guimarania solar photovoltaic project in the state of Minas Gerais, Brazil. Canadian Solar will build the project and provide the modules for the project from its local factory in Brazil.
On August 30, 2017, Canadian Solar announced that it successfully completed construction and started commercial operation of a 27.3 MWp solar photovoltaic power plant in Tottori Prefecture, Japan.
Conference Call Information
The Company will hold a conference call on Thursday, November 9, 2017 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m., November 9, 2017 in Hong Kong) to discuss the Company's third quarter 2017 results and business outlook. The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1 845-675-0437 from international locations. The passcode for the call is 99552288. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 8:00 a.m. on Friday, November 17, 2017, U.S. Eastern Standard Time (9:00 p.m., November 17, 2017 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 from international locations, with passcode 99552288. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 27, 2017. 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.
FINANCIAL TABLES FOLLOW
|
Canadian Solar Inc. | |||||||||||
|
Unaudited Condensed Consolidated Statement of Operations | |||||||||||
|
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated) | |||||||||||
|
Three Months Ended |
Nine Months Ended | ||||||||||
|
September 30, |
June 30, |
September 30, |
September 30, |
September 30, | |||||||
|
2017 |
2017 |
2016 |
2017 |
2016 | |||||||
|
Net revenues |
$ 912,223 |
$ 692,366 |
$ 657,323 |
$ 2,281,630 |
$2,184,650 | ||||||
|
Cost of revenues |
752,422 |
524,527 |
540,030 |
1,862,584 |
1,816,418 | ||||||
|
Gross profit |
159,801 |
167,839 |
117,293 |
419,046 |
368,232 | ||||||
|
Operating expenses: |
|||||||||||
|
Selling expenses |
42,831 |
39,324 |
33,965 |
116,096 |
102,618 | ||||||
|
General and administrative |
53,328 |
52,950 |
52,510 |
161,347 |
140,952 | ||||||
|
Research and development |
7,271 |
7,318 |
4,646 |
20,214 |
14,203 | ||||||
|
Other operating (income) loss |
(1,399) |
(15,502) |
(797) |
(17,798) |
5,535 | ||||||
|
Total operating expenses |
102,031 |
84,090 |
90,324 |
279,859 |
263,308 | ||||||
|
Income from operations |
57,770 |
83,749 |
26,969 |
139,187 |
104,924 | ||||||
|
Other income (expenses): |
|||||||||||
|
Interest expense |
(33,656) |
(26,717) |
(18,807) |
(84,484) |
(46,825) | ||||||
|
Interest income |
3,382 |
1,393 |
2,077 |
7,297 |
7,855 | ||||||
|
Gain (loss) on change in fair value |
1,764 |
(1,849) |
2,044 |
(7,836) |
3,076 | ||||||
|
Foreign exchange gain (loss) |
(16,474) |
(11,648) |
4,446 |
(13,908) |
37,893 | ||||||
|
Investment loss |
- |
- |
(1,719) |
- |
(561) | ||||||
|
Gain on repurchase of convertible |
- |
- |
322 |
- |
2,782 | ||||||
|
Other income (expenses), net |
(44,984) |
(38,821) |
(11,637) |
(98,931) |
4,220 | ||||||
|
Income before income taxes and |
12,786 |
44,928 |
15,332 |
40,256 |
109,144 | ||||||
|
Income tax expense |
(6,165) |
(8,958) |
(16) |
(12,015) |
(28,574) | ||||||
|
Equity in earnings (loss) of |
6,971 |
4,384 |
(131) |
11,961 |
(1,519) | ||||||
|
Net income |
13,592 |
40,354 |
15,185 |
40,202 |
79,051 | ||||||
|
Less: Net income (loss) |
299 |
2,142 |
(429) |
2,033 |
474 | ||||||
|
Net income attributable to |
$ 13,293 |
$ 38,212 |
$ 15,614 |
$ 38,169 |
$ 78,577 | ||||||
|
Earnings per share - basic |
$ 0.23 |
$ 0.66 |
$ 0.27 |
$ 0.66 |
$ 1.37 | ||||||
|
Shares used in computation - basic |
58,392,071 |
57,947,324 |
57,778,388 |
58,059,372 |
57,429,580 | ||||||
|
Earnings per share - diluted |
$ 0.22 |
$ 0.63 |
$ 0.27 |
$ 0.65 |
$ 1.35 | ||||||
|
Shares used in computation - diluted |
59,283,636 |
62,049,899 |
58,276,183 |
58,608,831 |
60,969,308 | ||||||
|
Canadian Solar Inc. | ||||||||||
|
Unaudited Condensed Consolidated Statement of Comprehensive Income | ||||||||||
|
(In Thousands of US Dollars) | ||||||||||
|
Three Months Ended |
Nine Months Ended |
|||||||||
|
September 30, |
June 30, |
September 30, |
September 30, |
September 30, |
||||||
|
2017 |
2017 |
2016 |
2017 |
2016 |
||||||
|
Net Income |
13,592 |
40,354 |
15,185 |
40,202 |
79,051 |
|||||
|
Other comprehensive income (net of |
||||||||||
|
Foreign currency translation |
23,148 |
3,833 |
(11,227) |
35,910 |
(21,907) |
|||||
|
Gain (loss) on changes in fair value of |
(456) |
(3,611) |
1,763 |
(2,386) |
(3,694) |
|||||
|
Comprehensive income |
36,284 |
40,576 |
5,721 |
73,726 |
53,450 |
|||||
|
Less: comprehensive income (loss) |
97 |
3,153 |
(581) |
812 |
(478) |
|||||
|
Comprehensive income attributable |
36,187 |
37,423 |
6,302 |
72,914 |
53,928 |
|||||
|
Canadian Solar Inc. | |||||||||
|
Unaudited Condensed Consolidated Balance Sheet | |||||||||
|
(In Thousands of US Dollars) | |||||||||
|
September 30, |
December 31, |
||||||||
|
2017 |
2016 |
||||||||
|
ASSETS |
|||||||||
|
Current assets: |
|||||||||
|
Cash and cash equivalents |
$ 614,586 |
$ 511,039 |
|||||||
|
Restricted cash - current |
528,725 |
487,516 |
|||||||
|
Accounts receivable trade, net |
457,418 |
400,251 |
|||||||
|
Accounts receivable, unbilled |
3,426 |
3,425 |
|||||||
|
Amounts due from related parties |
29,872 |
19,082 |
|||||||
|
Inventories |
301,526 |
295,371 |
|||||||
|
Value added tax recoverable |
85,477 |
55,680 |
|||||||
|
Advances to suppliers - current |
92,895 |
29,312 |
|||||||
|
Derivative assets - current |
12,201 |
12,270 |
|||||||
|
Project assets - current |
1,658,867 |
1,317,902 |
|||||||
|
Assets held-for-sale |
227,181 |
392,089 |
|||||||
|
Prepaid expenses and other current assets |
192,675 |
266,826 |
|||||||
|
Total current assets |
4,204,849 |
3,790,763 |
|||||||
|
Restricted cash - non-current |
10,770 |
9,145 |
|||||||
|
Property, plant and equipment, net |
674,681 |
462,345 |
|||||||
|
Solar power systems, net |
66,960 |
112,062 |
|||||||
|
Deferred tax assets, net |
248,299 |
229,980 |
|||||||
|
Advances to suppliers - non-current |
53,032 |
54,080 |
|||||||
|
Prepaid land use right |
68,791 |
48,651 |
|||||||
|
Investments in affiliates |
401,971 |
368,459 |
|||||||
|
Intangible assets, net |
9,867 |
8,422 |
|||||||
|
Goodwill |
6,248 |
7,617 |
|||||||
|
Derivatives assets - non-current |
9,911 |
15,446 |
|||||||
|
Project assets - non-current |
148,144 |
182,391 |
|||||||
|
Other non-current assets |
144,567 |
117,245 |
|||||||
|
TOTAL ASSETS |
$ 6,048,090 |
$ 5,406,606 |
|||||||
|
Current liabilities: |
|||||||||
|
Short-term borrowings |
$ 2,140,021 |
$ 1,600,033 |
|||||||
|
Accounts and notes payable |
1,056,694 |
736,779 |
|||||||
|
Amounts due to related parties |
14,231 |
19,912 |
|||||||
|
Other payables |
295,780 |
223,584 |
|||||||
|
Short-term commercial paper |
- |
131,432 |
|||||||
|
Advances from customers |
82,852 |
90,101 |
|||||||
|
Derivative liabilities - current |
8,980 |
9,625 |
|||||||
|
Liabilities held-for-sale |
227,285 |
279,272 |
|||||||
|
Financing liability |
419,065 |
459,258 |
|||||||
|
Other current liabilities |
167,089 |
171,070 |
|||||||
|
Total current liabilities |
4,411,997 |
3,721,066 |
|||||||
|
Accrued warranty costs |
62,768 |
61,139 |
|||||||
|
Convertible notes |
126,248 |
125,569 |
|||||||
|
Long-term borrowings |
318,174 |
493,455 |
|||||||
|
Derivatives liabilities - non-current |
680 |
- |
|||||||
|
Liability for uncertain tax positions |
8,913 |
8,431 |
|||||||
|
Deferred tax liabilities - non-current |
26,381 |
23,348 |
|||||||
|
Loss contingency accruals |
25,352 |
22,654 |
|||||||
|
Other non-current liabilities |
76,485 |
51,554 |
|||||||
|
Total LIABILITIES |
5,056,998 |
4,507,216 |
|||||||
|
Equity: |
|||||||||
|
Common shares |
702,136 |
701,283 |
|||||||
|
Additional paid-in capital |
(1,769) |
(8,897) |
|||||||
|
Retained earnings |
322,279 |
284,109 |
|||||||
|
Accumulated other comprehensive loss |
(57,069) |
(91,814) |
|||||||
|
Total Canadian Solar Inc. shareholders' equity |
965,577 |
884,681 |
|||||||
|
Non-controlling interests in subsidiaries |
25,515 |
14,709 |
|||||||
|
TOTAL EQUITY |
991,092 |
899,390 |
|||||||
|
TOTAL LIABILITIES AND EQUITY |
$ 6,048,090 |
$ 5,406,606 |
|||||||
View original content:http://www.prnewswire.com/news-releases/canadian-solar-reports-third-quarter-2017-results-300552808.html
SOURCE Canadian Solar Inc.
Article Date
11/9/201711/8/2017 - EDF Energies Nouvelles and Canadian Solar Commission Two of the Pirapora Solar Energy Projects in Brazil
EDF Energies Nouvelles and Canadian Solar Commission Two of the Pirapora Solar Energy Projects in Brazil
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Ontario and RIO DE JANEIRO, Brazil, Nov.8, 2017 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, and EDF Energies Nouvelles, a global market leader in renewable energy, today announced that the 191.5 MWp Pirapora I and 92.5 MWp Pirapora III solar energy projects in Brazil, totaling 284 MWp, were commissioned in November 2017.
As part of the Pirapora projects (399 MWp), the Pirapora I and III solar projects, located in the State of Minas Gerais in Brazil, were each awarded a 20-year Power Purchase Agreement following respectively the second and the first Reserve Energy Auctions, in 2015 and 2014.
Powered by 600 thousands and 290 thousands of Canadian Solar's high-efficiency CS6U-P modules, the Pirapora I plant and Pirapora III plant generates 392 GWh and 186 GWh of clean, reliable solar electricity per year respectively, contributing towards Brazil's goal of obtaining 23% of its energy from non-hydro renewable sources by 2030.
EDF Energies Nouvelles acquired 80% interest in each of the 191.5 MWp Pirapora I, 115 MWp Pirapora II and 92.5 MWp Pirapora III projects from Canadian Solar. The Pirapora II project is currently under construction and is expected to reach commercial operation in mid-2018.
"We are pleased to announce the commissionings of the Pirapora I and III projects, which are the first solar projects we have connected to the grid in Brazil. We see strong potential in the solar energy market in Brazil and will continue to grow our project pipeline in the country to meet the local demand for clean and affordable solar energy. EDF EN is an important partner and we look forward to continuing our successful partnership with more opportunities in Brazil and other countries." said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
Antoine Cahuzac, EDF Group's Senior Executive Vice President Renewable Energies, Chairman and CEO of EDF Energies Nouvelles, added, "These new commissionings constitute further evidence of our growth ambitions in Brazil, a key renewable energy market for the EDF Group. It represents a new step toward the EDF Group's goal of doubling its renewable capacity in France, and worldwide, by 2030 under its CAP 2030 company plan."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 EDF Energies Nouvelles
EDF Energies Nouvelles is a market leader in renewable energy electricity, with a portfolio of more than 10 GW gross installed capacity focused for the most part on wind (onshore and offshore) and solar photovoltaic energy. Mostly operating in Europe and North America, EDF Energies Nouvelles continues its development by taking strong positions in promising emerging areas such as Brazil, China, India, or South Africa, and North Africa and Gulf Cooperation Council regions. The Company is also present in other segments of the renewable energy market: marine energy, distributed energies and energy storage. EDF Energies Nouvelles manages renewable energy projects' development and construction as well as operation and maintenance for its own account and for third parties. EDF Energies Nouvelles is a subsidiary of the EDF Group dedicated to renewable energy.
Visit us at www.edf-energies-nouvelles.com
Follow us on LinkedIn: https://www.linkedin.com/company/edf-energies-nouvelles and Twitter @EDFEN_officiel
Press contacts
Manon de Cassini-Hérail ▪ tel.: +33 (0)1 40 90 48 22 ▪ email: manon.decassini-herail@edf-en.com
Clarisse Placidoux ▪ tel.: +33 (0)1 40 90 49 46 ▪ email: clarisse.placidoux@edf-en.com
Canadian Solar Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/edf-energies-nouvelles-and-canadian-solar-commission-two-of-the-pirapora-solar-energy-projects-in-brazil-300551909.html
SOURCE Canadian Solar Inc.
Article Date
11/8/201710/26/2017 - Canadian Solar Announces Pricing of the Initial Public Offering of Canadian Solar Infrastructure Fund, Inc. in Japan
Canadian Solar Announces Pricing of the Initial Public Offering of Canadian Solar Infrastructure Fund, Inc. in Japan
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
GUELPH, Canada, Oct. 26, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that Canadian Solar Infrastructure Fund, Inc. ("CSIF" (Tokyo Stock Exchange: 9284)) priced its initial public offering of 177,800 investment units at 100,000 Japanese yen per unit, before underwriting discounts. Of the units included in the offering, Canadian Solar will purchase 25,395 units as the designated purchaser.
The units of CSIF are expected to list on the Tokyo Stock Exchange on October 30, 2017. CSIF plans to use the net proceeds from the offering and anticipated borrowings of JPY 17.7 billion (approximately $156 million) to consummate the acquisition of its initial portfolio.
Subsidiaries of Canadian Solar in Japan are contributing 13 solar power projects with a total installed capacity of 72.7 MWp to CSIF as its initial portfolio. Net sale proceeds to Canadian Solar from these assets amounted to JPY 30.4 billion (approximately $270 million). Canadian Solar expects to use a part of the net sale proceeds to immediately reduce its overall debt leverage by JPY 18.7 billion (approximately $165 million) and to further strengthen its liquidity.
Canadian Solar Asset Management K.K., a wholly owned subsidiary of the Company, will manage CSIF as its asset manager. Canadian Solar O&M Japan K.K., a wholly owned subsidiary of the Company, will provide operation and maintenance services to CSIF.
This announcement is not an offer of securities for sale in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the US will be made by means of a prospectus.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Canadian Solar's Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; continued success in technological innovations; litigation; and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-announces-pricing-of-the-initial-public-offering-of-canadian-solar-infrastructure-fund-inc-in-japan-300543844.html
SOURCE Canadian Solar Inc.
Article Date
10/26/201710/23/2017 - Canadian Solar Subsidiary Recurrent Energy Announces Commercial Operation of 71 MW North Carolina Solar Project
Canadian Solar Subsidiary Recurrent Energy Announces Commercial Operation of 71 MW North Carolina Solar Project
Source: PR Newswire
GUELPH, Ontario, Oct. 23, 2017 /PRNewswire/ -- Recurrent Energy, a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), today announced the commercial operation of the 71 MWac/92 MWp IS-42 solar photovoltaic project, located in Cumberland County, North Carolina.
"The completion of the IS-42 project is an important milestone in our ongoing commitment to deliver cost-effective solar power to markets across the U.S.," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "This is Recurrent Energy's first completed project in North Carolina, and we continue to see great potential in the state."
The project has a long-term Power Purchase Agreement with Duke Energy Progress, and is capable of producing enough clean electricity to power more than 11,000 homes. In September 2017, Recurrent Energy entered into an agreement for the sale of 99 percent of its Class B membership interest in the project to Falck Renewables S.p.A., with closing expected in November 2017.
DEPCOM Power provided Engineering, Procurement and Construction for the project and will also deliver Operations and Maintenance services. Of the 275 peak construction jobs created by the project, 95 percent were local hires, and 30 percent were U.S. veterans in keeping with the project's veteran hiring program requirements.
A project dedication event is taking place today, October 23, 2017.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar, Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has more than 4 GW of solar projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar, Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
About DEPCOM Power
DEPCOM Power is a partner in utility-scale solar for: Project Development Support, Engineering, Procurement & Construction and Operations & Maintenance services for utilities, independent power producers and project development companies. DEPCOM Power leverages a highly experienced solar team, technology and agnostic top-tier solar modules, and cost effective balance of system components to provide optimum levels of agility, price and quality for utility-scale solar. For more information about DEPCOM Power, visit www.depcompower.com
Canadian Solar's Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-subsidiary-recurrent-energy-announces-commercial-operation-of-71-mw-north-carolina-solar-project-300541012.html
SOURCE Canadian Solar Inc.
Article Date
10/23/2017Robben Island, the Prison Where Nelson Mandela was Jailed for 18 Years, has Installed a Solar Power System With Canadian Solar Modules
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
CAPE TOWN, South Africa, Oct. 23, 2017 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) is the proud supplier of 666.4 kW of solar PV modules for the iconic solar project on Robben Island, near Cape Town in South Africa. Robben Island is a high-security prison where Nelson Mandela was jailed for 18 years. It is now designated as a UNESCO World Heritage Site.
This microgrid solar project has been designed and constructed by SOLA Future Energy, the EPC partner of the Department of Tourism, using CS6U- 340M Canadian Solar modules. The official solar system inauguration took place on Robben Island on October 19th, 2017. Dr. Shawn Qu, Chairman, President and CEO Canadian Solar Inc. was invited as guest of honor by SOLA Future Energy and the Department of Tourism of South Africa.
The solar PV farm consists of 1960 Canadian Solar (CS6U-340M) high-efficiency modules with a total of 666.4 kW power supply. Robben Island uses almost 2 million kWh of electricity annually. This solar system will produce almost 1 million kWh of electricity annually, significantly reducing cost of diesel and its transportation cost to the island.
"The microgrid on Robben Island is the largest combined solar and lithium-ion storage microgrid system in South Africa," said Dom Wills, CEO of SOLA Future Energy, who were responsible for the design and construction of the project. "For Robben Island, we have chosen our partners carefully as we wanted to ensure highest quality, safety and sustainability. For this very reason, Canadian Solar as a module supplier, was the natural fit, making a difference in lighting up Africa and Robben Island together. With this PV installation, a reduction of the Island's carbon emission by at least 820 tons can be achieved."
"It is my great honor to have been invited to the opening of the Robben Island Solar Park, as this island is closely linked to the history of South Africa and Nelson Mandela and his vision for a better future. Canadian Solar would like to take our share in the promotion of solar energy and to pave the way forward to a greener and more sustainable future in Africa." commented Dr. Shawn Qu.
About Robben Island:
Youtube Video: https://youtu.be/c-ULxbjDnuA
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Canadian Solar's Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; continued success in technological innovations; litigation; and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/robben-island-the-prison-where-nelson-mandela-was-jailed-for-18-years-has-installed-a-solar-power-system-with-canadian-solar-modules-300541015.html
SOURCE Canadian Solar Inc.
Article Date
10/23/201710/17/2017 - Canadian Solar Partners with Menora Mivtachim to Invest in Solar Power Projects in Israel
Canadian Solar Partners with Menora Mivtachim to Invest in Solar Power Projects in Israel
Source: PR Newswire
GUELPH, Ontario, Oct. 17, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that a wholly owned subsidiary of the Company and a few subsidiaries of Menora Mivtachim Holdings Ltd. ("Menora Mivtachim"), one of Israel's five largest insurance and finance groups, entered into a joint venture agreement with the aim to invest in the development, financing, construction and ownership of solar power projects in Israel.
A total of US$60 million is expected to be raised from Menora Mivtachim and Canadian Solar, with each party contributing an equal investment amount. The joint venture will finance the solar projects awarded by Israeli Electricity Authority under the solar power tenders and other solar projects to be developed under the partnership.
"Our partnership with Menora Mivtachim is a milestone achieved by Canadian Solar in this emerging market where the adoption of solar is growing rapidly. This partnership will leverage Canadian Solar's proven track record in developing and building solar power projects, with Menora Mivtachim's financial strength and credibility to create an industry leader in the local market," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
About Menora Mivtachim
Menora Mivtachim Holdings Ltd. is one of Israel's five largest insurance & finance groups. The group specializes in asset management, manages the largest pension fund in Israel - 'New Mivtachim', and is the No.1 General Insurer in Israel and the market leader in Motor Insurance sector. The group operates through its subsidiaries, in all sectors of Life Insurance, Long/Mid/Short -Term Savings, General Insurance and Health Insurance. In addition, the group is active in the capital markets and finance sectors, including Mutual Funds Management, Financial Portfolio Management, Underwriting and worldwide real estate investments.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-partners-with-menora-mivtachim-to-invest-in-solar-power-projects-in-israel-300537707.html
SOURCE Canadian Solar Inc.
Article Date
10/17/201710/16/2017 - Canadian Solar Enters Binding Contracts for the Sale of Three Solar Farms Totalling 117 MWp in Queensland, Australia
Canadian Solar Enters Binding Contracts for the Sale of Three Solar Farms Totalling 117 MWp in Queensland, Australia
Source: PR Newswire
GUELPH, Ontario, Oct. 16, 2017 /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 entered into binding contracts to sell interests in three solar farms in Queensland, Australia, with an aggregate 117 MWp of capacity to Foresight Solar Fund Limited ("FSFL").
The portfolio consists of Longreach Solar Farm (17 MWp), Oakey 1 Solar Farm (30 MWp) and Oakey 2 Solar Farm (70 MWp) with FSFL acquiring 49% interests in each of Longreach and Oakey 1, and a 100% interest in Oakey 2.
Two of the three solar farms (Oakey 1 and Longreach) hold 20-year offtake agreements with the Queensland Government and are under construction with connection to the grid expected in March and September 2018 respectively. Oakey 2 solar farm is expected to connect to the grid in October 2018 and will benefit from the sale of power and large-scale generation certificates ("LGCs") under the Renewable Energy Target regulatory framework.
Both Oakey 1 and Longreach have been funded to date by equity from Canadian Solar, grants from the Australian Renewable Energy Agency ("ARENA"), and senior debt from the Clean Energy Finance Corporation ("CEFC") and Bank of Tokyo-Mitsubishi UFJ.
The completion of the acquisitions is subject to certain conditions being met including consents from relevant stakeholders.
"We are pleased to have worked with FSFL and their team on this milestone transaction. Canadian Solar is very well positioned in Australia with an 800+MW pipeline of early to late-stage developments and these projects will directly contribute to the Federal Government's Renewable Energy Target and State Government initiatives in generating affordable clean energy" commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
Ricardo Pineiro, Partner, Foresight Group said: "We are delighted to have made this solar acquisition in Australia on behalf of FSFL. We have enjoyed working closely with Canadian Solar, with whom we look forward to delivering a strong pipeline of future energy projects both in Australia and other international markets."
About Foresight Group LLP
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years. Foresight has £2.7 billion (A$4.6 billion) of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs) and Venture Capital Trusts (VCTs). As a global leading solar infrastructure investment manager, Foresight currently manages more than £1.6 billion (A$2.7 billion) in over 100 operating Photovoltaic ("PV") plants with a generating capacity of c. 1.2GW in the UK, Southern Europe, Australia and North America. In Bioenergy, Foresight has mobilised £900m of capital investment into 31 waste projects, which when fully operational will have a waste processing capacity of 1.8 million tonnes per annum, diverting some 1 million tonnes of waste from landfill every year and generating 134MW of clean energy, saving 750,000 tonnes of CO2 emissions every year. Foresight manages the A$200 million Australian Bioenergy Fund ("ABF") which targets investments ranging from A$2 million to A$50 million into energy from waste projects across the continent backed by a cornerstone investment from the CEFC. Foresight Group is headquartered in London, with international offices in Sydney, Rome and San Francisco with regional UK offices in Nottingham, Manchester and Guernsey. www.foresightgroup.eu
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit http://www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-enters-binding-contracts-for-the-sale-of-three-solar-farms-totalling-117-mwp-in-queensland-australia-300536946.html
SOURCE Canadian Solar Inc.
Article Date
10/16/2017Canadian Solar Schedules Third Quarter 2017 Earnings Conference Call on November 9th and Updates on the Monetization of Its Solar Power Plant Assets
Source: PR Newswire
GUELPH, Ontario, Oct. 16, 2017 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Thursday, November 9, 2017 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m., November 9, 2017 in Hong Kong) to discuss the Company's third quarter 2017 results and business outlook.
Recurrent Energy, a wholly-owned subsidiary of the Company in the U.S., has recently entered into agreements to sell to two separate buyers its interests in a total of six utility-scale solar power plants in the U.S. Both deals are currently going through government approval process. During the earnings call on November 9th, the Company will provide further updates, as usual, on its solar power plant assets.
The dial-in phone number for the live audio call is +1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from HK) or +1 845-675-0437 from international locations. The passcode for the call is 99552288. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 2 hours after the conclusion of the call until 8:00 a.m. on Friday, November 17, 2017, U.S. Eastern Standard Time (9:00 p.m., November 17, 2017 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 from international locations, with passcode 99552288. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
SOURCE Canadian Solar Inc.
Article Date
10/16/2017Tokyo Stock Exchange Approves Listing of Canadian Solar Infrastructure Fund
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Sept. 25, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that Canadian Solar Infrastructure Fund, Inc. ("CSIF") has obtained approval from the Tokyo Stock Exchange, Inc. (the "TSE") to list its investment units on the TSE's infrastructure investment fund securities market. Similar to the J-REIT market, the TSE established the infrastructure fund market in 2015 for the listing of funds that invest in infrastructure assets including renewable energy facilities.
Canadian Solar Projects K.K., a wholly owned subsidiary of Canadian Solar, will be the sole sponsor ("Sponsor") of CSIF. CSIF will serve as a long-term investment vehicle for primarily solar energy project assets.
Affiliates of Canadian Solar intend to sell 13 solar energy projects in Japan, with total installed capacity of 72.7 MWp, to CSIF as its initial portfolio. Canadian Solar Asset Management K.K., a wholly owned subsidiary of the Sponsor, will manage CSIF's solar energy projects as its asset manager. Canadian Solar O&M Japan K.K., a wholly owned subsidiary of the Sponsor, will provide operation and maintenance services to CSIF.
Canadian Solar has been operating in the Japanese market since 2009.
This announcement is not an offer of securities for sale in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the US will be made by means of a prospectus.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Canadian Solar's Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; continued success in technological innovations; litigation; and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/tokyo-stock-exchange-approves-listing-of-canadian-solar-infrastructure-fund-300524826.html
SOURCE Canadian Solar Inc.
Article Date
9/25/2017Canadian Solar Subsidiary Recurrent Energy Inks 100 Megawatt Power Purchase Agreement with Peninsula Clean Energy
Source: PR Newswire
REDWOOD CITY, Calif. and GUELPH, Ontario, Canada, Sept. 12, 2017 /PRNewswire/ -- Recurrent Energy and Peninsula Clean Energy ("PCE") today announced a 15-year Power Purchase Agreement ("PPA") for 100 megawatts of new solar power. Recurrent Energy is a wholly-owned subsidiary of Canadian Solar, Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), and PCE is the community choice energy agency serving San Mateo County.
Electricity will be delivered to PCE from Recurrent Energy's Mustang Two solar photovoltaic project in Kings County, in central California. The project is expected to reach commercial operation in 2019. Following commercial operation, the project will begin delivering power to PCE pursuant to the terms of the PPA.
"With this project, PCE has contracted for over 300 megawatts of clean, renewable energy from new facilities that are being built specifically to serve our customers in San Mateo County," said Jan Pepper, CEO of PCE. "Recurrent Energy is an excellent partner for communities like ours that want access to cost-effective, clean electricity from California."
"We are proud to help PCE meet their customers' growing demand for clean energy," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "This contract is an important part of growing our future U.S. project development pipeline."
The Mustang Two solar project has a Project Labor Agreement (PLA) with the International Brotherhood of Electrical Workers (IBEW), Ironworkers, Carpenters, Laborers, and Operating Engineers for the construction of the solar project. It is expected to have a peak construction labor force of approximately 400 workers.
About Peninsula Clean Energy
Peninsula Clean Energy (PCE) is San Mateo County's official electricity provider. PCE is a public, locally-controlled community choice energy program that provides all electric customers in San Mateo County the choice of having electricity supplied from clean, renewable sources at competitive rates. PCE's default option, ECOplus, is 50% renewable and 75% greenhouse gas emissions free, at a generation rate that is priced 5% less than PG&E. PCE's ECO100 option is 100% renewable and 100% greenhouse gas emissions free. The Peninsula Clean Energy Authority, formed in March 2016, is a joint powers authority made up of the County of San Mateo and all 20 cities in the County. PCE serves approximately 300,000 accounts.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar, Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has more than 4 GW of solar projects in development in the U.S. Additional details are available at www.recurrentenergy.com.
About Canadian Solar, Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Canadian Solar's Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-subsidiary-recurrent-energy-inks-100-megawatt-power-purchase-agreement-with-peninsula-clean-energy-300517557.html
SOURCE Canadian Solar Inc.
Article Date
9/12/2017Canadian Solar to Attend 5th Annual ROTH Solar and Storage Symposium in Las Vegas
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Sept. 8, 2017 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to attend the 5th Annual ROTH Solar and Storage Symposium on Tuesday September 12, 2017 at the Mandalay Bay Convention Center in Las Vegas.
During the conference, Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer and Ms. Mary Ma, Senior Supervisor of Investor Relations will be available to meet with institutional investors.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit http://www.canadiansolar.com.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-to-attend-5th-annual-roth-solar-and-storage-symposium-in-las-vegas-300516213.html
SOURCE Canadian Solar Inc.
Article Date
9/8/2017Canadian Solar Acquires an 80.6 MWp of Solar Power Project in Brazil
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Sept. 6, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced an acquisition of an 80.6 MWp solar photovoltaic (PV) project in Guimarania, in the state of Minas Gerais, Brazil. Canadian Solar will build the project and provide the modules from its local factory in Brazil.
The Guimarania project received a 20-year Power Purchase Agreement from the second Reserve Energy Auction at R$290.00/MWh (approximately US$91.77/MWh). Once connected to the grid, the plant will generate approximately 143,664 MWh of electricity per year, which will be sold to CCEE (Electrical Energy Commercialization Chamber). Construction will start in early 2018 and reach commercial operation in Q4 2018.
"The Guimarania project is an exciting addition to our attractive utility-scale project pipeline in Brazil." commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "We will continue to evaluate additional opportunities in this important emerging market so as to accelerate the adoption of the affordable, reliable and clean solar energy across the country."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit http://www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-acquires-an-806-mwp-of-solar-power-project-in-brazil-300514451.html
SOURCE Canadian Solar Inc.
Article Date
9/6/2017Canadian Solar Commissions a 27.3 MWp Solar Power Plant in Japan
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Aug. 30, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it successfully completed construction and started commercial operation of a 27.3 MWp solar photovoltaic (PV) power plant in Tottori Prefecture, Japan.
The plant reached commercial operation on August 10, 2017. Powered by 85,320 Canadian Solar's high-efficiency MaxPower modules, the plant is expected to generate approximately 26,259 MWh of clean, reliable solar electricity each year, which will be purchased by Chugoku Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of ¥40.0 ($0.32) per kWh.
"The successful grid connection of the 27.3 MWp plant is another testament to Canadian Solar's capability in project development and construction, and it enlarges our portfolio of operating solar power projects in Japan to 137.8 MWp," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "We will continue to execute on our energy business strategy to develop and deliver more quality solar projects in Japan and other countries."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 http://www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancellation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-commissions-a-273-mwp-solar-power-plant-in-japan-300511392.html
SOURCE Canadian Solar Inc.
Article Date
8/30/2017Canadian Solar Reports Second Quarter 2017 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Aug. 14, 2017 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the quarter ended June 30, 2017.
Second Quarter 2017 Highlights
Second Quarter 2017 Results
Net revenue in the second quarter of 2017 was $692.4 million, up 2.3% from $677.0 million in the first quarter of 2017 and down 14.1% from $805.9 million in the second quarter of 2016. Solar module shipments recognized in revenue totaled 1,638 MW, compared to 1,489 MW recognized in revenue in the first quarter of 2017 and 1,290 MW recognized in revenue in the second quarter of 2016. Solar module shipments recognized in revenue in the second quarter of 2017 included 29.2 MW used in the Company's total solutions business, compared to 176.3 MW in the first quarter of 2017 and 18.7 MW in the second quarter of 2016.
The following table is a summary of net revenue by geographic region based on the location of customers' headquarters (in millions of US$, except percentages).
|
Q2 2017 |
Q1 2017 |
Q2 2016 | ||||
|
US$M |
% |
US$M |
% |
US$M |
% | |
|
The Americas |
$150.0 |
21.7 |
$200.1 |
29.6 |
$383.9 |
47.6 |
|
Asia |
452.7 |
65.3 |
394.3 |
58.2 |
318.4 |
39.5 |
|
Europe and Others |
89.7 |
13.0 |
82.6 |
12.2 |
103.6 |
12.9 |
|
Total |
692.4 |
100 |
677.0 |
100 |
805.9 |
100 |
Gross profit in the second quarter of 2017 was $167.8 million, compared to $91.4 million in the first quarter of 2017 and $138.5 million in the second quarter of 2016. Gross margin in the second quarter of 2017 was 24.2%, compared to 13.5% in the first quarter of 2017, and compared to 17.2% in the second quarter of 2016. Gross profit in the second quarter of 2017 includes the benefits of a $42.6 million and a $15.0 million AD/CVD reversals based on the final rates of Solar 1 AR3 and Solar 2 AR1, respectively. Excluding this benefit, gross margin was 15.9% in the second quarter of 2017.
Total operating expenses were $84.1 million in the second quarter of 2017, down 10.3% from $93.7 million in the first quarter of 2017 and down 15.0% from $98.9 million in the second quarter of 2016.
Selling expenses were $39.3 million in the second quarter of 2017, up 15.9% from $33.9 million in the first quarter of 2017 and up 16.1% from $33.9 million in the second quarter of 2016. The sequential increase of $5.4 million was primarily due to higher shipping and handling cost, resulting from higher module shipment volume, increased professional service fees, and increased external sales commission.
General and administrative expenses were $53.0 million in the second quarter of 2017, down 3.8% from $55.1million in the first quarter of 2017 and up slightly from $52.9 million in the second quarter of 2016. Excluding the $8.6 million provision for the LDK legal case in the first quarter of 2017, the sequential increase was primarily due to an increase in various professional service fees, an increase in sales tax associated with prior years' sales and an increased property insurance premium.
Research and development expenses were $7.3 million in the second quarter of 2017, compared to $5.6 million in the first quarter of 2017 and $5.1 million in the second quarter of 2016. The sequential and year-over-year increases reflect the Company's continued commitment to investing in and commercializing solar energy technologies that differentiate the Company and strengthen its competitive position through higher efficiency, and more sought after energy solutions.
Other operating income was $15.5 million in the second quarter of 2017, compared to other operating income of $0.9 million in the first quarter of 2017 and other operating loss of $7.1 million in the second quarter of 2016, Other operating income in the second quarter of 2017 included insurance compensation of $15.2 million for the loss of profit related to the June 2016 tornado damage to the Company's Funing cell factory.
Income from operations was $83.7 million in the second quarter of 2017, compared to a loss from operations of $2.3 million in the first quarter of 2017, and income from operations of $39.6 million in the second quarter of 2016. Operating margin was 12.1% in the second quarter of 2017, compared to negative 0.3% in the first quarter of 2017 and 4.9% in the second quarter of 2016.
Non-cash depreciation and amortization charges were approximately $21.2 million in the second quarter of 2017, compared to $17.1 million in the first quarter of 2017, and $25.5 million in the second quarter of 2016. Non-cash equity compensation expense was $4.2 million in the second quarter of 2017, compared to $0.9 million in the first quarter of 2017 and $1.9 million in the second quarter of 2016.
Interest expense was $26.7 million in the second quarter of 2017, compared to $24.1 million in the first quarter of 2017 and $11.9 million in the second quarter of 2016.
Interest income was $1.4 million in the second quarter of 2017, compared to $2.5 million in the first quarter of 2017 and $2.4 million in the second quarter of 2016.
The Company recorded a loss on change in fair value of derivatives, predominantly from foreign exchange hedging positions of forwards, of $1.8 million in the second quarter of 2017, compared to a loss of $7.8 million in the first quarter of 2017 and a loss of $1.6 million in the second quarter of 2016. Foreign exchange loss in the second quarter of 2017 was $11.6 million compared to a foreign exchange gain of $14.2 million in the first quarter of 2017 and a foreign exchange gain of $24.9 million in the second quarter of 2016.
Income tax expense was $9.0 million in the second quarter of 2017, compared to income tax benefit of $3.1 million in the first quarter of 2017 and income tax expense of $16.3 million in the second quarter of 2016.
Net income attributable to Canadian Solar was $38.2 million, or $0.63 per diluted share, in the second quarter of 2017, compared to net loss attributable to Canadian Solar of $13.3 million, or $0.23 per diluted share, in the first quarter of 2017 and net income attributable to Canadian Solar of $40.4 million, or $0.68 per diluted share, in the second quarter of 2016. Non-GAAP net loss attributable to Canadian Solar, which is adjusted to exclude the AD/CVD reversal and an insurance compensation gain, net of income tax effect, was $9.1 million, or $0.15 per diluted share, in the second quarter of 2017, compared to a non-GAAP net loss attributable to Canadian Solar of $6.0 million, or $0.10 per diluted share, in the first quarter of 2017, which is adjusted to exclude the LDK legal case provision of $8.6 million, net of income tax effect. For a reconciliation of measures presented in accordance with generally accepted accounting principles in the United States ("GAAP") to the non-GAAP measures, a table is available at the end of this press release.
Financial Condition
The Company had $961.6 million of cash, cash equivalents and restricted cash as of June 30, 2017, compared to $961.4 million as of March 31, 2017.
Accounts receivable, net of allowance for doubtful accounts, as of June 30, 2017 were $367.6 million, compared to $368.6 million as of March 31, 2017. Accounts receivable turnover was 56 days in the second quarter of 2017, compared to 59 days in the first quarter of 2017.
Inventories as of June 30, 2017 were $283.2 million, compared to $274.5 million as of March 31, 2017. Inventory turnover was 52 days in the second quarter of 2017, compared to 48 days in the first quarter of 2017.
Accounts and notes payable as of June 30, 2017 were $899.5 million, compared to $847.2 million as of March 31, 2017.
Excluding the borrowings included in 'Liabilities held-for-sale', short-term borrowings as of June 30, 2017 were $2.04 billion, compared to $1.71 billion as of March 31, 2017. Long-term borrowings as of June 30, 2017 were $273.0 million, compared to $462.1 million as of March 31, 2017.
The Company had approximately $1.18 billion in non-recourse bank borrowings as of June 30, 2017. Senior convertible notes totaled $126.0 million as of June 30, 2017, compared to $125.8 million as of March 31, 2017. Total borrowings directly related to utility-scale solar power projects, which included approximately $1.10 billion of non-recourse borrowings, were $1.30 billion as of June 30, 2017, compared to $1.20 billion as of March 31, 2017.
In the second quarter of 2017, the Company invested RMB 220.6 million ($32.6 million) into Suzhou Gaochuangte New Energy Co., Ltd., a solar EPC company in China, increasing Canadian Solar's holdings from 40% to 80%. A preliminary allocation of the share purchase price to assets acquired and liabilities assumed has been made based on available information and management's best estimates. The final allocation of the purchase price may differ from this preliminary allocation.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked, "Q2 was a solid quarter, with solar module shipments, revenue and gross margin all coming in above guidance. We continue to make progress with respect to the monetization of our operating solar power plants in the U.S., Japan, Brazil, China and the U.K. We have entered into exclusive discussions with the winner of the binding bids submitted for 703 MWp of our U.S. solar power plant assets and expect to finalize the sale over the coming months. Separately, in July, we completed the sale of an additional 281 MWp solar power projects, which are still in construction in the U.S. In Japan, we are on track to launch a JREIT listing in the near future, with an initial portfolio of 65 MWp of solar power plants."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "We are pleased with our second quarter results. The higher module shipments were driven by strong demand for solar modules in China, India, Japan and the U.S., with the gross margin improvement due to higher than expected average selling price and better cost controls. Results in the quarter benefitted from an AD/CVD reversal, and the finalization of an insurance claim related to the tornado damage of our Funing cell factory. The insurance payment included compensation of $15.2 million for the loss of profit from the business interruption, which is recorded as 'Other operation incomes'. We remain confident we will finalize several project monetization events, including our JREIT in Japan, and the sales of solar power project assets in the U.S., Japan, China and the U.K. Our focus is on delivering a healthy return to our shareholders, maximizing operating cash flow and deleveraging our balance sheet in order to fund the next phase of the Company's growth."
Utility-Scale Solar Project Pipeline
The Company divides its utility-scale solar project pipeline into two parts: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline primarily includes projects that have energy off-take agreements and are expected to be built within the next two to four years. The Company used to include certain Japanese projects under bidding process as late-stage. In the future, the Company will describe these projects as mid-stage. The Company has also moved certain Chinese projects from the category of late-stage to mid-stage. The Company continues to advance these mid-stage projects as usual, and will add them back to the list of late-stage once the PPA or FIT is received.
Late-Stage Utility-Scale Solar Project Pipeline
As of July 31, 2017, the Company's late-stage solar project pipeline, including those in construction, totaled approximately 1,391 MWp, which included 362 MWp in Japan, 120 MWp in the U.S., 210 MWp in China, 399 MWp in Brazil, 108 MWp in India, 118 MWp in Australia, 68 MWp in Mexico and 6 MWp in Africa. The Company cautions that some late-stage projects may not reach completion due to risks as failure to secure permits and grid connection, among others.
In the United States, as previously announced, the Company completed the sale of the 281 MWp Great Valley Solar project, previously called Tranquillity 8, to Sempra Renewables LLC, a unit of Sempra Energy. The Great Valley Project currently is under construction and Sempra Renewables will assume construction of the project and operate the facility.
The table below sets forth the Company's late-stage utility-scale solar project pipeline in the U.S. as of July 31, 2017:
|
U.S. Project |
MWp |
Location |
Status |
Expected COD |
|
Gaskell West 1 |
28 |
Kern county, CA |
Development |
2018 |
|
IS 42 |
92 |
Fayetteville, NC |
Construction |
2017 |
|
Total |
120 |
In Japan, as of July 31, 2017, the Company's pipeline of utility-scale solar power projects totaled approximately 572 MWp, as an additional 51 MWp reached COD in the second quarter of this year. 362 MWp of these projects are described as late-stage for which interconnection agreements and FIT are secured. 159 MWp of the late-stage projects are under construction and 203 MWp are under development. Canadian Solar has additional 210 MWp of utility-scale solar projects in the bidding process, which will be added to the list of late-stage projects once FIT is awarded. The table below sets forth the expected commercial operation schedule of the Company's late-stage utility-scale solar power projects in Japan as of July 31, 2017:
|
Expected Japan COD Schedule of Late-Stage Projects (MWp) | ||||||||||
|
H2 2017 |
2018 |
2019 |
2020 |
2021 and |
Total | |||||
|
51.4 |
75.4 |
99.2 |
118.4 |
18 |
362.4 | |||||
In Brazil, the Company has a total of 399 MWp of late-stage projects. The table below sets forth the Company's late-stage utility-scale solar project pipeline in Brazil as of July 31, 2017:
|
Brazil Project |
MWp |
Location |
Status |
Expected |
|
Pirapora I |
191.5 |
Brazil |
Construction |
2017 |
|
Pirapora II |
115 |
Brazil |
Development |
2018 |
|
Pirapora III (formerly Vazante) |
92.5 |
Brazil |
Construction |
2017 |
|
Total |
399 |
The Company completed the sale of an 80% interest in each of 191.5 MWp Pirapora I, 115 MWp Pirapora II and 92.5 MWp Pirapora III to EDF. The Company supplies modules for all the Pirapora projects. The Company expects to bring Pirapora I to COD in Q3 of 2017.
In India, as of July 31, 2017, the Company's late-stage utility-scale power project pipeline stood at 108 MWp. The 108 MWp SECI Maharashtra project is currently under development and is expected to reach commercial operation by the end of 2017. The 18 MWp Kamareddy project and the 18 MWp Ramnapet project were connected to the grid in July 2017.
In China, the Company connected a total of 58.2 MWp of solar power projects to the grid in the second quarter of this year. As of July 31, 2017, the late-stage utility-scale power pipeline was at 210 MWp and the mid-stage pipeline was 131.8 MWp in China.
Solar Power Plants in Operation
In addition to its late-stage utility-scale solar project pipeline, the Company has a portfolio of solar power plants in operation, totaling 1,260.2 MWp as of June 30, 2017, which are recorded on its balance sheet as project assets ($1,308.5 million), assets held-for-sale ($203.5 million) and solar power systems, net ($65.8 million). Revenue from the sale of electricity generated by the plants recorded as "assets held-for-sale" and "solar power systems, net" in the second quarter of 2017 totaled $9.8 million, compared to $5.2 million in the first quarter of 2017.
The sale of projects recorded as 'project assets' (build to sell) on the balance sheet will be recorded as revenue once revenue recognition criteria are met, and the gain from the sale of projects recorded as 'assets held-for-sale' and 'solar power systems, net' (build to own) on the balance sheet will be recorded within 'other operating income (expenses)' in the income statement.
The table below sets forth the Company's total portfolio of solar power plants in operation as of June 30, 2017:
|
Plants in Operation (MWp) | |||||
|
U.S. |
Japan |
U.K. |
China |
Other |
Total |
|
808 |
110.5 |
150 |
186.7 |
5 |
1,260.2 |
Manufacturing Capacity
The Company plans to expand its ingot, wafer, cell and module capacities to 1.1 GW, 4.0 GW, 4.70 GW and 7.19 GW, respectively, by December 31, 2017. The table below sets forth the Company's capacity expansion plan from December 31, 2016 to December 31, 2017:
|
Manufacturing Capacity Roadmap (MW) | |||
|
December 31,2016 |
June 30, 2017 |
December 31, 2017 | |
|
Ingot |
400 |
- |
1,100 |
|
Wafer |
1,000 |
2,000 |
4,000 |
|
Cell |
2,440 |
4,490 |
4,700 |
|
Module |
6,170 |
6,970 |
7,190 |
The Company continues to ramp up its new multi-crystalline silicon ingot casting workshop in Baotou, China, with 50 new casting furnaces with a 700 MW annual capacity, operated in G6 mode, producing 36 bricks per ingot. The Company has now successfully relocated its older casting ingot furnaces, previously in Luoyang, China, to Baotou in order to benefit from lower electricity cost. The Company expects to complete the ramp up at Baotou in the third quarter of 2017 and reach 1,100 MW of annual internal ingot casting capacity. The Company plans to migrate the 50 new casting furnaces to G7 mode, producing 49 bricks per ingot, by the middle of 2018, thereby raising its ingot capacity to 1,500 MW and further reducing costs. The new Baotou ingot factory will also help the Company to reduce the amount it pays to purchase external ingots and thus reduce its all-in module manufacturing costs.
The Company's wafer manufacturing capacity recently reached 2.0 GW and will reach 3.0 GW in the third quarter of 2017 and 4.0 GW by December 31, 2017, all of which will use diamond wire-saw technology. Diamond wire-saw technology is compatible with the Company's proprietary and highly efficient Onyx black silicon multi-crystalline solar cell technology, significantly reducing silicon usage and manufacturing cost.
The Company's solar cell manufacturing capacity as of June 30, 2017 was 4.49 GW. The annual capacity at the Company's Funing cell factory has reached 1,440 MW, with an additional 850 MW cell capacity at the Company's South East Asia facility. The Company plans to debottleneck the production in its Funing and South East Asia plants later this year, allowing the Company's cell manufacturing capacity to reach 4.70 GW by December 31, 2017.
The Company expects that its total worldwide module manufacturing capacity will exceed 7.19 GW by December 31, 2017.
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainties relating to customer final demand and solar project construction schedules. Management's views and estimates are subject to change without notice.
For the third quarter of 2017, the Company expects total solar module shipments to be in the range of approximately 1.65 GW to 1.70 GW, including approximately 86 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in the third quarter of 2017. Total revenue for the third quarter of 2017, which includes revenue from both of our solar module sales and from our energy business, is expected to be in the range of $805 million to $825 million. Gross margin for the third quarter of 2017 is expected to be between 15% and 17%.
The Company reiterates its expectation that total module shipments in 2017 will be in the range of 6.0 GW to 6.5 GW. The module shipments recognized in revenue and total annual revenue will depend on market conditions, including ASP trends. The Company continues to expect it will connect approximately 1 GW to 1.2 GW of new solar projects globally in 2017, based on the commercial operation date (COD). These projects are located in the U.S., Japan, China, the UK, India, Brazil and Africa. The revenue from the Company's energy business will mainly come from the monetization of the Company's high quality solar power plant assets in the U.S., Japan, China, UK, India and Brazil. Management expects that the increase in vertical integration along the manufacturing cycle will help the Company maintain or improve its gross margin.
Recent Developments
On August 10, 2017, Canadian Solar announced that it sold 80% of the interests in its 92.5 MWp Pirapora III solar energy project in Brazil to EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil.
On August 8, 2017, Canadian Solar announced that Sempra Renewables LLC, a unit of Sempra Energy (NYSE:SRE), has acquired its 200 MWac/281 MWp Great Valley Solar project, previously called Tranquillity 8.
On August 7, 2017, Canadian Solar announced that the 191.5 MWp Pirapora I project had secured a project financing facility amounting to BRL529 million (US$163 million) from the Brazilian Development Bank.
On July 18, 2017, Canadian Solar announced that it started commercial operation of 52.5 MWp of solar photovoltaic (PV) power plants in Japan in the first half of 2017. The 52.5 MWp of plants include the 47.7 MWp Mashiki plant, the 2.4 MWp Yamagata Asahimachi plant, the 1.3 MWp Shizuoka Tashiro plant and the 1.1 MWp Saitama Shiroishi plant.
On June 19, 2017, Canadian Solar announced it sold 80% of the interests in its 115 MWp Pirapora II solar energy project in Brazil to EDF EN do Brasil.
Conference Call Information
The Company will hold a conference call today, Monday, August 14, 2017 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., August 14, 2017 in Hong Kong) to discuss the Company's second quarter 2017 results and business outlook. The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852 3018 6771 (local dial-in from HK) or +1 845 675 0437 from international locations. The passcode for the call is 59745217. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 4 hours after the conclusion of the call until 10:00 a.m. on Tuesday, August 22, 2017, U.S. Eastern Daylight Time (10:00 p.m., August 22, 2017 in Hong Kong) and can be accessed by dialing +1 855 452 5696 (toll-free from the U.S.), +852 3051 2780 (local dial-in from HK) or +1 646 254 3697 from international locations, with passcode 59745217. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 22 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 27, 2017. 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.
FINANCIAL TABLES FOLLOW
|
Canadian Solar Inc. | ||||||||||
|
Unaudited Condensed Consolidated Statement of Operations | ||||||||||
|
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated) | ||||||||||
|
Three Months Ended |
Six Months Ended | |||||||||
|
June 30 |
March 31 |
June 30 |
June 30 |
June 30 | ||||||
|
2017 |
2017 |
2016 |
2017 |
2016 | ||||||
|
Net revenues |
$ 692,366 |
$ 677,042 |
$ 805,906 |
$1,369,407 |
$1,527,328 | |||||
|
Cost of revenues |
524,527 |
585,636 |
667,437 |
1,110,162 |
1,276,388 | |||||
|
Gross profit |
167,839 |
91,406 |
138,469 |
259,245 |
250,940 | |||||
|
Operating expenses: |
||||||||||
|
Selling expenses |
39,324 |
33,941 |
33,864 |
73,265 |
68,654 | |||||
|
General and administrative |
52,950 |
55,070 |
52,922 |
108,020 |
88,442 | |||||
|
Research and development |
7,318 |
5,624 |
5,052 |
12,942 |
9,557 | |||||
|
Other operating (income) loss |
(15,502) |
(898) |
7,052 |
(16,400) |
6,332 | |||||
|
Total operating expenses |
84,090 |
93,737 |
98,890 |
177,827 |
172,985 | |||||
|
Income (loss) from operations |
83,749 |
(2,331) |
39,579 |
81,418 |
77,955 | |||||
|
Other income (expenses): |
||||||||||
|
Interest expense |
(26,717) |
(24,111) |
(11,889) |
(50,828) |
(28,019) | |||||
|
Interest income |
1,393 |
2,522 |
2,392 |
3,915 |
5,778 | |||||
|
Gain (loss) on change in fair value |
(1,849) |
(7,752) |
(1,632) |
(9,601) |
1,032 | |||||
|
Foreign exchange gain (loss) |
(11,648) |
14,214 |
24,936 |
2,566 |
33,447 | |||||
|
Investment income |
- |
- |
1,070 |
- |
1,158 | |||||
|
Gain on repurchase of convertible |
- |
- |
551 |
- |
2,460 | |||||
|
Other income (expenses), net |
(38,821) |
(15,127) |
15,428 |
(53,948) |
15,856 | |||||
|
Income (loss) before income taxes |
44,928 |
(17,458) |
55,007 |
27,470 |
93,811 | |||||
|
Income tax (expense) benefit |
(8,958) |
3,109 |
(16,304) |
(5,849) |
(28,557) | |||||
|
Equity in earnings (loss) of |
4,384 |
606 |
1,374 |
4,990 |
(1,388) | |||||
|
Net income (loss) |
40,354 |
(13,743) |
40,077 |
26,611 |
63,866 | |||||
|
Less: Net income (loss) |
2,142 |
(408) |
(302) |
1,734 |
903 | |||||
|
Net income (loss) attributable to |
$ 38,212 |
$ (13,335) |
$ 40,379 |
$ 24,877 |
$ 62,963 | |||||
|
Earnings (loss) per share - basic |
$ 0.66 |
$ (0.23) |
$ 0.70 |
$ 0.43 |
$ 1.10 | |||||
|
Shares used in computation - basic |
57,947,324 |
57,832,572 |
57,605,169 |
57,890,265 |
57,253,259 | |||||
|
Earnings (loss) per share - diluted |
$ 0.63 |
$ (0.23) |
$ 0.68 |
$ 0.42 |
$ 1.07 | |||||
|
Shares used in computation - diluted |
62,049,899 |
57,832,572 |
61,040,478 |
58,647,785 |
60,996,903 | |||||
|
Canadian Solar Inc. | ||||||||||
|
Unaudited Condensed Consolidated Statement of Comprehensive Income | ||||||||||
|
(In Thousands of US Dollars) | ||||||||||
|
Three Months Ended |
For six months ended | |||||||||
|
June 30 |
March 31 |
June 30 |
June 30 |
June 30 | ||||||
|
2017 |
2017 |
2016 |
2017 |
2016 | ||||||
|
Net Income (loss) |
40,354 |
(13,743) |
40,077 |
26,611 |
63,866 | |||||
|
Other comprehensive income (net of tax |
||||||||||
|
Foreign currency translation adjustment |
3,833 |
8,929 |
(10,680) |
12,762 |
11,995 | |||||
|
Gain (loss) on changes in fair value of |
(3,611) |
1,681 |
(5,457) |
(1,930) |
(3,825) | |||||
|
Comprehensive income (loss) |
40,576 |
(3,133) |
23,940 |
37,443 |
72,036 | |||||
|
Less: comprehensive income (loss) |
3,153 |
(2,438) |
103 |
715 |
2,149 | |||||
|
Comprehensive income (loss) |
37,423 |
(695) |
23,837 |
36,728 |
69,887 | |||||
|
Canadian Solar Inc. | ||||
|
Unaudited Condensed Consolidated Balance Sheet | ||||
|
(In Thousands of US Dollars) | ||||
|
June 30, |
December 31, | |||
|
2017 |
2016 | |||
|
ASSETS |
||||
|
Current assets: |
||||
|
Cash and cash equivalents |
$ 496,618 |
$ 511,039 | ||
|
Restricted cash - current |
456,798 |
487,516 | ||
|
Accounts receivable trade, net |
367,559 |
400,251 | ||
|
Accounts receivable, unbilled |
1,309 |
3,425 | ||
|
Amounts due from related parties |
26,952 |
19,082 | ||
|
Inventories |
283,184 |
295,371 | ||
|
Value added tax recoverable |
76,748 |
55,680 | ||
|
Advances to suppliers - current |
40,941 |
29,312 | ||
|
Derivative assets - current |
12,420 |
12,270 | ||
|
Project assets - current |
1,684,955 |
1,317,902 | ||
|
Assets held-for-sale |
220,830 |
392,089 | ||
|
Prepaid expenses and other current assets |
240,532 |
266,826 | ||
|
Total current assets |
3,908,846 |
3,790,763 | ||
|
Restricted cash - non-current |
8,139 |
9,145 | ||
|
Property, plant and equipment, net |
595,563 |
462,345 | ||
|
Solar power systems, net |
65,849 |
112,062 | ||
|
Deferred tax assets, net |
245,397 |
229,980 | ||
|
Advances to suppliers –non-current |
87,851 |
54,080 | ||
|
Prepaid land use right |
55,359 |
48,651 | ||
|
Investments in affiliates |
408,092 |
368,459 | ||
|
Intangible assets, net |
8,640 |
8,422 | ||
|
Goodwill |
7,617 |
7,617 | ||
|
Derivatives assets - non-current |
10,800 |
15,446 | ||
|
Project assets - non-current |
147,127 |
182,391 | ||
|
Other non-current assets |
125,734 |
117,245 | ||
|
TOTAL ASSETS |
$ 5,675,014 |
$ 5,406,606 | ||
|
Current liabilities: |
||||
|
Short-term borrowings |
$ 2,044,755 |
$ 1,600,033 | ||
|
Accounts and notes payable |
899,544 |
736,779 | ||
|
Amounts due to related parties |
10,172 |
19,912 | ||
|
Other payables |
239,517 |
223,584 | ||
|
Short-term commercial paper |
61,615 |
131,432 | ||
|
Advances from customers |
72,892 |
90,101 | ||
|
Derivative liabilities - current |
8,198 |
9,625 | ||
|
Liabilities held-for-sale |
211,415 |
279,272 | ||
|
Financing liability |
412,200 |
459,258 | ||
|
Other current liabilities |
164,541 |
171,070 | ||
|
Total current liabilities |
4,124,849 |
3,721,066 | ||
|
Accrued warranty costs |
62,105 |
61,139 | ||
|
Convertible notes |
126,017 |
125,569 | ||
|
Long-term borrowings |
273,020 |
493,455 | ||
|
Derivatives liabilities - non-current |
617 |
- | ||
|
Liability for uncertain tax positions |
8,797 |
8,431 | ||
|
Deferred tax liabilities - non-current |
23,972 |
23,348 | ||
|
Loss contingency accruals |
26,591 |
22,654 | ||
|
Other non-current liabilities |
76,692 |
51,554 | ||
|
Total LIABILITIES |
4,722,660 |
4,507,216 | ||
|
Equity: |
||||
|
Common shares |
701,774 |
701,283 | ||
|
Additional paid-in capital |
(3,861) |
(8,897) | ||
|
Retained earnings |
308,986 |
284,109 | ||
|
Accumulated other comprehensive loss |
(79,963) |
(91,814) | ||
|
Total Canadian Solar Inc. shareholders' equity |
926,936 |
884,681 | ||
|
Non-controlling interests in subsidiaries |
25,418 |
14,709 | ||
|
TOTAL EQUITY |
952,354 |
899,390 | ||
|
TOTAL LIABILITIES AND EQUITY |
$ 5,675,014 |
$ 5,406,606 | ||
About Non-GAAP Financial Measures
To supplement its financial disclosures presented in accordance with GAAP, the Company uses non-GAAP measures which are adjusted from the most comparable GAAP measures for certain items as described below. The Company presents non-GAAP net income and diluted earnings per share so that readers can better understand the underlying operating performance of the business before the impact of AD/CVD true-up provisions and gain from insurance compensation in the second quarter of 2017, LDK provision in the first quarter of 2017 and AD/CVD true-up provision in the fourth quarter of 2016. The non-GAAP numbers are not measures of financial performance under U.S. GAAP, and should not be considered in isolation or as an alternative to other measures determined in accordance with GAAP. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited.
|
Reconciliation of U.S. GAAP to Non-GAAP financial measures | ||||||
|
Statement of Operations Data: | ||||||
|
(In Thousands, except per share amounts) | ||||||
|
Three months ended | ||||||
|
June 30, 2017 |
March 31, |
December 31, | ||||
|
GAAP net income (loss) attributable to Canadian Solar Inc. |
$ 38,212 |
$ (13,335) |
$ (13,328) | |||
|
Non-GAAP income adjustment items: |
||||||
|
LDK provision |
- |
8,615 |
- | |||
|
AD/CVD true-up provision |
(57,602) |
- |
44,126 | |||
|
Gain from insurance compensation |
(15,238) |
- |
- | |||
|
Income tax effect |
25,519 |
(1,292) |
(16,631) | |||
|
Non-GAAP net income (loss) attributable to Canadian |
(9,109) |
(6,012) |
14,167 | |||
|
Shares used in computation -diluted |
59,216,566 |
57,832,572 |
58,092,689 | |||
|
GAAP income (loss) per share-diluted |
0.63 |
(0.23) |
(0.23) | |||
|
Non-GAAP income (loss) per share-diluted |
(0.15) |
(0.10) |
0.24 | |||
View original content:http://www.prnewswire.com/news-releases/canadian-solar-reports-second-quarter-2017-results-300503629.html
SOURCE Canadian Solar Inc.
Article Date
8/14/20178/10/2017 - EDF Energies Nouvelles Partners with Canadian Solar for a 92.5 MWp Photovoltaic Project in Brazil
EDF Energies Nouvelles Partners with Canadian Solar for a 92.5 MWp Photovoltaic Project in Brazil
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Aug. 10, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, and EDF Energies Nouvelles, a global market leader in renewable energy, announced today a partnership in the 92.5 MWp Pirapora III photovoltaic project in Brazil, through the sale of 80% interest in the Project by Canadian Solar to EDF EN do Brasil, EDF Energies Nouvelles' local subsidiary. The Pirapora III project has started construction and is expected to reach commercial operation in the fourth quarter of 2017.
Canadian Solar is supplying modules for the Project from its 380 MWp modules factory established in Brazil to support the local market. EDF EN do Brasil will manage both the construction and operations phases of the Project.
EDF EN do Brasil previously acquired from Canadian Solar an 80% interest in its 191.5 MWp Pirapora I and 115 MWp Pirapora II projects. Once commissioned in 2018, the three projects located in the same area will form the largest solar photovoltaic facility in operation in Latin America with a total installed capacity of approximately 400 MWp. The three projects will benefit from common operational facilities and services. The Pirapora III project, located in the State of Minas Gerais in Brazil, was awarded a 20-year Power Purchase Agreement in the 2014 Reserve Energy Auction.
The Project will generate 188 GWh per year and contribute towards the country's goal of obtaining 23% of its energy from non-hydro renewable sources by 2030.
"We are proud to be working with EDF EN on a third project in Brazil. We have now partnered with EDF EN on all three of our projects in Brazil that were awarded long-term PPAs, totaling close to 400 MWp. We value our strategic partnership with EDF EN and look forward to continuing our successful collaboration on other opportunities in the future, as we expand our quality solar project pipeline globally", said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
Antoine Cahuzac, EDF Group's Senior Executive Vice President, Renewable Energies and CEO of EDF Energies Nouvelles, added: "This acquisition constitutes further evidence of our growth ambitions in Brazil, a key renewable energy market for the EDF Group. It represents a new step toward the EDF Group's goal of doubling its renewable capacity in France, and worldwide, by 2030 under its CAP 2030 company plan."
About EDF Energies Nouvelles
EDF Energies Nouvelles is a market leader in renewable energy electricity, with a portfolio of more than 10 GW gross installed capacity focused for the most part on wind (onshore and offshore) and solar photovoltaic energy. Mostly operating in Europe and North America, EDF Energies Nouvelles continues its development by taking strong positions in promising emerging areas such as Brazil, Chile, China, India or South Africa. The Company is also present in other segments of the renewable energy market: marine energy, distributed energies and energy storage. EDF Energies Nouvelles manages renewable energy projects' development and construction as well as operation and maintenance for its own account and for third parties. EDF Energies Nouvelles is a subsidiary of the EDF Group dedicated to renewable energy.
Visit us at www.edf-energies-nouvelles.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 21GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
Canadian Solar Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/edf-energies-nouvelles-partners-with-canadian-solar-for-a-925-mwp-photovoltaic-project-in-brazil-300502576.html
SOURCE Canadian Solar Inc.
Article Date
8/10/20178/8/2017 - Sempra Renewables Acquires California Solar Project from Canadian Solar Subsidiary Recurrent Energy
Sempra Renewables Acquires California Solar Project from Canadian Solar Subsidiary Recurrent Energy
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Aug. 8, 2017 /PRNewswire/ -- Recurrent Energy, a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), today announced that Sempra Renewables LLC, a unit of Sempra Energy (NYSE: SRE), has acquired its 200 MWac/281 MWp Great Valley Solar project, previously called Tranquillity 8.
"We are pleased to work with a market-leading partner like Sempra Renewables on this transaction," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "Recurrent Energy's strong portfolio of U.S. solar assets continues to create value for our customers and shareholders."
The Great Valley Solar project, currently under construction in Fresno County, Calif., is located on approximately 1,600 acres adjacent to the 200 MWac/258 MWp Tranquillity Solar Facility. The Tranquillity facility was completed by Recurrent Energy in late 2016 and is majority-owned by a subsidiary of Southern Power.
The project, which is expected to be fully completed by Sempra Renewables in the third quarter 2018, should generate enough clean electricity to meet the energy needs of approximately 50,000 homes. Sempra Renewables has assumed construction of the project and will operate the facility, which is fully contracted under four independent long-term, power purchase agreements.
About Recurrent Energy
Recurrent Energy is a leading utility-scale solar project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar's U.S. project development arm. Recurrent Energy has more than 4 GW of solar projects in development in the U.S. Additional details are available at: www.recurrentenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 21 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
Canadian Solar's Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/sempra-renewables-acquires-california-solar-project-from-canadian-solar-subsidiary-recurrent-energy-300500897.html
SOURCE Canadian Solar Inc.
Article Date
8/8/2017Canadian Solar's and EDF Energies Nouvelles' Pirapora I Project Secures the First Solar Financing from the Brazilian Development Bank
Source: PR Newswire
GUELPH, Ontario, Aug. 7, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies and EDF Energies Nouvelles, a global market leader in renewable energy, today announced that the 191.5 MWp Pirapora I project had secured a project financing facility amounting to BRL529 million (US$163 million) from the Brazilian Development Bank ("BNDES").
The Pirapora I project is the first-ever solar power generation project to be financed by BNDES, with funding entirely from TJLP (Brazilian Long Term Interest Rate). The 18-year financing facility underscores the confidence of BNDES in the long-term growth of renewable energy in Brazil.
Canadian Solar owns 20% of the photovoltaic project located in Minas Gerais, in partnership with EDF EN do Brasil, EDF Energies Nouvelles' local subsidiary, that has acquired 80% of the project, in October 2016. Canadian Solar has supplied modules manufactured in the State of Sao Paulo, Brazil that satisfy BNDES' local content requirements. The project is fully contracted with a 20-year inflation-linked power purchase agreement (PPA) awarded in 2015 at an auction organized by the Brazilian Government. The project is currently under construction and is expected to reach commercial operation in the third quarter of 2017.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented "This cornerstone financing from BNDES for the Pirapora I project demonstrates the total commitment from BNDES and the Brazilian government to support companies willing to invest in the long-term development of solar energy infrastructure in Brazil. We are extremely pleased to have partnered with EDF Energies Nouvelles in securing this landmark transaction in the solar sector."
About BNDES
BNDES is the main financing agent for development in Brazil. Since its foundation, in 1952, the BNDES has played a fundamental role in stimulating the expansion of industry and infrastructure in the country. Over the course of the Bank's history, its operations have evolved in accordance with the Brazilian socio-economic challenges, and now they include support for exports, technological innovation, sustainable socio-environmental development, infrastructure development and the modernization of public administration.
About EDF Energies Nouvelles
EDF Energies Nouvelles is a market leader in renewable energy electricity, with a portfolio of more than 9,5 GW gross installed capacity focused for the most part on wind (onshore and offshore) and solar photovoltaic energy. Mostly operating in Europe and North America, EDF Energies Nouvelles continues its development by taking strong positions in promising emerging areas such as Brazil, Chile, China, India or South Africa. The Company is also present in other segments of the renewable energy market: marine energy, distributed energies and energy storage. EDF Energies Nouvelles manages renewable energy projects' development and construction as well as operation and maintenance for its own account and for third parties. EDF Energies Nouvelles is a subsidiary of the EDF Group dedicated to renewable energy.
Visit us at www.edf-energies-nouvelles.com and follow us on https://www.linkedin.com/company/edf-energies-nouvelles and on Twitter @EDFEN_officiel
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 21 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solars-and-edf-energies-nouvelles-pirapora-i-project-secures-the-first-solar-financing-from-the-brazilian-development-bank-300500221.html
SOURCE Canadian Solar Inc.
Article Date
8/7/2017Canadian Solar Schedules Second Quarter 2017 Earnings Conference Call for August 14
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, July 27, 2017 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Monday, August 14, 2017 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., August 14, 2017 in Hong Kong) to discuss the Company's second quarter 2017 results and business outlook.
The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852 3018 6771 (local dial-in from HK) or +1 845 675 0437 from international locations. The passcode for the call is 59745217. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 4 hours after the conclusion of the call until 10:00 a.m. on Tuesday, August 22, 2017, U.S. Eastern Daylight Time (10:00 p.m., August 22, 2017 in Hong Kong) and can be accessed by dialing +1 855 452 5696 (toll-free from the U.S.), +852 3051 2780 (local dial-in from HK) or +1 646 254 3697 from international locations, with passcode 59745217. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 21 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-schedules-second-quarter-2017-earnings-conference-call-for-august-14-300495121.html
SOURCE Canadian Solar Inc.
Article Date
7/27/2017Canadian Solar Energizes 52.5 MWp of Solar Power Plants in Japan
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, July 18, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it started commercial operation of 52.5 MWp of solar photovoltaic (PV) power plants in Japan in the first half of 2017. The 52.5 MWp of plants include the 47.7 MWp Mashiki plant, the 2.4 MWp Yamagata Asahimachi plant, the 1.3 MWp Shizuoka Tashiro plant and the 1.1 MWp Saitama Shiroishi plant.
The Mashiki plant achieved commercial operation in June 2017. Powered by Canadian Solar's high-efficiency MaxPower modules, the plant is expected to generate approximately 57,000 MWh of clean, solar electricity per year, which will be purchased by Kyushu Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of JPY36.0 ($0.32) per kWh.
The Yamagata Asahimachi, Shizuoka Tashiro and Saitama Shiroishi plants were connected to the grid in March 2017. Powered by Canadian Solar's high-efficiency MaxPower modules, these plants are expected to generate around 5,429 MWh of clean, solar electricity per year, which will be purchased under a 20-year feed-in-tariff contract at the rate of JPY32.0 ($0.28), JPY36.0 ($0.32) and JPY27.0 ($0.24) per kWh respectively.
"We are pleased to have energized the 52.5 MWp of solar power plants in Japan. The 47.7 MWp Mashiki plant is the largest solar power plant that we have built there, which brings our total portfolio of projects in operation in Japan to 112.7 MWp," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "This is a milestone as we continue to make progress in developing and delivering our high-value solar project pipeline in this important market."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 21 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
View original content:http://www.prnewswire.com/news-releases/canadian-solar-energizes-525-mwp-of-solar-power-plants-in-japan-300489645.html
SOURCE Canadian Solar Inc.
Article Date
7/18/2017Canadian Solar Inc. Announces Results of 2017 Annual Meeting of Shareholders
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, June 28, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it held its 2017 Annual Meeting of Shareholders on June 28, 2017. Each of the proposals submitted for shareholder approval was approved. Specifically, the shareholders approved:
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 21 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
SOURCE Canadian Solar Inc.
Article Date
6/28/20176/19/2017 - EDF Energies Nouvelles to Partner with Canadian Solar for an Additional 115 MWp of Solar Project in Brazil
EDF Energies Nouvelles to Partner with Canadian Solar for an Additional 115 MWp of Solar Project in Brazil
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario and RIO DE JANEIRO, June 19, 2017 /PRNewswire/ -- Canadian Solar Inc., one of the world's largest solar power companies, and EDF Energies Nouvelles, a global market leader in renewable energy, announced today the acquisition of 80% interest in Canadian Solar's Pirapora II solar energy project in Brazil by EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil.
The 115 MWp Pirapora II project will start construction in the fall of 2017 and is expected to reach commercial operation in 2018. Canadian Solar will supply the modules for the project from its 380 MWp modules factory established in Brazil to support the local market.
The Pirapora II project, located in the state of Minas Gerais in Brazil, was awarded a 20-year Power Purchase Agreement in the first Reserve Energy Auction. Once completed, the project will generate 231,992 MWh per year and contribute towards the country's goal of obtaining 23% of its energy from non-hydro renewable sources by 2030.
In October 2016, EDF EN do Brasil acquired 80% of Canadian Solar 191.5 MWp Pirapora I project, also located in Minas Gerais. The two projects are adjacent to each other and at combined 306.5 MWp constitute one of the largest solar energy projects in Latin America.
"The investment by EDF Energies Nouvelles in Canadian Solar's Pirapora II project is another testament to the quality of Canadian Solar's project pipeline in Brazil. We have now partnered with EDF EN for two of our three projects in Brazil with awarded long-term PPAs, totaling 306.5 MWp. EDF EN is an important strategic partner of Canadian Solar and we look forward to further expanding our cooperation, while we grow our project pipeline in Brazil and other countries," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
Antoine Cahuzac, Senior Executive Vice President in Renewable Energies of EDF and Chief Executive Officer of EDF Energies Nouvelles added, "This additional Pirapora major solar project confirms the EDF's Group strong ambition to strengthen and diversify its renewables assets portfolio in Brazil, in partnership with a specialized company such as Canadian Solar. Pirapora I 191MW solar project and two wind projects are currently under construction by EDF Energies Nouvelles in the country. EDF Group is also involved in the hydraulic project –Sinop."
BTG Pactual served as financial advisor to Canadian Solar in the transaction.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 21 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 EDF Energies Nouvelles
EDF Energies Nouvelles is a market leader in renewable energy electricity, with a portfolio of more than 9,5 GW gross installed capacity focused for the most part on wind (onshore and offshore) and solar photovoltaic energy. Mostly operating in Europe and North America, EDF Energies Nouvelles continues its development by taking strong positions in promising emerging areas such as Brazil, Chile, China, India or South Africa. The Company is also present in other segments of the renewable energy market: marine energy, distributed energies and energy storage. EDF Energies Nouvelles manages renewable energy projects' development and construction as well as operation and maintenance for its own account and for third parties. EDF Energies Nouvelles is a subsidiary of the EDF Group dedicated to renewable energy.
Visit us at www.edf-energies-nouvelles.com and follow us on https://www.linkedin.com/company/edf-energies-nouvelles and on Twitter @EDFEN_officiel
Canadian Solar Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 27, 2017. 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.
SOURCE Canadian Solar Inc.
Article Date
6/19/2017Canadian Solar Reports First Quarter 2017 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, June 6, 2017 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the first quarter of 2017 ended March 31, 2017.
First Quarter 2017 Highlights
First Quarter 2017 Results
Net revenue in the first quarter of 2017 was $677.0 million, up 1.3% from $668.4 million in the fourth quarter of 2016 and down 6.2% from $721.4 million in the first quarter of 2016. Solar module shipments recognized in revenue totaled 1,489 MW, compared to 1,581 MW recognized in revenue in the fourth quarter of 2016 and 1,172 MW recognized in revenue in the first quarter of 2016. Solar module shipments recognized in revenue in the first quarter of 2017 included 176.3 MW used in the Company's total solutions business, compared to 85.6 MW in the fourth quarter of 2016 and 24.8 MW in the first quarter of 2016.
The following table is a summary of net revenue by geographic region based on the location of customers' headquarters (in millions of US$, except percentages).
|
Q1 2017 |
Q4 2016 |
Q1 2016 | ||||
|
US$M |
% |
US$M |
% |
US$M |
% | |
|
The Americas |
$200.1 |
29.6 |
$138.1 |
20.7 |
$311.3 |
43.1 |
|
Asia |
394.3 |
58.2 |
419.3 |
62.7 |
320.2 |
44.4 |
|
Europe and Others |
82.6 |
12.2 |
111.0 |
16.6 |
89.9 |
12.5 |
|
Total |
677.0 |
100 |
668.4 |
100 |
721.4 |
100 |
Gross profit in the first quarter of 2017 was $91.4 million, compared $49.0 million in the fourth quarter of 2016 and $112.5 million in the first quarter of 2016. Gross margin in the first quarter of 2017 was 13.5%, compared to 13.9% in the fourth quarter of 2016, (excluding the AD/CVD true-up provision of $44.1 million) or compared to 7.3% (including the AD/CVD true-up provision of $44.1 million) in the fourth quarter of 2016, and compared to 15.6% in the first quarter of 2016.
Total operating expenses were $93.7 million in the first quarter of 2017, up 54.4% from $60.7 million in the fourth quarter of 2016 and up 26.5% from $74.1 million in the first quarter of 2016.
Selling expenses were $33.9 million in the first quarter of 2017, down 20.6% from $42.7 million in the fourth quarter of 2016 and down 2.4% from $34.8 million in the first quarter of 2016. The sequential decrease was primarily due to lower shipping and handling costs, external sales commissions and other expenses, including travel and office expenses. The year-over-year decrease was primarily due to the decrease in external sales commissions and marketing expenses, which was partially offset by a slight increase in insurance expenses.
General and administrative expenses were $55.1 million in the first quarter of 2017, down12.4% from $62.8 million in the fourth quarter of 2016 and up 55.0% from $35.5 million in the first quarter of 2016. The sequential decrease was primarily attributable to a $14.0 million decrease in fixed assets impairment, and a decrease in professional service fees and travel expenses, which was partially offset by an increase in labor costs and a one-time $8.6 million provision ("LDK provision") for a judgment made against the Company by the Xinyu Intermediate People's Court in favor of the bankruptcy liquidation committee of LDK Solar Co., Ltd. The Company disputes the merits of the judgment and continues to evaluate its legal options. The year-over-year increase was primarily due to an increase in labor costs, an increase in fixed assets impairment expenses, and the LDK provision.
Research and development expenses were $5.6 million in the first quarter of 2017, compared to $3.2 million in the fourth quarter of 2016 and $4.5 million in the first quarter of 2016. The sequential and year-over-year increase reflected the Company's continued commitment to investing in and commercializing solar energy technologies that differentiate the Company and strengthen its competitive position.
Loss from operations was $2.3 million in the first quarter of 2017, compared to loss from operations of $11.8 million in the fourth quarter of 2016, and income from operations of $38.4 million in the first quarter of 2016. Excluding the $8.6 million LDK provision and the $44.1 million AD/CVD true-up provision, income from operations would have been $6.3 million and $32.3 million in the first quarter of 2017 and in the fourth quarter of 2016, respectively. Operating margin was negative 0.3% in the first quarter of 2017, compared to negative 1.8% in the fourth quarter of 2016 and 5.3% in the first quarter of 2016. Excluding the $8.6 million LDK provision and the $44.1 million AD/CVD true-up provision, operating margin would have been 0.9% and 4.8% in the first quarter of 2017 and in the fourth quarter of 2016, respectively.
Non-cash depreciation and amortization charges were approximately $17.1 million in the first quarter of 2017, compared to $19.3 million in the fourth quarter of 2016, and $25.7 million in the first quarter of 2016. Non-cash equity compensation expense was $0.9 million in the first quarter of 2017, compared to $2.2 million in the fourth quarter of 2016 and $2.5 million in the first quarter of 2016.
Interest expense was $24.1 million in the first quarter of 2017, compared to $22.9 million in the fourth quarter of 2016 and $16.1 million in the first quarter of 2016.
Interest income was $2.5 million in the first quarter of 2017, compared to $2.4 million in the fourth quarter of 2016 and $3.4 million in the first quarter of 2016.
The Company recorded a loss on change in fair value of derivatives, predominantly foreign exchange hedging positions of forwards, of $7.8 million in the first quarter of 2017, compared to a gain of $24.2 million in the fourth quarter of 2016 and a gain of $2.7 million in the first quarter of 2016. Foreign exchange gain in the first quarter of 2017 was $14.2 million compared to a foreign exchange loss of $12.5 million in the fourth quarter of 2016 and a foreign exchange gain of $8.5 million in the first quarter of 2016.
Income tax benefit was $3.1 million in the first quarter of 2017, compared to $10.6 million in the fourth quarter of 2016 and an income tax expense of $12.3 million in the first quarter of 2016.
Net loss attributable to Canadian Solar was $13.3 million or $0.23 per diluted share in the first quarter of 2017, compared to net loss of $13.3 million, or $0.23 per diluted share, in the fourth quarter of 2016 and net income of $22.6 million, or $0.39 per diluted share, in the first quarter of 2016. Non-GAAP adjusted net loss attributable to Canadian Solar, which is adjusted to exclude the LDK provision of $8.6 million, net of income tax effect, was $6.0 million, or $0.10 per diluted share, in the first quarter of 2017, compared to non-GAAP adjusted net income attributable to Canadian Solar, which is adjusted to exclude the impact of the $44.1 million AD/CVD true-up provision, net of income tax effect, was $14.2 million, or $0.24 per diluted share in the fourth quarter of 2016. For a reconciliation of measures presented in accordance with generally accepted accounting principles in the United States ("GAAP") to the non-GAAP measures, a table is available at the end of this press release.
Financial Condition
The Company had $961.4 million of cash, cash equivalents and restricted cash as of March 31, 2017, compared to $1.01 billion as of December 31, 2016.
Accounts receivable, net of allowance for doubtful accounts as of March 31, 2017 were $368.6 million, compared to $400.3 million as of December 31, 2016. Accounts receivable turnover was 59 days in the first quarter of 2017, compared to 65 days in the fourth quarter of 2016.
Inventories as of March 31, 2017 were $274.5 million, compared to $295.4 million as of December 31, 2016. Inventory turnover was 48 days in the first quarter of 2017, which remained unchanged from the fourth quarter of 2016.
Accounts and notes payable as of March 31, 2017 were $847.2 million, compared to $736.8 million as of December 31, 2016.
Excluding the borrowings included in 'Liabilities held-for-sale', short-term borrowings as of March 31, 2017 were $1.71 billion, compared to $1.60 billion as of December 31, 2016. Long-term borrowings as of March 31, 2017 were $462.1 million, compared to $493.5 million as of December 31, 2016.
The Company had approximately $972.0 million in non-recourse bank borrowings as of March 31, 2017. Senior convertible notes totaled $125.8 million as of March 31, 2017, compared to $125.6 million as of December 31, 2016. Total borrowings directly related to utility-scale solar power projects, which included $898.8 million of non-recourse borrowings, were $1.20 billion as of March 31, 2017, compared to $1.19 billion as of December 31, 2016.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked, "Solar module shipments and revenue in the first quarter exceeded expectations led by demand for our high performance solar modules out of China, Brazil, and the U.S, as well as unwavering execution on our total solutions business. We have successfully restored six cell production lines at our tornado damaged Funing cell factory, and have restored another six lines subsequently in Q2. We have also successfully ramped up our new solar cell plant in South East Asia. The equipment used in these cell factories features the latest production technologies, which gives us further cost and efficiency advantages and the desired capacity customers are seeking. We have completed five additional project sales in China and Canada in the first quarter. We are well underway in the process to monetize our other operating solar power plants in the U.S., Japan and China. We have just completed the second round of binding offers for the sales of our high quality solar power plant assets in the U.S. and will soon select the final winner. In Japan, we now have 65 MWp of solar power plants in commercial operation and made progress to launch the JREIT listing around the end of the third quarter, or in the fourth quarter this year. It is our expectation that as we continue to successfully execute our operating plan our share price will achieve a higher valuation in the market, one that more appropriately reflects the value of our operating assets, global project pipeline and prospects for continued success."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "The higher manufacturing efficiency of our facilities and tight inventory management allowed us to partially offset the impact of solar module ASP declines and hold gross margin at 13.5%. We are also now positioned to benefit from having production facilities online in trade-friendly South East Asia, enabling us to meet demand requirements of the U.S. and other markets. Also, I am personally pleased with the progress our team has made at monetizing our operating asset portfolio in the U.S. These are major undertakings with equally significant potential upside for the Company as we focus on increasing returns on our project investments and maximizing operating cash flow. Finally, we believe we are in the final stage of negotiations with our insurance provider and expect to receive further compensation in the second quarter this year for the tornado damage and losses of our Funing cell factory."
Utility-Scale Solar Project Pipeline
The Company divides its utility-scale solar project pipeline into two parts: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline primarily includes projects that have energy off-take agreements and are expected to be built within the next two to four years. The Company cautions that some late-stage projects may not reach completion due to such risks as failure to secure permits and grid connection, among others.
Late-Stage Utility-Scale Solar Project Pipeline
As of March 31, 2017, the Company's late-stage solar project pipeline, including those in construction, totaled approximately 2.16 GWp, which included 626 MWp in Japan, 401 MWp in the U.S., 400 MWp in China, 399 MWp in Brazil, 144 MWp in India, 118 MWp in Australia, 68 MWp in Mexico and 6 MWp in Africa.
In the United States, as previously announced, the late-stage 92 MWp IS 42 project is in construction and is expected to reach commercial operation by the end of 2017. Two other projects (Tranquillity 8 and Gaskell West 1) are currently under development and are expected to reach commercial operation before the end of 2018.
The table below sets forth the Company's late-stage, utility-scale solar project pipeline in the U.S. as of March 31, 2017:
|
U.S. Project |
MWp |
Location |
Status |
Expected COD |
|
Tranquillity 8 |
281 |
Fresno county, CA |
Development |
2018 |
|
Gaskell West 1 |
28 |
Kern county, CA |
Development |
2018 |
|
IS 42 |
92 |
Fayetteville, NC |
Construction |
2017 |
|
Total |
401 |
In Japan, as of March 31, 2017, the Company's pipeline of late-stage utility-scale solar power projects totaled approximately 626 MWp, including 209.3 MWp in construction and 2 MWp at the ready-to-build stage. The table below sets forth the expected commercial operation schedule of the Company's late-stage utility-scale solar power projects in Japan as of March 31, 2017:
|
Expected Japan COD Schedule (MWp) | ||||||||||
|
2017 |
2018 |
2019 |
2020 |
2021 and Thereafter |
Total | |||||
|
102.7 |
79.9 |
97.7 |
126.4 |
219.3 |
626 | |||||
As of March 31, 2017, of the late-stage utility-scale solar power projects pipeline in Japan, Canadian Solar has executed interconnection agreements for 421.6 MWp of projects that are under construction or under development, with an additional 204.4 MWp of projects that are in a bidding process.
The table below sets forth the Company's late-stage, utility-scale solar project pipeline in Brazil as of March 31, 2017:
|
Brazil Project |
MWp |
Location |
Status |
Expected COD |
|
Pirapora I |
192 |
Brazil |
Construction |
2017 |
|
Pirapora II |
115 |
Brazil |
Development |
2018 |
|
Pirapora III (formerly Vazante) |
92 |
Brazil |
Construction |
2017 |
|
Total |
399 |
The Company completed the sale of 80% interest in Pirapora I in the fourth quarter of 2016. And the Company supplies the modules for all Pirapora projects. The Company also recently completed the sales of an 80% interest of both Pirapora II and III.
The table below sets forth the Company's late-stage utility-scale power project pipeline in India as of March 31, 2017:
|
India Project |
MWp |
Location |
Status |
Expected COD |
|
Kamareddy |
18 |
India |
Construction |
2017 |
|
Ramnapet |
18 |
India |
Construction |
2017 |
|
SECI Maharashtra |
108 |
India |
Development |
2017 |
|
Total |
144 |
As previously announced, the Company secured power purchase agreements for an aggregate 80 MWac of solar power projects with the Solar Energy Corporation of India (SECI) in March 2017. These projects are expected to generate clean solar electricity for SECI over the next 25 years.
Solar Power Plants in Operation
In addition to its late stage, utilityscale solar project pipeline, the Company has a portfolio of solar power plants in operation totaling 1,156.5 MWp as of March 31, 2017 recorded on the balance sheet as Project assets ($1,167.9 million), Assets held for sale ($156.0 million) and Solar power systems, net ($108.4 million). Revenue from the sale of electricity generated by these plants in the first quarter of 2017 totaled $5.2 million, compared to $11.8 million in the fourth quarter of 2016.
The sale of projects recorded as 'Project assets' (buildtosell) on the balance sheet will be recorded as revenue once revenue recognition criteria are met, and the gain from the sale of projects recorded as 'Assets held-for-sale' and 'Solar power systems, net' (buildtoown) on the balance sheet will be recorded within 'Other operating income (expenses)' in the income statement.
The table below sets forth the Company's total portfolio of solar power plants in operation as of March 31, 2017:
|
Plants in Operation (MWp) | |||||
|
U.S. |
Japan |
U.K. |
China |
Other |
Total |
|
808 |
65 |
150 |
128.5 |
5 |
1,156.5 |
Manufacturing Capacity
The Company plans to expand its ingot, wafer, cell and module capacities to 1.1 GW, 4.0 GW, 4.49 GW and 7.04 GW, respectively, by December 31, 2017. The table below sets forth the Company's capacity expansion plan from December 31, 2016 to December 31, 2017:
|
Manufacturing Capacity Roadmap (MW) | |||
|
December 31,2016 |
June 30, 2017 |
December 31, ,2017 | |
|
Ingot |
400 |
- |
1,100 |
|
Wafer |
1,000 |
2,000 |
4,000 |
|
Cell |
2,440 |
4,490 |
4,490 |
|
Module |
6,170 |
6,970 |
7,040 |
The Company successfully started, and is ramping up its new multi-crystalline silicon ingot casting workshop in Baotou, China, with 50 new casting furnaces and 700 MW annual capacity, operated in G6 mode producing 36 bricks per ingot. The Company is also in the process of relocating its older casting ingot furnaces, previously in Luoyang, China, to Baotou in order to benefit from the lower electricity cost. The Company expects to complete both the relocation and ramp up by the end of September and reach 1,100 MW of annual internal ingot casting capacity. We plan to migrate the 50 new casting furnaces to G7 mode, producing 49 bricks per ingot, by approximately the middle of 2018, therefore raising our ingot capacity to 1,350 GW and further reducing the cost. The new ingot factory will also help us to reduce the purchase of external ingots and thus reduce our all-in module manufacturing costs.
The Company's wafer manufacturing capacity recently reached 2.0 GW and will reach 4.0 GW by December 31, 2017, all of which will use diamond wire-saw technology. Diamond wire-saw technology works compatibly with the Company's proprietary and highly efficient Onyx black silicon multi-crystalline solar cell technology, significantly reducing silicon usage and therefore manufacturing cost.
The Company's solar cell manufacturing capacity, as of March 31, 2017, was 3.77 GW, and is expected to reach 4.49 GW by June 30, 2017. The Company restored a total of six cell production lines, with original nameplate capacity of 500 MW, at its Funing cell factory by March 31, 2017. The Company has since then restored the other 500 MW of original nameplate cell capacity, and therefore completed the full restoration of this factory, which was damaged by a severe tornado on June 23rd, 2016. With continued improvement, the Company expects to reach an actual capacity of 1,440 MW at its Funing factory. The Company's new 850 MW cell plant in South East Asia began to ramp-up production in March 2017. As a result, the Company's cell manufacturing capacity is expected to reach 4.49 GW by June 30, 2017.
The Company expects that its total worldwide module manufacturing capacity will exceed 7.0 GW by December 31, 2017.
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainties relating to customer final demand and solar project construction schedules. Management's views and estimates are subject to change without notice.
For the second quarter of 2017, the Company expects total solar module shipments to be in the range of approximately 1,530 MW to 1,580 MW, including approximately 120 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in the second quarter of 2017. The Company is facing an overwhelming demand for its solar modules in China market at this moment. The demand is also healthy in major markets such as Europe, the U.S., and Japan. The Company's module shipment for quarter is limited by the internal solar cell production capacity and the supply shortage of third-party solar cells. Total revenue for the second quarter of 2017 is expected to be in the range of $615 million to $635 million. Gross margin for the second quarter is expected to be between 13% and 15%.
Considering shipment volume expected in the first half of 2017 and the constraint of internal solar cell and module capacities in the second half of the year, the Company's total module shipments in 2017 are now expected to be in the range of 6.0 to 6.5 GW, as compared to 6.5 GW to 7.0 GW previously. The module shipment recognized in revenue and the total annual revenue may also be lower than its previous guidance depending on market conditions, including but not limited to ASP trends. The Company continues to expect it will connect approximately 1 GW to 1.2 GW of new solar projects globally in 2017, based on the commercial operation date (COD). These projects are located in the U.S., Japan, China, UK, India, Brazil and Africa. The revenue from the Company's energy business will mainly come from the monetization of the Company's high quality solar power plant assets in the U.S., Japan, China, UK and Brazil. The Company continues to expect its cost of production will decrease throughout the year as new internal wafer, cell and module capacity comes online, and the percentage of external purchases and OEM is reduced. Management expects that the increase in vertical integration along the manufacturing cycle will help the Company maintain or improve its gross margin.
Recent Developments
On May 30, 2017, Canadian Solar announced that it supplied 268 MW of double-glass Dymond modules for the first phase of the 800 MW Mohammed bin Rashid Al Maktoum Solar Park (DEWA Project) in Dubai.
On May 11, 2017, Canadian Solar announced that it acquired a 10% equity interest in eNow, a U.S. company specializing in solar-based energy management systems for the commercial transportation industry. Canadian Solar's total investment was less than $1 million.
On May 3, 2017, Canadian Solar announced energy industry veteran Ty Daul joined the Company as Energy Group Vice President, Americas. Mr. Daul will lead the Company's energy business units throughout Canada, Latin America and the United States, which includes the Company's wholly-owned subsidiary Recurrent Energy.
On May 2, 2017, Canadian Solar announced that it secured AUD65 million (US$50 million) of non-recourse project financing with a 5-year term for two of its solar farm power projects, totaling 47 MWp in Australia with the Bank of Tokyo-Mitsubishi UFJ, Ltd. and Clean Energy Finance Corporation.
On April 26, 2017, Canadian Solar announced that the Company supplied 10 MW of PV Modules to Soroti Photovoltaic Plant in Uganda. The project is the largest of its kind in East Africa.
On April 25, 2017, Canadian Solar announced that it secured financing for its 92 MWp IS-42 solar power project near Fayetteville, North Carolina. The financing is in the form of a debt facility with Prudential Capital Group and a tax equity investment commitment from U.S. Bancorp Community Development Corporation.
On April 12, 2017, Canadian Solar announced that its wholly-owned subsidiary, CSI New Energy Holding Co., Ltd., completed the sale of two solar power plants in China, totaling approximately 69.5 MWp to Shenzhen Energy Nanjing Holding Co., Ltd., a subsidiary of Shenzhen Energy Group Co., Ltd., for approximately RMB687.1 million (US$99.8 million).
On April 3, 2017, Canadian Solar announced the completion of its second green project bond placement with Goldman Sachs Japan Co., Ltd. The JPY5.4 billion (US$47.0 million) innovative dual-tenor green project bond was issued to finance Canadian Solar's 19.05 MWp Gunma Aramaki Solar Power Plant in Gunma Prefecture, Japan.
On March 30, 2017, Canadian Solar announced that its wholly-owned subsidiary Canadian Solar Projects K.K. entered into a 3-year credit agreement for JPY4 billion (US$35 million) with Sumitomo Mitsui Finance and Leasing Company, Limited, a member of Sumitomo Mitsui Financial Group.
On March 14, 2017, Canadian Solar announced that it secured power purchase agreements for an aggregate 80 MWac of solar power projects with the Solar Energy Corporation of India, a public sector undertaking of the Government of India. These projects are scheduled to commence operations by late 2017 and are expected to generate clean solar electricity for SECI over the next 25 years.
On March 6, 2017, Canadian Solar announced that it received US$20 million unsecured funding from the China and Portuguese-speaking Countries Cooperation and Development Fund to support the development of eligible projects in Brazil, including the 191 MWp Pirapora I Project in the state of Minas Gerais.
Conference Call Information
The Company will hold a conference call on Tuesday, June 6, 2017 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., June 6, 2017 in Hong Kong) to discuss the Company's first quarter 2017 results and business outlook. The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852 3018 6771 (local dial-in from Hong Kong) or +1 845 675 0437 from international locations. The passcode for the call is 19673070. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available four hours after the conclusion of the call until 10:00 a.m. on Wednesday, June 14, 2017, U.S. Eastern Daylight Time (10:00 p.m., June 14, 2017 in Hong Kong) and can be accessed by dialing +1 855 452 5696 (toll-free from the U.S.), +852 3051 2780 (local dial-in from HK) or +1 646 254 3697 from international locations, with passcode 19673070. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 21 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 27, 2017. 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.
FINANCIAL TABLES FOLLOW
|
Canadian Solar Inc. | |||||||
|
Unaudited Condensed Consolidated Statement of Operations | |||||||
|
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated) | |||||||
|
Three Months Ended |
|||||||
|
March 31 |
December 31 |
March 31 |
|||||
|
2017 |
2016 |
2016 |
|||||
|
Net revenues |
$ 677,042 |
$ 668,428 |
$ 721,422 |
||||
|
Cost of revenues |
585,636 |
619,472 |
608,951 |
||||
|
Gross profit |
91,406 |
48,956 |
112,471 |
||||
|
Operating expenses: |
|||||||
|
Selling expenses |
33,941 |
42,749 |
34,790 |
||||
|
General and administrative expenses |
55,070 |
62,838 |
35,520 |
||||
|
Research and development expenses |
5,624 |
3,204 |
4,505 |
||||
|
Other operating income |
(898) |
(48,074) |
(720) |
||||
|
Total operating expenses |
93,737 |
60,717 |
74,095 |
||||
|
Income (loss) from operations |
(2,331) |
(11,761) |
38,376 |
||||
|
Other income (expenses): |
|||||||
|
Interest expense |
(24,111) |
(22,897) |
(16,130) |
||||
|
Interest income |
2,522 |
2,381 |
3,386 |
||||
|
Gain (loss) on change in fair value of derivatives |
(7,752) |
24,246 |
2,664 |
||||
|
Foreign exchange gain (loss) |
14,214 |
(12,487) |
8,511 |
||||
|
Investment income (loss) |
- |
(971) |
88 |
||||
|
Gain on repurchase of convertible notes |
- |
- |
1,909 |
||||
|
Others |
- |
- |
- |
||||
|
Other expenses, net |
(15,127) |
(9,728) |
428 |
||||
|
Income (loss) before income taxes and equity in |
(17,458) |
(21,489) |
38,804 |
||||
|
Income tax (expense) benefit |
3109 |
10,598 |
(12,253) |
||||
|
Equity in earnings (loss) of unconsolidated |
606 |
(2,885) |
(2,762) |
||||
|
Net income (loss) |
(13,743) |
(13,776) |
23,789 |
||||
|
Less: Net income (loss) attributable to |
(408) |
(448) |
1,205 |
||||
|
Net income (loss) attributable to Canadian Solar |
$ (13,335) |
$ (13,328) |
$ 22,584 |
||||
|
Earnings (loss) per share - basic |
(0.23) |
(0.23) |
$ 0.40 |
||||
|
Shares used in computation - basic |
57,832,572 |
57,806,597 |
56,901,349 |
||||
|
Earnings (loss) per share - diluted |
(0.23) |
(0.23) |
$ 0.39 |
||||
|
Shares used in computation - diluted |
57,832,572 |
57,806,597 |
57,810,531 |
||||
|
Canadian Solar Inc. |
|||||||
|
Unaudited Condensed Consolidated Statement of Comprehensive Income |
|||||||
|
(In Thousands of US Dollars) |
|||||||
|
Three Months Ended |
|||||||
|
March 31 |
December 31 |
March 31 |
|||||
|
2017 |
2016 |
2016 |
|||||
|
Net Income (loss) |
(13,743) |
(13,776) |
23,789 |
||||
|
Other comprehensive income (net of tax of nil): |
|||||||
|
Foreign currency translation adjustment |
8,929 |
(42,554) |
22,675 |
||||
|
Gain on changes in fair value of derivatives |
1,681 |
14,520 |
1,632 |
||||
|
Comprehensive income (loss) |
(3,133) |
(41,810) |
48,096 |
||||
|
Less: comprehensive income (loss) attributable to |
(2,438) |
1,088 |
2,046 |
||||
|
Comprehensive income (loss) attributable to Canadian |
(695) |
(42,898) |
46,050 |
||||
|
Canadian Solar Inc. | ||||||
|
Unaudited Condensed Consolidated Balance Sheet | ||||||
|
(In Thousands of US Dollars) | ||||||
|
March 31, |
December 31, |
|||||
|
2017 |
2016 |
|||||
|
ASSETS |
||||||
|
Current assets: |
||||||
|
Cash and cash equivalents |
$ 519,866 |
$ 511,039 |
||||
|
Restricted cash - current |
430,456 |
487,516 |
||||
|
Accounts receivable trade, net |
368,621 |
400,251 |
||||
|
Accounts receivable, unbilled |
3,484 |
3,425 |
||||
|
Amounts due from related parties |
29,188 |
19,082 |
||||
|
Inventories |
274,527 |
295,371 |
||||
|
Value added tax recoverable |
76,081 |
55,680 |
||||
|
Advances to suppliers - current |
17,120 |
29,312 |
||||
|
Derivative assets - current |
4,262 |
12,270 |
||||
|
Project assets - current |
1,378,969 |
1,317,902 |
||||
|
Assets held-for-sale |
166,661 |
392,089 |
||||
|
Prepaid expenses and other current assets |
252,225 |
266,826 |
||||
|
Total current assets |
3,521,460 |
3,790,763 |
||||
|
Restricted cash - non-current |
11,044 |
9,145 |
||||
|
Property, plant and equipment, net |
538,306 |
462,345 |
||||
|
Solar power systems, net |
108,382 |
112,062 |
||||
|
Deferred tax assets, net |
231,214 |
229,980 |
||||
|
Advances to suppliers –non-current |
84,264 |
54,080 |
||||
|
Prepaid land use right |
53,700 |
48,651 |
||||
|
Investments in affiliates |
415,395 |
368,459 |
||||
|
Intangible assets, net |
8,458 |
8,422 |
||||
|
Goodwill |
7,617 |
7,617 |
||||
|
Derivatives assets - non-current |
16,450 |
15,446 |
||||
|
Project assets - non-current |
281,715 |
182,391 |
||||
|
Other non-current assets |
120,404 |
117,245 |
||||
|
TOTAL ASSETS |
$ 5,398,409 |
$ 5,406,606 |
||||
|
Current liabilities: |
||||||
|
Short-term borrowings |
$ 1,713,968 |
$ 1,600,033 |
||||
|
Accounts and notes payable |
847,202 |
736,779 |
||||
|
Amounts due to related parties |
11,561 |
19,912 |
||||
|
Other payables |
240,179 |
223,584 |
||||
|
Short-term commercial paper |
134,016 |
131,432 |
||||
|
Advances from customers |
92,393 |
90,101 |
||||
|
Derivative liabilities - current |
10,765 |
9,625 |
||||
|
Liabilities held-for-sale |
124,662 |
279,272 |
||||
|
Financing liability |
414,339 |
459,258 |
||||
|
Other current liabilities |
123,556 |
171,070 |
||||
|
Total current liabilities |
3,712,641 |
3,721,066 |
||||
|
Accrued warranty costs |
62,731 |
61,139 |
||||
|
Convertible notes |
125,794 |
125,569 |
||||
|
Long-term borrowings |
462,104 |
493,455 |
||||
|
Derivatives liabilities - non-current |
157 |
- |
||||
|
Liability for uncertain tax positions |
8,547 |
8,431 |
||||
|
Deferred tax liabilities - non-current |
23,979 |
23,348 |
||||
|
Loss contingency accruals |
22,982 |
22,654 |
||||
|
Other non-current liabilities |
82,366 |
51,554 |
||||
|
Total LIABILITIES |
4,501,301 |
4,507,216 |
||||
|
Equity: |
||||||
|
Common shares |
701,283 |
701,283 |
||||
|
Additional paid-in capital |
(8,046) |
(8,897) |
||||
|
Retained earnings |
270,774 |
284,109 |
||||
|
Accumulated other comprehensive loss |
(79,174) |
(91,814) |
||||
|
Total Canadian Solar Inc. shareholders' equity |
884,837 |
884,681 |
||||
|
Non-controlling interests in subsidiaries |
12,271 |
14,709 |
||||
|
TOTAL EQUITY |
897,108 |
899,390 |
||||
|
TOTAL LIABILITIES AND EQUITY |
$ 5,398,409 |
$ 5,406,606 |
||||
About Non-GAAP Financial Measures
To supplement its financial disclosures presented in accordance with GAAP, the Company uses non-GAAP measures which are adjusted from the most comparable GAAP measures for certain items as described below. The Company presents non-GAAP net income and diluted earnings per share so that readers of the press release can better understand the underlying operating performance of the business before the impact of the LDK provision in the first quarter of 2017 and AD/CVD true-up provision in the fourth quarter of 2016. The non-GAAP numbers are not measures of financial performance under U.S. GAAP, and should not be considered in isolation or as an alternative to other measures determined in accordance with GAAP. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited.
|
Reconciliation of U.S. GAAP to Non-GAAP financial measures | ||
|
Statement of Operations Data: | ||
|
(In Thousands, except per share amounts) | ||
|
Three Months Ended | ||
|
March 31, 2017 |
December 31, 2016 | |
|
Net loss attributable to Canadian Solar Inc. |
$ (13,335) |
$ (13,328) |
|
LDK provision |
8,615 |
- |
|
AD/CVD true-up provision |
- |
44,126 |
|
Income tax effect |
(1,292) |
(16,631) |
|
Non-GAAP net income (loss) attributable to Canadian Solar Inc. |
(6,012) |
14,167 |
|
57,832,572 |
58,092,689 | |
|
Shares used in computation – diluted | ||
|
GAAP loss per share-diluted |
(0.23) |
(0.23) |
|
Non-GAAP earnings (loss) per share-diluted |
(0.10) |
0.24 |
SOURCE Canadian Solar Inc.
Article Date
6/6/20175/31/2017 - Canadian Solar Launches the Latest High Efficiency Poly Modules at Intersolar Europe 2017
Canadian Solar Launches the Latest High Efficiency Poly Modules at Intersolar Europe 2017
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, May 31, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it will showcase its latest high efficiency poly modules, named Ku Modules at the Intersolar Europe from May 31 to June 2 at Messe Munchen in Munich.
The Ku Module portfolio uses Canadian Solar's proprietary black silicon cell technology. The black silicon cell efficiency exceeds that of the current standard poly cells in the market. The Ku Modules are "cool" in terms of lower NMOT and lower hotspot risks, resulting in better energy yield and reliability. The Ku Module product portfolio consists of: KuMax (144 cells), KuPower (120 cells), KuBlack (120 cells) and the corresponding double-glass KuDymond. The KuMax modules have a power class up to 360 Watts. The delivery of KuPower modules has started in May 2017.
If you are interested to learn more information on these high efficiency modules, please visit the Canadian Solar Team at Intersolar in Hall A2, Booth 170, from May 31 to June 2, 2017 from 9 am to 6 pm.
Click HERE to visit our product page, or contact our team at KuModules@canadiansolar.com for your product-related inquiries.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 20 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
SOURCE Canadian Solar Inc.
Article Date
5/31/2017Canadian Solar Supplies 268 MW Dymond Modules for the DEWA Project in Dubai
Source: PR Newswire
GUELPH, Ontario, May 30, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has been selected as the sole module supplier to provide 268 MW of double-glass Dymond modules for the first phase of the 800 MW Mohammed bin Rashid Al Maktoum Solar Park (DEWA Project) in Dubai. When completed in 2020, the three-phase DEWA Project will be one of the world's largest single-location solar parks. The EPC Joint Venture (JV) Consortium consists of Acciona, Gransolar and Ghella. The first phase of the DEWA project will use more than 800,000 double-glass modules upon its completion. The production and delivery has started this month.
Canadian Solar's proven track-record, solid bankability and high-quality standards were key factors in winning the mandate from the EPC JV. As a pioneer in double-glass module manufacturing technology, Canadian Solar has delivered close to 1 GW of double-glass modules worldwide since 2013.
The Mohammed bin Rashid Al Maktoum Solar Park is part of the Dubai Integrated Energy Strategy 2030, which seeks to secure a sustainable supply of energy through diversification in sources. Dubai aims to reduce its reliance on imported natural gas and increase solar energy to 7% of the total by 2010 and 15% by 2030.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented: "We are proud to be partnering with Masdar / DEWA / EDF and the EPC JV on this outstanding project. I am confident that Canadian Solar's Dymond modules will perform well in the project's hot desert climate. As Dubai diversifies its energy portfolio, our partnership will serve as an excellent example for future utility-scale solar projects in the region, and we are eager to contribute further to the energy market growth in the Middle East."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 20 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 27, 2017. 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.
SOURCE Canadian Solar Inc.
Article Date
5/30/20175/11/2017 - Canadian Solar Announces Investment in eNow Solar-Based Power Management for Commercial Transportation
Canadian Solar Announces Investment in eNow Solar-Based Power Management for Commercial Transportation
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, May 11, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the company has acquired a minority equity interest in eNow, a U.S. company specializing in solar-based energy management system for the commercial transportation industry. Canadian Solar is now a 10% shareholder of eNow.
The investment will accelerate the expansion and growth of photovoltaic (PV) based mobile energy solutions-utilizing Canadian Solar's PV development and production expertise-and expand eNow's global reach. The partnership brings to market Canadian Solar's leading module technology interfacing with the unique power management system designed by eNow. The solar-based energy management system for commercial vehicles will help to reduce the energy consumption and CO2 emission during engine idling, and also can power vehicles' auxiliary systems.
"While we have become one of the world leading solar energy solution providers with close to 20 GW module deployment since 2001, I still remember we started very small in 2001 when we provided a 3 W solar power battery trickle charging system for cars. eNow's power management for the commercial transportation industry is a big step forward from Canadian Solar's first product. We see a great potential for the transportation industry. It will reduce transportation fuel costs while making a significant impact in cutting vehicle emissions." commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
"We are honored to have received funding from Canadian Solar," said Jeff Flath, Founder & CEO of eNow. "Their tremendous expertise, technology innovation and global credibility in the solar industry could not be matched. We see this investment and partnership as more proof of the viability of Energy-as-a-Service and the increasing demand for sustainable solutions in the commercial transportation industry."
About eNow
Founded in 2011 in Providence, Rhode Island, eNow is the market leader in designing, developing and manufacturing solar-based power systems for the commercial trucking, RV, and Marine industries. eNow's solutions are known for their durability, superior power, low cost, and quick return on investment. Over the past several years, eNow has made great progress within the transportation industry, including partnerships with industry leaders such as Dometic Group, Mitsubishi Fuso, Freightliner, Navistar, IdleAir and Vanner. The eNow solar solution is sold through OEMs and Aftermarket Dealers. www.enowenergy.com
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 20 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
SOURCE Canadian Solar Inc.
Article Date
5/11/2017Canadian Solar Schedules First Quarter 2017 Earnings Conference Call on June 6
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, May 9, 2017 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Tuesday, June 6, 2017 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., June 6, 2017 in Hong Kong) to discuss the Company's first quarter 2017 results and business outlook.
The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852 3018 6771 (local dial-in from HK) or +1 845 675 0437 from international locations. The passcode for the call is 19673070. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 4 hours after the conclusion of the call until 10:00 a.m. on Wednesday June 14, 2017, U.S. Eastern Daylight Time (10:00 p.m., June 14, 2017 in Hong Kong) and can be accessed by dialing +1 855 452 5696 (toll-free from the U.S.), +852 3051 2780 (local dial-in from HK) or +1 646 254 3697 from international locations, with passcode 19673070. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 20 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
SOURCE Canadian Solar Inc.
Article Date
5/9/2017Canadian Solar Appoints Ty Daul as Vice President, Americas, Energy Group
Source: PR Newswire
GUELPH, Ontario, May 3, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced energy industry veteran Ty Daul has joined the Company as Energy Group Vice President, Americas. Mr. Daul will lead the Company's energy business units throughout Canada, Latin American and the U.S., which includes wholly owned subsidiary Recurrent Energy.
Throughout his 27 year career in the power generation industry, Mr. Daul has been integrally involved in more than 4 GW of operating renewable projects and 870 MW of operating gas-fired projects, representing more than $7 billion of total investment.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar remarked: "We are pleased to announce that Ty will be leading our Americas team across all aspects of the Energy Group's business. He brings with him valuable expertise across the energy sector and is an excellent addition to our team."
Mr. Daul holds a Bachelor of Science Degree in Mechanical Engineering from the University of Washington and an M.B.A. from Texas A&M University. He previously held senior leadership positions at SunPower, Element Power U.S. and Iberdrola Renewables/PPM Energy.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 20 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
SOURCE Canadian Solar Inc.
Article Date
5/3/2017Canadian Solar Secures AUD65 Million Project Financing for Its 47MWp Solar Power Projects in Australia
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, May 2, 2017 /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 secured AUD65 million (US$50 million) of non-recourse project financing with a 5-year term for two of its solar farm power projects in Australia with the Bank of Tokyo-Mitsubishi UFJ, Ltd. ("MUFG") and Clean Energy Finance Corporation ("CEFC").
The 17MW Longreach project and larger 30MW Oakey project in Queensland are both scheduled to commence construction in May 2017 and reach commercial operation in early 2018. The solar power projects are expected to generate clean energy to power nearly 12,000 homes under a 20-year contract for differences awarded under the Queensland government's Solar 150 program. These projects have been awarded AUD3.5 million (US$2.7 million) grant funding from the Australian Renewable Energy Agency ("ARENA").
"We are pleased to secure the financial backing from MUFG and CEFC, alongside the funding support from ARENA. These projects will directly contribute to the Queensland government's commitment to generating 50 percent of its electricity needs from affordable clean energy by 2030. We look forward to making further investments in Australia as we execute on our development pipeline", commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 20 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 27, 2017. 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.
SOURCE Canadian Solar Inc.
Article Date
5/2/2017Canadian Solar Files Annual Report on Form 20-F for Year Ended December 31, 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, April 27, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the filing of its annual report on Form 20-F for the year ended on December 31, 2016 with the U.S. Securities and Exchange Commission ("SEC"). The annual report on Form 20-F can be accessed on the Company's Investor Relations website at www.canadiansolar.com or on the SEC's website at www.sec.gov.
The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders upon request. Requests should be directed for the attention of the Investor Relations Department to Canadian Solar Inc., 545 Speedvale Avenue West Guelph, Ontario, Canada N1K 1E6.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 20 GW of premium quality modules to over 100 countries around the world. Furthermore, 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.
CONTACT INFORMATION:
|
Mary Ma Senior Supervisor of Investor Relations Canadian Solar Inc.
|
David Pasquale Global IR Partners New York: +1 (914) 337 8801
|
SOURCE Canadian Solar Inc.
Article Date
4/27/2017Canadian Solar Supplies 10 MW of Modules to the Largest Solar Project in Uganda
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, April 26, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the company has supplied 10 MW of PV Modules to Soroti Photovoltaic Plant in Uganda. The project is the largest of its kind in East Africa and was officially inaugurated at the end of 2016.
The Soroti plant consists of 32,000 pieces of Canadian Solar high-efficiency poly panels. This is the first solar plant connected to the country's grid and is also the first in the east of Africa. The 10 MW solar system generates clean, low-carbon electricity for 40,000 homes, schools and businesses in the area.
The project was developed in 2016 under the Global Energy Transfer cooperation program - Feed in Tariff ("GET FiT"), a support scheme for the development of renewable energy projects in East Africa managed by the German Development Bank (KfW). The project was executed by TSK (Spain), one of the most important solar EPC contractors worldwide, with more than 1,500 MW installed.
"We are happy to be part of the energy transition on the African continent. Africa is one of the best places on earth for solar energy. At the same time, we hope the solar energy development there will also stimulate the economy and create jobs locally," Commented by Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
About TSK
TSK is a global Company that specializes in the execution of complex projects at an international level, providing its own technology for different sectors in industry such as electrical infrastructures, industrial plants, energy generation power plants (conventional and renewable), Oil & Gas, water treatment plants or installations for handling and storage of raw materials. In 2016, TSK reaches a turnover of 900 million Euros, with more than 1,000 professionals and international presence in more than 35 countries. www.grupotsk.com
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 20 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
4/26/2017Canadian Solar Secures Project Financing from Prudential Capital Group and U.S. Bank
Source: PR Newswire
GUELPH, Ontario, April 25, 2017 /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 secured financing for its 92 MWp IS-42 solar power project near Fayetteville, North Carolina. The financing is in the form of a debt facility with Prudential Capital Group and a tax equity investment commitment from U.S. Bancorp Community Development Corporation (USBCDC).
Prudential Capital Group will provide a $97 million debt facility, including tax equity bridge loan, term loan, and revolving loan to the project. USBCDC, a division of U.S. Bank (NYSE: USB), will make a tax equity investment in the project under a separate agreement.
"This agreement with leading financial institutions such as Prudential Capital Group and U.S. Bank demonstrates the quality of the solar projects which Canadian Solar is developing in the U.S.," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We are glad to further strengthen our partnership with Prudential Capital Group and USBCDC with this large project and support the growth of the solar industry in the country."
"We are excited to support Canadian Solar in their efforts to construct and operate solar projects in the United States," said Wendy Carlson, Managing Director of Prudential Capital Group's Energy Finance Group: Power. "We are pleased to continue building our relationship with Canadian Solar and USBCDC."
"Canadian Solar is bringing an important piece of the renewable energy framework to North Carolina with this project. The estimated 509 construction jobs plus the permanent positions it will create are important factors for economic development in the state along with providing a clean source of renewable energy for residents," said Adam Altenhofen, Vice President of USBCDC.
The 92 MWp project, covering an area of approximately 450 acres in the Bladen and Cumberland counties of North Carolina, is currently under construction and is expected to reach commercial operation in the third quarter of 2017. The project has a long-term Power Purchase Agreement with Duke Energy Progress. Once operational, the project will generate enough clean solar energy to power approximately 11,750 homes in the state.
CohnReznick Capital Markets Securities acted as financial advisor to Canadian Solar in the transaction.
About Prudential Capital Group
Prudential Capital Group is the private placement arm of PGIM, the global investment management business of Prudential Financial, Inc. Prudential Capital Group manages a $76.8 billion portfolio of debt and equity investments and invests up to $12 billion, annually, in middle-market companies. Energy Finance Group: Power is part of Prudential Capital Group with $8 billion portfolio in power projects, utilities and cooperatives (as of December 31, 2016).
About U.S. Bancorp Community Development Corporation
With $23 billion in managed assets as of March 31, 2017, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 20 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
4/25/2017Canadian Solar Completes the Sale of Two Solar Power Plants in China to Shenzhen Energy
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, April 12, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary, CSI New Energy Holding Co., Ltd. has completed the sale of two solar power plants in China, totalling approximately 69.5 MWp to Shenzhen Energy Nanjing Holding Co., Ltd., a subsidiary of Shenzhen Energy Group Co., Ltd., for approximately RMB687.1 million (US$99.8 million). The transaction was closed in March 2017 and the Company expects to recognize revenue from the sale of the plants when all revenue recognition criteria have been met.
"We are pleased to have closed the sale of two additional solar power plants in China to Shenzhen Energy," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "We are well on track to monetize our operating solar power plants in China and other countries. Shenzhen Energy is an important strategic partner of Canadian Solar and we look forward to further expanding our strong partnership with them for more opportunities in the future."
About Shenzhen Energy Nanjing Holding Co., Ltd.
Shenzhen Energy Nanjing Holding Co., Ltd. invests, constructs, and operates new energy and conventional energy projects. It operates as a subsidiary of Shenzhen Energy Group Co., Ltd., a listed and state-owned company in China.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 19 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
4/12/20174/3/2017 - Canadian Solar Raises JPY5.4 Billion with Inaugural Dual-Tenor Green Project Bond in Japan
Canadian Solar Raises JPY5.4 Billion with Inaugural Dual-Tenor Green Project Bond in Japan
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, April 3, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced completion of its second green project bond placement with Goldman Sachs Japan Co., Ltd. The JPY5.4 billion (US$47.0 million) innovative dual-tenor green project bond was issued to finance Canadian Solar's 19.05 MWp Gunma Aramaki Solar Power Plant in Gunma Prefecture, Japan.
The Gunma Aramaki green project bond is the first of its kind with dual-tenor maturity of 1.5 years and 20.3 years, representing the initial and extended tenor respectively, within a single-tranche of bond. This innovative tenor mechanism provides Canadian Solar with options to maximize the value of its investment while preserving long-term financing support for its solar power project. The Japan Credit Rating Agency, Ltd. ("JCR") has assigned the investment grade rating of "A" to the Gunma Aramaki project, which is in line with the highest rating in the Japan PV sector. Further, Japan Research Institution, Limited ("JRI") provided an independent certification for the designation as green bond in accordance with the Green Bond Principles 2016 published by the International Capital Market Association ("ICMA"). The asset-backed non-recourse bond has been issued at par and pays a fixed coupon of 1.2875% per annum during the initial tenor and, if extended at the option of Canadian Solar, 1.3588% per annum thereafter. Goldman Sachs Japan Co., Ltd. acted as the bond arranger and Hitachi Capital Trust Corp. was appointed the trustee.
The Gunma Aramaki Solar Power Plant is expected to reach commercial operations in December 2017. The electricity generated from this solar power plant will be purchased by the Tokyo Electric Power Co., Inc. ("TEPCO") under a 20-year feed-in-tariff contract at the rate of JPY36.00 (US$0.32) per kWh.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are very proud to announce the landmark issuance of a dual-tenor green project bond in Japan. We are encouraged by the institutional investors' response to our innovative bond offering. Investors recognize our strong track record of building high quality and bankable solar power projects. This successful offering paves the way forward for Canadian Solar to further issue green project bonds at low coupon rate in Japan."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 19 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
4/3/2017Canadian Solar Secures JPY4 Billion Credit Facility with Sumitomo Mitsui Finance and Leasing Company, Limited
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, March 30, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary Canadian Solar Projects K.K. has entered into a 3-year credit agreement for JPY4 billion (US$35 million) with Sumitomo Mitsui Finance and Leasing Company, Limited ("SMFL"), a member of Sumitomo Mitsui Financial Group.
SMFL is one of Japan's largest leasing institutions with global presence. The facility received commitments from five finance leasing institutions. The Company intends to use proceeds from the facility to expand the development of solar energy projects in Japan.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are pleased to secure strong support from a leading group of finance leasing institutions. We value our partnership with SMFL. This is our second financing with the broader Sumitomo Mitsui Financial Group. We have successfully raised in excess of JPY13 billion of credit lines with them. We look forward to expanding our banking relationship in Japan and other important markets."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 19 GW of premium quality modules to over 100 countries around the world. Furthermore, 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 the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; 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 UK, Japan, the U.S. 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; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials including solar cell to replace lost production at the Funing solar cell plant during the plant rebuilding and recovery phase; ability to recover weather related damages to the Funing solar cell plant from insurance carriers; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
3/30/2017Canadian Solar Reports Fourth Quarter and Full Year 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, March 21, 2017 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the fourth quarter and full year ended December 31, 2016.
Fourth Quarter 2016 Highlights
Full Year 2016 Results
U.S. Anti-dumping and Countervailing Duty Provision for DOC Preliminary Rulings
Fourth Quarter 2016 Results
Net revenue in the fourth quarter of 2016 was $668.4 million, up 1.7% from $657.3 million in the third quarter of 2016 and down 40.3% from $1,120.3 million in the fourth quarter of 2015. Total solar module shipments in the fourth quarter of 2016 were 1,612 MW, of which 1,581 MW were recognized in revenue, compared to 1,161 MW recognized in revenue in the third quarter of 2016 and 1,398 MW recognized in revenue in the fourth quarter of 2015. Solar module shipments recognized in revenue in the fourth quarter of 2016 included 85.6 MW used in the Company's total solutions business, compared to 16.3 MW in the third quarter of 2016 and 63.8 MW in the fourth quarter of 2015.
The following table is a summary of net revenue by geographic region based on the location of customers' headquarters (in millions of US$, except percentages).
|
Q4 2016 |
Q3 2016 |
Q4 2015 | ||||
|
US$M |
% |
US$M |
% |
US$M |
% | |
|
The Americas |
$138.1 |
20.7 |
$270.2 |
41.1 |
$581.0 |
51.9 |
|
Asia |
419.3 |
62.7 |
280.6 |
42.7 |
460.2 |
41.1 |
|
Europe and Others |
111.0 |
16.6 |
106.5 |
16.2 |
79.1 |
7.0 |
|
Total |
668.4 |
100 |
657.3 |
100 |
1,120.3 |
100 |
Gross profit in the fourth quarter of 2016 was $49.0 million, compared $117.3 million in the third quarter of 2016 and $200.5 million in the fourth quarter of 2015. Gross margin in the fourth quarter of 2016 was 7.3%, compared to 17.8% in the third quarter of 2016 and 17.9% in the fourth quarter of 2015. The sequential decrease in gross margin was primarily due to the significant AD/CVD true-up provision that was estimated based on the preliminary annual review ("AR3") ruling by the U.S. Department of Commerce, as well as lower module average selling price which was partially offset by lower module manufacturing cost. Excluding $44.1 million AD/CVD true-up provision, gross margin in the fourth quarter of 2016 would have been 13.9%. The year-over-year decrease in gross margin was primarily due to lower module average selling price, higher AD/CVD charges, and lower contribution from the Company's higher margin total solutions business, partially offset by lower module manufacturing cost.
Total operating expenses were $60.7 million in the fourth quarter of 2016, down 32.8% from $90.3 million in the third quarter of 2016 and down 36.2% from $95.2 million in the fourth quarter of 2015.
Selling expenses were $42.7 million in the fourth quarter of 2016, up 25.9% from $34.0 million in the third quarter of 2016 and up 8.5% from $39.4 million in the fourth quarter of 2015. The sequential increase of $8.7 million was primarily due to an increase in shipping, handling and storage charges resulting from an increase in module shipment volume, as well as higher external sales commission. The year-over-year increase in selling expenses was primarily due to an increase in labor cost and higher shipping, handling and storage charges.
General and administrative expenses were $62.8 million in the fourth quarter of 2016, up 19.7% from $52.5 million in the third quarter of 2016 and up 20.1% from $52.3 million in the fourth quarter of 2015. The sequential increase in general and administrative expenses was primarily due to a $16.3 million asset impairment charge of module production lines in Canada and certain idle assets in China. The year-over-year increase in general and administrative expenses was primarily due to an increase in asset impairment charge and higher professional service fees.
Research and development expenses were $3.2 million in the fourth quarter of 2016, compared to $4.6 million in the third quarter of 2016 and $4.8 million in the fourth quarter of 2015.
Other operating income was $48.1 million in the fourth quarter of 2016, compared to $0.8 million in the third quarter of 2016 and $1.4 million in the fourth quarter of 2015. Other operating income in the fourth quarter of 2016 primarily represented a net gain from four projects the Company sold in Canada and China.
Loss from operations was $11.8 million in the fourth quarter of 2016, compared to income from operations of $27.0 million in the third quarter of 2016, and $105.3 million in the fourth quarter of 2015. Excluding the $44.1 million AD/CVD true-up provision, income from operations would have been $32.3 million. Operating margin was negative 1.8% in the fourth quarter of 2016, compared to 4.1% in the third quarter of 2016 and 9.4% in the fourth quarter of 2015. Excluding the $44.1 million AD/CVD true-up provision, operating margin would have been 4.8%.
Non-cash depreciation and amortization charges were approximately $19.3 million in the fourth quarter of 2016, compared to $25.4 million in the third quarter of 2016, and $24.7 million in the fourth quarter of 2015. Non-cash equity compensation expense was $2.2 million in the fourth quarter of 2016, compared to $1.8 million in the third quarter of 2016 and $1.4 million in the fourth quarter of 2015.
Interest expense was $22.9 million in the fourth quarter of 2016, compared to $18.8 million in the third quarter of 2016 and $17.1 million in the fourth quarter of 2015.
Interest income was $2.4 million in the fourth quarter of 2016, compared to $2.1 million in the third quarter of 2016 and $4.2 million in the fourth quarter of 2015.
The Company recorded a gain on change in fair value of derivatives of $24.2 million in the fourth quarter of 2016, compared to a gain of $2.0 million in the third quarter of 2016 and a loss of $9.4 million in the fourth quarter of 2015. Foreign exchange loss in the fourth quarter of 2016 was $12.5 million compared to a foreign exchange gain of $4.4 million in the third quarter of 2016 and a foreign exchange gain of $11.3 million in the fourth quarter of 2015.
Income tax benefit was $10.6 million in the fourth quarter of 2016, compared to an income tax expense of $16 thousand in the third quarter of 2016 and $31.0 million in the fourth quarter of 2015.
Net loss attributable to Canadian Solar was $13.3 million or $0.23 per diluted share in the fourth quarter of 2016, compared to net income of $15.6 million, or $0.27 per diluted share, in the third quarter of 2016 and net income of $62.3 million, or $1.05 per diluted share, in the fourth quarter of 2015.
Non-GAAP adjusted net income attributable to Canadian Solar, which is adjusted to exclude the impact of the AD/CVD true-up provision, net of income tax effect, was $14.2 million, or $0.24 per diluted share in the fourth quarter of 2016. For a reconciliation of measures presented in accordance with generally accepted accounting principles in the United States ("GAAP") to the non-GAAP measures, a table is available at the end of this press release.
Financial Condition
The Company had $1.01 billion of cash, cash equivalents and restricted cash as of December 31, 2016, compared to $986.0 million as of September 30, 2016.
Accounts receivable, net of allowance for doubtful accounts, at the end of the fourth quarter of 2016 were $400.3 million, compared to $350.1 million at the end of the third quarter of 2016. Accounts receivable turnover was 65 days in the fourth quarter of 2016, compared to 68 days in the third quarter of 2016.
Inventories at the end of the fourth quarter of 2016 were $295.4 million, compared to $313.9 million at the end of the third quarter of 2016. Inventory turnover was 48 days in the fourth quarter of 2016, compared to 56 days in the third quarter of 2016.
Accounts and notes payable at the end of the fourth quarter of 2016 were $736.8 million, compared to $801.9 million at the end of the third quarter of 2016.
Excluding the borrowings included in 'Liabilities held-for-sale', short-term borrowings at the end of the fourth quarter of 2016 were $1.60 billion, compared to $1.51 billion at the end of the third quarter of 2016, long-term borrowings at the end of the fourth quarter of 2016 were $493.5 million, compared to $615.8 million at the end of the third quarter of 2016.
The Company had approximately $993.0 million in non-recourse bank borrowings at the end of the fourth quarter of 2016. Senior convertible notes totaled $125.6 million at the end of the fourth quarter of 2016, compared to $125.4 million at the end of the third quarter of 2016. Total borrowings directly related to utility-scale solar power projects, which includes $915.2 million of non-recourse borrowings, were $1.19 billion at the end of the fourth quarter of 2016, compared to $1.18 billion at the end of the third quarter of 2016.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Results for the fourth quarter and full year 2016 were inline with our expectations, other than the unfavorable preliminary ruling on AD/CVD rates by U.S. Department of Commerce. We achieved record high total solar module shipments in the fourth quarter and the full year 2016. Despite strong demand levels, our revenue for both the fourth quarter and full year was lower compared to the prior year's periods due to the industry-wide declines in average selling price that have been persistent all year. We will continue to work to offset any negative impact of future declines in average selling price with the introduction of new products and through our supply chain and manufacturing efficiency programs. Importantly, we are actively monetizing our operating solar power plant assets. This includes the recent sale of five operating solar power plants in Canada for over $310 million (two sales closed in the fourth quarter of 2016; three additional sales closed in the first quarter of 2017). In addition, we closed the sales of two operating solar power plants in China in the fourth quarter of 2016 for over $32 million. We are also well underway in the sale process of our operating solar power plants in the U.S. and are targeting closure in the coming months. We plan to continue to execute on our strategy in the downstream energy business of developing solar power projects for sale to end customers, so as to deleverage our balance sheet and redeploy our capital to support the profitable growth of our business."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "Our fourth quarter of 2016 gross margin was impacted by the significant AD/CVD true-up that was based on the preliminary Department of Commerce ruling. We plan to vigorously contest the preliminary results in the final phase of the DOC reviews. Excluding the AD/CVD adjustment, the gross margin in the fourth quarter of 2016 would have been 13.9%, which is inline with our guidance range of 11.0% to 16.0%. We continue to execute on our cost down model through diligent management of our existing manufacturing and supply chain assets, while enhancing our cost profile and competitive position with the selective expansion of our state-of-the-art manufacturing capacity. We expect to be even more vertically integrated and geographically diversified as we seek to maintain our industry leading cost position. During the quarter, we successfully restored two cell production lines, with a total capacity of 240 MW, at our Funing cell factory, which had previously been damaged by a tornado in June of 2016. We expect to restore an additional 1.2 GW by the end of the first half of 2017. The construction of our new 850 MW cell plant in Southeast Asia was completed in February 2017 and production is ramping up. All of the equipment we are installing in our new cell factories features the latest production technologies, which gives us further cost and efficiency advantages and the desired capacity customers are seeking, while allowing us to sunset less efficient, legacy capacity."
Utility-Scale Solar Project Pipeline
The Company divides its utility-scale solar project pipeline into two parts: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline includes primarily projects that have energy off-take agreements and are expected to be built within the next two to four years. The Company cautions that some late-stage projects may not reach completion due to such risks as failure to secure permits and grid connection, among others .
Late-Stage Utility-Scale Solar Project Pipeline
As of February 28, 2017, the Company's late-stage solar project pipeline, including those in construction, totaled approximately 2.1 GWp, which included 538.5 MWp in Japan, 401 MWp in the U.S., 400 MWp in China, 399 MWp in Brazil, 132 MWp in India, 118 MWp in Australia, 68 MWp in Mexico, 26 MWp in the United Kingdom and 6 MWp in Africa.
In the United States, as previously announced, four projects (Astoria, Astoria 2, Garland and Roserock) totaling 715 gross MWp commenced commercial operation in the fourth quarter of 2016. In addition, the new late-stage 92 MWp IS 42 project acquired during the quarter is in construction and expected to reach commercial operation by the end of 2017. Two other projects (Tranquillity 8 and Gaskell West 1) are currently under development and are expected to reach commercial operation before the end of December 2018.
In January 2017, the Company announced the signing of a 20-year Power Purchase Agreement ("PPA") for 60 MWac of solar power plant Tranquillity 8 Verde with the Sacramento Municipal Utility District ("SMUD"). Construction of the project, located in Fresno County, California, is expected to begin in mid-2017 and will begin delivering power to SMUD by early 2018. Tranquillity 8 Verde is part of the 281 MWdc Tranquillity 8 Project. The remaining volume will be purchased by MCE, Pacific Gas & Electric ("PG&E") and Southern California Edison ("SCE") under long-term power purchase agreements.
In the fourth quarter of 2016, the Company executed a 20-year PPA for 28 MWdc of solar power plant Gaskell West 1 with SCE. Construction of the project is expected to begin in late 2017 and will begin delivering power to SCE by mid-2018. Gaskell West 1 is part of the 175 MWdc Gaskell West project located in Kern County, California.
The Company's late-stage, utility-scale solar project pipeline in the U.S. as of February 28, 2017 is detailed in the table below.
|
Project |
MWp |
Location |
Status |
Expected COD |
|
Tranquillity 8 |
281 |
Fresno county, CA |
Development |
2018 |
|
Gaskell West 1 |
28 |
Kern county, CA |
Development |
2018 |
|
IS42 |
92 |
Fayetteville, NC |
Construction |
2017 |
|
Total |
401 |
In Japan, during the fourth quarter of 2016, the Company started commercial operation of three solar power plants, with a total capacity of approximately 37 MWp, bringing the total MW of solar power plants in commercial operation to 59.5 MWp. As of February 28, 2017, the Company's pipeline of late-stage utility-scale solar power projects totaled approximately 538.5 MWp, including 211.8 MWp in construction and 14.8 MWp at the ready-to-build stage. The expected commercial operation schedule of the Company's late stage, utility scale solar power projects in Japan as of February 28, 2017 is detailed in the table below.
|
Expected COD Schedule (MWp) | ||||||||||
|
2017 |
2018 |
2019 |
2020 |
2021 and Thereafter |
Total | |||||
|
105.5 |
118 |
112 |
126 |
77 |
538.5 | |||||
As of February 28, 2017, Canadian Solar executed interconnection agreements for 375 MWp of projects that are in construction and under development. Since January 1, 2017, Canadian Solar executed interconnection agreements for 21.49 MWp of projects. The Company expects that, by April 1, 2017, it will have executed interconnection agreements for an additional 28.0 MWp of projects, thereby securing the existing feed-in-tariff contract subject to meeting the commercial operation date (COD) deadline. Projects with a total capacity of 71.4 MWp will participate in a bid for a utility upgrades and will keep their current FIT while the bid process is underway. It is expected interconnection agreements for 43.5 MWp of projects will not be signed by April 1, 2017 and those projects will lose their current FIT.
In Brazil, the Company's late-stage, utility-scale solar project pipeline as of February 28, 2017 is detailed in the table below.
|
Project |
MWp |
Location |
Status |
Expected COD |
|
Pirapora I* |
192 |
Brazil |
Construction |
2017 |
|
Pirapora II |
115 |
Brazil |
Development |
2018 |
|
Pirapora III (formerly Vazante) |
92 |
Brazil |
Development |
2017 |
|
Total |
399 |
* The Company completed the sale of 80% interest in Pirapora I in the fourth quarter of 2016. And Canadian Solar supplies the modules for this project.
In January 2017, the Company announced that it received $20 million in unsecured funding from the China and Portuguese-speaking Countries Cooperation and Development Fund ("CPD Fund") to support the development of eligible projects in Brazil, including the 192 MWp Pirapora I Project in the state of Minas Gerais.
Solar Power Plants in Operation
In addition to its late stage, utility scale solar project pipeline, the Company had a portfolio of solar power plants in operation totaling 1,195.5 MWp as of February 28, 2017. The resale value of these plants is estimated at approximately $1.6 billion. For the Company's tax equity deal projects in the U.S., only class B share value of the projects was included in the aforementioned resale value. The Company cautions, however, that market conditions may change resulting in different sale values if and when the Company ultimately sells these plants.
The sale of projects recorded as 'Project assets' (build to sell) on the balance sheet will be recorded as revenue once revenue recognition criteria are met, and the gain from sale of projects recorded as 'Assets held-for-sale' and 'Solar power systems, net' (build to own) on the balance sheet will be recorded within 'Other operating income (expenses)' in the income statement.
The Company's total portfolio of solar power plants in operation as of February 28, 2017 is detailed in the table below.
|
Plants in Operation (MWp) | |||||
|
U.S. |
Japan |
U.K. |
China |
Other |
Total |
|
808 |
59.5 |
125 |
198 |
5 |
1,195.5 |
Manufacturing Capacity
The Company plans to expand its ingot, wafer, cell and module capacities by December 31, 2017 to 1.7 GW, 4.0 GW, 4.49 GW and 6.97 GW, respectively.
|
Manufacturing Capacity Roadmap (MW) | |||
|
31-Dec-16 |
30-Jun-17 |
31-Dec-17 | |
|
Ingot |
400 |
1,200 |
1,700 |
|
Wafer |
1,000 |
2,000 |
4,000 |
|
Cell |
2,440 |
4,490 |
4,490 |
|
Module |
6,170 |
6,970 |
6,970 |
The Company plans to increase its ingot manufacturing capacity to 1.7 GW by December 31, 2017 in order to reduce the purchase cost of ingots and thus reduce its all-in module manufacturing costs.
The Company's wafer manufacturing capacity is expected to reach 2.0 GW by June 30, 2017 and 4.0 GW by December 31, 2017, all of which will use diamond wire-saw technology. Diamond wire-saw technology works compatibly with the Company's proprietary and highly efficient Onyx black silicon multi-crystalline solar cell technology, reducing silicon usage and therefore manufacturing cost.
The Company's solar cell manufacturing capacity as of December 31, 2016 was 2.44 GW. The Company restored two cell production lines, with a total capacity of 240 MW, at its Funing cell factory in December 2016. The Company expects to restore an additional 480 MW and 720 MW cell capacity at its Funing cell factory in March and June 2017, respectively. Construction of the Company's new 850 MW cell plant in Southeast Asia was completed in February of 2017 and production started to ramp up in March of 2017. The Company's cell manufacturing capacity is expected to reach 4.49 GW by June 30, 2017.
The Company expects that its total worldwide internal module capacity will reach approximately 7.0 GW by June 30, 2017.
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to customer final demand and solar project construction schedule. Management's views and estimates are subject to change without notice.
For the first quarter of 2017, the Company expects total solar module shipments to be in the range of approximately 1.15 GW to 1.2 GW, including approximately 120 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in first quarter 2017. Total revenue for the first quarter of 2017 is expected to be in the range of $570 million to $590 million. Gross margin for the first quarter is expected to be between 13% and 15%.
For the full year 2017, the Company expects total module shipments to be in the range of approximately 6.5 GW to 7.0 GW, with approximately 6.17 GW recognized in revenue. The Company expects to connect (COD) approximately 1 GW to 1.2GW of new solar projects globally in 2017. These projects are located in the U.S., Japan, China, UK, India, Brazil and Africa. Total revenue for the full year 2017 is expected to be in the range of $4.0 billion to $4.2 billion. We expect 50% to 60% of the total full year 2017 revenue to come from our Solar Module and Components Business, while the balance will come from our Energy Business. The Energy Business revenue will mainly come from monetization of the Company's high quality solar power plant assets in the U.S., Japan, China, UK and Brazil. The Company expects its cost of production will decrease throughout the year as new internal wafer, cell and module capacity comes online, both inside and outside China, and the percentage of external purchases and OEM is reduced. Management expects that the increase in vertical integration along the manufacturing steps will help the Company maintain or improve its gross margin.
Recent Developments
On February 6, 2017, Canadian Solar announced that it completed the sale of three utility-scale solar farms, SSM 1 Solar ULC, SSM 2 Solar ULC, and SSM 3 Solar ULC, totaling 59.8 MW AC ("SSM Portfolio") to Fengate SSM Holdco LP, an affiliate of Fengate Real Asset Investments, for over C$257 million ($195.32 million). The transaction was closed on February 1, 2017 and the Company expects to recognize the difference between the sale proceeds and the book value of the projects under 'Other income (expenses)' in the income statement for the first quarter of 2017.
On January 26, 2017, Canadian Solar announced the sale of 30 MWp of solar modules to Wirsol's 30 MWp solar photovoltaic (PV) power plant in Delfzijl, Netherlands.
On January 24, 2017, Canadian Solar announced that Recurrent Energy, a wholly owned subsidiary and leading solar project developer in the U.S., signed a 20-year PPA for 60 MWac of solar power plant with the Sacramento Municipal Utility District (SMUD).
On January 18, 2017, Canadian Solar announced that it started commercial operation of two solar PV power plants, totaling 12.7 MWp in Japan (the 10.2 MWp Aomori Solar Power Plant in Rokunohe Town, Aomori Prefecture and the 2.5 MWp Saitama Minano Power Plant in Minano Town, Saitama Prefecture).
On January 17, 2017, Canadian Solar announced that Recurrent Energy, a wholly owned subsidiary, energized commercial operation of the adjacent 100 MWac/131 MWp Astoria and 75 MWac/100 MWp Astoria 2 solar projects located in Kern County, California.
On January 5, 2017, Canadian Solar announced that Canadian Solar Solutions Inc., a wholly owned subsidiary, completed the sale of its 10 MW AC BeamLight LP ("BeamLight") and its 10 MW AC Alfred solar power plants to 9285806 Canada Inc. and Concord BeamLight GP2 Ltd., affiliates of Concord Green Energy Inc. for over C$152.5 million ($115 million). The transaction closed on December 29, 2016 and the Company recognized the difference between the sales proceeds and the book value of the projects under 'Other income (expenses)' in the income statement for the fourth quarter of 2016.
On January 3, 2017, Canadian Solar announced that CSI New Energy Holding Co., Ltd., a wholly owned subsidiary, completed the sale of two solar power plants in Jiangsu Province, China to Shenzhen Energy Nanjing Holding Co., Ltd., a member of Shenzhen Energy Group Co., Ltd., for approximately RMB223.48 million ($32.2 million). The transactions closed on December 30, 2016 and the Company recognized the difference between the sales proceeds and the book value of the projects under 'Other income (expenses)' in the income statement for the fourth quarter of 2016.
On December 19, 2016, Canadian Solar announced that it secured GBP49.3 million ($62.8 million) in non-recourse term loan facilities to refinance a portfolio of ten solar power plants, with total capacity of 50 MW, in the United Kingdom. National Westminster Bank, a subsidiary of RBS Group, provided the 18.7 year term facility. Part of the proceeds will be used to repay a construction loan of GBP 28.1 million ($35.8 million).
On December 14, 2016, Canadian Solar announced the commercial operation of the 200 MWac/272 MWp Garland Solar Facility in California. The Garland Solar Facility was developed by Recurrent Energy and its majority interests are owned by Southern Company subsidiary Southern Power.
On December 12, 2016, Canadian Solar announced the commencement of solar module manufacturing in Sorocaba, Brazil. The new state-of-the-art manufacturing facility will be Brazil's largest, with 380 MW annual capacity of made-in-Brazil solar modules.
On December 5, 2016, Canadian Solar announced that it closed JPY14.9 billion ($141.5 million) senior and subordinate non-recourse term loan facilities to finance the construction and operation of a 55 MWp solar power plant in the Yamaguchi prefecture, Japan. The facilities were arranged by Hanwha Asset Management and have a maturity of 17 years.
Conference Call Information
The Company will hold a conference call on Tuesday, March 21, 2017 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., March 21, 2017 in Hong Kong) to discuss the Company's fourth quarter and full year 2016 results and business outlook. The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852 3018 6771 (local dial-in from HK) or +1 845 675 0437 from international locations. The passcode for the call is 78404635. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 4 hours after the conclusion of the call until 9:00 a.m. on Wednesday, March 29, 2017, U.S. Eastern Daylight Time (9:00 p.m., March 29, 2017 in Hong Kong) and can be accessed by dialing +1 855 452 5696 (toll-free from the U.S.), +852 3051 2780 (local dial-in from HK) or +1 646 254 3697 from international locations, with passcode 78404635. A webcast replay will also be available on the Investor Relations section of Canadian Solar's website at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16years, Canadian Solar has successfully delivered over 18 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
Investor Relations Contacts:
|
Mary Ma Senior Supervisor, Investor Relations Canadian Solar Inc. |
David Pasquale Global IR Partners Tel: +1-914-337-8801 |
FINANCIAL TABLES FOLLOW
|
Canadian Solar Inc. | |||||||||||
|
Unaudited Condensed Consolidated Statement of Operations | |||||||||||
|
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated) | |||||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||||
|
December 31 |
September 30 |
December 31 |
December 31 |
December 31 | |||||||
|
2016 |
2016 |
2015 |
2016 |
2015 | |||||||
|
Net revenues |
$ 668,428 |
$ 657,323 |
$ 1,120,278 |
$ 2,853,078 |
$ 3,467,626 | ||||||
|
Cost of revenues |
619,472 |
540,030 |
919,826 |
2,435,890 |
2,890,856 | ||||||
|
Gross profit |
48,956 |
117,293 |
200,452 |
417,188 |
576,770 | ||||||
|
Operating expenses: |
|||||||||||
|
Selling expenses |
42,749 |
33,965 |
39,384 |
145,367 |
149,710 | ||||||
|
General and administrative |
62,838 |
52,510 |
52,323 |
203,789 |
168,025 | ||||||
|
Research and development |
3,204 |
4,646 |
4,818 |
17,407 |
17,056 | ||||||
|
Other operating income, net |
(48,074) |
(797) |
(1,357) |
(42,539) |
(5,392) | ||||||
|
Total operating expenses, net |
60,717 |
90,324 |
95,168 |
324,024 |
329,399 | ||||||
|
Income (loss) from operations |
(11,761) |
26,969 |
105,284 |
93,164 |
247,371 | ||||||
|
Other income (expenses): |
|||||||||||
|
Interest expense |
(22,897) |
(18,807) |
(17,065) |
(69,723) |
(54,148) | ||||||
|
Interest income |
2,381 |
2,077 |
4,209 |
10,236 |
16,831 | ||||||
|
Gain (loss) on change in fair value |
24,246 |
2,044 |
(9,391) |
27,322 |
(12,196) | ||||||
|
Foreign exchange gain (loss) |
(12,487) |
4,446 |
11,289 |
25,406 |
22,882 | ||||||
|
Investment income (loss) |
(971) |
(1,719) |
- |
(1,532) |
2,342 | ||||||
|
Gain on repurchase of convertible |
- |
322 |
- |
2,782 |
- | ||||||
|
Others |
- |
- |
- |
- |
389 | ||||||
|
Other expenses, net |
(9,728) |
(11,637) |
(10,958) |
(5,509) |
(23,900) | ||||||
|
Income (loss) before income taxes |
(21,489) |
15,332 |
94,326 |
87,655 |
223,471 | ||||||
|
Income tax benefit (expense) |
10,598 |
(16) |
(30,985) |
(17,976) |
(49,512) | ||||||
|
Equity in loss of unconsolidated |
(2,885) |
(131) |
(1,012) |
(4,404) |
(643) | ||||||
|
Net income (loss) |
(13,776) |
15,185 |
62,329 |
65,275 |
173,316 | ||||||
|
Less: Net income (loss) |
(448) |
(429) |
31 |
26 |
1,455 | ||||||
|
Net income (loss) attributable to |
$(13,328) |
$ 15,614 |
$ 62,298 |
$ 65,249 |
$ 171,861 | ||||||
|
Earnings (loss) per share - basic |
(0.23) |
$ 0.27 |
$ 1.11 |
$ 1.13 |
$ 3.08 | ||||||
|
Shares used in computation - basic |
57,806,597 |
57,778,388 |
55,942,143 |
57,524,349 |
55,728,903 | ||||||
|
Earnings (loss) per share - diluted |
(0.23) |
$ 0.27 |
$ 1.05 |
$ 1.12 |
$ 2.93 | ||||||
|
Shares used in computation - diluted |
57,806,597 |
58,276,183 |
60,339,702 |
58,059,063 |
60,426,056 | ||||||
|
Canadian Solar Inc. | |||||||||
|
Unaudited Condensed Consolidated Statement of Comprehensive Income | |||||||||
|
(In Thousands of US Dollars) | |||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||
|
December 31 |
September 30 |
December 31 |
December 31 |
December 31 | |||||
|
2016 |
2016 |
2015 |
2016 |
2015 | |||||
|
Net Income (loss) |
(13,776) |
15,185 |
62,329 |
65,275 |
173,316 | ||||
|
Other comprehensive income (net of tax of |
|||||||||
|
Foreign currency translation adjustment |
(42,554) |
(11,227) |
(6,739) |
(41,786) |
(75,687) | ||||
|
Gain (loss) on commodity hedge |
13,314 |
1,174 |
(13) |
12,622 |
2,078 | ||||
|
Gain (loss) on interest rate swap |
1,206 |
589 |
- |
(164) |
- | ||||
|
Comprehensive income (loss) |
(41,810) |
5,721 |
55,577 |
35,947 |
99,707 | ||||
|
Less: comprehensive income (loss) |
1,088 |
(581) |
4,294 |
2,656 |
7,759 | ||||
|
Comprehensive income (loss) attributable |
(42,898) |
6,302 |
51,283 |
33,291 |
91,948 | ||||
|
Canadian Solar Inc. | ||||||||
|
Unaudited Condensed Consolidated Balance Sheet | ||||||||
|
(In Thousands of US Dollars) | ||||||||
|
December 31, |
September 30, |
December 31, | ||||||
|
2016 |
2016 |
2015 | ||||||
|
ASSETS |
||||||||
|
Current assets: |
||||||||
|
Cash and cash equivalents |
$ 511,039 |
$ 480,868 |
$ 553,079 | |||||
|
Restricted cash - current |
487,516 |
502,223 |
534,707 | |||||
|
Accounts receivable trade, net |
400,251 |
350,058 |
426,803 | |||||
|
Accounts receivable, unbilled |
3,425 |
4,425 |
8,206 | |||||
|
Amounts due from related parties |
19,082 |
103,272 |
104,579 | |||||
|
Inventories |
295,371 |
313,869 |
334,489 | |||||
|
Value added tax recoverable |
55,680 |
41,490 |
44,615 | |||||
|
Advances to suppliers - current |
29,312 |
31,395 |
31,886 | |||||
|
Derivative assets - current |
12,270 |
3,785 |
6,259 | |||||
|
Project assets - current |
1,317,902 |
1,181,997 |
111,317 | |||||
|
Assets held-for-sale |
392,089 |
529,210 |
- | |||||
|
Prepaid expenses and other current assets |
266,826 |
226,344 |
108,153 | |||||
|
Total current assets |
3,790,763 |
3,768,936 |
2,264,093 | |||||
|
Restricted cash - non-current |
9,145 |
2,883 |
46,897 | |||||
|
Property, plant and equipment, net |
462,345 |
431,716 |
331,052 | |||||
|
Solar power systems, net |
112,062 |
436,043 |
1,200,441 | |||||
|
Deferred tax assets, net |
229,980 |
118,270 |
97,134 | |||||
|
Advances to suppliers –non-current |
54,080 |
99,618 |
27,745 | |||||
|
Prepaid land use right |
48,651 |
29,061 |
29,092 | |||||
|
Investments in affiliates |
368,459 |
141,841 |
187,131 | |||||
|
Intangible assets, net |
8,422 |
9,115 |
78,938 | |||||
|
Goodwill |
7,617 |
7,617 |
7,609 | |||||
|
Derivatives assets - non-current |
15,446 |
1,927 |
2,072 | |||||
|
Project assets - non-current |
182,391 |
48,817 |
2,814 | |||||
|
Other non-current assets |
117,245 |
129,870 |
142,236 | |||||
|
TOTAL ASSETS |
$ 5,406,606 |
$ 5,225,714 |
$ 4,417,254 | |||||
|
Current liabilities: |
||||||||
|
Short-term borrowings |
$ 1,600,033 |
$ 1,510,087 |
$ 1,156,576 | |||||
|
Accounts and notes payable |
736,779 |
801,882 |
985,757 | |||||
|
Amounts due to related parties |
19,912 |
12,057 |
90,002 | |||||
|
Other payables |
223,584 |
224,726 |
151,174 | |||||
|
Short-term commercial paper |
131,432 |
134,602 |
- | |||||
|
Advances from customers |
90,101 |
53,232 |
76,207 | |||||
|
Derivative liabilities - current |
9,625 |
7,764 |
35,228 | |||||
|
Current maturities of capital lease obligation |
58,947 |
58,896 |
8,712 | |||||
|
Liabilities held-for-sale |
279,272 |
356,294 |
- | |||||
|
Other current liabilities |
571,381 |
233,062 |
152,668 | |||||
|
Total current liabilities |
3,721,066 |
3,392,602 |
2,656,324 | |||||
|
Accrued warranty costs |
61,139 |
66,377 |
65,193 | |||||
|
Convertible notes |
125,569 |
125,352 |
150,000 | |||||
|
Long-term borrowings |
493,455 |
615,830 |
606,577 | |||||
|
Derivatives liabilities - non-current |
- |
2,163 |
17,358 | |||||
|
Liability for uncertain tax positions |
8,431 |
6,713 |
14,468 | |||||
|
Deferred tax liabilities - non-current |
23,348 |
8,238 |
19,030 | |||||
|
Loss contingency accruals |
22,654 |
24,117 |
23,500 | |||||
|
Long-term capital lease obligation |
24,720 |
33,993 |
17,728 | |||||
|
Other non-current liabilities |
26,834 |
12,223 |
14,566 | |||||
|
Total LIABILITIES |
4,507,216 |
4,287,608 |
3,584,744 | |||||
|
Equity: |
||||||||
|
Common shares |
701,283 |
700,959 |
677,103 | |||||
|
Additional paid-in capital |
(8,897) |
(11,481) |
(17,139) | |||||
|
Retained earnings |
284,109 |
297,437 |
218,860 | |||||
|
Accumulated other comprehensive loss |
(91,814) |
(62,244) |
(59,856) | |||||
|
Total Canadian Solar Inc. shareholders' equity |
884,681 |
924,671 |
818,968 | |||||
|
Non-controlling interests in subsidiaries |
14,709 |
13,435 |
13,542 | |||||
|
TOTAL EQUITY |
899,390 |
938,106 |
832,510 | |||||
|
TOTAL LIABILITIES AND EQUITY |
$ 5,406,606 |
$ 5,225,714 |
$ 4,417,254 | |||||
About Non-GAAP Financial Measures
To supplement its financial disclosures presented in accordance with GAAP, the Company uses non-GAAP measures which are adjusted from the most comparable GAAP measures for certain items as described below. The Company presents non-GAAP net income and diluted earnings per share so that readers of the press release can better understand the underlying operating performance of the business before the impact of the AD/CVD true-up provision in the fourth quarter of 2016. The non-GAAP numbers are not measures of financial performance under U.S. GAAP, and should not be considered in isolation or as an alternative to other measures determined in accordance with GAAP. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited.
|
Reconciliation of U.S. GAAP to Non-GAAP financial measures | |||
|
Statement of Operations Data: | |||
|
(In Thousands, except per share amounts) | |||
|
Three Months Ended |
Twelve Months Ended | ||
|
December 31, 2016 |
December 31, 2016 | ||
|
Net income (loss) attributable to Canadian Solar Inc. |
$ (13,328) |
$ 65,249 | |
|
AD/CVD true-up provision |
44,126 |
44,126 | |
|
Income tax effect |
(16,631) |
(16,631) | |
|
Non-GAAP net income attributable to Canadian Solar Inc. |
$ 14,167 |
$ 92,744 | |
|
Shares used in computation – diluted |
58,092,689 |
58,059,063 | |
|
GAAP earnings (loss) per share-diluted |
$ (0.23) |
$ 1.12 | |
|
Non-GAAP earnings per share-diluted |
$ 0.24 |
$ 1.60 | |
SOURCE Canadian Solar Inc.
Article Date
3/21/2017Canadian Solar Signs PPAs with Solar Energy Corporation of India (SECI) to Develop 80 MWac Solar Power Projects in Maharashtra, India
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, March 14, 2017 /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 secured Power Purchase Agreements for an aggregate 80 MWac of solar power projects with the Solar Energy Corporation of India (SECI), a public sector undertaking of the Government of India. Canadian Solar was awarded these projects under a 450 MWac solar capacity tender in the state of Maharashtra, through a competitive auction process. These projects are scheduled to commence operations by late 2017 and will generate clean solar electricity for SECI over the next 25 years.
"We are pleased to secure our first 80 MWac of solar power projects with SECI, a bankable and reputable off-taker operating under the Government of India. This investment adds to our India pipeline that stands at 110 MWac and represents a significant milestone for Canadian Solar in one of world's fastest growing renewables markets," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 18 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
3/14/20173/8/2017 - Canadian Solar Schedules Fourth Quarter and Full Year 2016 Earnings Conference Call on March 21
Canadian Solar Schedules Fourth Quarter and Full Year 2016 Earnings Conference Call on March 21
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, March 8, 2017 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Tuesday, March 21, 2017 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., March 21, 2017 in Hong Kong) to discuss the Company's fourth quarter and full year 2016 results and business outlook.
The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852 3018 6771 (local dial-in from HK) or +1 845 675 0437 from international locations. The passcode for the call is 78404635. A live webcast of the conference call will also be available on Canadian Solar's website at www.canadiansolar.com, or by clicking the following hyperlink: http://edge.media-server.com/m/p/ktok9e7p
A replay of the call will be available 4 hours after the conclusion of the call until 9:00 a.m. on Wednesday March 29, 2017, U.S. Eastern Daylight Time (9:00 p.m., March 29, 2017 in Hong Kong) and can be accessed by dialing +1 855 452 5696 (toll-free from the U.S.), +852 3051 2780 (local dial-in from HK) or +1 646 254 3697 from international locations, with passcode 78404635. A webcast replay will also be available at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 18 GW of premium quality modules to over 90 countries around the world. Furthermore, 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.
SOURCE Canadian Solar Inc.
Article Date
3/8/2017Canadian Solar Raises US$20 Million Funding from China and Portuguese-speaking Countries Cooperation and Development Fund
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, March 6, 2017 /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 received US$20 million unsecured funding from the China and Portuguese-speaking Countries Cooperation and Development Fund ("CPDFund") to support the development of eligible projects in Brazil, including the 191 MWp Pirapora I Project in the state of Minas Gerais.
The Pirapora I Project is currently under construction and is expected to be completed in the third quarter of 2017. Once operational, the project will generate 391.3 GWh of clean electricity per year, enough to meet the annual energy needs of more than 200,000 Brazilian households and avoid 228,000 tonnes of CO2 emissions. In October 2016, Canadian Solar announced the sale of 80% interest in the project to EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil. Canadian Solar's investments to accelerate solar energy generation in Brazil include the operation of the country's largest solar module manufacturing facility with annual capacity of 380 MW and the development of a further 207 MWp of solar energy projects with 20-year power purchase agreements.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are glad to partner with the CPDFund in the growing solar energy market in Brazil. This milestone funding from the CPDFund cements our collaboration towards the CPDFund's investment into high-quality solar energy projects developed by Canadian Solar in Brazil and other Portuguese-speaking countries worldwide. We look forward to more opportunities to cooperate with state-owned enterprises and institutional investors in China to boost solar energy growth globally."
Mr. Jianxin Chi, Chairman of CPDFund Management Company, commented, "We value the partnership with Canadian Solar which has extensive industrial experience and outstanding capability, and believe that the milestone funding is the start of more cooperation on solar energy in Brazil, other Portuguese-speaking countries and Africa. We also have strong confidence in the future of Brazilian economy and the economic cooperation between China and Brazil, and expect to invest more in power, infrastructure and other industries in Brazil."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 18 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 CPDFund
As one of the six initiatives proposed at the 3rd Ministerial Conference of the China and Portuguese-speaking Countries Forum, the CPDFund was formally established in June 2013, jointly funded by China Development Bank (CDB) and the Macau Industrial and Commercial Development Fund affiliated to the Macau government according to the contribution ratio of 60% to 40%. The CPDFund aims at galvanizing investment and production capacity cooperation between China and Portuguese-speaking countries through equity and quasi-equity investment. Since its establishment three years ago, the CPDFund has reached US$ 1 billion in size and achieved substantial progress in project development and investment and gradually evolved into an important platform to foster investment cooperation between China and Portuguese-speaking countries.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
3/6/20172/6/2017 - Canadian Solar Completes Sale of 3 Utility-Scale Solar Plants to Fengate Real Asset Investments
Canadian Solar Completes Sale of 3 Utility-Scale Solar Plants to Fengate Real Asset Investments
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Feb. 6, 2017 /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 completed the sale of the outstanding shares of 3 utility-scale solar farm holding companies, SSM 1 Solar ULC, SSM 2 Solar ULC, and SSM 3 Solar ULC, totaling 59.8 MW AC ("SSM Portfolio") to Fengate SSM Holdco LP, an affiliate of Fengate Real Asset Investments ("Fengate") for over CAD257 Million (USD195.32 Million). The transaction was closed on February 1, 2017 and the Company expects to recognize the difference between the sales proceeds and the book value of the projects under 'Other income (expenses)' in the income statement for the first quarter of 2017.
The SSM Portfolio is located in Sault Ste. Marie, Ontario, Canada. As part of the deal, Fengate will take over the outstanding debt from Norddeutsche Landesbank Girozentrale and Canadian Solar will provide operations and maintenance services and asset management services.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are delighted to announce the successful sale of 3 additional solar power plants. To this point, we have sold all of our operating plants of 100 MWdc in Canada, including the BeamLight and Alfred projects sold in December 2016. We value our partnership with Fengate and look forward to deepening our cooperation while we continue to monetize our solar power plants in other countries."
"The Sault St. Marie solar portfolio is fully-contracted with a strong operating record," stated George Theodoropoulos, Fengate's Managing Director of Infrastructure for North America. "Fengate and its investors will benefit from this new relationship with Canadian Solar, an experienced and reputable developer and operator that has extensive knowledge of the solar industry."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 Fengate Real Asset Investments
Fengate is a real asset investment firm that specializes in investment funds with a strategic focus on infrastructure, real estate and private equity. The firm has over $2.9 billion in assets under management with significant experience in Public-Private Partnerships, independent power projects, operating infrastructure assets and real estate developments. Fengate targets high quality investments across North America, Europe and Australia. Fengate has been one of "Canada's Best Managed Companies" since 2007.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
2/6/2017Canadian Solar and Wirsol Commission Largest 30 MW Solar Park in the Netherlands
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Jan. 26, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that Wirsol has started the commercial operation of a 30MWp solar photovoltaic (PV) power plant in Delfzijl, Netherlands, for which Canadian solar has supplied the panels.
The Solarpark Delfzijl was commissioned on January 19th, 2017. Built with 116,335 Canadian Solar CS6P-265P modules, the solar power plant is expected to generate approximately 27,634 MWh/p.a. and save up to 17,962 tons of CO².
"I am delighted to see the Delfzijl solar power plant come online. We look forward to building more solar projects together with Wirsol in the BENELUX," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
1/26/20171/24/2017 - Canadian Solar Subsidiary Recurrent Energy Signs 60 Megawatt Solar Power Purchase Agreement with SMUD
Canadian Solar Subsidiary Recurrent Energy Signs 60 Megawatt Solar Power Purchase Agreement with SMUD
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Jan. 24, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) wholly owned subsidiary and leading solar project developer Recurrent Energy today announced a 20-year Power Purchase Agreement (PPA) for 60 MWac of solar power with the Sacramento Municipal Utility District (SMUD).
SMUD will receive electricity from the 60 MWac Tranquillity 8 Verde solar photovoltaic (PV) project, located in Fresno County, California. Construction of the project is expected to begin in mid-2017. The project, which will generate enough electricity to power approximately 15,000 homes, will begin delivering power to SMUD in support of its SolarShares program and other renewable energy goals by early 2018.
"SMUD continues to add more renewable, non-carbon supplies to our power mix," said Sherri Gervin, SMUD Supervising Principal Energy Trading Commodity Contracts Specialist. "SMUD was the first large California utility to have 20 percent of its power supply come from sources classified by California as renewable, and is on track to meet the state mandate requiring utilities to increase their renewable portfolio to 33 percent by 2020. In the last decade the renewable portion of our power mix has grown from 7 percent to 28 percent," said Gervin.
Tranquillity 8 Verde is Recurrent Energy's fifth solar project with SMUD. In 2012, Recurrent Energy completed a portfolio of four projects that supply power to SMUD under multiple 20-year PPAs.
"We are proud to partner with SMUD to continue delivering reliable, cost-competitive solar power to their customers," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "SMUD is a leader in driving adoption of large-scale solar power and should be commended for its sustained commitment."
Tranquillity 8 Verde is part of the 200 MWac Tranquillity 8 project being developed by Recurrent Energy. The remaining 140 MWac will be purchased by MCE, PG&E and SCE under long-term power purchase agreements.
About SMUD
As the nation's sixth-largest community-owned electric service provider, SMUD has been providing low-cost, reliable electricity for about 70 years to Sacramento County (and small adjoining portions of Placer and Yolo Counties). SMUD is a recognized industry leader and award winner for its innovative energy efficiency programs, renewable power technologies, and for its sustainable solutions for a healthier environment. For more information about SMUD, visit https://www.smud.org/.
About Recurrent Energy
Recurrent Energy, a U.S. subsidiary of Canadian Solar Inc., is redefining what it means to be a mainstream clean energy company, with utility-scale solar plants that provide competitive clean electricity. The company has more than 4 GW of solar projects in development in North America. Additional details are available at: www.recurrentenergy.com
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
1/24/2017Canadian Solar Ranked #1 Module Supplier for Quality and Price/Performance Ratio in IHS Module Customer Insight Survey 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Jan. 20, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is ranked #1 module supplier in terms of module quality and price/performance ratio in IHS Markit's independent PV Module Customer Insight Survey 2016. High quality and price/performance ratio were identified as the top two reasons for recommending solar module brands.
Survey respondents also ranked Canadian Solar as the #1 most purchased brand and #1 most recommended brand of solar modules.
IHS Markit ran its annual solar survey between August and November 2016, and surveyed PV module buyers such as installers, integrators, and distributors throughout the world.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are honored to see our dedication to product quality and customer value reflected in PV module buyers' responses to IHS Markit's survey. Since its inception in 2001, Canadian Solar has unwaveringly placed product quality as its #1 objective in its operation. Thanks to our first customer in 2002, Audi-Volkswagan, we have applied automotive industry quality management system in our production since 2003 when we were certified for ISO 16949. Our quality control starts from where our BOM materials are produced. We believe the best marketing comes from consistently delivering the highest quality product with the best product value to enable customers to achieve their highest investment return. Canadian Solar has delivered close to 18 GW of solar modules around the world. We will continue to work hard to supply our customers around the world the best quality and price performance modules."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
1/23/2017Canadian Solar Energises Two Solar Power Plants in Japan
Source: PR Newswire
GUELPH, Ontario, Jan. 18, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it started the commercial operation of two solar photovoltaic (PV) power plants, totaling 12.7 MWp in Japan. The two plants include the 10.2 MWp Aomori Solar Power Plant in Rokunohe Town, Aomori Prefecture and the 2.5 MWp Saitama Minano Power Plant in Minano Town, Saitama Prefecture.
"We are pleased to announce the successful grid connection of two additional solar power plants in Japan, which brings our total portfolio of operating plants in Japan to 58.51MWp," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "This represents another milestone for our energy business strategy, and we look forward to continuing to deliver additional solar projects as we build out our portfolio of high value operating solar energy plants in Japan."
The 10.2 MWp Aomori Solar Power Plant, powered by 39,248 Canadian Solar CS6P-P modules, achieved commercial operation on December 27, 2016. Each year, the plant generates around 11,695 MWh electricity, which will be purchased by Tohoku Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of 36.00 yen (USD0.31) per kWh.
The 2.5 MWp Saitama Minano Power Plant used 9,240 Canadian Solar CS6P-P modules and reached commercial operation on December 22, 2016. The electricity generated from the plant, approximately 2,978 MWh annually, will be purchased by Tokyo Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of 32.00 yen (USD0.27) per kWh.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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 in Japan; delays in utility-scale project construction in Japan; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
1/18/2017Canadian Solar Subsidiary Recurrent Energy Announces Commercial Operation of Two Solar Photovoltaic Projects in California
Source: PR Newswire
GUELPH, Canada, Jan. 17, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary Recurrent Energy has reached commercial operation of the adjacent 100 MWac/131 MWp Astoria and 75 MWac/100 MWp Astoria 2 solar projects located in Kern County, California.
"With the help of our trusted partners, the Astoria projects will power more than 40,000 homes with clean energy," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "These projects, which began operating in late 2016, are part of Recurrent Energy's milestone 1.2 GW 2016 project portfolio."
GE Energy Financial Services, a unit of GE, provided a tax equity investment for both projects. Financing for the Astoria project was announced in November 2015. A financing announcement for the Astoria 2 facility followed in January 2016. Both projects employ GE's state-of-the-art solar inverter technology.
"It has been a pleasure to work with Recurrent Energy on the Astoria projects and see them through commercial operation. As we continue to invest over $1 billion annually in the U.S. renewable energy market, well-developed assets such as the Astoria projects are critical to our success," said Kevin Walsh, managing director and head of Renewables at GE Energy Financial Services.
Pacific Gas and Electric Company will buy electricity and associated renewable energy credits (RECs) generated by the Astoria project under a long-term power purchase agreement (PPA). Electricity and associated RECs from the Astoria 2 project will be purchased by the Southern California Public Power Authority and four of its members (Cities of Azusa, Banning, Colton and Vernon), the Power and Water Resources Pooling Authority, and the Cities of Corona, Lodi, Moreno Valley and Rancho Cucamonga.
Additional Resources
About Recurrent Energy
Recurrent Energy, a U.S. subsidiary of Canadian Solar Inc., is redefining what it means to be a mainstream clean energy company, with utility-scale solar plants that provide competitive clean electricity. The company has more than 4 GW of solar projects in development in the United States. Additional details are available at: www.recurrentenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
1/17/20171/5/2017 - Canadian Solar Completes Sale of BeamLight and Alfred Solar Power Plants to Concord Green Energy
Canadian Solar Completes Sale of BeamLight and Alfred Solar Power Plants to Concord Green Energy
Source: PR Newswire
GUELPH, Ontario, Jan. 5, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of its 10 MW AC BeamLight LP ("BeamLight") and its 10 MW AC Alfred solar power plants to 9285806 Canada Inc. and Concord BeamLight GP2 Ltd., affiliates of Concord Green Energy Inc. ("Concord") for over CAD152.5 Million (USD115 Million). The transaction was closed on December 29, 2016 and the Company expects to recognize the difference between the sales proceeds and the book value of the projects under 'Other income (expenses)' in the income statement for the fourth quarter of 2016. BowMont Capital and Advisory acted as financial advisor to Concord on this transaction.
The BeamLight plant is located in Georgina, Ontario and uses approximately 46,224 Canadian Solar MaxPower CS6X-P PV modules. The Alfred plant is located in Alfred, Ontario and uses about 46,656 Canadian Solar MaxPower CS6X–P PV modules.
These solar systems will generate significant environmental benefits. The amount of clean solar energy that the plants will collectively generate is estimated at 35,941 MWh per year and 665,130 MWh over 20 years. The amount of carbon dioxide that will be displaced during the systems' 20 year lifetimes is approximately 467,437 metric tons, equivalent to taking around 98,738 cars off of the road for one year.
"Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented: "We are very pleased to announce the successful sale of two operating solar power plants in Canada. This deal demonstrates that we are well on track to monetize our quality solar power plant assets to recycle our capital and strengthen our balance sheet. This is another successful cooperation between Canadian Solar and Concord Green Energy after a previous transaction of 5 solar power plants in Canada. We value our strategic partnership with Concord Green Energy and look forward to continuing our successful cooperation."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 Concord Pacific and Concord Green Energy Inc.
Concord Pacific created Concord Green Energy to explore and support a variety of zero carbon energy producing projects of scale. Planning for infrastructure needs and requirements of Canadians has always been a cornerstone to Canada's first urban master-planned community builder, Concord Pacific. Energy considerations and solutions will be significant to success to sustainable communities of the future. Concord Green Energy has projects of scale at various stages of planning, development, and operation across Canada., visit www.concordpacific.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
1/5/2017Canadian Solar Completes the Sale of Two Solar Power Plants in China to Shenzhen Energy
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Jan. 3, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary, CSI New Energy Holding Co., Ltd. has completed the sale of 2 solar power plants in Jiangsu Province, China to Shenzhen Energy Nanjing Holding Co., Ltd., a subsidiary of Shenzhen Energy Group Co., Ltd., for approximately RMB223.48 million (US$32.2 million). The transaction was closed on December 30, 2016 and the Company expects to recognize the difference between the sales proceeds and the book value of the projects under 'Other income (expenses)' in the income statement for the fourth quarter of 2016.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are delighted to have closed the sale of two more solar power plants in China. This is another important milestone, as we continue to monetize our quality solar project assets in China and other countries. We look forward to deepening our strategic partnership with Shenzhen Energy for more opportunities in the future."
About Shenzhen Energy Nanjing Holding Co., Ltd.
Shenzhen Energy Nanjing Holding Co., Ltd. invests, constructs, and operates new energy and conventional energy projects. It operates as a subsidiary of Shenzhen Energy Group Co., Ltd., a listed and state-owned company in China.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future results, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
1/3/201712/19/2016 - Canadian Solar Secures GBP49.3 Million Refinancing with NatWest For 50 Megawatts Solar Power Projects
Canadian Solar Secures GBP49.3 Million Refinancing with NatWest For 50 Megawatts Solar Power Projects
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Dec. 19, 2016 /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 secured GBP 49.3 million (US$62.8 million) non-recourse term loan facilities to refinance a portfolio of 10 solar power plants, with total capacity of 50 megawatts in the United Kingdom. National Westminster Bank (NatWest), a subsidiary of RBS Group, is providing the 18.7-year term facility. Part of the proceeds will be used to repay a construction loan of GBP 28.1 million (US$35.8 million).
"We are pleased to be working with NatWest, a leading UK bank, to finance our portfolio of 50 MW of solar power projects in the UK. This transaction demonstrates yet again the quality and bankability of our solar power projects" commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We are proud to cooperate with NatWest to promote the adoption of environment-friendly solar energy in the UK to help mitigate climate change."
Kevin Maddick, Structured Finance NatWest added: "We are proud to be able to support Canadian Solar with this solar power investment, which reinforces NatWest's position as a leading funder to the UK solar sector."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 15 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
12/19/201612/14/2016 - Canadian Solar Subsidiary Recurrent Energy Completes 200 Megawatt Garland Solar Facility
Canadian Solar Subsidiary Recurrent Energy Completes 200 Megawatt Garland Solar Facility
Source: PR Newswire
GUELPH, Ontario, Dec. 14, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the commercial operation of the 200 MWac/272 MWp Garland Solar Facility in California. The Garland Solar Facility was developed by Canadian Solar's wholly owned subsidiary Recurrent Energy and is majority owned by Southern Company subsidiary Southern Power.
The Garland facility uses approximately 723,000 Canadian Solar high performance CS6X-P photovoltaic (PV) solar modules mounted on single-axis tracking tables. It generates enough clean solar power to meet the energy needs of approximately 50,000 homes.
"The completion of the Garland project is another example of the Recurrent Energy team's high-quality execution on our 1.2 gigawatts of 2016 U.S. solar projects," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar.
The facility, which represents Recurrent Energy's ninth completed solar project in Kern County, California, created 572 peak construction jobs. Signal Energy Constructors provided engineering, procurement and construction services.
Electricity and the associated renewable energy credits (RECs) produced by the Garland Solar Facility will be sold under long-term power purchase agreements to Southern California Edison (SCE).
Additional Resources
- VIDEO: Solar in the Community - Kern County, CA https://vimeo.com/recurrentenergy/kerncommunity
- Garland Solar Facility web page:
http://recurrentenergy.com/mega-project/garland/
About Recurrent Energy
Recurrent Energy, a U.S. subsidiary of Canadian Solar Inc., is redefining what it means to be a mainstream clean energy company, with utility-scale solar plants that provide competitive clean electricity. The company has more than 4 GW of solar projects in development in North America. Additional details are available at: www.recurrentenergy.com
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 15 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
12/14/2016Canadian Solar Opens Brazil's Largest Capacity Solar Module Manufacturing Facility
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Dec. 12, 2016 /PRNewswire/ --
-- To Provide Local Content for Company's Existing 390 MW Brazil Pipeline and Growth
Canadian Solar (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today the commencement of solar module manufacturing in Sorocaba, Brazil. The new state-of-the-art manufacturing facility will be Brazil's largest, with 380 MW annual capacity of made in Brazil solar modules.
The official inauguration of this state-of-the-art new solar module facility was attended by the distinguished Mr. Geraldo Alckmin, Governor for the State of Sao Paulo, Mr. Eduardo Azevedo, Secretary from the Ministry of Mines and Energy, Mr. Antonio Carlos Pannunzio, Mayor of Sorocaba and Mr. Rick Savone, Canadian Ambassador to Brazil.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., commented, "This is a great day for Canadian Solar, the supportive local government, and the people of Brazil. Our new state-of-the-art facility is already having a positive impact on Brazil's economy through the jobs created, investment made in the local economy, and our help in the promotion and further development of the country's renewable energy industry. Our current solar project portfolio in Brazil has reached 390 MWp, of which EDF EN do Brazil, the local subsidiary of EDF Energies Nouvelles, bought 80% of the equity interest of our 191 MW Pirapora I project (expected to come online in 3Q17). We now gain a powerful competitive advantage with our new local content facility, which we will leverage in Brazil, one of the world's most attractive and fastest growing solar markets."
As of September 30, 2016, Canadian Solar's late-stage pipeline totaled 2.0 GWp of utility-scale solar project pipeline worldwide, along with a portfolio of operating solar power plants totaling 948 MWp. In Brazil, the Company's current utility-scale solar project pipeline reaches 390 MWp. This is comprised of its 191 MWp Pirapora I project, 109 MWp Pirapora II project and 90 MWp Vazante project. The Pirapora I project is in construction and expected to reach commercial operation in 3Q17, with the Pirapora II and Vazante projects expected to reach commercial operation in 2018. Canadian Solar will supply made-in Brazil solar modules for its projects.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 15 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
12/12/201612/5/2016 - Canadian Solar Closes Financing For 55 Megawatt Yamaguchi Shin Mine Solar Power Project in Japan
Canadian Solar Closes Financing For 55 Megawatt Yamaguchi Shin Mine Solar Power Project in Japan
Source: PR Newswire
GUELPH, Ontario, Dec. 5, 2016 /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 closed JPY14.9 billion (US$141.5 million) senior and subordinate non-recourse term loan facilities to finance the construction and operation of a 55 MWp solar power plant in the Yamaguchi prefecture, Japan. The facilities were arranged by Hanwha Asset Management and have a maturity of 17 years.
"We are pleased to close the project finance facilities with Hanwha Asset Management and commence construction of the Yamaguchi Shin Mine project. This is our largest investment in Japan to date and represents a significant milestone in the build-out of our solar power pipeline," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Japan is a key growth market for the Company, where we have 597 MWp of utility scale projects in late-stage development."
Ju Su Lee, Head of Global Alternative Investments at Hanwha said, "Renewable energy is a focus sector for Hanwha. We are pleased to arrange this facility for Canadian Solar in support of their growth plans in Asia."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 15 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 Hanwha Asset Management
Hanwha Asset Management is Korea's second largest asset management company in terms of assets under management ("AUM"). The company offers a full range of financial instruments, including stocks, bonds, MMFs, fund of funds, social overhead capital, derivatives, real estate, hedge funds, ETFs, and PEFs in both domestic and overseas capital markets. For more information about the Hanwha Group, please visit: www.hanwha.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
12/5/201611/29/2016 - Canadian Solar Releases New Sustainability Report
Canadian Solar Releases New Sustainability Report
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Nov. 29, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today that its Corporate Social Responsibility report for the year 2015 is now available online.
The report reveals a commitment to social and environmental considerations that runs broad and deep. It was completed in line with the international standard for sustainability reports, the Global Reporting Initiative G4, and demonstrates the company's firm commitment to making the difference. Highlights of the 2015 report include:
Economic highlights:
Environmental highlights:
Social highlights:
"Promoting sustainable development around the world is the mission of Canadian Solar as well as my personal quest. We not only want to be a socially responsible company, but also want our suppliers along the PV value chain to practice and promote sustainable development. Being one of the major PV industry players in the world with accumulative solar panel delivery exceeding 17 GW, we have taken corporate responsibility to the heart of our daily business operations to strengthen environmental sustainability, human resource and community development. This report is a testimony of that commitment," says Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
Canadian Solar's sustainability report can be directly downloaded as PDF via http://www.canadiansolar.com/media/canadian_solar-csr_report_2015-web.pdf and is also available on the Canadian Solar website at http://www.canadiansolar.com/en/making-the-difference/foundations-for-a-sustainable-future.html.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 15 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
11/29/201611/21/2016 - Canadian Solar Reports Third Quarter 2016 Results
Canadian Solar Reports Third Quarter 2016 Results
Source: PR Newswire
GUELPH, Ontario, Nov. 21, 2016 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the third quarter ended September 30, 2016.
Third Quarter 2016 Highlights
Third Quarter 2016 Results
Net revenue in the third quarter of 2016 was $657.3 million, down 18.4% from $805.9 million in the second quarter of 2016 and 22.7% from $849.8 million in the third quarter of 2015. Module shipments recognized in revenue totaled 1,161 MW, compared to 1,290 MW recognized in revenue in the second quarter of 2016 and 1,150 MW recognized in revenue in the third quarter of 2015. Solar module shipments recognized in revenue in the third quarter of 2016 included 16.3 MW used in the total solutions business, compared to 18.7 MW in the second quarter of 2016 and 110.5 MW in the third quarter of 2015.
The following table is a summary of net revenues by geographic region based on the location of customers' headquarters (in millions of US$, except percentages).
Q3 2016 Q2 2016 Q3 2015 $ % $ % $ % The Americas $270.2 41.1 $383.9 47.6 $447.0 52.6 Asia 280.6 42.7 318.4 39.5 351.1 41.3 Europe and Others 106.5 16.2 103.6 12.9 51.7 6.1 Total $657.3 100.0 $805.9 100.0 $849.8 100.0
Gross profit in the third quarter of 2016 was $117.3 million, compared to $138.5 million in the second quarter of 2016 and $126.8 million in the third quarter of 2015. Gross margin in the third quarter of 2016 was 17.8%, compared to 17.2% in the second quarter of 2016 and 14.9% in the third quarter of 2015. The sequential increase in gross margin was primarily due to lower module costs resulting from decreased purchase price of wafer and cell as well as improved manufacturing efficiency of the Company. Total operating expenses were $90.3 million in the third quarter of 2016, down 8.7% from $98.9 million in the second quarter of 2016 and 5.9% from $95.9 million in the third quarter of 2015. Selling expenses were $34.0 million in the third quarter of 2016, up 0.3% from $33.9 million in the second quarter of 2016 and down 8.8% from $37.2 million in the third quarter of 2015. The slight sequential increase in selling expenses was primarily due to higher labor costs, partially offset by lower shipping and handling expenses and external sales commission. The year-over-year decrease in selling expenses was primarily due to lower external sales commission, partially offset by higher labor costs. General and administrative expenses were $51.7 million in the third quarter of 2016, down 13.8% from $60.0 million in the second quarter of 2016 and 5.4% from $54.6 million in the third quarter of 2015. Excluding the non-recurring charges recorded in the second quarter, which include a $10.8 million charge for the terminated YieldCo launch and a $7.6 million estimated tornado damage to the Company's Funing cell factory, and a $20.8 million expense recorded in the third quarter of 2015 for the settlement of LDK arbitration case, general and administrative expenses actually increased sequentially and year-over-year primarily due to an approximately $6.6 million impairment charge for certain solar power systems as well as higher labor costs. Research and development expenses were $4.6 million in the third quarter of 2016, compared to $5.1 million in the second quarter of 2016 and $4.1 million in the third quarter of 2015. Income from operations was $27.0 million in the third quarter of 2016, compared to $39.6 million in the second quarter of 2016, and $30.9 million in the third quarter of 2015. Operating margin was 4.1% in the third quarter of 2016, compared to 4.9% in the second quarter of 2016 and 3.6% in the third quarter of 2015. Non-cash depreciation and amortization charges were approximately $25.4 million in the third quarter of 2016, compared to $25.5 million in the second quarter of 2016, and $24.8 million in the third quarter of 2015. Non-cash equity compensation expense was $1.8 million in the third quarter of 2016, compared to $1.9 million in the second quarter of 2016, and $1.4 million in the third quarter of 2015. Interest expense was $18.8 million in the third quarter of 2016, compared to $11.9 million in the second quarter of 2016, and $13.0 million in the third quarter of 2015. The increase in interest expense was mainly due to lower capitalized interest, a higher balance of outstanding debt and higher financing costs for the Company's projects in the U.S. Interest income was $2.1 million in the third quarter of 2016, compared to $2.4 million in the second quarter of 2016 and $4.2 million in the third quarter of 2015. The Company recorded a gain on change in fair value of derivatives of $2.0 million in the third quarter of 2016, compared to a loss on change in fair value of derivatives of $1.6 million in the second quarter of 2016 and a loss on change in fair value of derivatives of $12.3 million in the third quarter of 2015. The gain on change in fair value of derivatives in the third quarter of 2016 came primarily from the change in fair value of warrants of $1.7 million. The Company recorded a foreign exchange gain in the third quarter of 2016 of $4.4 million compared to a gain of $24.9 million in the second quarter of 2016 and a gain of $17.1 million in the third quarter of 2015. Income tax expense was $16 thousand in the third quarter of 2016, compared to $16.3 million in the second quarter of 2016 and income tax benefit of $3.9 million in the third quarter of 2015. Net income attributable to Canadian Solar was $15.6 million, or $0.27 per diluted share, in the third quarter of 2016, compared to net income of $40.4 million, or $0.68 per diluted share, in the second quarter of 2016, and net income of $30.4 million, or $0.53 per diluted share, in the third quarter of 2015. Financial Condition The Company had $986.0 million of cash, cash equivalents and restricted cash as of September 30, 2016, compared to $1.0 billion as of June 30, 2016. As of the end of the third quarter of 2016, $24.7 million of cash, cash equivalents and restricted cash, among other assets, was reclassified under 'Assets held-for-sale' as further discussed below. Accounts receivable, net of allowance for doubtful accounts, at the end of the third quarter of 2016 were $350.1 million, compared to $356.7 million at the end of the second quarter of 2016. As of the end of the third quarter of 2016, $18.7 million of accounts receivable was reclassified to 'Assets held-for-sale' as further discussed below. Accounts receivable turnover was 68 days in the third quarter of 2016, compared to 60 days in the second quarter of 2016. Inventories at the end of the third quarter of 2016 were $313.9 million, compared to $309.7 million at the end of the second quarter of 2016. Inventory turnover was 56 days in the third quarter of 2016, compared to 51 days in the second quarter of 2016. As of September 30, 2016, the Company had $436.0 million of solar power system assets carried as non-current assets, compared to $1.8 billion at the end of the second quarter of 2016. These assets included operating solar plants as well as plants under construction, which the Company held for the purpose of generating electricity income. In the third quarter, the Company has decided to sell certain solar power plants and as a result it has reclassified $1.6 billion of assets under these projects legal entities, including $1.5 billion of solar power systems, $24.7 million of cash, cash equivalents and restricted cash and $18.7 million of accounts receivable, to 'Project assets – current' and 'Assets held-for-sale'. Total project assets and assets held-for-sale at the end of the third quarter of 2016 were $1.2 billion and $529.2 million respectively. Correspondingly, the Company also reclassified $356.3 million of liabilities, primarily including $143.5 million of short-term borrowings and $151.7 million of long-term borrowings associated with these assets held-for-sale, to 'Liabilities held-for-sale'. Accounts and notes payable at the end of the third quarter of 2016 were $801.9 million, compared to $937.3 million at the end of the second quarter of 2016. Short-term borrowings at the end of the third quarter of 2016 were $1.51 billion, compared to $1.37 billion at the end of the second quarter of 2016. Long-term debt at the end of the third quarter of 2016 was $615.8 million, compared to $828.5 million at the end of the second quarter of 2016. Senior convertible notes totaled $125.4 million at the end of the third quarter of 2016, compared to $128.0 million at the end of the second quarter of 2016. Short-term borrowings and long-term debt directly related to utility-scale solar power projects totaled $1.18 billion at the end of the third quarter of 2016, compared to $834.9 million at the end of the second quarter of 2016. Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Our solar module shipments and revenue came in at the low end of our guidance, due to the dislocation of the global solar market during the quarter and the quarter-end logistic disruption caused by the bankruptcy of Hanjin Shipping in September. Our team has effectively managed the supply chain and our own production output to offset the macro impact of solar module ASP declines in the broader market. We achieved a gross margin of 17.8%, which was well above our guidance and reflects our strong inventory management and continued improvement in manufacturing efficiencies. During the quarter, we continued to develop our downstream energy business. At the end of the quarter, our late-stage solar project pipeline stood at 2.0 GWp and our portfolio of solar plants in operation totaled 948 MWp. Our footprint now covers the world's most attractive markets: the U.S., Canada, Japan, Brazil, China, Mexico, the United Kingdom and Africa. Investor interest in our high-quality project pipeline remains robust. We target to complete the sale of certain solar power plants in Canada and China either by the end of 2016 or early next year and have started the sales process of our projects in the U.S. as our projects there reaching COD. This follows our sale of 80% of the equity in our 191.5 MWp Pirapora 1 solar power project in Brazil to EDF EN do Brasil, the local subsidiary of EDF Energies Nouvelles. Developing and transferring will be an important strategy in our downstream energy business as it bolsters our balance sheet, reduces market risk, and allows us to redeploy our capital, while providing an attractive return for our shareholders." Utility-Scale Solar Project Pipeline The Company divides its utility-scale solar project pipeline into two parts: an early- to mid-stage pipeline and a late-stage pipeline. The late-stage pipeline includes primarily projects that have energy off-take agreements and are expected to be built within the next two to four years. The Company cautions that some late-stage projects may not reach completion due to risks such as failure to secure permits and grid connection, among other risk factors. Late-Stage Utility-Scale Solar Project Pipeline As of September 30, 2016, the Company's late-stage pipeline totaled 2.0 GWp of utility-scale solar project pipeline, which included 940 MWp in the U.S., 597 MWp in Japan, 390 MWp in Brazil, 38 MWp in China, 63 MWp in Mexico, 15 MWp in the United Kingdom and 6 MWp in Africa. In the United States, as previously announced, three projects (Barren Ridge, Mustang and Tranquillity) totaling 470 MWp reached commercial operation in the third quarter of 2016. Four other projects (Astoria 1, Astoria 2, Garland and Roserock) are currently under construction and are expected to reach commercial operation before the end of December 2016. In September 2016, the Company announced the signing of a 15-year power purchase agreement ("PPA") for 100 MWac, or 140 MWp, of its solar power project Tranquility 8 in California with MCE, California's first operating Community Choice Aggregation program. Construction of the project is expected to begin in 2017. The project will begin providing power to MCE by late 2018. The Company's late-stage utility-scale solar project pipeline in the U.S. as of September 30, 2016 is detailed in the table below. Project Gross MWp Location Status Expected COD Astoria 1 131 CA Construction 2016 Astoria 2 100 CA Construction 2016 Garland 272 CA Construction 2016 Roserock 212 TX Construction 2016 Tranquility 8 197 CA Development 2018 Project B 28 CA Development 2018 Total 940
In Japan, during the third quarter of 2016, the Company started commercial operation of two solar power plants, with a total capacity of approximately 1 MWp. In November, a 24 MWp solar power plant started commercial operation. As of September 30, 2016, the Company's pipeline of late-stage utility-scale solar power projects totaled approximately 597 MWp with 191 MWp in construction and 66 MWp at the ready-to-build stage. As of September 30, 2016, the expected commercial operation schedule of the Company's late-stage utility-scale solar power projects in Japan is detailed in the table below.
|
Expected COD Schedule (MWp) | ||||||||||||
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 and Thereafter |
Total | ||||||
|
41 |
121 |
157 |
77 |
126 |
75 |
597 | ||||||
As of August 1, 2016, Canadian Solar had executed interconnection agreements for 397 MWp of projects. The Company expects that, by April 1, 2017, it will have executed interconnection agreements for an additional 130 MWp of projects, thereby securing the existing FIT contract subject to meeting the COD deadline. The Company is working to advance an additional 92 MWp of projects, so that the interconnection agreements can be executed by April 1, 2017 in order to secure the existing FIT contract.
In Brazil, the Company's late-stage, utility-scale solar project pipeline as of September 30, 2016 is detailed in the table below.
|
Project |
Gross MWp |
Location |
Status |
Expected COD | ||||
|
Pirapora I |
191 |
Brazil |
Construction |
2017 | ||||
|
Pirapora II |
109 |
Brazil |
Development |
2018 | ||||
|
Vazante |
90 |
Brazil |
Development |
2018 | ||||
|
Total |
390 |
In October 2016, as previously announced, Canadian Solar sold 80% of equity interest in its Pirapora I solar project in Brazil to EDF EN do Brasil, the local subsidiary of EDF Energies Nouvelles. Canadian Solar will supply modules for this project from its new 360 MWp module factory established in Brazil to support the local market.
In addition, during the third quarter of 2016, the Company connected a 5 MWp plant in the UK to the grid.
Solar Power Plants in Operation
In addition to its utility-scale solar project pipeline, the Company had a portfolio of solar power plants in operation totaling approximately 948 MWp as of September 30, 2016. Revenue from the sale of electricity generated by these plants in the third quarter of 2016 totaled $24.1 million, compared to $22.5 million in the second quarter of 2016. The resale value of these plants is estimated at approximately $1.4 billion, with an expected total profit margin contribution in low double digits. The Company cautions, however, that market conditions may change resulting in different sale values if and when the Company ultimately sells these plants. The sale of projects recorded on the balance sheet as 'Project assets' (build-to-sell) will be recorded as revenue once revenue recognition criteria are met, and the gain from sale of projects recorded on the balance sheet as 'Assets held-for-sale' and 'Solar power systems, net' (build-to-own) will be recorded within 'Other income (expenses)' in the income statement.
|
Plants in Operation (MWp) | ||||||||||||
|
U.S. |
Canada |
Japan |
U.K. |
China |
Other |
Total | ||||||
|
483 |
100 |
22 |
120 |
218 |
5 |
948 | ||||||
Manufacturing Capacity
During the third quarter of 2016, the Company adjusted its end of 2016 manufacturing capacity, as summarized in the table below.
|
Manufacturing Capacity Roadmap (MW) | ||||||
|
December 31, 2015 |
June 30, 2016 |
December 31, 2016 | ||||
|
Wafer |
400 |
400 |
1,000 | |||
|
Cell |
2,700 |
2,200 |
2,440 | |||
|
Module |
4,330 |
4,330 |
5,800 | |||
The Company's wafer manufacturing capacity has reached 1.0 GW, including 400 MW using slurry wire-saw and 600 MW using the new diamond wire-saw technology. The Company expects its wafer capacity to reach 1.3 GW by April 2017, all of which will use the diamond wire-saw technology. This is slightly behind the Company's previous schedule as the production capacity of the diamond wire-saw has to match with that of the black silicon surface treatment in the solar cell workshop. The diamond wire-saw technology works compatibly with the Company's proprietary and highly efficient Onyx black silicon multi-crystalline solar cell technology, reducing silicon usage and therefore manufacturing cost.
The Company's cell manufacturing capacity as of the end of 2016 is expected to reach 2.4 GW, as compared to the 3.1 GW prior target. The decrease is primarily due to a delay in the construction of the Company's new 850 MW cell plant in Southeast Asia. While the module plant in the same compound went on line on schedule in September, the construction completion date of the solar cell plant has been extended to the first quarter of 2017. The decrease in the cell capacity will be partially offset by an earlier than expected partial resumption in production at the Company's Funing cell factory, which was damaged by a tornado in June 2016.
The Company continues to expect that its internal module capacity will reach 5.8 GW by the end of 2016.
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to customer final demand and solar project construction schedule. Management's views and estimates are subject to change without notice.
For the fourth quarter of 2016, the Company expects total solar module shipments to be in the range of approximately 1.4 GW to 1.5 GW, including approximately 30 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in fourth quarter 2016. Total revenue for the fourth quarter of 2016 is expected to be in the range of $600 million to $750 million. Gross margin for the fourth quarter is expected to be between 11% and 16%.
The recent demand for the Company's solar module products has been very strong. The shipment volume in the fourth quarter is impacted by the availability of the Company's solar module manufacturing capacities. The Company is overbooked for the current quarter and fully booked for the first quarter of 2017. As a result, the Company has to use third party solar modules for some of its own projects, in order to satisfy the demand from its solar module customers. The gross margin in the quarter is impacted by the loss-of-service of the company's 1 GW solar cell factory in Funning damaged by a tornado in June and the delay in construction of the company's 850 MW new cell factory in Southeast Asia. The company expects to bring the Funning cell factory partially back in service at the end of the year and fully back in service by June 2017. Meanwhile, the Company expects to start production on its new cell factory in Southeast Asia in the first quarter of 2017.
The Company expects to complete the sale of certain utility-scale solar power plants in Canada and China either in the fourth quarter of 2016 or early 2017. The total value of these solar power plants is estimated at approximately $500 million with a blended gross margin in high teens. According to US GAAP, the Company expects to recognize approximately $150 million of the proceeds of these sales as revenue. The remaining proceeds, net of the book value of the projects, estimated at $50 million to $55 million, will be recognized as gain from sale of projects under 'Other income (expenses)' in the income statement. The actual figures may be different, subject to the adjustments at the final closing. The Company expects to reach the high end of its revenue and gross margin guidance if all these solar power plant sales are completed in the fourth quarter, or the low end of the revenue and gross margin guidance if all these projects sales are closed in 2017 instead.
Accordingly, for the full year 2016, the Company expects its guidance for total module shipments to be in the range of approximately 5.073 GW to 5.173 GW, compared to 5.4 GW to 5.5 GW as previously guided. Management expects its revenue under US GAAP for the full year 2016 to be in the range of $2.78 billion to $2.94 billion, compared to $3.0 billion to $3.2 billion as previously expected. The updated revenue guidance is based on US GAAP, therefore, does not contain the sales of approximately $300 million of solar power plant assets, which may occur in the fourth quarter or early 2017, as previously discussed.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "We remain confident in our long-term outlook and in our proven ability to navigate through disruptive, lower-visibility market environments. Canadian Solar has always emerged in a stronger position from these periods of market volatility. We will continue to invest in advanced technologies that will deliver even higher module efficiency. We expect to further benefit from our global brand and flexible capacity structure. Our track record of stability and consistent long-term execution sets Canadian Solar apart from our peers. Our financial partners share our confidence and positive outlook for the global solar industry. Our bankability is further underscored by our recent issuance of total RMB900 million commercial papers and entry into a JPY9.6 billion 3-year loan facility."
Recent Developments
On November 17, 2016, Canadian Solar announced that it has started the commercial operation of a 24 MWp solar power plant in Yamaguchi Prefecture, Japan. The plant is expected to generate approximately 28,487 MWh of electricity each year, which will be purchased by Chugoku Electric Power Company, under a 20-year feed-in-tariff contract at the rate of JPY40.00 (US$0.38) per kWh.
On October 13, 2016, Canadian Solar announced that it had entered into a syndicated 3-year loan facility for JPY9.6 billion (US$95 million) with Sumitomo Mitsui Banking Corporation as the lead arranger. The loan proceeds will be used to finance solar project development in Japan and for general corporate working capital requirements.
On October 11, 2016, Canadian Solar and EDF Energies Nouvelles announced the sale of 80% interest in Canadian Solar's 191.5 MWp Pirapora I solar energy project in Brazil to EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil. The project has started construction and is expected reach commercial operation in the third quarter of 2017. Canadian Solar will supply the modules for the project from its new 360 MWp modules factory established in Brazil to support the local market.
On September 29, 2016, Canadian Solar announced the start of commercial operation of the 60 MWac/78 MWp Barren Ridge solar photovoltaic project developed by the Company's wholly owned subsidiary, Recurrent Energy. The Barren Ridge solar project, also known as the RE Cinco Project, supplies electricity and associated renewable energy credits to the Los Angeles Department of Water and Power under a long-term power purchase agreement.
On September 28, 2016, Canadian Solar announced that it was awarded US$3.5 million funding from Australian Renewable Energy Agency for two solar power projects, totaling 47MWp in Australia. The Company plans to start the construction of both projects in the first quarter of 2017 and achieve commercial operations no later than January 2018.
On September 27, 2016, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, entered into a 15-year PPA for 100 MWac of solar power in California with MCE, California's first operating Community Choice Aggregation program. Construction of the project is expected to begin in 2017 and the project will begin providing power to MCE by late 2018.
On September 26, 2016, Canadian Solar announced the start of commercial operation of the 200 MWac/258 MWp Tranquility solar power project in California. The Tranquility solar power project was developed by the Company's wholly owned subsidiary, Recurrent Energy, and is majority-owned by Southern Company subsidiary Southern Power.
On September 21, 2016, Canadian Solar announced that it signed a financing agreement pursuant to which Export Development Canada has agreed to provide guarantees or letters of credit of up to US$100 million to Canadian Solar to support its global activities of project development. Royal Bank of Canada and Toronto Branch of China Construction Bank Corporation will serve as fronting banks on the facility.
In September 2016, Canadian Solar issued a RMB400 million (US$60 million) commercial paper with a fixed interest rate of 5.5% and a tenor of one year and a RMB500 million (US$74.8 million) commercial paper for a term of 9 months with a fixed interest rate of 5.3%. The Company intends to use the proceeds from these issuances to repay debt and to enhance its working capital. China CITIC Bank Corporation Limited acted as the underwriter and bookrunner of the issuance.
On August 23, 2016, Canadian Solar announced that its wholly owned subsidiary, Recurrent Energy, reached commercial operation of the 100 MWac/134 MWp Mustang solar power project in Kings County, California.
Conference Call Information
The Company will hold a conference call on Monday, November 21, 2016 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m., November 21, 2016 in Hong Kong) to discuss the Company's third quarter 2016 results and business outlook. The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852 3018 6771 (local dial-in from HK) or +1 845 675 0437 from international locations. The passcode for the call is 98890711. A live webcast of the conference call will also be available on Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 4 hours after the conclusion of the call until 9:00 a.m. on Tuesday, November 29, 2016, U.S. Eastern Standard Time (10:00 p.m., November 29, 2016 in Hong Kong) and the replay can be accessed by dialing +1 855 452 5696 (toll-free from the U.S.), +852 3051 2780 (local dial-in from HK) or +1 646 254 3697 from international locations, with passcode 98890711. A webcast replay will also be available at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 15 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
FINANCIAL TABLES FOLLOW
|
Canadian Solar Inc. | ||||||||||||
|
Unaudited Condensed Consolidated Statement of Operations | ||||||||||||
|
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated) | ||||||||||||
|
Three Months Ended |
Nine Months Ended | |||||||||||
|
September 30, |
June 30, |
September 30, |
September 30, |
September 30, | ||||||||
|
2016 |
2016 |
2015 |
2016 |
2015 | ||||||||
|
Net revenues |
$ 657,323 |
$ 805,906 |
$ 849,806 |
$ 2,184,650 |
$ 2,347,348 | |||||||
|
Cost of revenues |
540,030 |
667,437 |
722,986 |
1,816,418 |
1,971,030 | |||||||
|
Gross profit |
117,293 |
138,469 |
126,820 |
368,232 |
376,318 | |||||||
|
Operating expenses: |
||||||||||||
|
Selling expenses |
33,965 |
33,864 |
37,248 |
102,618 |
110,325 | |||||||
|
General and administrative expenses |
51,713 |
59,974 |
54,638 |
146,487 |
111,668 | |||||||
|
Research and development expenses |
4,646 |
5,052 |
4,055 |
14,203 |
12,237 | |||||||
|
Total operating expenses |
90,324 |
98,890 |
95,941 |
263,308 |
234,230 | |||||||
|
Income from operations |
26,969 |
39,579 |
30,879 |
104,924 |
142,088 | |||||||
|
Other income (expenses): |
||||||||||||
|
Interest expense |
(18,807) |
(11,889) |
(13,004) |
(46,825) |
(37,083) | |||||||
|
Interest income |
2,077 |
2,392 |
4,229 |
7,855 |
12,622 | |||||||
|
Gain (loss) on change in fair value of derivatives |
2,044 |
(1,632) |
(12,266) |
3,076 |
(2,804) | |||||||
|
Foreign exchange gain |
4,446 |
24,936 |
17,059 |
37,893 |
11,593 | |||||||
|
Investment income (loss) |
(1,719) |
1,070 |
- |
(561) |
2,342 | |||||||
|
Gain on repurchase of convertible notes |
322 |
551 |
- |
2,782 |
- | |||||||
|
Others |
- |
- |
- |
- |
389 | |||||||
|
Other income (expenses), net |
(11,637) |
15,428 |
(3,982) |
4,220 |
(12,941) | |||||||
|
Income before income taxes and equity in earnings (loss) of unconsolidated investees |
15,332 |
55,007 |
26,897 |
109,144 |
129,147 | |||||||
|
Income tax (expense) benefit |
(16) |
(16,304) |
3,860 |
(28,574) |
(18,529) | |||||||
|
Equity in earnings (loss) of unconsolidated investees |
(131) |
1,374 |
(113) |
(1,519) |
369 | |||||||
|
Net income |
15,185 |
40,077 |
30,644 |
79,051 |
110,987 | |||||||
|
Less: Net income (loss) attributable to non-controlling interests |
(429) |
(302) |
271 |
474 |
1,424 | |||||||
|
Net income attributable to Canadian Solar Inc. |
$ 15,614 |
$ 40,379 |
$ 30,373 |
$ 78,577 |
$ 109,563 | |||||||
|
Earnings per share - basic |
$ 0.27 |
$ 0.70 |
$ 0.54 |
$ 1.37 |
$ 1.97 | |||||||
|
Shares used in computation - basic |
57,778,388 |
57,605,169 |
55,898,768 |
57,429,580 |
55,657,035 | |||||||
|
Earnings per share - diluted |
$ 0.27 |
$ 0.68 |
$ 0.53 |
$ 1.35 |
$ 1.88 | |||||||
|
Shares used in computation - diluted |
58,276,183 |
61,040,478 |
60,256,241 |
60,969,308 |
60,297,192 | |||||||
|
Canadian Solar Inc. | |||||||||||
|
Unaudited Condensed Consolidated Statement of Comprehensive Income | |||||||||||
|
(In Thousands of US Dollars) | |||||||||||
|
Three Months Ended |
Nine Months Ended |
||||||||||
|
September 30, |
June 30, |
September 30, |
September 30, |
September 30, |
|||||||
|
2016 |
2016 |
2015 |
2016 |
2015 |
|||||||
|
Net Income |
$ 15,185 |
$ 40,077 |
$ 30,644 |
$ 79,051 |
$ 110,987 |
||||||
|
Other comprehensive income (net of tax of nil): |
|||||||||||
|
Foreign currency translation adjustment |
(11,227) |
(10,680) |
(53,082) |
(21,907) |
(68,948) |
||||||
|
Gain (loss) on commodity hedge |
1,174 |
(3,498) |
2,091 |
(2,324) |
2,091 |
||||||
|
Gain (loss) on interest rate swap |
589 |
(1,959) |
- |
(1,370) |
- |
||||||
|
Comprehensive income (loss) |
5,721 |
23,940 |
(20,347) |
53,450 |
44,130 |
||||||
|
Less: comprehensive income (loss) attributable to non-controlling interests |
(581) |
103 |
568 |
(478) |
3,465 |
||||||
|
Comprehensive income (loss) attributable to Canadian Solar Inc. |
$ 6,302 |
$ 23,837 |
$ (20,915) |
$ 53,928 |
$ 40,665 |
||||||
Canadian Solar Inc. | ||||
|
Unaudited Condensed Consolidated Balance Sheets | ||||
|
(In Thousands of US Dollars) | ||||
|
September 30, |
December 31, | |||
|
2016 |
2015 | |||
|
Current assets: |
||||
|
Cash and cash equivalents |
$ 480,868 |
$ 553,079 | ||
|
Restricted cash – current |
502,223 |
534,707 | ||
|
Accounts receivable trade, net |
350,058 |
426,803 | ||
|
Accounts receivable, unbilled |
4,425 |
8,206 | ||
|
Amounts due from related parties |
103,272 |
104,579 | ||
|
Inventories |
313,869 |
334,489 | ||
|
Value added tax recoverable |
41,490 |
44,615 | ||
|
Advances to suppliers – current |
31,395 |
31,886 | ||
|
Derivative assets – current |
3,785 |
6,259 | ||
|
Project assets – current |
1,181,997 |
111,317 | ||
|
Assets held-for-sale |
529,210 |
- | ||
|
Prepaid expenses and other current assets |
226,344 |
108,153 | ||
|
Total current assets |
3,768,936 |
2,264,093 | ||
|
Restricted cash – non-current |
2,883 |
46,897 | ||
|
Property, plant and equipment, net |
431,716 |
331,052 | ||
|
Solar power systems, net |
436,043 |
1,200,441 | ||
|
Deferred tax assets, net |
118,270 |
97,134 | ||
|
Advances to suppliers – non-current |
99,618 |
27,745 | ||
|
Prepaid land use rights |
29,061 |
29,092 | ||
|
Investments in affiliates |
141,841 |
187,131 | ||
|
Intangible assets, net |
9,115 |
78,938 | ||
|
Goodwill |
7,617 |
7,609 | ||
|
Derivative assets – non-current |
1,927 |
2,072 | ||
|
Project assets – non-current |
48,817 |
2,814 | ||
|
Other non-current assets |
129,870 |
142,236 | ||
|
TOTAL ASSETS |
$ 5,225,714 |
$ 4,417,254 | ||
|
Current liabilities: |
||||
|
Short-term borrowings |
$ 1,510,087 |
$ 1,156,576 | ||
|
Accounts and notes payable |
801,882 |
985,757 | ||
|
Amounts due to related parties |
12,057 |
90,002 | ||
|
Other payables |
224,726 |
151,174 | ||
|
Short-term commercial paper |
134,602 |
- | ||
|
Advances from customers |
53,232 |
76,207 | ||
|
Derivative liabilities – current |
7,764 |
35,228 | ||
|
Current maturities of capital lease obligation |
58,896 |
8,712 | ||
|
Liabilities held-for-sale |
356,294 |
- | ||
|
Other current liabilities |
233,062 |
152,668 | ||
|
Total current liabilities |
3,392,602 |
2,656,324 | ||
|
Accrued warranty costs |
66,377 |
65,193 | ||
|
Convertible notes |
125,352 |
150,000 | ||
|
Long-term borrowings |
615,830 |
606,577 | ||
|
Derivative liabilities – non-current |
2,163 |
17,358 | ||
|
Liability for uncertain tax positions |
6,713 |
14,468 | ||
|
Deferred tax liabilities – non-current |
8,238 |
19,030 | ||
|
Loss contingency accruals |
24,117 |
23,500 | ||
|
Long-term capital lease obligation |
33,993 |
17,728 | ||
|
Other non-current liabilities |
12,223 |
14,566 | ||
|
Total LIABILITIES |
4,287,608 |
3,584,744 | ||
|
Equity: |
||||
|
Common shares |
700,959 |
677,103 | ||
|
Additional paid-in capital |
(11,481) |
(17,139) | ||
|
Retained earnings |
297,437 |
218,860 | ||
|
Accumulated other comprehensive loss |
(62,244) |
(59,856) | ||
|
Total Canadian Solar Inc. shareholders' equity |
924,671 |
818,968 | ||
|
Non-controlling interests in subsidiaries |
13,435 |
13,542 | ||
|
TOTAL EQUITY |
938,106 |
832,510 | ||
|
TOTAL LIABILITIES AND EQUITY |
$ 5,225,714 |
$ 4,417,254 | ||
SOURCE Canadian Solar Inc.
Article Date
11/21/2016Canadian Solar Energises a 24MWp Solar Power Plant In Japan
Source: PR Newswire
GUELPH, Ontario, Nov. 17, 2016 /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 started the commercial operation of a 24MWp solar photovoltaic (PV) power plant in Yamaguchi Prefecture, Japan.
The Yamaguchi plant achieved commercial operation on November 16, 2016, and is the largest solar power plant that Canadian Solar has built in Japan. Powered by 92,064 Canadian Solar CS6P-260P/CS6P-255P modules, the plant is expected to generate approximately 28,487 MWh of electricity each year, which will be purchased by Chugoku Electric Power Company, under a 20-year feed-in-tariff contract at the rate of JPY40.00 ($0.38) per kWh.
"We are delighted to announce the commercial operation of this 24MWp plant, which once again demonstrates Canadian Solar's leadership position in the solar energy business. With the addition of this 24MWp project, our total portfolio of projects in operation in Japan reaches 46MWp,"commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "With 167MWp of projects under construction and an addition 66MWp of projects that are ready to build, we are well on track to deliver more solar projects in Japan. We are also working on a plan to monetize certain assets in the coming months."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 15 years, Canadian Solar has successfully delivered over 16 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; cancelation of utility-scale feed-in-tariff contracts in Japan; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
11/17/2016Canadian Solar Schedules Third Quarter 2016 Earnings Conference Call
Source: PR Newswire
GUELPH, Ontario, Nov. 8, 2016 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Monday, November 21, 2016 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m., November 21, 2016 in Hong Kong) to discuss the Company's third quarter 2016 results and business outlook.
The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852 3018 6771 (local dial-in from HK) or +1 845 675 0437 from international locations. The passcode for the call is 98890711. A live webcast of the conference call will also be available on Canadian Solar's website at www.canadiansolar.com, or by clicking the following hyperlink: http://edge.media-server.com/m/p/fj2iibgk
A replay of the call will be available 4 hours after the conclusion of the call until 9:00 a.m. on Tuesday November 29, 2016, U.S. Eastern Standard Time (10:00 p.m., November 29, 2016 in Hong Kong) and can be accessed by dialing +1 855 452 5696 (toll-free from the U.S.), +852 3051 2780 (local dial-in from HK) or +1 646 254 3697 from international locations, with passcode 98890711. A webcast replay will also be available at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 16 GW of premium quality modules to over 90 countries around the world. Furthermore, 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.
SOURCE Canadian Solar Inc.
Article Date
11/8/2016Canadian Solar Supplies 5.74 MW of PV Modules to Agricultural Projects in California
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Nov. 3, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the company supplied 5.74 MW of Canadian Solar MaxPower CS6X-310P modules to two projects located in Fowler, California. The first installation -- the 2.49 MW Bee Sweet Citrus Farm -- consists of 8,034 Canadian Solar MaxPower panels. The second installation -- the 3.25 MW National Raisin Company Farm -- consists of approximately 10,509 Canadian Solar MaxPower panels, making this array one of the largest agricultural solar systems in the nation. Pickett Solar, a Fresno, California-based solar developer, provided Engineering, Procurement, and Construction ("EPC") services.
The environmental benefits from these solar systems are significant. The Bee Sweet Citrus installation is expected to produce approximately 3,442,000 kWh of electricity annually, and the National Raisin Company installation is expected to produce approximately 5,523,500 kWh of electricity annually. In total, the cumulative amount of electricity produced from these two installations is equivalent to powering 564 American homes for one year. In addition, approximately 5,000 metric tons of carbon dioxide will be offset annually from these projects.
Mike Pickett, Owner of Pickett Solar, said, "When working with our agriculture clients, they look for bankable, proven equipment. We are proud to partner with Canadian Solar, an industry-leader in quality and service."
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "As the popularity of solar energy continues to increase throughout the sunny state of California, Canadian Solar is proud to be selected as the solar energy solution provider for Bee Sweet Citrus, Inc. and the National Raisin Company. We believe solar energy is a good investment for the agricultural sector, especially in California's Central Valley, in addition to generating new jobs in the local community."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 16 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 Pickett Solar
Pickett Solar is a design and installation solar company based in Fresno, California. As a division of Don Pickett & Associates, Inc. with over 30 years of experience in commercial, agribusiness and government construction, Pickett Solar is uniquely qualified to help customers upgrade their commercial facilities with solar. Their seasoned in-house design and engineering departments know how to provide clients with the most efficient design and avoid the problems that can plague solar projects. In addition, their longstanding relationships in the construction industry allow Pickett Solar to draw on the best local craftsmen. This ensures their solar installations are completed on time and built with the utmost quality. Pickett Solar serves the Central Valley of California. For more information, please visit www.pickettsolar.com or phone (559) 438-1074.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
11/3/2016Landmark Dividend Subsidiary Closes $73 Million Utility-Scale Solar Land Acquisition
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
EL SEGUNDO, Calif., Nov. 2, 2016 /PRNewswire/ -- Landmark Infrastructure Partners LP (Landmark Infrastructure) (NASDAQ: LMRK), a publicly traded partnership and controlled subsidiary of Landmark Dividend LLC (Landmark Dividend), today announced that it has acquired (through a wholly-owned subsidiary) approximately 4,000 acres of land in California underneath four utility-scale solar photovoltaic (PV) projects developed by Recurrent Energy, a subsidiary of Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies. Total consideration was approximately $73 million.
"Landmark Infrastructure is thrilled to partner with Recurrent Energy on this land portfolio, which houses solar projects that are expected to deliver clean power to more than 100,000 California homes," said Alex Stone, head of Landmark Dividend's renewable energy group. "With the closing of this transaction Landmark Dividend and its subsidiaries, including Landmark Infrastructure, lease land interests to over 1GW of renewable energy projects, including solar, wind, transmission and battery storage facilities."
Landmark Dividend works closely with its renewable energy lessees to provide custom-tailored real estate solutions. As a partner to renewable energy project developers, Landmark Dividend provides exceptional value to clients with its ground leasing expertise and operational discipline, resulting in transactions that close quickly and smoothly. Landmark Dividend and its subsidiaries have provided funding for more than 60 land assets underneath renewable energy projects.
"The Recurrent Energy land acquisition is a great addition to Landmark Infrastructure's existing portfolio of renewable energy assets with the project entities holding long-term power purchase agreements from high quality utilities," said George Doyle, Chief Financial Officer for Landmark Dividend and Landmark Infrastructure. "This transaction reinforces Landmark Dividend's commitment to the renewable energy sector."
About Landmark Dividend LLC
Landmark Dividend is an infrastructure-focused real estate investment company operating globally to finance or acquire utility-scale wind, solar, transmission and battery storage energy projects.
|
CONTACT: |
Alex F. Stone |
|
Senior Vice President | |
|
(310) 294-8178 | |
Photo - http://photos.prnewswire.com/prnh/20161101/435143
Logo - http://photos.prnewswire.com/prnh/20160202/328777LOGO
SOURCE Landmark Dividend
Article Date
11/2/2016Canadian Solar Has Won the Best PV Module Manufacturer Award in Brazil
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Oct. 27, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the company has won the distinction of "Best PV Module Manufacturer" in Brazil, by an overwhelming voting margin, in the "Second Annual Innovation and Technology Award," organized by FRG Group Media & Events and sponsored by RBS Magazine - Journal of Photovoltaic Solar Energy.
In the last two years, Canadian Solar has won three projects in Brazil totaling 394 MWp with awarded long-term PPAs. Canadian Solar has invested more than US$ 23 Mio in building a local factory with the annual production capacity of 360 MWp of modules. The production will start next month.
Recently Canadian Solar sold 80% interest in its 191.5 MWp Pirapora I project in Brazil to EDF EN do Brasil. Canadian Solar will supply the modules for the Project from its new Brazilian module factory.
"Brazil is a key emerging market for solar and for Canadian Solar. We are extremely proud of the recognition that Canadian Solar has received as a leader in the Brazilian solar market." said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. Canadian Solar will accept the award in a ceremony scheduled for November 16, 2016. Full results of the voting and awards can be found at http://www.premiobrasilsolar.com.br/.
About the Innovation and Technology Award Event:
Smart Energy 2016 e Congresso GD
Site: http://www.smartenergy.org.br/
DATA: 16, 17 e 18 DE NOVEMBRO DE 2016
LOCAL: CURITIBA/PR
E-mail: comercial@grupofrg.com.br
55(42) 3086.8588
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 16 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
10/27/201610/13/2016 - Canadian Solar Secures JPY9.6 Billion Syndicated Loan with Sumitomo Mitsui Banking Corporation
Canadian Solar Secures JPY9.6 Billion Syndicated Loan with Sumitomo Mitsui Banking Corporation
Source: PR Newswire
GUELPH, Ontario, Oct. 13, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary Canadian Solar Projects K.K. has entered into a syndicated 3- year loan facility for JPY9.6 billion (US$95 million). Sumitomo Mitsui Banking Corporation ("SMBC") acted as the lead arranger.
The loan facility syndication was well received by the Japan banking community with participation of 13 financial institutions. The loan proceeds will be used to finance solar project development in Japan and general corporate working capital requirements.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are very pleased to receive strong support from a leading group of financial institutions, which demonstrates their confidence in the growth prospects of Canadian Solar. We are well positioned to access competitively priced funding to support solar development opportunities in Japan. We value our partnership with SMBC, a tier-1 bank in Japan with a global presence and we look forward to continuing the cooperation to support our business growth in Japan and other important markets."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 16 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; 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 UK, Japan, the U.S. 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; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials including solar cell to replace lost production at the Funing solar cell plant during the plant rebuilding and recovery phase; ability to recover weather related damages to the Funing solar cell plant from insurance carriers ; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
10/13/201610/12/2016 - Canadian Solar Donated Solar Panels to the Mini-Grid System in Congo's Virunga National Park
Canadian Solar Donated Solar Panels to the Mini-Grid System in Congo's Virunga National Park
Source: PR Newswire
GUELPH, Ontario, Oct. 12, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that working together with Empowered by Light, in partnership with the GivePower Foundation, it has donated 30 kW solar panels with 72 poly cell matrix, CS6X-P, to the first mini-grid systems in Virunga National Park -- installed in August 2016.
Located in the Eastern regions of the Democratic Republic of Congo, the Virunga National Park has been a UNESCO World Heritage site since 1979. Virunga National Park is home to a large portion of the world's endangered mountain gorillas, chimpanzees, Okapis, and other rare species. In recent years, many wildlife populations have been damaged by the Congo Civil War and relentless poaching efforts. Due to the efforts by the Virunga park rangers, these numbers have shown signs of reversal, and Canadian Solar is proud to be part of the continued protection efforts.
"Protecting endangered species and environment is every corporate citizen's responsibility. As a founder and a CEO of a world leading PV solution provider, I am happy to be able to empower rangers in their endeavour," commented by Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
This mini-grid PV system provides electricity to the three security sectors within the conservation, powering security lights, radios, and helping enhance the ranger's ability to protect the park's wildlife, even in remote areas at night.
Contributors to be mentioned are the followings: the Empowered by Light, a non-profit organization that uses renewable energy to improve lives and the environment, the GivePower Foundation, which designed, engineered and installed the solar mini-grids using Tesla battery technology to facilitate the storage and usage of solar energy at night. Goal Zero provided portable solar power systems for the Virunga rangers to use in the field, Conergy provided virtual-reality storytelling for the project, and the Wallace Global Fund provided additional funding.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 15 years, Canadian Solar has successfully delivered over 16 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
10/12/2016Canadian Solar and EDF Energies Nouvelles to Partner and Start Construction of a 191.5 MWp Solar Energy Project in Brazil
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario and RIO DE JANEIRO, Brazil, Oct. 11, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, and EDF Energies Nouvelles, a global market leader in renewable energy, announced today the sale of 80% interest in Canadian Solar's Pirapora I solar energy project in Brazil to EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil. The 191.5 MWp Project is starting construction and expects to reach commercial operation in the third quarter of 2017. Canadian Solar will supply the modules for the Project from its new 360 MWp modules factory established in Brazil to support the local market.
The Project, located in the state of Minas Gerais in Brazil, was awarded a 20-year Power Purchase Agreement in the second Reserve Energy Auction in 2015. Once completed, the Project will generate 391,263 MWh per year and contribute towards the country's goal of obtaining 23% of its energy from renewable sources by 2030.
"The investment by EDF Energies Nouvelles in Canadian Solar's Pirapora I project is a demonstration of the strong potential of the solar energy market in Brazil. Pirapora I is one of Canadian Solar's three current projects in the country totaling 394 MWp with awarded long-term PPAs. We plan to grow our project portfolio and support the domestic solar market with our 360 MWp module manufacturing plant. We are glad to partner with a strategic investor such as EDF EN in the implementation of our first project in Brazil," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
Antoine Cahuzac, Senior Executive Vice President in Renewable Energies of EDF and Chief Executive Officer of EDF Energies Nouvelles added, "With this Pirapora major new solar project in partnership with a specialised company such as Canadian Solar, two wind projects currently under construction by EDF Energies Nouvelles , and having in mind the hydraulic project -Sinop- the EDF group is involved in, all this confirms a strong ambition to strengthen and diversify the Edf Group renewables assets portfolio in Brazil."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 15 years, Canadian Solar has successfully delivered over 16 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 EDF Energies Nouvelles
EDF Energies Nouvelles is a market leader in renewable energy electricity, with a portfolio of more than 9 GW gross installed capacity focused for the most part on wind (onshore and offshore) and solar photovoltaic energy. Mostly operating in Europe and North America, EDF Energies Nouvelles continues its development by taking strong positions in promising emerging areas such as Brazil, Chile, China, India or South Africa. The Company is also present in other segments of the renewable energy market: marine energy, biomass and distributed energies. EDF Energies Nouvelles manages renewable energy projects' development and construction as well as operation and maintenance for its own account and for third parties. EDF Energies Nouvelles is a subsidiary of the EDF Group dedicated to renewable energy. Visit us: www.edf-energies-nouvelles.com and follow us on: www.linkedin.com/company/edf-energies-nouvelles?trk=ppro_cprof
Canadian Solar Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
10/11/2016Canadian Solar Subsidiary Recurrent Energy Reaches Commercial Operation of 60 Megawatt Barren Ridge Solar Project
Source: PR Newswire
GUELPH, Ontario and LOS ANGELES, Cali., Sept. 29, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced commercial operation of the 60 MWac/78 MWp Barren Ridge solar photovoltaic (PV) project developed by the Company's wholly owned subsidiary Recurrent Energy. The Barren Ridge solar project, also known as the RE Cinco project, supplies electricity and associated renewable energy credits (RECs) to the Los Angeles Department of Water and Power (LADWP) under a long-term power purchase agreement.
"We are proud to work with LADWP to bring solar power to the city of Los Angeles and share their commitment to a clean energy future," said Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This is the Company's third U.S. solar project to reach commercial operation this year, a milestone that would not be possible without the hard work and collaboration with our partners."
LADWP, which was named among the top 10 utilities connecting the most solar megawatts to the power grid in 2015 by the Smart Electric Power Alliance (SEPA), will use the clean solar electricity produced by the Barren Ridge solar project to power more than 25,000 homes in Los Angeles.
"We are committed to reaching 50 percent renewables by 2030, and this solar project plays an important role in reaching that goal. In addition, large-scale transmission line projects like our Barren Ridge Renewable Transmission Project facilitates a renewable energy hub that brings a thousand megawatts of wind and solar energy into the city of Los Angeles," said LADWP Executive Director of Power System Michael Webster. "By utilizing these new transmission lines and systems, LADWP is bringing renewable energy home."
The Barren Ridge solar project, located in Kern County northwest of Los Angeles, began construction in fall 2015 and created 230 peak construction jobs. In November 2015, U.S. Bancorp Community Development Corporation (USBCDC), a division of U.S. Bank, made a tax equity investment into the Barren Ridge solar project.
"We're proud to be part of an environmentally sustainable solution to the tremendous need for energy in the Los Angeles area. Barren Ridge will also have an impact on the region's economy with the more than 200 jobs it created," said Adam Altenhofen, vice president of U.S. Bancorp Community Development Corporation, a division of U.S. Bank.
In addition to building the Barren Ridge solar project, Recurrent Energy constructed two miles of generation transmission lines to connect the solar project to LADWP's Barren Ridge Switching Station. Construction of these lines can be seen in this video: https://vimeo.com/recurrentenergy/barrenridgesolar.
About LADWP
LADWP is the nation's largest municipally-owned utility, serving more than 4 million Los Angeles residents. LADWP has provided water and electric service to residents and businesses in Los Angeles for more than 100 years.
About Recurrent Energy
Recurrent Energy, a U.S. subsidiary of Canadian Solar Inc., is redefining what it means to be a mainstream clean energy company, with utility-scale solar plants that provide competitive clean electricity. The company has more than 4 GW of solar projects in development in North America. Additional details are available at: www.recurrentenergy.com
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 16 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
9/29/2016Canadian Solar Wins ARENA Funding for 47MWp Solar Power Projects in Australia
Source: PR Newswire
GUELPH, Ontario, Sept. 28, 2016 /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 been awarded US$3.5 million funding from Australian Renewable Energy Agency ("ARENA") for two of its solar power projects, totaling 47MWp in Australia.
The two solar power projects, located in Longreach and Oakey, Queensland, are 17MWp and 30MWp each in size. With the 20-year government-backed Contract for Difference in place, we plan to start the construction of both projects in Q1 2017 and achieve Commercial Operations Date ("COD") in January 2018 or earlier.
"We are pleased and proud to secure the funding from ARENA to support our solar project business in Australia, where we see the market is growing steadily," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "By leveraging our strong project development and execution capabilities, and with the support from the local government, we will continue to expand and execute on our quality solar project pipeline in Australia, so as to make contributions to the adoption of clean solar energy in the country."
The 17MWp project at Longreach will be comprised of 54,600 Canadian Solar's new MaxPower2 CS6U-320 (1500V) polycrystalline modules. The expected output for the first year of operation is around 39.0GWh, equivalent to powering approximately 8,500 Queensland homes. The 30MWp project at Oakey utilizes 93,600 Canadian Solar's new MaxPower2 CS6U-320 (1500V) polycrystalline modules, with the expected output for the first year of operation of around 59.9GWh, equivalent to powering approximately 14,100 homes in Queensland.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 16 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
9/28/20169/27/2016 - Canadian Solar Subsidiary Recurrent Energy Signs 100 MW Solar Power Purchase Agreement with MCE
Canadian Solar Subsidiary Recurrent Energy Signs 100 MW Solar Power Purchase Agreement with MCE
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Sept. 27, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) wholly owned subsidiary and leading solar project developer Recurrent Energy today announced a 15-year Power Purchase Agreement (PPA) for 100 MWac of solar power in California with MCE, California's first operating Community Choice Aggregation program.
Power from the Recurrent Energy-developed Tranquillity 8 solar project, located in Fresno County, California, will supply MCE with 100 MWac of clean solar electricity, which is sufficient to power 48,300 homes. Construction of the project is expected to begin in 2017 and the project will begin providing power to MCE by late 2018.
"We're proud to be working with Recurrent Energy to grow California's solar industry, helping to power economic strength, job creation and tackle climate change by transitioning our communities to clean energy," said Dawn Weisz, CEO of MCE.
"This contract award further expands our contracted pipeline in the U.S. and marks the third and largest PPA between Recurrent Energy and MCE," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "MCE's continued leadership in procuring renewable energy is to be commended. We are pleased to have the opportunity to continue delivering reliable, cost-competitive solar power to MCE and their customers."
About MCE
MCE is a not-for-profit, community-based electricity provider that gives customers the choice of having 50% to 100% of their electricity supplied from clean, renewable sources such as solar, wind, bioenergy, geothermal and hydroelectricity at competitive rates. MCE's service area includes Marin County, Napa County, and the cities of Benicia, El Cerrito, Lafayette, San Pablo, Richmond and Walnut Creek. By choosing MCE, customers help support new in‐state and local renewable energy generation. For more information about MCE, visit www.mceCleanEnergy.org.
About Recurrent Energy
Recurrent Energy, a U.S. subsidiary of Canadian Solar Inc., is redefining what it means to be a mainstream clean energy company, with utility-scale solar plants that provide competitive clean electricity. The company has more than 4 GW of solar projects in development in North America. Additional details are available at: www.recurrentenergy.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 16 GW of premium quality modules to over 90 countries around the world. Furthermore, 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 regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
9/27/20169/26/2016 - Canadian Solar Subsidiary Recurrent Energy Completes 200 Megawatt Tranquillity Solar Project
Canadian Solar Subsidiary Recurrent Energy Completes 200 Megawatt Tranquillity Solar Project
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Sept. 26, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the commercial operation of the 200 MWac/258 MWp Tranquillity solar power project in California. The Tranquillity solar power project was developed by Canadian Solar's wholly owned subsidiary Recurrent Energy and is majority-owned by Southern Company subsidiary Southern Power.
Electricity and the associated renewable energy credits (RECs) produced by the Tranquillity solar facility will be sold under long-term power purchase agreements to offtakers including Southern California Edison (SCE).
"The Tranquillity solar facility is the product of long-term collaboration with financial partners, local communities and other stakeholders," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This milestone is a testament to our commitment to the communities and ecosystems where we operate, which is a critical ingredient of our project development success."
In August 2015, Southern Power signed an agreement to acquire a 51 percent controlling interest in the Tranquillity solar power project. Canadian Solar retains 49 percent ownership of the facility.
The Tranquillity solar facility, which is expected to generate enough electricity to power approximately 50,000 homes, is sited on 1,900 acres of retired agricultural land in Fresno County.
"Recurrent Energy's Tranquillity solar project is a Smart from the Start project that uses drainage impaired, marginally productive farm lands being retired from agricultural production," said Carl Zichella, Director of Western Transmission for the Natural Resources Defense Council (NRDC). "Recurrent Energy should be commended for its responsible development practices."
Construction of the Tranquillity project created 456 peak construction jobs, with approximately 57 percent of workers hailing from within 50 miles of the project site. More than $5M was spent locally on materials and services to support construction activities, with Signal Energy Constructors providing engineering, procurement and construction services.
Additional Resources:
About Recurrent Energy
Recurrent Energy, a subsidiary of Canadian Solar Inc., is redefining what it means to be a mainstream clean energy company, with utility-scale solar plants that provide competitive clean electricity. The company has more than 4 GW of solar projects in development in North America. Additional details are available at: www.recurrentenergy.com
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 16 GW of premium quality modules to over 90 countries around the world. Furthermore, 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, visit the Company's website or follow Canadian Solar on LinkedIn.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
9/26/2016Canadian Solar Secures US$100 Million Guarantee Facility from Export Development Canada
Source: PR Newswire
GUELPH, Ontario, Sept. 21, 2016 /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 a financing agreement, pursuant to which, Export Development Canada ("EDC") has agreed to provide guarantees or letters of credit of up to US$100 million to Canadian Solar to support its global activities of project development. Royal Bank of Canada and Toronto Branch of China Construction Bank Corporation will serve as fronting banks on the facility.
"We are very pleased to work with EDC to execute on our global solar power business strategy. With EDC's backing, we are able to improve our financial flexibility on our capital allocation to new solar projects," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "The continuous support we received from EDC is a testament to our leading position in the global solar industry. We value our strategic partnership with EDC as we continue to deliver on our commitment to accelerating the deployment of clean, reliable, emission-free solar energy worldwide."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 16 GW of premium quality modules to over 90 countries around the world. Furthermore, 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, visit the Company's website or follow Canadian Solar on LinkedIn.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
9/21/2016Canadian Solar Deploys Ampt's DC Optimizers In 33 MW Utility Solar Plant
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario and FORT COLLINS, Colo., Sept. 13, 2016 /PRNewswire/ -- Ampt LLC, a global leader in power conversion technology, today announced the deployment of its DC optimizers in a 33 MW solar photovoltaic (PV) system with Canadian Solar, Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies. The project uses Ampt's DC String Optimizers in one of the largest deployments of DC power optimizers in the world.
The 33 MW installation capped off a six-month evaluation period by Canadian Solar, which began with a smaller demonstration project. Following the successful demonstration, Canadian Solar selected Ampt's String Optimizer as it consistently outperformed other designs while costing less.
"Our initial work with Ampt surpassed expectations and laid the groundwork for the 33 MW utility-scale installation," said Ken Rowbotham at Canadian Solar. "We chose Ampt for its clear technology advantages which support our broader commitment to being the industry-leading provider of clean solar energy across the globe."
When compared to other options, Ampt String Optimizers delivered superior value. Ampt's patented technology puts voltage and current limits on the output of each optimizer to allow twice the number of PV modules per string and eliminate half of the combiner boxes and associated cable and labor. Ampt also performs maximum power point tracking (MPPT) on every 20 modules to mitigate losses due to mismatch, and allows the inverter to operate at a high and narrow input voltage range to improve inverter performance. Ampt's optional string-level data reporting via wireless communication helped validate comparison data.
"At Canadian Solar, we are always evaluating new technologies to lower the cost of solar energy for our customers," said Ken Rowbotham at Canadian Solar. "The Ampt solution stood out, as it allowed us to reduce the cost of electrical balance-of-system (BOS) components, produce more energy and get the most out of the inverters."
"We're excited to partner with an organization of Canadian Solar's experience and reputation within the industry," said Darryl Parker, vice president of sales and marketing at Ampt. "This project – the largest of its kind to date – is not only a milestone for Ampt, but also truly indicative of the market's future."
According to research from Global Market Insights, DC power optimizers will continue to see rapid growth in the solar market. While the use of DC optimization started with the residential market at the module level, Ampt's String Optimizers bring unique power conversion technology to large commercial and utility-scale power plants by lowering the total upfront cost of systems while increasing energy generation.
"While the PV market is on track to experience significant growth, the need to lower system costs is paramount." said Levent Gun, CEO of Ampt. "Some large-scale solar developers are considering changing from 1,000 to 1,500-volt DC systems, while others are choosing to deploy String Optimizers. Both of these approaches reduce cost by eliminating electrical BOS components, but only Ampt increases MPPT resolution to improve lifetime system performance. As the industry works through the challenges of 1,500-volt component costs and availability, Ampt String Optimizers provide an immediate advantage using 1000-volt components."
More information regarding Ampt's Power Optimizers can be found at www.ampt.com, or stop by the Ampt booth (#2179) at Solar Power International (SPI) North America. To learn more about Canadian Solar, visit www.canadiansolar.com or stop by their SPI booth (#2517).
About Ampt
Ampt delivers innovative power conversion technology and communications capabilities that improve the way PV systems are designed. The company, along with strategic partners in the HDPV Alliance, is lowering system cost, improving ROI, increasing energy generation and broadening the PV solar market.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed approximately 14GW of premium quality modules in over 90 countries around the world. Furthermore, 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 on the website.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
|
Contacts: |
Canadian Solar Kathy Heilmann (925) 807-7503 |
Ampt Mark Kanjorski Ampt, LLC (970) 372-6971 |
Heather Craft or Kirsten Swenson MSLGROUP |
Logo - http://photos.prnewswire.com/prnh/20120809/SF54862LOGO
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SOURCE Ampt LLC
Article Date
9/13/2016Canadian Solar Issues RMB400 Million Commercial Paper
Source: PR Newswire
GUELPH, Ontario, Sept. 12, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary CSI Solar Power (China) Inc. has successfully completed the initial issuance of RMB400 Million (US$60.0 million) commercial paper. With a tenor of 1 year, the commercial paper bears a fixed interest rate of 5.5%. Canadian Solar intends to use the proceeds from this issuance to repay debt and to enhance its working capital. China CITIC Bank Corporation Limited acted as the underwriter and book runner of the issuance.
"We are delighted to complete our first issuance of commercial paper in the Chinese capital market, further expanding our financing options. This transaction underscores investors' confidence in Canadian Solar's strong position in the global solar industry," commented Dr. Shawn Qu, Chairman and Chief Executive of Canadian Solar Inc.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 15 GW of premium quality modules to over 90 countries around the world. Furthermore, 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, visit the Company's website or follow Canadian Solar on LinkedIn.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
9/12/2016Canadian Solar Signs Distribution Agreement with DM Solar in Mexico
Source: PR Newswire
GUELPH, Ontario, Canada, Sept. 6, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the signing of a sales partnership with DM Solar, a wholesale distributor of solar products located in Guadalajara, Mexico.
The solar panels sold through this sales partnership will be used throughout various projects in the residential and commercial markets, primarily for small and medium-scale industrial installations throughout Mexico. The signing of DM Solar as a Canadian Solar distributor signifies a growing trend throughout the Latin American region towards the use of solar panels in the renewable energy industry.
Yusef Kanchi, co-founder and President of Sales for DM Solar, said, "We selected Canadian Solar for several reasons: reliable product quality, strong business ethics, proven financial stability, and established bankability. Not only does Canadian Solar's business philosophy blend well with DM Solar's corporate image, it also evokes a sense of consumer confidence that customers can appreciate."
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "Canadian Solar is proud to sign DM Solar as an authorized distributor in Mexico, and we are confident that they will be pleased with our company's innovative product quality and excellent customer service. We look forward to expanding our business relationship with DM Solar in 2016 and beyond, as the solar industry experiences rapid growth in Latin America."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 15 GW of premium quality modules to over 90 countries around the world. Furthermore, 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, visit the Company's website or follow Canadian Solar on LinkedIn.
About DMSolar
DM Solar is a wholesale distributor of solar products located in Guadalajara, Mexico. As a premier reseller of renewable energy products in Latin America, DM Solar carries all the necessary components needed to make up a photovoltaic system, including photovoltaic modules, inverters, and more. DM Solar's corporate mission centers around offering solutions and products that harness the environment's natural sunlight to power homes and other facilities. For more information about the company, visit www.dmsolar.mx.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
9/6/2016Canadian Solar to Attend Morgan Stanley China Corporate Day in London
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Sept. 2, 2016 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to attend Morgan Stanley China Corporate Day on Monday, September 5, 2016 at Morgan Stanley's offices at 25 Cabot Square, Canary Wharf in London.
During the conference, Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer will be available to meet with institutional investors.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 15 GW of premium quality modules to over 90 countries around the world. Furthermore, 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, visit the Company's website or follow Canadian Solar on LinkedIn.
SOURCE Canadian Solar Inc.
Article Date
9/2/2016Canadian Solar Subsidiary Recurrent Energy Announces Commercial Operation of 100 Megawatt Mustang Solar Power Project
Source: PR Newswire
GUELPH, Ontario, Aug. 23, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary Recurrent Energy has reached commercial operation of the 100 MWac/134 MWp Mustang solar power project in Kings County, California.
"The commercial operation of the Mustang solar project continues a historic year that will see Recurrent Energy complete more than one gigawatt of U.S. solar photovoltaic (PV) projects," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
In 2015, Recurrent Energy secured a tax equity investment commitment for the Mustang project from U.S. Bancorp Community Development Corporation (USBCDC).
"High-quality solar projects like Mustang are an important strategic investment for U.S. Bank, which provide jobs to local communities, while delivering clean, reliable energy to the state of California," said Adam Altenhofen, Vice President of USBCDC.
The renewable energy generated by the Mustang project will be sold under long-term power purchase agreements to Sonoma Clean Power and MCE. The project is expected to produce enough electricity to power approximately 45,000 homes.
Construction of the 1,000 acre project created 450 peak construction jobs. Blattner Energy served as the provider of Engineering, Procurement, and Construction services.
Additional Resources:
About Recurrent Energy
Recurrent Energy, a subsidiary of Canadian Solar Inc., is redefining what it means to be a mainstream clean energy company, with utility-scale solar plants that provide competitive clean electricity. The company has more than 4 GW of solar projects in development in North America. Additional details are available at: www.recurrentenergy.com
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 15 GW of premium quality modules to over 90 countries around the world. Furthermore, 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, visit the Company's website or follow Canadian Solar on LinkedIn.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
8/23/2016Canadian Solar Reports Second Quarter 2016 Results
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Aug. 18, 2016 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the second quarter ended June 30, 2016.
Second Quarter 2016 Highlights
|
[1] The sale of built-to-sell projects is recorded as revenue, and the net gain or loss from a sale of built-to-own projects is recorded as other income in the income statement |
Second Quarter 2016 Results
Net revenue in the second quarter of 2016 was $805.9 million, up 11.7% from $721.4 million in the first quarter of 2016 and 26.6% from $636.7 million in the second quarter of 2015. Module shipments recognized in revenue totaled 1,290 MW, compared to 1,172 MW recognized in revenue in the first quarter of 2016 and 809 MW recognized in revenue in the second quarter of 2015. Solar module shipments recognized in revenue in the second quarter of 2016 included 18.7 MW used in the total solutions business, compared to 24.8 MW in the first quarter of 2016 and 90.0 MW in the second quarter of 2015.
By geography, in the second quarter of 2016, sales to the Americas represented 47.6% of net revenue, sales to Asia represented 39.5% of net revenue, and sales to Europe and others represented 12.9% of net revenue, compared to 43.1%, 44.4% and 12.5% respectively, in the first quarter of 2016 and 47.6%, 45.5%, 6.9% respectively, in the second quarter of 2015.
|
Q2 2016 |
Q1 2016 |
Q2 2015 | ||||
|
US$M |
% |
US$M |
% |
US$M |
% | |
|
The Americas |
383.9 |
47.6 |
311.3 |
43.1 |
302.8 |
47.6 |
|
Asia |
318.4 |
39.5 |
320.2 |
44.4 |
290.0 |
45.5 |
|
Europe and Others |
103.6 |
12.9 |
89.9 |
12.5 |
43.9 |
6.9 |
|
Total |
805.9 |
100 |
721.4 |
100 |
636.7 |
100 |
Gross profit in the second quarter of 2016 was $138.5 million, compared $112.5 million in the first quarter of 2016 and $96.5 million in the second quarter of 2015. Gross margin in the second quarter of 2016 was 17.2%, compared to 15.6% in the first quarter of 2016 and 15.2% in the second quarter of 2015. The sequential increase in gross margin was primarily due to lower module manufacturing cost.
Total operating expenses were $98.9 million in the second quarter of 2016, up 33.5% from $74.1 million in the first quarter of 2016 and up 54.4% from $64.1 million in the second quarter of 2015. The sequential and year-over-year increases in total operating expenses were primarily due to higher general and administrative expenses.
Selling expenses were $33.9 million in the second quarter of 2016, down 2.7% from $34.8 million in the first quarter of 2016 and up 5.0% from $32.2 million in the second quarter of 2015. The sequential decrease in selling expenses was primarily due to lower shipping and handling expenses and lower external sales commissions partially offset by higher labor costs. The year-over-year slight increase in selling expenses was primarily due to higher labor costs and higher shipment volume, partially offset by lower shipping and handling unit costs.
General and administrative expenses were $60.0 million in the second quarter of 2016, up 72.3% from $34.8 million in the first quarter of 2016 and up 118.1% from $27.5 million in the second quarter of 2015. The sequential and year-over-year increases in general and administrative expenses were primarily due to higher non-recurring professional service fees, including the write-off of $10.8 million in deferred expenses related to the now terminated YieldCo launch, and tornado damage to the Company's solar cell factory in Funing County, Jiangsu Province, estimated at approximately $7.6 million. Research and development expenses were $5.1 million in the second quarter of 2016, compared to $4.5 million in the first quarter of 2016 and $4.3 million in the second quarter of 2015.
Income from operations was $39.6 million in the second quarter of 2016, compared to $38.4 million in the first quarter of 2016, and $32.5 million in the second quarter of 2015. Operating margin was 4.9% in the second quarter of 2016, compared to 5.3% in the first quarter of 2016 and 5.1% in the second quarter of 2015.
Non-cash depreciation and amortization charges were approximately $25.5 million in the second quarter of 2016, compared to $25.7 million in the first quarter of 2016, and $22.7 million in the second quarter of 2015. Non-cash equity compensation expense was $1.9 million in the second quarter of 2016, compared to $2.5 million in the first quarter of 2016, and $2.0 million in the second quarter of 2015.
Interest expense was $11.9 million in the second quarter of 2016, compared to $16.1 million in the first quarter of 2016, and $12.9 million in the second quarter of 2015.
Interest income was $2.4 million in the second quarter of 2016, compared to $3.4 million in the first quarter of 2016 and $4.1 million in the second quarter of 2015.
The Company recorded a loss on change in fair value of derivatives of $1.6 million in the second quarter of 2016, compared to a gain on change in fair value of derivatives of $2.7 million in the first quarter of 2016 and a gain on change in fair value of derivatives of $1.6 million in the second quarter of 2015. The loss on change in fair value of derivatives of $1.6 million in the second quarter of 2016 included a foreign currency hedging loss of $5.9 million, a loss in change in fair value of swap/swaption for projects in the U.S, Canada and U.K. totaling $1.6 million, and a gain on change in fair value of warrants of $5.9 million. The warrants were issued in conjunction with the $180 million in financing arranged by Credit Suisse in the fourth quarter of 2015. These warrants can be settled in cash at the discretion of the holder and as a result are liability derivatives which were fair valued at issuance and are subsequently marked to market at the end of each reporting period.
The Company recorded a foreign exchange gain in the second quarter of 2016 of $24.9 million compared to a foreign exchange gain of $8.5 million in the first quarter of 2016 and a foreign exchange loss of $4.4 million in the second quarter of 2015.
Income tax expense was $16.3 million in the second quarter of 2016, compared to $12.3 million in the first quarter of 2016 and $2.7 million in the second quarter of 2015.
Net income attributable to Canadian Solar was $40.4 million, or $0.68 per diluted share, in the second quarter of 2016, compared to net income of $22.6 million, or $0.39 per diluted share, in the first quarter of 2016, and net income of $17.9 million, or $0.31 per diluted share, in the second quarter of 2015.
Financial Condition
The Company had $1.0 billion of cash, cash equivalents and restricted cash as of June 30, 2016, compared to $1.0 billion as of March 31, 2016.
Accounts receivable, net of allowance for doubtful accounts, at the end of the second quarter of 2016 were $356.7 million, compared to $394.0 million at the end of the first quarter of 2016. Accounts receivable turnover was 60 days in the second quarter of 2016, compared to 72 days in the first quarter of 2016.
Inventories at the end of the second quarter of 2016 were $309.7 million, compared to $413.2 million at the end of the first quarter of 2016. Inventory turnover was 51 days in the second quarter of 2016, compared to 58 days in the first quarter of 2016.
Accounts and notes payable at the end of the second quarter of 2016 were $937.3 million, compared to $961.2 million at the end of the first quarter of 2016.
Short-term borrowings at the end of the second quarter of 2016 were $1.37 billion, compared to $1.35 billion at the end of the first quarter of 2016. Long-term debt at the end of the second quarter of 2016 was $828.5 million, compared to $818.5 million at the end of the first quarter of 2016. Senior convertible notes totaled $128.0 million at the end of the second quarter of 2016, compared to $132.2 million at the end of the first quarter of 2016. Short-term borrowings and long-term debt directly related to utility-scale solar power projects totaled $834.9 million at the end of the second quarter of 2016, compared to $758.9 million at the end of the first quarter of 2016.
At the end of the second quarter of 2016, the Company booked approximately $1.8 billion of solar power plant assets under non-current assets compared to $1.6 billion at the end of the first quarter of 2016. These assets include plants owned and operated and plants under construction.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "We are pleased with our results for the second quarter which again came in above our guidance. Our core solar module and project businesses remain strong, with a healthy balance sheet to support our near and long-term plan. Our strategic decision to no longer pursue a YieldCo reflects the market environment and our primary focus on extracting the highest value for shareholders from our operating assets. As a global leader, we are optimistic and remain favorably positioned moving forward. Our low cost manufacturing structure, project asset scale, consistent execution and conservative strategy are helping us to mitigate the impact of headwinds facing the broader market, which are realistically never quite as bad as investors may think. Our energy business now has approximately 472 MWp of solar power plants in operation, and approximately 900 MWp of additional solar power plants, after adjusting for our effective ownership, that will reach commercial operation in the second half of 2016. Once completed, we will own approximately 1.37GWp of operating solar power plants, with a resale value of approximately $2.1 billion. We are actively pursuing several regional options to monetize these assets in the second half of 2016 and 2017."
Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "We achieved revenue and gross margin above our guidance in the second quarter of 2016. We benefited from a combination of strong demand for our modules, better than expected selling prices and solid cost control at our factories. We were also able to reduce inventory levels by over $100 million, secure financing for our solar power projects and sign the first agreement to monetize our solar power plants in China. Our solar project construction schedule in the U.S., Japan, China and the U.K. remain on schedule. In order to provide improved visibility into our operating plan, we made the formal decision to no longer launch a YieldCo. We are instead implementing a flexible, localized strategy with respect to our solar project asset monetization. We expect this decision and added clarity will help investors to more appropriately reflect the higher value of our business and operating assets."
Utility Scale Solar Project Pipeline
The Company's utility-scale solar project pipeline totals 20.4 GWp, including approximately 2.4 GWp of projects in late-stage development, and 18.0 GWp in early- to mid-stage development. The Company cautions that some of the projects under development may fail to secure all the required permits and grid-connection approvals and as a result may not reach completion.
Late-Stage Solar Project Pipeline
Canadian Solar's late-stage, utility-scale solar project pipeline totals approximately 2.4 GWp, of which 1,263 MWp are in the U.S., 576 MWp are in Japan, 384 MWp are in Brazil, 121 MWp are in China, 63 MWp are in Mexico, and 19 MWp are in the United Kingdom.
In the United States, seven of the Company's solar projects totaling 1,185 MWp are currently under construction with Barren Ridge, Mustang and Tranquillity expected to reach commercial operation before the end of September of 2016, while Astoria 1, Astoria 2, Garland and Roserock are expected to reach commercial operation before the end of December 2016. The Company's late-stage, utility-scale solar project pipeline in the U.S. is detailed in the table below:
|
Project |
Gross MWp |
Location |
Status |
Expected COD |
|
Astoria 1 |
131 |
CA |
Construction |
2016 |
|
Astoria 2 |
100 |
CA |
Construction |
2016 |
|
Barren Ridge |
78 |
CA |
Construction |
2016 |
|
Mustang |
134 |
CA |
Construction |
2016 |
|
Tranquillity |
258 |
CA |
Construction |
2016 |
|
Roserock |
212 |
TX |
Construction |
2016 |
|
Garland |
272 |
CA |
Construction |
2016 |
|
Project A |
52 |
CA |
Development |
2017 |
|
Project B |
26 |
CA |
Development |
2018 |
|
Total |
1,263 |
In Japan, during the second quarter of 2016, the Company started commercial operation of two solar power plants, with a total capacity of approximately 700 KWp. As of August 1, 2016, the Company's pipeline of late-stage utility-scale solar power projects in development totaled approximately 576 MWp, with 112 MWp in construction and an additional 134.7 MWp at the ready-to-build stage.
The expected commercial operation schedule of the Company's late-stage utility-scale solar power projects in Japan is detailed below:
|
Utility Scale Pipeline in Japan: Expected COD Schedule - MWp | |||||||
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
Total |
|
44 |
109 |
156 |
48 |
114 |
42 |
63 |
576 |
METI has recently made two rule changes that will affect the Company's pipeline in Japan. In April 2016, METI announced that solar power projects that fail to execute an interconnection agreement with the applicable utility operator by April 1, 2017 will lose the approved feed-in tariff ("FIT"). In addition, in June 2016, METI announced that solar power projects which have not executed the interconnection agreement by August 1, 2016 must achieve commercial operation date (COD) by April 1, 2020. Solar power projects that execute an interconnection agreement after August 1, 2016, (and before April 1, 2017) but do not reach commercial operation by the April 1, 2020 deadline will be subject to a penalty of either: 1) A FIT reduction of 5%/year or 2) reduction in the term of the FIT contract. The detailed penalty rules will be decided by METI's Calculation Committee for Procurement Price in the coming months.
As of August 1, 2016, Canadian Solar had executed interconnection agreements for 376.2 MWp of projects. The Company expects that, by April 1, 2017 it will have executed interconnection agreements for an additional 131.4 MWp of projects, thereby securing the existing FIT contract subject to meeting the COD deadline. The Company is working to advance an additional 89.4 MWp of projects, so that the interconnection agreements can be executed by April 1, 2017 in order to secure the existing FIT contract.
During the second quarter of 2016 the Company connected to the grid one solar power plant in China totaling 22 MWp, bringing its total to 218MWp of solar power plants in operation in China.
Solar Power Plants in Operation
In addition to its utility-scale solar project development pipeline, the Company now has a portfolio of solar power plants in operation totaling approximately 472 MWp. Revenue from the sale of electricity from these plants in the second quarter of 2016 totaled $22.5 million, compared to $10.2 million in the first quarter of 2016. The resale value of these plants is estimated at approximately $850.0 million, with expected profit margin contribution in the mid-teens. The market situation may however change, resulting in different resale values when the Company sell these projects. The sale of projects recorded on the balance sheet under project assets (built-to-sell) will be recorded as revenue once revenue recognition criteria is met, and the gain from sale of projects recorded on the balance sheet under property plant and equipment (built-to-own) will be recorded as other operating income in the income statement.
|
Plants in Operation - MWp | |||||
|
Canada |
Japan |
UK |
China |
Other |
Total |
|
100 |
21 |
115 |
218 |
18 |
472 |
Manufacturing Capacity
The Company has revised its 2016 manufacturing capacity, as summarized in the table below:
|
Manufacturing Capacity Roadmap - MW | |||
|
31-Dec-2015 |
30-Jun-2016 |
31-Dec-2016 | |
|
Wafer |
400 |
400 |
1,300 |
|
Cell |
2,700 |
2,200 |
3,050 |
|
Module |
4,330 |
4,330 |
5,800 |
The Company expects to increase its wafer capacity using new diamond wire-saw technology. This technology works compatibly with our proprietary Onyx black silicon multi-crystalline solar cell technology, significantly increasing solar cell efficiency while reducing silicon usage and therefore manufacturing cost. The Company's wafer manufacturing capacity is expected to reach 1.3 GW by the end of 2016, of which at least 900MW is expected to utilize diamond wire-saws.
As previously disclosed, a tornado damaged the Company's solar cell factory in Funing County Jiangsu Province on June 23, 2016. The Company responded promptly by dispatching its internal emergency response team to work with local government entities to support its employees and the local communities. Although damage to the property and manufacturing equipment was severe, there have been no casualties among the Company's employees. The recovery effort at the Funing factory is currently under way. The Company has removed damaged equipment from the site and together with its insurers, is carrying out an appraisal of damage caused to the factory and manufacturing equipment. The Company expects to have full capacity restored at this facility by the second quarter of 2017 and expects to recover substantially all of its financial losses through insurance.
The Company's cell manufacturing capacity is expected to reach 3.05 GW by the end of 2016, which includes the new 850 MW cell manufacturing plant located in South Eastern Asia, to be commissioned in September of 2016, offset by the temporary reduction of 1.0GW capacity in the tornado affected factory in Funing.
Based on its latest market assessment, the Company has decided to slow down solar module capacity expansion. The Company now expects internal module capacity to reach 5.8GW by the end of year, instead of 6.4GW as disclosed in the past. This includes 650 MW in South Eastern Asia already commissioned this month and 360 MW in Brazil to be commissioned in September of 2016.
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to customer final demand and solar project construction schedule. Management's views and estimates are subject to change without notice.
For the third quarter of 2016, the Company expects total solar module shipments to be in the range of approximately 1.2 GW to 1.3 GW, including approximately 10 MW of shipments to the Company's utility-scale solar power projects that may not be recognized in third quarter 2016 revenue. Total revenue for the third quarter of 2016 is expected to be in the range of $660 million to $710 million, with gross margin expected to be between 14% and 16%. We have previously announced an agreement to sell two of our solar power plants in China. We expect the close of that transaction in Q4, therefore, our revenue guidance for the third quarter of 2016 does not include the sale of project assets.
For the full year 2016, the Company maintains its guidance for total module shipments to be in the range of approximately 5.4 GW to 5.5 GW, with approximately 5.0 GW recognized in revenue. Management also maintains its revenue guidance for the full year 2016 to be in the range of $3.0 billion to 3.2 billion. The Company is actively exploring opportunities to monetize its solar power plant assets, and subject to timing of these sales reported revenue may exceed the Company's revenue guidance.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Canadian Solar is in an excellent position to compete as we execute on our proven, long-term strategy. We are an industry leader in quality, performance, efficiency and cost. Our diversified project pipeline and strong backlog further sets us apart. Importantly, we remain in the early stages of solar adoption, with our key markets in the U.S., Japan and China underpenetrated. We are reducing the cost of incoming materials and processing cost in the meantime to maintain a mid-teen gross margin for our manufacturing business during the industry headwinds, while further reducing inventory and tightening credit controls. Our ongoing efforts to upgrade our technology and to improve our cost structure through selected capacity expansion are on track and we expect to end 2016 with 3.1 GW of internal cell capacity, including 850W in a tariff free location in South East Asia. At the same time, we continue to make progress as one of the leading developers and owners of high quality solar power plants around the world, with 472MW of solar power plants in operation and over 1.0GW of solar power plants under construction. Our focus remains on maximizing profitability, sustainable free cash flow and building shareholder value."
Recent Developments
On July 11, 2016, Canadian Solar announced that it had entered into a private placement with Prudential Capital Group, pursuant to which, Prudential Capital Group agreed to purchase non-recourse notes with principal amount totaling approximately JPY6.2 billion (US$60.0 million). The proceeds from the private placement have been used to finance a portfolio of solar power projects in Japan totaling 21.2MWp.
On July 6, 2016, Canadian Solar announced that it had entered into a project sale agreement to sell its operating solar power projects in Funing, Jiangsu, China to Create Technology & Science Co., Ltd. for approximately RMB218.5 million (US$32.8 million).
On May 23, 2016, Canadian Solar announced that it had closed a £36.4 million (US$52 million) project financing facility with BayernLB to refinance a portfolio of four solar power plants in the UK, totaling 40.2MWp.
Conference Call Information
The Company will hold a conference call on Thursday, August 18, 2016 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., August 18, 2016 in Hong Kong) to discuss the Company's second quarter 2016 results and business outlook. The dial-in phone number for the live audio call is 1-866-519-4004 (toll-free from the U.S.), +852 3018 6771 (local dial-in from HK) or +1-845-675-0437 from international locations. The passcode for the call is 40195616. A live webcast of the conference call will also be available on Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 4 hours after the conclusion of the call until 9:00 a.m. on Friday August 26, 2016, U.S. Eastern Daylight Time (9:00 p.m., August 26, 2016 in Hong Kong) and the replay can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from HK) or +1-646-254-3697 from international locations, with passcode 40195616. A webcast replay will also be available at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 15 GW of premium quality modules to over 90 countries around the world. Furthermore, 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, visit the Company's website or follow Canadian Solar on LinkedIn.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
FINANCIAL TABLES FOLLOW
|
Canadian Solar Inc. | ||||||||||||
|
Unaudited Condensed Consolidated Statement of Operations | ||||||||||||
|
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated) | ||||||||||||
|
Three Months Ended |
Six Months Ended | |||||||||||
|
June 30, |
March 31, |
June 30, |
June 30, |
June 30, | ||||||||
|
2016 |
2016 |
2015 |
2016 |
2015 | ||||||||
|
Net revenues |
$ 805,906 |
$ 721,422 |
$ 636,651 |
$ 1,527,328 |
$ 1,497,542 | |||||||
|
Cost of revenues |
667,437 |
608,951 |
540,113 |
1,276,388 |
1,248,043 | |||||||
|
Gross profit |
138,469 |
112,471 |
96,538 |
250,940 |
249,499 | |||||||
|
Operating expenses: |
||||||||||||
|
Selling expenses |
33,864 |
34,790 |
32,239 |
68,654 |
73,078 | |||||||
|
General and administrative expenses |
59,974 |
34,800 |
27,498 |
94,774 |
57,030 | |||||||
|
Research and development expenses |
5,052 |
4,505 |
4,315 |
9,557 |
8,182 | |||||||
|
Total operating expenses |
98,890 |
74,095 |
64,052 |
172,985 |
138,290 | |||||||
|
Income from operations |
39,579 |
38,376 |
32,486 |
77,955 |
111,209 | |||||||
|
Other income (expenses): |
||||||||||||
|
Interest expense |
(11,889) |
(16,130) |
(12,878) |
(28,019) |
(24,079) | |||||||
|
Interest income |
2,392 |
3,386 |
4,078 |
5,778 |
8,393 | |||||||
|
Gain (loss) on change in fair value of derivatives |
(1,632) |
2,664 |
1,585 |
1,032 |
9,462 | |||||||
|
Foreign exchange gain (loss) |
24,936 |
8,511 |
(4,432) |
33,447 |
(5,466) | |||||||
|
Investment income |
1,070 |
88 |
- |
1,158 |
2,342 | |||||||
|
Gain on repurchase of convertible notes |
551 |
1,909 |
- |
2,460 |
- | |||||||
|
Others |
- |
- |
- |
- |
389 | |||||||
|
Other income (expenses),net |
15,428 |
428 |
(11,647) |
15,856 |
(8,959) | |||||||
|
Income before income taxes and equity in earnings (loss) of unconsolidated investees |
55,007 |
38,804 |
20,839 |
93,811 |
102,250 | |||||||
|
Income tax expense |
(16,304) |
(12,253) |
(2,680) |
(28,557) |
(22,387) | |||||||
|
Equity in earnings (loss) of unconsolidated investees |
1,374 |
(2,762) |
410 |
(1,388) |
482 | |||||||
|
Net income |
40,077 |
23,789 |
18,569 |
63,866 |
80,345 | |||||||
|
Less: Net income (loss) attributable to non- controlling interests |
(302) |
1,205 |
707 |
903 |
1,154 | |||||||
|
Net income attributable to Canadian Solar Inc. |
$ 40,379 |
$ 22,584 |
$ 17,862 |
$ 62,963 |
$ 79,191 | |||||||
|
Earnings per share - basic |
$ 0.70 |
$ 0.40 |
$ 0.32 |
$ 1.10 |
$ 1.43 | |||||||
|
Shares used in computation - basic |
57,605,169 |
56,901,349 |
55,786,475 |
57,253,259 |
55,534,166 | |||||||
|
Earnings per share - diluted |
$ 0.68 |
$ 0.39 |
$ 0.31 |
$ 1.07 |
$ 1.36 | |||||||
|
Shares used in computation - diluted |
61,040,478 |
57,810,531 |
57,229,267 |
60,996,903 |
60,343,942 | |||||||
|
Canadian Solar Inc. |
|||||||||||
|
Unaudited Condensed Consolidated Statement of Comprehensive Income |
|||||||||||
|
(In Thousands of US Dollars) |
|||||||||||
|
Three Months Ended |
Six Months Ended | ||||||||||
|
June 30, |
March 31, |
June 30, |
June 30, |
June 30, | |||||||
|
2016 |
2016 |
2015 |
2016 |
2015 | |||||||
|
Net Income |
40,077 |
23,789 |
18,569 |
63,866 |
80,345 | ||||||
|
Other comprehensive income (net of tax of nil): |
|||||||||||
|
Foreign currency translation adjustment |
(10,680) |
22,675 |
21,008 |
11,995 |
(15,866) | ||||||
|
Gain (loss) on commodity hedge |
(3,498) |
1,632 |
- |
(1,866) |
- | ||||||
|
Loss on interest rate swap |
(1,959) |
- |
- |
(1,959) |
- | ||||||
|
Comprehensive income |
23,940 |
48,096 |
39,577 |
72,036 |
64,479 | ||||||
|
Less: comprehensive income attributable to non- controlling interests |
103 |
2,046 |
109 |
2,149 |
2,897 | ||||||
|
Comprehensive income attributable to Canadian Solar Inc. |
23,837 |
46,050 |
39,468 |
69,887 |
61,582 | ||||||
|
Canadian Solar Inc. | ||||
|
Unaudited Condensed Consolidated Balance Sheets | ||||
|
(In Thousands of US Dollars) | ||||
|
June 30, |
December 31, | |||
|
2016 |
2015 | |||
|
Current assets: |
||||
|
Cash and cash equivalents |
$ 495,112 |
$ 553,079 | ||
|
Restricted cash - current |
496,431 |
534,707 | ||
|
Accounts receivable trade, net |
356,685 |
426,803 | ||
|
Accounts receivable, unbilled |
6,389 |
8,206 | ||
|
Amounts due from related parties |
98,635 |
104,579 | ||
|
Inventories |
309,679 |
334,489 | ||
|
Value added tax recoverable |
46,395 |
44,615 | ||
|
Advances to suppliers - current |
25,179 |
31,886 | ||
|
Derivative assets - current |
9,494 |
6,259 | ||
|
Project assets - current |
137,344 |
111,317 | ||
|
Prepaid expenses and other current assets |
227,088 |
108,153 | ||
|
Total current assets |
2,208,431 |
2,264,093 | ||
|
Restricted cash - non-current |
15,187 |
46,897 | ||
|
Property, plant and equipment, net |
277,622 |
331,052 | ||
|
Solar power systems, net |
1,765,370 |
1,200,441 | ||
|
Deferred tax assets, net |
124,552 |
97,134 | ||
|
Advances to suppliers - non-current |
102,035 |
27,745 | ||
|
Prepaid land use rights |
29,131 |
29,092 | ||
|
Investments in affiliates |
179,084 |
187,131 | ||
|
Intangible assets, net |
80,971 |
78,938 | ||
|
Goodwill |
7,617 |
7,609 | ||
|
Derivative assets - non-current |
1,725 |
2,072 | ||
|
Project assets - non-current |
7,988 |
2,814 | ||
|
Other non-current assets |
141,937 |
142,236 | ||
|
TOTAL ASSETS |
$ 4,941,650 |
$ 4,417,254 | ||
|
Current liabilities: |
||||
|
Short-term borrowings |
$ 1,370,805 |
$ 1,156,576 | ||
|
Accounts and notes payable |
937,263 |
985,757 | ||
|
Amounts due to related parties |
56,122 |
90,002 | ||
|
Other payables |
171,781 |
151,174 | ||
|
Advances from customers |
64,759 |
76,207 | ||
|
Derivative liabilities - current |
18,213 |
35,228 | ||
|
Current maturities of capital lease obligation |
16,074 |
8,712 | ||
|
Other current liabilities |
88,482 |
152,668 | ||
|
Total current liabilities |
2,723,499 |
2,656,324 | ||
|
Accrued warranty costs |
73,786 |
65,193 | ||
|
Convertible notes |
128,033 |
150,000 | ||
|
Long-term borrowings |
828,539 |
606,577 | ||
|
Derivative liabilities - non-current |
27,182 |
17,358 | ||
|
Liability for uncertain tax positions |
14,688 |
14,468 | ||
|
Deferred tax liabilities - non-current |
37,003 |
19,030 | ||
|
Loss contingency accruals |
23,920 |
23,500 | ||
|
Long-term capital lease obligation |
78,342 |
17,728 | ||
|
Other non-current liabilities |
76,336 |
14,566 | ||
|
Total LIABILITIES |
4,011,328 |
3,584,744 | ||
|
Equity: |
||||
|
Common shares |
700,669 |
677,103 | ||
|
Additional paid-in capital |
(13,103) |
(17,139) | ||
|
Retained earnings |
281,823 |
218,860 | ||
|
Accumulated other comprehensive loss |
(52,932) |
(59,856) | ||
|
Total Canadian Solar Inc. shareholders' equity |
916,457 |
818,968 | ||
|
Non-controlling interests in subsidiaries |
13,865 |
13,542 | ||
|
TOTAL EQUITY |
930,322 |
832,510 | ||
|
TOTAL LIABILITIES AND EQUITY |
$ 4,941,650 |
$ 4,417,254 | ||
SOURCE Canadian Solar Inc.
Article Date
8/18/2016Canadian Solar Signs PPA for 63MWp Solar Power Project in Mexico
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Aug. 8, 2016 /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 a Power Purchase Agreement ("PPA") for the 63MWp solar power plant in Aguascalientes, Mexico with the Federal Electricity Commission (Comision Federal de Electricidad, "CFE"). This project was awarded in April 2016 under the Mexico's First Long Term Electricity Auction and it is expected to generate electricity by September 2018. All the electricity generated will be sold to the CFE under the PPA for a 15-year period and related Clean Energy Certificates for a 20-year period.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We are pleased to sign the PPA for this solar power project awarded to us earlier this year. We will continue to leverage our global project development and execution capability to continue to expand our global late stage solar project pipeline to meet the growing demand of clean solar energy in Mexico and around the world."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 15 GW of premium quality modules to over 90 countries around the world. Furthermore, 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, visit the Company's website or follow Canadian Solar on LinkedIn.
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 the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; 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 UK, Japan, the U.S. 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; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials including solar cell to replace lost production at the Funing solar cell plant during the plant rebuilding and recovery phase; ability to recover weather related damages to the Funing solar cell plant from insurance carriers; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
8/8/2016Canadian Solar Schedules Second Quarter 2016 Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Aug. 1, 2016 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Thursday, August 18, 2016 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., August 18, 2016 in Hong Kong) to discuss the Company's second quarter 2016 results and business outlook.
The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852 3018 6771 (local dial-in from HK) or +1 845 675 0437 from international locations. The passcode for the call is 40195616. A live webcast of the conference call will also be available on Canadian Solar's website at www.canadiansolar.com, or by clicking the following hyperlink: http://edge.media-server.com/m/p/qcm44x4z.
A replay of the call will be available 4 hours after the conclusion of the call until 9:00 a.m. on Friday August 26, 2016, U.S. Eastern Daylight Time (9:00 p.m., August 26, 2016 in Hong Kong) and can be accessed by dialing +1 855 452 5696 (toll-free from the U.S.), +852 3051 2780 (local dial-in from HK) or +1 646 254 3697 from international locations, with passcode 40195616. A webcast replay will also be available at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 15 GW of premium quality modules to over 90 countries around the world. Furthermore, 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, visit the Company's website or follow Canadian Solar on LinkedIn.
SOURCE Canadian Solar Inc.
Article Date
8/1/20167/19/2016 - Canadian Solar Launches New Field-Installable T4 PV Connector for Faster, Lower-Cost PV Installations
Canadian Solar Launches New Field-Installable T4 PV Connector for Faster, Lower-Cost PV Installations
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, July 19, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the company has introduced the new T4 Field-Installable PV Connector portfolio to the North American market.
The T4 PV Connector is a high-quality field-installable PV connector manufactured by TLIAN, a subsidiary of Canadian Solar established in December 2014. The T4 Connector has been in production since May 2015, after being granted state-of-the-art double certification per IEC62852/UL6703 standards, with over 12 million connectors already deployed in field installations.
The T4 Connector is certified for UL 1500V DC system voltage and has an IP68 rating for highest ingress protection for water / humidity - which increases the reliability and long-term stability of the connector significantly compared to the current industry-standard IP67 rating for connectors. In addition, the new Canadian Solar connector portfolio supports a broader operating temperature range of -40ºC～+90ºC to allow the usage in very hot climates such as the Middle East, Central America and others. The NEC-compliant locking mechanism secures against vandalism and against unplugging under load for maximum safety and protection.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "We are very pleased to introduce the T4 PV Connector portfolio and all related tools and accessories to the North American market. This high-quality, field-installable connector addresses our customers' need to have reliable and cost-effective connectors, complementing our 1500V DC system. With 12 million connectors already deployed in the field, the T4 PV Connector has proven itself as a reliable milestone further reducing overall PV system costs."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully shipped over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; 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 UK, Japan, the U.S. 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; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials including solar cell to replace lost production at the Funing solar cell plant during the plant rebuilding and recovery phase; ability to recover weather related damages to the Funing solar cell plant from insurance carriers ; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
7/19/2016InvestorsObserver releases covered-call reports for First Majestic Silver, Salesforce.com, Canadian Solar, Skyworks Solutions and First Solar
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
CHICAGO, July 12, 2016 /PRNewswire/ -- InvestorsObserver issues critical PriceWatch Alerts for AG, CRM, CSIQ, FSLR, and SWKS.
To see the high-return covered-call trades uncovered by InvestorsObserver's analysts, read the InvestorsObserver's PriceWatch Alert by selecting the corresponding link.
(Note: You may have to copy this link into your browser then press the [ENTER] key.)
InvestorsObserver's PriceWatch Alerts contain all the information needed to evaluate a new covered call, and/or a diagonal spread on the underlying stock. Each report has detailed explanations of the possible outcomes and risks for each trade, as well as an easy-to-read table that gives all the relevant metrics at a single glance.
SOURCE InvestorsObserver
Article Date
7/12/2016Canadian Solar Secures JPY6.2 Billion Green Solar Financing in Japan
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, July 11, 2016 /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 entered into a private placement with Prudential Capital Group, pursuant to which, the global investment management business of Prudential Financial, Inc. has agreed to purchase non-recourse notes with principal amount totaling approximately JPY6.2 billion (US$60.0 million). The proceeds from the private placement will be used to finance a portfolio of environmentally-friendly solar power plants totaling 21.2MWp in Japan.
"This is our inaugural green solar private placement with a blue chip institutional investor, and represents the second project bond financing structure executed by Canadian Solar in the Japanese market, further diversifying our funding mix," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "This successful transaction once again underscores the confidence that leading financial institutions have in Canadian Solar's project pipeline in Japan and positions us well to continue to deliver on our mission to accelerate the deployment of clean, reliable, emission-free solar energy worldwide."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully shipped over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; 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 UK, Japan, the U.S. 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; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials including solar cell to replace lost production at the Funing solar cell plant during the plant rebuilding and recovery phase; ability to recover weather related damages to the Funing solar cell plant from insurance carriers ; 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 20, 2016. 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.
This press release is made solely for information. Accordingly this press release does not constitute an offer to sell securities, loans or any financial products which may be mentioned herein and should not be construed as consisting of investment advice.
SOURCE Canadian Solar Inc.
Article Date
7/11/20167/11/2016 - Canadian Solar Launches New 1500-Voltage Crystalline Solar Module Portfolio at 2016 Intersolar North America
Canadian Solar Launches New 1500-Voltage Crystalline Solar Module Portfolio at 2016 Intersolar North America
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, July 11, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the company will launch the new 1500V System Voltage ("1500V") crystalline solar module portfolio at the 2016 Intersolar North America Exhibition to be held from July 12 to July 14, 2016 at the Moscone Center in San Francisco.
The conventional 1000V system voltage allows PV system designed only up to 1000V. The new Canadian Solar 1500V module portfolio has proven its performance under both IEC/UL standards for 1500V of system voltage and allows a significantly more efficient system design while reducing the overall BOS and cabling costs. The 1500V crystalline module, offered in two product types (60 cell configuration (CS6K - mono and CS6K - poly) and 72 cell configuration (CS6U - mono and CS6U - poly)), provides a robust and cost-efficient system solution by adding more modules in a string, which decreases the number of combiner boxes, direct current (DC) homeruns and trenching. This unique product design lowers wiring losses and reduces the number of equipment, thus improving the overall system performance and efficiency and reducing the labor cost and installation time. Furthermore, the 1500V crystalline module meets both International Electrotechnical Commission (IEC) standard and Underwrites Laboratories (UL) standard, making it an industry-leading product that can meet these two top-level international standards at the same time. Consistent with its high product quality, this 1500V crystalline module comes with Canadian Solar's 25-year linear power output warranty and a 10-year product warranty on materials and workmanship.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "We are very pleased to introduce the 1500V crystalline module, which is a great addition to Canadian Solar's high quality product portfolio. The state-of-the-art product design of the 1500V crystalline module increases the overall system performance and lowers the Balance of System cost. We believe this new product can perfectly meet the growing demand for higher voltage systems with lower system costs. We look forward to welcoming every one of you to Canadian Solar's booth #7311 to explore more on the 1500V crystalline module and the complete set of Canadian Solar's diversified product offerings."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully shipped over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; 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 UK, Japan, the U.S. 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; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials including solar cell to replace lost production at the Funing solar cell plant during the plant rebuilding and recovery phase; ability to recover weather related damages to the Funing solar cell plant from insurance carriers ; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
7/11/2016Canadian Solar Sells Solar Power Projects in China
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, July 6, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary, CSI Solar Power (China) Inc. has entered into a project sale agreement, pursuant to which, Create Technology & Science Co., Ltd. ("Create Technology & Science") has agreed to purchase Canadian Solar's operating solar power projects in Funing County, Jiangsu Province, China for approximately RMB218.5 million (US$32.8 million).
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are very pleased to announce the sale and transfer of these projects to Create Technology & Science, a state-owned company in China. This deal positions us well to continue to monetize our high quality solar power plant assets in China, recycle out capital and strengthen our balance sheet. We value our partnership with Create Technology & Science and look forward to our continued successful cooperation."
This project sale agreement will become effective after Create Technology & Science receives the approval from its board of directors and the approval from the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).
About Create Technology & Science Co., Ltd.
Create Technology & Science Co., Ltd. is principally engaged in the manufacture of specialty instruments and apparatus. The Company's major products and services include: purifying and environment protection equipment and projects; automobile sale; optical, mechanical and electronic integrated surveying instruments; power transformation high voltage insulators; needle bearings, as well as grinding materials and grinding tools, among others. The Company distributes its products within the domestic market and to overseas markets.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully shipped over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; 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 UK, Japan, the U.S. 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; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials including solar cell to replace lost production at the Funing solar cell plant during the plant rebuilding and recovery phase; ability to recover weather related damages to the Funing solar cell plant from insurance carriers ; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
7/6/2016Canadian Solar Inc. Announces Results of 2016 Annual Meeting of Shareholders
Source: PR Newswire
GUELPH, Ontario, June 27, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it held its 2016 Annual Meeting of Shareholders on June 27, 2016. Each of the proposals submitted for shareholder approval was approved. Specifically, the shareholders approved:
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully shipped over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
SOURCE Canadian Solar Inc.
Article Date
6/27/2016Canadian Solar Announces that a Tornado Damaged Its Funing Cell Factory in China
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, June 24, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that a severe tornado damaged its solar cell factory in Funing County, Jiangsu Province, China.
The tornado occurred in the afternoon of June 23, 2016 and caused property damage and personal injuries. The Funing solar cell facility is currently shut down while the Company assesses the extent of the damage. The Company carries both casualty and property insurance for its facilities, inventory, business interruption insurance, as well as health and medical insurance for all its employees, and is reviewing the extent and scope of this coverage with its insurance carriers. At this moment, the Company expects to recover substantially all of its financial losses through insurance. The Company's other wafer, cell and module manufacturing facilities in China and abroad are not affected.
Funing is the newer and smaller of the Company's two solar cell factories in China. The Company was anticipating that solar cell production from the Funing cell factory would reach approximately 267MW in the third quarter of 2016, representing 15-20% of its solar cell requirements for the quarter. The Company now plans to cover its solar cell needs by increasing the output from its Suzhou solar cell factory, ramping up production at its new cell factory in Thailand and by purchasing additional solar cells from its long term third-party suppliers, who have agreed to supply the additional solar cells. As a result, the Company expects to fulfill its module delivery commitments and maintain its annual module shipment guidance.
"Our thoughts are with the families of Canadian Solar employees and the local residents impacted by the severe weather. We have immediately dispatched our internal emergence response team from our other facilities in China to help our employees in Funing and people in the local communities. We are assessing the situation but do not expect it to have a material impact on our business," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully shipped over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; 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 UK, Japan, the U.S. 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; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials including solar cell to replace lost production at the Funing solar cell plant during the plant rebuilding and recovery phase; ability to recover weather related damages to the Funing solar cell plant from insurance carriers ; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
6/24/20166/20/2016 - Canadian Solar to Participate in ROTH Capital Partners Cleantech & Industrial Growth Day in London
Canadian Solar to Participate in ROTH Capital Partners Cleantech & Industrial Growth Day in London
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, June 20, 2016 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to attend the ROTH Capital Partners Cleantech & Industrial Growth Day on Tuesday, June 21, 2016 at the Dorchester Hotel in London.
During the conference, Dr. Shawn Qu, Chairman and Chief Executive Officer will be available to meet with institutional investors.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
SOURCE Canadian Solar Inc.
Article Date
6/20/20166/7/2016 - Canadian Solar to Speak at the Bloomberg 1st Annual Sustainable Business Summit in Toronto
Canadian Solar to Speak at the Bloomberg 1st Annual Sustainable Business Summit in Toronto
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, June 7, 2016 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to attend the Bloomberg 1st Annual Sustainable Business Summit on Wednesday June 8, 2016 at the Malaparte Ballroom in Toronto.
During the conference, Dr. Shawn Qu, Chairman and Chief Executive Officer is invited to speak at the panel on "The Face of the 'New Economy': Lessons from Low-Carbon Leaders and Ecopreneurs" to discuss the rise of the sustainable business agenda, with a focus on the low-carbon dimension.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
SOURCE Canadian Solar Inc.
Article Date
6/7/2016Canadian Solar to Attend the J.P. Morgan 3rd Annual Global Leaders Forum in Toronto
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, June 3, 2016 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to attend the J.P. Morgan 3rd Annual Global Leaders Forum on Tuesday June 7, 2016 at the Shangri-La Hotel in Toronto.
During the conference, Dr. Shawn Qu, Chairman and Chief Executive Officer will be available to meet with institutional investors.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
SOURCE Canadian Solar Inc.
Article Date
6/3/2016Canadian Solar to Participate in Upcoming Investment Conferences
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, June 1, 2016 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its participation in upcoming investor conferences.
During these conferences, Mr. Ed Job, Director of Investor Relations will be available to meet with institutional investors.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
SOURCE Canadian Solar Inc.
Article Date
6/1/2016Canadian Solar to Present at The Morgan Stanley Second Annual China Summit in Beijing
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, May 25, 2016 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to present at the Morgan Stanley Second Annual China Summit on Thursday May 26, 2016 at the Rosewood Hotel in Beijing. A presentation on Outlook of Global Solar Market is scheduled for 2:30pm local time on that day.
During the conference, Dr. Shawn Qu, Chairman and Chief Executive Officer and Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer will be available to meet with institutional investors.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
SOURCE Canadian Solar Inc.
Article Date
5/25/2016Canadian Solar Closes GBP36.4 Million Solar Project Refinancing with BayernLB
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, May 23, 2016 /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 closed a £36.4 million (US$52 million) project financing facility with BayernLB to refinance a portfolio of four solar power plants, totaling 40.2 megawatts in the UK. This financing facility with BayernLB is non-recourse project finance, with a term of 17 years.
"We are delighted to complete this project financing facility with BayernLB," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This facility underscores Canadian Solar's strength as a global tier-1 player that has broad support from international financial institutions. We look forward to continuing our partnership with BayernLB to support the sustainable growth of our global project business."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
Safe Harbour/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
5/23/2016Canadian Solar to Showcase Dymond Module and SuperPower Module at 2016 SNEC
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, May 23, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will showcase the Dymond module and SuperPower module at the 2016 SNEC PV Power Expo to be held on May 24 to May 26, 2016 in Shanghai New International Expo Center.
The Dymond module is a double glass module, and is available in both 72-cell CS6X-P-FG Dymond and 60-cell CS6K-P-FG Dymond configurations, each offering state-of-the-art product design and unique product features:
Canadian Solar has shipped hundreds of megawatts of Dymond modules to its global customers since its launch in 2014, receiving great market feedback, as the Dymond module, with longer product lifetime and higher reliability, increases customers' return on investment due to increased energy yield.
The SuperPower CS6K-295MS module will make its debut at this exhibition. Consisting of 60 Passivated Emitter and Rear Cell (PERC) monocrystalline solar cells, the SuperPower module boasts power output of 295 watts. In addition, the SuperPower module has the following unique features:
Mass production of the SuperPower module began in Q1 2016 and further volume ramp-up is expected for 2016 and beyond.
"We are delighted to showcase our groundbreaking Dymond and SuperPower modules at this exhibition," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Canadian Solar is committed to delivering innovative, high-performance and cost competitive products to our global customers to meet their diversified demands for solar products. We sincerely invite every one of you to come to our booth, # W5-330, at SNEC to explore more of Canadian Solar's industry-leading product offerings."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
5/23/20165/11/2016 - Canadian Solar Appoints Dr. Huifeng Chang as Senior Vice President and Chief Financial Officer
Canadian Solar Appoints Dr. Huifeng Chang as Senior Vice President and Chief Financial Officer
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, May 11, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the appointment of Dr. Huifeng Chang, as Senior Vice President and Chief Financial Officer, effective May 22, 2016. Michael G. Potter, currently Senior Vice President and Chief Financial Officer, has decided to leave the Company to pursue other interests but has agreed to serve in an advisory role to support the seamless transition of the senior finance function in the Company.
Dr. Chang, who joined Canadian Solar in early 2016 as Senior Vice President of Corporate Strategy, Business Development and Finance, brings 17 years of capital markets, corporate finance, investment and risk management experience to the Company. Before joining Canadian Solar, Dr. Chang was Co-Head of Sales and Trading at the U.S. subsidiary of China International Capital Corporation (CICC). Prior to that, he was the CEO of CSOP Asset Management Limited based in Hong Kong. From 2000 to 2008, he was Vice President and an equity proprietary trader at Citigroup Equity Proprietary Investments in New York. Before moving to Wall Street, Dr. Chang worked at Kamakura Corporation in Hawaii as a risk consultant to banks in Asia. Dr. Chang holds a Ph.D. in soil physics and an MBA from University of Hawaii, as well as an M.S. degree from Academia Sinica.
Dr. Shawn Qu, Chairman and Chief Executive Officer remarked: "We are pleased to announce that Huifeng will take on the role of CFO at Canadian Solar. Huifeng brings with him many years of valuable experience in capital markets and risk management in a global context. Meanwhile, we are indebted to Michael for his years of service in which Canadian Solar has transformed itself from a solar module manufacturing and sales company to a vertically integrated global leader in the solar industry. Michael has made important contributions to the development of Canadian Solar in his nine years with us, both in his five years as CFO and before that as an independent director of the Company. I personally will miss his advice but I am happy that he will be available to consult with should we need it. We wish him well in his future endeavors."
Dr. Chang commented: "I would like to thank Shawn and the Board of Directors of the Company for the confidence that they have placed in me with this appointment. I would also like to thank Michael for agreeing to provide transitional advice and support. I look forward to working with the Board and the Canadian Solar Senior Management and Finance teams to create lasting value for our shareholders."
Mr. Michael G. Potter commented: "I am grateful for the opportunity that Shawn, the Board of Directors and the shareholders have given me in the past nine years to help build Canadian Solar into one of the most profitable and healthy solar companies in the world, and to transform one of largest module manufacturers into a global leader in project development as well. I am proud of what we have accomplished so far with even better to come. I worked closely with Huifeng, even before he joined the Company, and am confident that he will help take the Company to new heights. I would like to thank our global Finance and Legal teams who have worked so hard and well for me over the past five years and I wish them the best of luck."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding 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. 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
5/11/2016Canadian Solar Reports First Quarter 2016 Results and Raises Annual Revenue Guidance
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, May 11, 2016 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the first quarter ended March 31, 2016.
First Quarter 2016 Highlights
First Quarter 2016 Results
Net revenue in the first quarter of 2016 was $721.4 million, down 35.6% from $1,120.3 million in the fourth quarter of 2015 and 16.2% from $860.9 million in the first quarter of 2015. Total solar module shipments in the first quarter of 2016 were 1,198 MW, of which 1,172 MW were recognized in revenue, compared to 1,398 MW recognized in revenue in the fourth quarter of 2015 and 1,027 MW recognized in revenue in the first quarter of 2015. Solar module shipments recognized in revenue in the first quarter of 2016 included 24.8 MW used in the total solutions business, compared to 63.8 MW in the fourth quarter of 2015 and 124.3 MW in the first quarter of 2015.
By geography, in the first quarter of 2016, sales to the Americas represented 43.1% of net revenue, sales to Asia represented 44.4% of net revenue, and sales to Europe and others represented 12.5% of net revenue, compared to 51.9%, 41.1% and 7.0% respectively, in the fourth quarter of 2015 and 48.7%, 32.9%, 18.4% respectively, in the first quarter of 2015.
|
Q1 2016 |
Q4 2015 |
Q1 2015 | ||||
|
US$M |
% |
US$M |
% |
US$M |
% | |
|
The Americas |
311.3 |
43.1 |
581.0 |
51.9 |
419.1 |
48.7 |
|
Asia |
320.2 |
44.4 |
460.2 |
41.1 |
282.9 |
32.9 |
|
Europe and Others |
89.9 |
12.5 |
79.1 |
7.0 |
158.9 |
18.4 |
|
Total |
721.4 |
100 |
1,120.3 |
100 |
860.9 |
100 |
Gross profit in the first quarter of 2016 was $112.5 million, compared $200.5 million in the fourth quarter of 2015 and $153.0 million in the first quarter of 2015. Gross margin in the first quarter of 2016 was 15.6%, compared to 17.9% in the fourth quarter of 2015 and 17.8% in the first quarter of 2015. The sequential decrease in gross margin was primarily due to lower contribution from the total solutions business, partially offset by lower module manufacturing cost and higher module average selling price.
Total operating expenses were $74.1 million in the first quarter of 2016, down 22.1% from $95.2 million in the fourth quarter of 2015 and down 0.2% from $74.2million in the first quarter of 2015.
Selling expenses were $34.8 million in the first quarter of 2016, down 11.7% from $39.4 million in the fourth quarter of 2015 and down 14.8% from $40.8 million in the first quarter of 2015. The sequential decrease in selling expenses was primarily due to lower shipping and handling expenses as well as decrease in external sales commission. The year-over-year decrease in selling expenses was primarily due to lower shipping and handling unit costs, partially offset by higher shipment volume.
General and administrative expenses were $34.8 million in the first quarter of 2016, down 31.7% from $51.0 million in the fourth quarter of 2015 and up 17.8% from $29.5 million in the first quarter of 2015. The sequential decline in general and administrative expenses was primarily due to a decrease in incentive compensation as well as lower non-cash charges for bad debt and asset impairment. The year-over-year increase in general and administrative expenses was primarily due to consolidation of Recurrent Energy's general and administrative expenses, partially offset by lower professional service fees.
Research and development expenses were $4.5 million in the first quarter of 2016, compared to $4.8 million in the fourth quarter of 2015 and $3.9 million in the first quarter of 2015.
Income from operations was $38.4 million in the first quarter of 2016, compared to $105.3 million in the fourth quarter of 2015, and $78.7 million in the first quarter of 2015. Operating margin was 5.3% in the first quarter of 2016, compared to 9.4% in the fourth quarter of 2015 and 9.1% in the first quarter of 2015.
Non-cash depreciation and amortization charges were approximately $25.7 million in the first quarter of 2016, compared to $24.7 million in the fourth quarter of 2015, and $22.0 million in the first quarter of 2015. Non-cash equity compensation expense was $2.5 million in the first quarter of 2016, compared to $1.4 million in the fourth quarter of 2015, and $1.2 million in the first quarter of 2015.
Interest expense was $16.1 million in the first quarter of 2016, compared to $17.1 million in the fourth quarter of 2015, and $11.2 million in the first quarter of 2015.
Interest income was $3.4 million in the first quarter of 2016, compared to $4.2 million in the fourth quarter of 2015 and $4.3 million in the first quarter of 2015.
The Company recorded a gain on change in fair value of derivatives of $2.7 million in the first quarter of 2016, compared to a loss on change in fair value of derivatives of $9.4 million in the fourth quarter of 2015 and a gain on change in fair value of derivatives of $7.9 million in the first quarter of 2015. The gain on change in fair value of derivatives of $2.7 million in the first quarter of 2016 comprised a gain on change in fair value of warrants of $15.2 million, a foreign currency hedging loss of $5.0 million and a $7.5 million loss in change in fair value of swap/swaption for projects in U.S. and Canada. The warrants were issued in conjunction with the $180 million in financing arranged by Credit Suisse in the fourth quarter of 2015. These warrants can be settled in cash at the discretion of the holder and as a result they are liability derivatives which were fair valued at issuance and are subsequently marked to market at the end of each reporting period.
Foreign exchange gain in the first quarter of 2016 was $8.5 million compared to a foreign exchange gain of $11.3 million in the fourth quarter of 2015 and a foreign exchange loss of $1.0 million in the first quarter of 2015.
Income tax expense was $12.3 million in the first quarter of 2016, compared to $31.0 million in the fourth quarter of 2015 and $19.7 million in the first quarter of 2015.
Net income attributable to Canadian Solar was $22.6 million, or $0.39 per diluted share, in the first quarter of 2016, compared to net income of $62.3 million, or $1.05 per diluted share, in the fourth quarter of 2015, and net income of $61.3 million, or $1.04 per diluted share, in the first quarter of 2015.
Financial Condition
The Company had $1.0 billion of cash, cash equivalents and restricted cash as of March 31, 2016, compared to $1.13 billion as of December 31, 2015.
Accounts receivable, net of allowance for doubtful accounts, at the end of the first quarter of 2016 were $394.0 million, compared to $426.8 million at the end of the fourth quarter of 2015. Accounts receivable turnover was 72 days in the first quarter of 2016, compared to 43 days in the fourth quarter of 2015.
Inventories at the end of the first quarter of 2016 were $413.2 million, compared to $334.5 million at the end of the fourth quarter of 2015. Inventory turnover was 58 days in the first quarter of 2016, compared to 40 days in the fourth quarter of 2015.
Accounts and notes payable at the end of the first quarter of 2016 were $961.2 million, compared to $985.8 million at the end of the fourth quarter of 2015.
Short-term borrowings at the end of the first quarter of 2016 were $1.35 billion, compared to $1.16 billion at the end of the fourth quarter of 2015. Long-term debt at the end of the first quarter of 2016 was $818.5 million, compared to $606.6 million at the end of the fourth quarter of 2015. Senior convertible notes totaled $132.2 million at the end of the first quarter of 2016, compared to $150 million at the end of the fourth quarter of 2015. Short-term borrowings and long-term debt directly related to utility-scale solar power projects totaled $758.9 million at the end of the first quarter of 2016, compared to $560.6 at the end of the fourth quarter of 2015.
At the end of the first quarter of 2016, the Company booked approximately $1.6 billion of solar power plant assets under non-current assets. This includes plants already in operation, as well as plants under construction to be owned and operated.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Our results for the first quarter came in above guidance, driven by robust demand in our solar module business. The results do not include the benefit of any solar project sales in the quarter, however, in the future we will continue our balanced approach of project retention and project sales to maximize both flexibility and valuation, as well as to balance our cash flow. We now have approximately 438 MWp of solar power plants in operation, with a resale value estimated to be approximately $950 million. The company does plan to sell some of these assets in the second half of this year, at the same time as we bring additional solar power plants into operation. Our steady, longer-term approach has positioned Canadian Solar for sustained success and has set Canadian Solar apart from competitors. We remain confident in our business model, outlook and in our ability to manage our profitable growth."
Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "We were pleased that we were able to deliver gross margins substantially above our expectations. We had a combination of lower than expected costs due to strong execution in our factories and a favorable country mix, including better than expected currency results as the US Dollar weakened against several of our key trading currencies. The results reflect the confidence we continue to have in the strength of our module business. Our strong results and financial position have enabled us to continue to expand our upstream cell and wafer capacity which we expect to result in better and tariff free margins this year. Our project business also continues to be strong with on schedule progress for construction in the USA, Japan and the U.K. Our financial strength has allowed us to finance our projects at lower than expected rates. Since the YieldCo market remains closed, we expect to start selling some projects in the second half of the year to recycle capital and reduce our debt. These are challenging times in the industry combining growth and more than usual uncertainly; however, times like these are when we have excelled in the past. We are strong and expect to get stronger."
Utility Scale Solar Project Pipeline
The Company's solar project pipeline totals 13.5 GWp, including approximately 2.1 GWp of projects in late-stage development, and 11.4 GWp in early- to mid-stage development. The Company would like to caution that some of the projects under development may fail to secure all the required permits and grid-connection approvals and as a result may not reach completion.
Late-Stage Solar Project Pipeline
Canadian Solar's late-stage, utility-scale solar project pipeline totals approximately 2.1 GWp, of which 849MWp are in the U.S., 600 MWp are in Japan, 384 are in Brazil, 150 MWp are in China, 63 MWp are in Mexico, and 36 MWp are in the United Kingdom. The estimated resale value and gross profit contribution of the Company's late-stage utility-scale solar project pipeline exceeds $4.5 billion and $850 million, respectively, once these projects have been built and connected to the grid.
In the United States, all seven of the Company's solar projects currently under construction totaling 771 MWp are connected to the grid, and Barren Ridge, Mustang and Tranquillity are already delivering electricity and RECs. In addition, Recurrent Energy has secured power purchase agreements totaling 78MWp for 2017 and 2018 projects in California. The Company's late-stage solar project pipeline in the U.S. is detailed in the table below:
|
Project |
Gross |
Net |
Location |
Status |
Expected |
|
Astoria 1 |
131 |
131 |
CA |
Construction |
2016 |
|
Astoria 2 |
100 |
100 |
CA |
Construction |
2016 |
|
Barren Ridge |
78 |
63 |
CA |
Construction |
2016 |
|
Mustang |
134 |
114 |
CA |
Construction |
2016 |
|
Tranquillity |
258 |
126 |
CA |
Construction |
2016 |
|
Roserock |
212 |
104 |
TX |
Construction |
2016 |
|
Garland |
272 |
133 |
CA |
Construction |
2016 |
|
Project A |
52 |
52 |
CA |
Development |
2017 |
|
Project B |
26 |
26 |
CA |
Development |
2018 |
|
Total |
1,263 |
849 |
|||
|
* Reflects Company net ownership after sales and tax equity | |||||
In Japan, in the first quarter of 2016 the Company completed construction and grid connection of a 900kw solar plant in Saitama Prefecture, which was sold to an investor. As of the end of January 2016, the Company's pipeline of projects in development was approximately 600 MWp, with 109 MWp under construction and an additional 80 MWp at the ready-to-build development stage. The expected commercial operation schedule of the Company's solar plants in Japan is detailed below:
|
Utility Scale Pipeline in Japan: Expected COD Schedule - MWp | |||||
|
2016 |
2017 |
2018 |
2019 |
2020 |
Total |
|
42 |
309 |
66 |
40 |
143 |
600 |
In addition, during the first quarter of 2016 the Company completed construction of six solar power plants totaling 39.4MWp in the United Kingdom which it plans to own and operate. The Company also won a 63.0 MWp solar power project in Aguascalientes, Mexico, which it expects to develop, build and connect to the grid in September 2018.
Early- to Mid-Stage Solar Project Pipeline
The Company's early- to mid-stage solar project pipeline totals 11.4 GWp, including approximately 3.4 GWp of projects under development by Recurrent Energy in the U.S. that are expected to be constructed over the next five years and qualify for the investment tax credit. Recurrent Energy's development activities in the U.S. are divided into three key regions of focus: Northeast, Central and West. California and Texas continue to be priority states for Recurrent Energy.
Solar Power Plants in Operation
In addition to its utility-scale solar project development pipeline, the Company now has a fleet of solar power plants in operation totaling approximately 437.5 MWp, up from 398.1 MWp in the fourth quarter of 2015. Revenue from the sale of electricity from these plants in the first quarter of 2016 totaled $10.2 million, compared to $13.6 million in the fourth quarter of 2015. The resale value of these plants is estimated at approximately $950 million, with gross margin of contribution in excess of 20.0%.
|
Solar Power Plants in Operation - MWp | ||||||
|
Canada |
United Kingdom |
Japan |
China |
U.S. |
Spain |
Total |
|
100.1 |
102.7 |
21.2 |
196.2 |
12.5 |
4.8 |
437.5 |
Manufacturing Capacity Expansion
As previously disclosed, the Company is increasing its manufacturing capacity to meet expected strong growth in demand for its solar products across the globe. The Company plans to expand its wafer, cell and module capacities to 1.0 GW, 3.9 GW and 6.43 GW, respectively, by December 31, 2016.
|
Manufacturing Capacity Roadmap - MW | |||
|
31-Dec-2015 |
30-Jun-2016 |
31-Dec-2016 | |
|
Wafer |
400 |
1,000 |
1,000 |
|
Cell |
2,700 |
2,700 |
3,900 |
|
Module |
4,330 |
4,630 |
6,430 |
The Company's wafer manufacturing capacity at its Luoyang plant, Henan Province, is expected to reach 1.0 GW by June of 2016. The Company's cell manufacturing capacity at its Suzhou and Funing plants, in Jiangsu Province, currently totals 2.2 GW and 500 MW, respectively. The Company's cell manufacturing capacity at its Funing plant, Jiangsu Province, is expected to reach 1.0 GW by July of 2016. The Company's new 700 MW cell manufacturing plant, located in South East Asia, is expected to be commissioned in the second half of 2016. The Company's existing module manufacturing capacity is expected to reach 6.43 GW by the end of 2016: 4.7 GW in China – 3.0 GW in Changshu and 600 in Suzhou, Jiangsu Province, and 1.1 GW in Luoyang, Henan Province – and 1.73 GW at existing and new locations outside China: 500 MW in Canada, 300 MW in Vietnam, 30 MW in Indonesia, 300 MW in Brazil and 600 MW in South East Asia.
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to customer final demand and solar project construction schedule. Management's views and estimates are subject to change without notice.
For the second quarter of 2016, the Company expects total module shipments to be in the range of approximately 1,200 MW to 1,250 MW, including approximately 30 MW of shipments to the Company's utility-scale solar projects that may not be recognized in second quarter 2016 revenue. Total revenue for the second quarter of 2016 is expected to be in the range of $710 million to $760 million, with gross margin expected to be between 15% and 17%.
For the full year 2016, the Company maintains its guidance for total module shipments to be in the range of approximately 5.4 GW to 5.5 GW, with approximately 5.0 GW recognized in revenue. Management is raising revenue guidance for the full year 2016 to be in the range of $3.0 billion to 3.2 billion, up from $2.9 billion to $3.1 billion, reflecting its expectation to sell some of its solar project holdings in the second half of the year. The Company remains flexible in ways to monetize its high quality solar power plant in order to maximize shareholder's return, and may consider selling more of its solar power plant assets, in which case revenue for the full year may reach the range of $3.2 billion to $3.6 billion, an increase of $200 million to $400 million over the Company's base forecast.
The Company's solar power plant assets in OECD countries are expected to reach 1.1 GW by the end of 2016.The Company estimates that the resale value of these assets, based on the Company's understanding of the current market conditions for such assets, is approximately $2.5 billion, with gross profit contribution of approximately $365 million. The market situation may, however, change resulting in different resale values if and when the Company decides to sell any of these assets. The Company estimates the electricity revenue from these assets, on an annualized run-rate basis, will be in the range of approximately $160-170 million at the end of 2016.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "We continue to see strong demand for our modules going into the second quarter, with stable prices and margins. Our efforts to upgrade our technology and to improve our cost structure through selected capacity expansion are on track and we expect to end 2016 with 3.9 GW of internal cell capacity, including 700MW in a tariff free location in South East Asia. At the same time, we continue to make progress as one of the leading developers and owners of high quality solar power plants around the world, with 438MW of solar power plants in operation and over 1.0GW of solar power plants under construction. We continue to evaluate options to monetize our solar power plants with a view to maximizing shareholder value in the quarters ahead."
Recent Developments
On April 21, 2016, Canadian Solar announced that it has connected an additional six solar power plants, totaling 39.4MWp to the grid, bringing its total fleet of solar power plants in commercial operation in the United Kingdom to approximately 103.0MWp.
On April 21, 2016, Canadian Solar announced the appointment of Jianyi Zhang as Senior Vice President, General Counsel and Chief Compliance Officer of the Company.
On April 12, 2016, Canadian Solar announced that it had become the founding member of the Global Solar Council. Launched at the U.N. Climate Change Conference in Paris last year, the Global Solar Council aims to coordinate the efforts of the world's solar energy associations.
On April 4, 2016, Canadian Solar announced that it had won a 63 MWp solar power project in Aguascalientes, Mexico. The project is expected to be connected to the grid in September 2018.
Conference Call Information
The Company will hold a conference call on Wednesday, May 11, 2016 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., May 11, 2016 in Hong Kong). The dial-in phone number for the live call is 1-866-519-4004 (toll-free from the U.S.) or +1-845-675-0437 from international locations. The passcode for the call is 2389063. A live webcast of the conference call will also be available on Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 4 hours after the conclusion of the call until 9:00 a.m. on Thursday May 19, 2016, U.S. Eastern Daylight Time (9:00 p.m., May 19, 2016 in Hong Kong) and can be accessed by dialing 1-855-452-5696 (toll-free from the U.S.) or +1-646-254-3697 from international locations, with passcode 2389063. A webcast replay will also be available at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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; 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 20, 2016. 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.
FINANCIAL TABLES FOLLOW
|
Canadian Solar Inc. | |||||||||
|
Unaudited Condensed Consolidated Statement of Operations | |||||||||
|
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated) | |||||||||
|
Three Months Ended | |||||||||
|
March 31 |
December 31 |
March 31 | |||||||
|
2016 |
2015 |
2015 | |||||||
|
Net revenues |
$ |
721,422 |
$ |
1,120,278 |
$ |
860,891 | |||
|
Cost of revenues |
608,951 |
919,826 |
707,930 | ||||||
|
Gross profit |
112,471 |
200,452 |
152,961 | ||||||
|
15.6% |
17.9% |
17.8% | |||||||
|
Operating expenses: |
|||||||||
|
Selling expenses |
34,790 |
39,384 |
40,839 | ||||||
|
General and administrative expenses |
34,800 |
50,966 |
29,533 | ||||||
|
Research and development expenses |
4,505 |
4,818 |
3,867 | ||||||
|
Total operating expenses |
74,095 |
95,168 |
74,239 | ||||||
|
Income from operations |
38,376 |
105,284 |
78,722 | ||||||
|
Other income (expenses): |
|||||||||
|
Interest expense |
(16,130) |
(17,065) |
(11,201) | ||||||
|
Interest income |
3,386 |
4,209 |
4,315 | ||||||
|
Gain(Loss) on change in derivatives |
2,664 |
(9,391) |
7,877 | ||||||
|
Foreign exchange gain (loss) |
8,511 |
11,289 |
(1,034) | ||||||
|
Investment income |
88 |
- |
2,342 | ||||||
|
Gain on repurchase of convertible notes |
1,909 |
- |
- | ||||||
|
Others |
- |
- |
389 | ||||||
|
Other expenses, net |
428 |
(10,958) |
2,688 | ||||||
|
Income (loss) before income taxes and equity in earnings |
38,804 |
94,326 |
81,410 | ||||||
|
Income tax expense |
(12,253) |
(30,985) |
(19,706) | ||||||
|
Equity in earnings(loss) of unconsolidated investees |
(2,762) |
(1,012) |
72 | ||||||
|
Net income |
23,789 |
62,329 |
61,776 | ||||||
|
Less: Net income attributable to non-controlling |
1,205 |
31 |
447 | ||||||
|
Net income attributable to Canadian Solar Inc. |
$ |
22,584 |
$ |
62,298 |
$ |
61,329 | |||
|
Earnings per share - basic |
$ |
0.40 |
$ |
1.11 |
$ |
1.11 | |||
|
Shares used in computation - basic |
56,901,349 |
55,942,143 |
55,279,052 | ||||||
|
Earnings per share - diluted |
$ |
0.39 |
$ |
1.05 |
$ |
1.04 | |||
|
Shares used in computation - diluted |
57,810,531 |
60,339,702 |
60,239,072 | ||||||
|
Canadian Solar Inc. | |||||
|
Unaudited Condensed Consolidated Statement of Comprehensive Income | |||||
|
(In Thousands of US Dollars) | |||||
|
Three Months Ended | |||||
|
March 31 |
December 31 |
March 31 | |||
|
2016 |
2015 |
2015 | |||
|
Net Income |
23,789 |
62,329 |
61,776 | ||
|
Other comprehensive income, net of tax: |
|||||
|
Foreign currency translation adjustment |
22,675 |
(6,739) |
(36,874) | ||
|
Others |
1,632 |
(13) |
- | ||
|
Comprehensive income |
48,096 |
55,577 |
24,902 | ||
|
Less: comprehensive income attributable to non-controlling |
2,046 |
4,294 |
2,788 | ||
|
Comprehensive income attributable to Canadian Solar |
46,050 |
51,283 |
22,114 | ||
|
Canadian Solar Inc. | ||||||
|
Unaudited Condensed Consolidated Balance Sheets | ||||||
|
(In Thousands of US Dollars) | ||||||
|
March 31, |
December 31, | |||||
|
2016 |
2015 | |||||
|
Current assets: |
||||||
|
Cash and cash equivalents |
$ |
412,379 |
$ |
553,079 | ||
|
Restricted cash – current |
564,865 |
534,707 | ||||
|
Accounts receivable trade, net |
394,047 |
426,803 | ||||
|
Accounts receivable, unbilled |
8,567 |
8,206 | ||||
|
Amounts due from related parties |
156,095 |
104,579 | ||||
|
Inventories |
413,161 |
334,489 | ||||
|
Value added tax recoverable |
66,361 |
44,615 | ||||
|
Advances to suppliers – current |
56,921 |
31,886 | ||||
|
Derivative assets – current |
3,972 |
6,259 | ||||
|
Project assets – current |
107,366 |
111,317 | ||||
|
Prepaid expenses and other current assets |
81,417 |
108,153 | ||||
|
Total current assets |
2,265,151 |
2,264,093 | ||||
|
Restricted cash – non-current |
22,206 |
46,897 | ||||
|
Property, plant and equipment, net |
338,177 |
331,052 | ||||
|
Solar power systems, net |
1,564,894 |
1,200,441 | ||||
|
Deferred tax assets, net |
118,215 |
97,134 | ||||
|
Prepaid land use rights |
27,775 |
29,092 | ||||
|
Investments in affiliates |
184,568 |
187,131 | ||||
|
Intangible assets, net |
80,446 |
78,938 | ||||
|
Goodwill |
7,617 |
7,609 | ||||
|
Derivative assets – non-current |
4,702 |
2,072 | ||||
|
Project assets – non-current |
7,712 |
2,814 | ||||
|
Other non-current assets |
179,504 |
169,981 | ||||
|
TOTAL ASSETS |
$ |
4,800,967 |
$ |
4,417,254 | ||
|
Current liabilities: |
||||||
|
Short-term borrowings |
$ |
1,345,410 |
$ |
1,156,576 | ||
|
Accounts and notes payable |
961,221 |
985,757 | ||||
|
Amounts due to related parties |
67,855 |
90,002 | ||||
|
Other payables |
163,359 |
159,886 | ||||
|
Advances from customers |
68,658 |
76,207 | ||||
|
Derivative liabilities – current |
25,926 |
35,228 | ||||
|
Other current liabilities |
105,248 |
152,668 | ||||
|
Total current liabilities |
2,737,677 |
2,656,324 | ||||
|
Accrued warranty costs |
71,264 |
65,193 | ||||
|
Convertible notes |
132,233 |
150,000 | ||||
|
Long-term borrowings |
818,539 |
606,577 | ||||
|
Derivative liabilities – non-current |
18,615 |
17,358 | ||||
|
Liability for uncertain tax positions |
14,578 |
14,468 | ||||
|
Deferred tax liabilities – non-current |
20,333 |
19,030 | ||||
|
Loss contingency accruals |
23,618 |
23,500 | ||||
|
Other non-current liabilities |
56,384 |
32,294 | ||||
|
Total LIABILITIES |
3,893,241 |
3,584,744 | ||||
|
Equity: |
||||||
|
Common shares |
700,799 |
677,103 | ||||
|
Additional paid-in capital |
(15,389) |
(17,139) | ||||
|
Retained earnings |
241,444 |
218,860 | ||||
|
Accumulated other comprehensive loss |
(36,390) |
(59,856) | ||||
|
Total Canadian Solar Inc. shareholders' equity |
890,464 |
818,968 | ||||
|
Non-controlling interests in subsidiaries |
17,262 |
13,542 | ||||
|
TOTAL EQUITY |
907,726 |
832,510 | ||||
|
TOTAL LIABILITIES AND EQUITY |
$ |
4,800,967 |
$ |
4,417,254 | ||
SOURCE Canadian Solar Inc.
Article Date
5/11/20165/9/2016 - Canadian Solar Wins Country's Most Attractive Employer Award in Sixth Annual Randstad Survey
Canadian Solar Wins Country's Most Attractive Employer Award in Sixth Annual Randstad Survey
Source: PR Newswire
GUELPH, Ontario, May 9, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the company has been named Canada's Most Attractive Employer in the sixth-annual Randstad Award survey. The Randstad Award Program, organized by Randstad Canada -- the country's leading staffing, recruitment, and HR services company -- awarded Canadian Solar for its commitment to work-life balance and environmental and social awareness. This is the third consecutive year that Canadian Solar has been honored with a Randstad Award and the first time that the company has taken the top spot.
In an independent survey polled among more than 9,500 Canadians between the ages of 18 and 65, the Randstad Award program ranks companies in the areas of financial health, positive training opportunities, job security, career advancement, strong management, engaging work content, a reasonable work-life balance, and corporate social responsibility. Canadian Solar, whose corporate slogan "Make the Difference" embodies the company's core values, is proud to be a Canadian company with global reach. Having grown to almost 9,000 team members in 20 countries worldwide, Canadian Solar's global reach has positive universal appeal with true Canadian spirit.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "Being named Canada's Most Attractive Employer is an honor and real sign of achievement for Canadian Solar. We thank Randstad Canada for hosting this annual event and recognizing the companies throughout the nation that reflect the career aspirations and employer mentality of the nation. With our commitment to renewable energy, we look forward to improving the lives of both Canadians and the international community through our sustainable solutions."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding the previously disclosed SEC investigation as well as 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 Germany, Japan, the U.S. 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
5/9/2016Canadian Solar Schedules First Quarter 2016 Earnings Conference Call
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, May 3, 2016 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Wednesday, May 11, 2016 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., May 11, 2016 in Hong Kong) to discuss the Company's first quarter 2016 results and business outlook.
The dial-in phone number for the live audio call is 1-866-519-4004 (toll-free from the U.S.) or +1-845-675-0437 from international locations. The passcode for the call is 2389063. A live webcast of the conference call will also be available on Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 4 hours after the conclusion of the call until 9:00 a.m. on Thursday May 19, 2016, U.S. Eastern Daylight Time (9:00 p.m., May 19, 2016 in Hong Kong) and can be accessed by dialing 1-855-452-5696 (toll-free from the U.S.) or +1-646-254-3697 from international locations, with passcode 2389063. A webcast replay will also be available at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
SOURCE Canadian Solar Inc.
Article Date
5/3/2016Canadian Solar Energizes Six Solar Power Plants in the United Kingdom
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, April 21, 2016 /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 connected an additional six solar power plants, totaling 39.4MWp to the grid, bringing its total fleet of solar power plants in commercial operation in the United Kingdom to approximately 103.0MWp.
The six solar power plants were connected to the grid in March 2016 under the Renewable Obligations Certificate (ROC) program.
"We are very pleased to announce that our portfolio of operating solar power plants in the UK has now reached over 100MWp," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "We remain committed to leveraging our industry-leading position and expertise in solar project development to meet the growing demand of clean solar energy in the UK and around the world."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding 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 UK, Japan, the U.S. 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
4/21/20164/21/2016 - Canadian Solar Appoints Jianyi Zhang as Senior Vice President, General Counsel and Chief Compliance Officer
Canadian Solar Appoints Jianyi Zhang as Senior Vice President, General Counsel and Chief Compliance Officer
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, April 21, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the appointment of Jianyi Zhang as Senior Vice President, General Counsel and Chief Compliance Officer of the Company.
Most recently, Mr. Zhang served, consecutively, as senior advisor to Chinese law firms of Jingtian & Gongcheng Law Firm, Runbo Law Firm, East Associates Law Firm and East & Concord Partners in Beijing. Before that, Mr. Zhang held a senior assistant general counsel position at Walmart Stores, Inc.. Prior to joining Walmart Stores Inc., Mr. Zhang worked for Troutman Sanders LLP as a partner. Mr. Zhang received his B.A. degree and M.A. degree from the University of Helsinki, Finland and his J.D. degree from Washington University School of Law in St. Louis, USA.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "I am delighted to welcome Jianyi to the Canadian Solar team. Jianyi brings to us deep legal expertise and a breadth of experience with prominent international companies."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding 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. 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; 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 20, 2016. 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.
SOURCE Canadian Solar Inc.
Article Date
4/21/2016Canadian Solar Files Annual Report on Form 20-F for Year Ended December 31, 2015
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, April 20, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the filing of its annual report on Form 20-F for the year ended on December 31, 2015 with the U.S. Securities and Exchange Commission ("SEC"). The annual report on Form 20-F can be accessed on the Company's Investor Relations website at www.canadiansolar.com or on the SEC's website at www.sec.gov.
The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders upon request. Requests should be directed for the attention of the Investor Relations Department to, Canadian Solar Inc. 545 Speedvale Avenue West Guelph, Ontario, Canada N1K 1E6.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 14 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
SOURCE Canadian Solar Inc.
Article Date
4/20/2016Canadian Solar Founding Member of the Global Solar Council
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, April 12, 2016 /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 become the founding member of the Global Solar Council.
Launched at the U.N. Climate Change Conference in Paris last year, the Global Solar Council aims to coordinate the efforts of the world's solar energy associations.
Canadian Solar CEO and Chairman Dr. Shawn Qu attended the launch event to share his vision with the politicians and industry leaders attending. His two specific calls for action concerned kerosene usage and trade barriers:
First, as of today, there are 1.3 billion people around the world who still depend on kerosene for light. Solar lamps provide a clean solution to this global problem with significant health and economic benefits. They offer an emission-free pathway to electrification, which in turn can boost economic growth. Dr. Qu called the industry to recognize the solution solar can provide and join Canadian Solar in an estimated $20B effort to replace all kerosene lamps within the next ten years.
Second, the development and implementation of solar technology requires global efforts. Free flow of solar products, people and technology will help reduce the cost of global solar deployment, and therefore the cost of climate change action for every country. "Unfortunately, we are seeing more and more trade barriers between countries for solar products, hurting the industries that offer the best hope of reducing carbon emissions. To curb emissions in the most cost-effective way possible, global commitment to free trade is necessary", as Dr. Qu emphasizes.
Both of these calls for action are now part of the mission statement of the Global Solar Council, which launched its Leadership Forum last week aiming to "accelerate the deployment of clean, reliable, emission-free solar energy" worldwide. In the forthcoming months, all members will actively contribute to develop recommendations and engage with association members for mutual initiatives, with the first global meeting taking place at Intersolar Munich in June 2016. More information on the objectives and work of the Global Solar Council can be found at http://www.globalsolarcouncil.org
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed approximately 14GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or on the website.
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 the risks regarding 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
SOURCE Canadian Solar Inc.
Article Date
4/12/2016Canadian Solar to Attend 2016 CICC Corporate Day in New York
Source: PR Newswire
GUELPH, Ontario, April 7, 2016 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to attend 2016 CICC Corporate Day on Monday, April 11, 2016 at the St. Regis hotel in New York City.
During the conference, Mr. Michael G. Potter, Senior Vice President and Chief Financial Officer will be available to meet with institutional investors.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 13 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
SOURCE Canadian Solar Inc.
Article Date
4/7/2016Canadian Solar Wins a 63MWp Solar Power Project in Mexico
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, April 4, 2016 /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 won a 63 MWp solar power project in Aguascalientes, Mexico. Canadian Solar will develop and build the solar power plant. Once connected to the grid, the electricity generated will be sold to CFE (Comisión Federal de Electricidad), under a 15-year Power Purchase Agreement for energy and capacity and 20-year for Clean Energy Certificates at approximately US$47.95/MWh. The project is expected to be connected to the grid in September 2018.
"We are delighted to announce this win in Mexico which expands our late stage solar project pipeline in OECD countries, and positions us well for further growth in this important emerging market," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Our ability to win this competitive bid is a testament to our strength as a global tier 1 leader in the solar industry. We look forward to build on our momentum to expand our global presence and help accelerate the adoption of solar energy to mitigate climate change in the region and around the world as we continue to focus on our corporate vision of making a difference to the planet."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 13 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
SOURCE Canadian Solar Inc.
Article Date
4/4/20163/29/2016 - Canadian Solar to Attend Credit Suisse 19th Annual Asian Investment Conference in Hong Kong
Canadian Solar to Attend Credit Suisse 19th Annual Asian Investment Conference in Hong Kong
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, March 29, 2016 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to attend Credit Suisse 19th Annual Asian Investment Conference on Tuesday, April 5 to Wednesday, April 6, 2016 at the Conrad Hotel in Hong Kong.
During the conference, Mr. Michael G. Potter, Senior Vice President and Chief Financial Officer and Mr. Ed Job, Director of Investor Relations will be available to meet with institutional investors.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 13 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
SOURCE Canadian Solar Inc.
Article Date
3/29/2016Canadian Solar to Present at the 28th Annual ROTH Conference in Dana Point, California
Source: PR Newswire
GUELPH, Ontario, March 11, 2016 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to attend the 28th Annual ROTH Conference from Monday, March 14, 2016 to Tuesday, March 15, 2016 at the Ritz-Carlton Hotel in Dana Point, California. A group presentation is scheduled for 10:00 a.m. PT on March 14 and will be available through a live webcast in the investor relations section of the Company's website at www.canadiansolar.com.
During the conference, Mr. Michael G. Potter, Senior Vice President and Chief Financial Officer and Mr. Ed Job, Director of Investor Relations will be available to meet with institutional investors.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 13 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
SOURCE Canadian Solar Inc.
Article Date
3/11/2016Canadian Solar Reports Fourth Quarter and Full Year 2015 Results
Source: PR Newswire
GUELPH, Ontario, March 10, 2016 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the fourth quarter ended December 31, 2015.
Fourth Quarter 2015 Highlights
Full Year 2015 Highlights
Fourth Quarter 2015 Results
Net revenue in the fourth quarter of 2015 was $1,120.3 million, up 31.8% from $849.8 million in the third quarter of 2015 and up 17.2% from $956.2 million in the fourth quarter of 2014. Total solar module shipments in the fourth quarter of 2015 were 1,430 MW, of which 1,398 MW were recognized in revenue, compared to 1,150 MW recognized in revenue in the third quarter of 2015 and 897 MW recognized in revenue in the fourth quarter of 2014. Solar module shipments recognized in revenue in the fourth quarter of 2015 included 63.8 MW used in the total solutions business, compared to 110.5 MW in the third quarter of 2015 and 163.3 MW in the fourth quarter of 2014.
By geography, in the fourth quarter of 2015, sales to the Americas represented 51.9% of net revenue, sales to Asia represented 41.1% of net revenue, and sales to Europe and others represented 7.0% of net revenue, compared to 52.6%, 41.3% and 6.1% respectively, in the third quarter of 2015 and 61.8%, 31.8%, 6.4% respectively, in the fourth quarter of 2014.
|
Q4 2015 |
Q3 2015 |
Q4 2014 | ||||
|
US$M |
% |
US$M |
% |
US$M |
% | |
|
The Americas |
581.0 |
51.9 |
447.0 |
52.6 |
590.8 |
61.8 |
|
Asia |
460.2 |
41.1 |
351.1 |
41.3 |
303.7 |
31.8 |
|
Europe and Others |
79.1 |
7.0 |
51.7 |
6.1 |
61.7 |
6.4 |
|
Total |
1,120.3 |
100 |
849.8 |
100 |
956.2 |
100 |
Gross profit in the fourth quarter of 2015 was $200.5 million, compared $126.8 million in the third quarter of 2015 and $184.9 million in the fourth quarter of 2014. Gross margin in the fourth quarter of 2015 was 17.9%, compared to 14.9% in the third quarter of 2015 and 19.3% in the fourth quarter of 2014. The sequential increase in gross margin was primarily due to higher margin and higher contribution from the total solutions business, as well as lower module manufacturing cost.
Total operating expenses were $95.2 million in the fourth quarter of 2015, down 0.8% from $95.9 million in the third quarter of 2015 and up 38.1% from $68.9 million in the fourth quarter of 2014.
Selling expenses were $39.4 million in the fourth quarter of 2015, up 5.7% from $37.2 million in the third quarter of 2015 and up 8.7% from $36.2 million in the fourth quarter of 2014. The sequential increase in selling expenses was primarily due to higher shipping and handling expenses, partially offset by lower sales commission. The year-over-year increase was primarily due to higher shipping and handling expenses and higher sales commission.
General and administrative expenses were $51.0 million in the fourth quarter of 2015, down 6.7% from $54.6 million in the third quarter of 2015 and up 74.1% from $29.3 million in the fourth quarter of 2014. Excluding the $20.8 million expense related to the settlement of LDK arbitration case in the third quarter of 2015, the sequential increase in general and administrative expenses was primarily due to impairment of certain idle assets of approximately $7.0 million, an increase in bad debt expense as well as higher salary and bonus expenses. The year-over-year increase was primarily due to consolidation of Recurrent Energy's general and administrative expenses.
Research and development expenses were $4.8 million in the fourth quarter of 2015, compared to $4.1 million in the third quarter of 2015 and $3.4 million in the fourth quarter of 2014.
Income from operations was $105.3 million in the fourth quarter of 2015, compared to $30.9 million in the third quarter of 2015, and $116.0 million in the fourth quarter of 2014. Operating margin was 9.4% in the fourth quarter of 2015, compared to 3.6% in the third quarter of 2015 and 12.1% in the fourth quarter of 2014.
Non-cash depreciation and amortization charges were approximately $24.7 million in the fourth quarter of 2015, compared to $24.8 million in the third quarter of 2015, and $22.2 million in the fourth quarter of 2014. Non-cash equity compensation expense was $1.4 million in the fourth quarter of 2015, compared to $1.4 million in the third quarter of 2015, and $1.2 million in the fourth quarter of 2014.
Interest expense was $17.1 million in the fourth quarter of 2015, compared to $13.0 million in the third quarter of 2015, and $12.1 million in the fourth quarter of 2014.
Interest income was $4.2 million in the fourth quarter of 2015, compared to $4.2 million in the third quarter of 2015 and $4.2 million in the fourth quarter of 2014.
The Company recorded a loss on change in fair value of derivatives of $9.4 million in the fourth quarter of 2015, compared to a loss of $12.3 million in the third quarter of 2015 and a gain of $14.9 million in the fourth quarter of 2014. The loss on change in fair value of derivatives in the fourth quarter of 2015 included a loss on change in fair value of foreign currency hedging loss of $0.9 million and loss on change in fair value of warrants of $8.9 million. The warrants were issued in conjunction with the $180 million in financing arranged by Credit Suisse in the fourth quarter of 2015. These warrants can be settled in cash at the discretion of the holder and as a result they are liability derivatives which were fair valued at issuance and are subsequently marked to market at the end of each reporting period.
Foreign exchange gain in the fourth quarter of 2015 was $11.3 million compared to a foreign exchange gain of $17.1 million in the third quarter of 2015 and a foreign exchange loss of $19.8 million in the fourth quarter of 2014.
Income tax expense was $31.0 million in the fourth quarter of 2015, compared to tax benefit of $3.9 million in the third quarter of 2015 and income tax expense of $27.5 million in the fourth quarter of 2014.
Net income attributable to Canadian Solar was $62.3 million, or $1.05 per diluted share, in the fourth quarter of 2015, compared to net income of $30.4 million, or $0.53 per diluted share, in the third quarter of 2015, and net income of $75.7 million, or $1.28 per diluted share, in the fourth quarter of 2014.
Financial Condition
The Company had $1.13 billion of cash, cash equivalents and restricted cash as of December 31, 2015, compared to $1.00 billion as of September 30, 2015.
Accounts receivable, net of allowance for doubtful accounts, at the end of the fourth quarter of 2015 were $426.8 million, compared to $431.9 million at the end of the third quarter of 2015. Accounts receivable turnover was 43 days in the fourth quarter of 2015, compared to 48 days in the third quarter of 2015.
Inventories at the end of the fourth quarter of 2015 were $334.5 million, compared to $426.4 million at the end of the third quarter of 2015. Inventory turnover was 40 days in the fourth quarter of 2015, compared to 63 days in the third quarter of 2015.
Accounts and notes payable at the end of the fourth quarter of 2015 were $985.8 million, compared to $1.02 billion at the end of the third quarter of 2015.
Short-term borrowings at the end of the fourth quarter of 2015 were $1.16 billion, compared to $1.06 billion at the end of the third quarter of 2015. Long-term debt at the end of the fourth quarter of 2015 was $606.6 million, compared to $514.3 million at the end of the third quarter of 2015. Senior convertible notes totaled $150.0 million at the end of the fourth quarter of 2015, unchanged from the end of the third quarter of 2015. Short-term borrowings and long-term debt directly related to utility-scale solar power projects totaled $560.6 million at the end of the fourth quarter of 2015.
At the end of the fourth quarter of 2015, the Company booked approximately $1.2 billion of solar power plant assets in property, plant and equipment. This includes plants already in operation, as well as plants in construction to be owned and operated.
The purchase price paid by the Company for Recurrent Energy and the operating solar projects acquired from KKR has been allocated on a preliminary basis to assets acquired and liabilities assumed based on available information and management's best estimates. The Company is still finalizing this allocation. The final allocation may differ from this preliminary allocation.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "This was a record breaking year for Canadian Solar. Our track record of consistent and reliable execution continues to reinforce our competitive position and strong bankability. This in turn is providing us with excellent support from financial institutions and investors worldwide. The more than 4.7 GW of total solar module shipments in 2015 underscores the vast growth opportunities we see ahead in our key markets worldwide. Equally important, we continue to make impressive progress in the buildout of our Energy or total solutions business, with 398 MW of solar plants in operation, a late-stage project pipeline totaling 2.0GW in execution, and an early stage project pipeline of 8.3 GW in development, 2.6 GW of which is in the U.S. and will benefit from the recent ITC extension. This gives us considerable visibility into our earnings power, as well as flexibility over the timing of the potential launch of our own YieldCo."
Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "Our revenue increased 31.8% over the third quarter of 2015 to $1,120.3 million. We reduced our inventory by $91.9 million as we tightened controls over working capital. Gross margin of 17.9% was above the high end of our guidance of 13% to 15%, driven by favorable currency trends that resulted in higher than expected average selling prices for our Module business and higher than expected margins in our Energy business. The Energy business margins were higher due to timing on the recognition of US project sales and better than expected results from sales of projects in Canada. We closed all of the required construction and tax equity financing for our near-term US projects in 2015 at what we believe to be low and very competitive rates. We continue to believe that our track record of execution and our strong financial results position us well to implement our plans for the next few years. We remain flexible on our plans to launch a YieldCo and are willing to sell projects in the short term to recycle growth capital while maintaining enough size and scale to launch a YieldCo should market conditions become favorable."
Utility Scale Project Pipeline
The Company's solar project pipeline totals 10.3 GWp, including approximately 2.0 GWp of projects in late-stage of development, and 8.3 GWp in early- to mid-stage of development. The Company would like to caution that some of the projects under development may fail to secure all the permits and grid-connection approvals and as a result may not reach completion.
Late-Stage Solar Project Pipeline
Canadian Solar's late-stage, solar project pipeline totals approximately 2.0 GWp, with an estimated resale value and gross profit contribution exceeding $4.5 billion and $850 million, respectively, once these projects have been built and connected to the grid.
In Canada, in the fourth quarter of 2015, the Company started the commercial operation of four solar power plants totaling 57.0 MWp. Three of these plants, Illumination, Aria and Earthlight, totaling 42.9 MWp and valued at over C$197.1 million ($144.5 million), were sold to investors. The Company intends to own and operate the forth plant, Alfred.
In the United States, in the fourth quarter of 2015, the Company sold a controlling interest in the 212.1 MWp Roserock and the 272.1 MWp Garland solar power projects to Southern Power, a subsidiary of Southern Company (NYSE: SO). As of the end of the fourth quarter of 2015, the Company had secured debt commitments totaling $1.8 billion with a syndicate of banks and tax-equity commitments totaling $1.3 billion from several investors, to fund the build-out of all of its utility scale projects currently under construction. The Company's utility-scale solar project pipeline in the U.S. totals approximately 770.9. MWp as detailed below:
|
Project |
Gross MWp |
Net MWp(*) |
Location |
Status |
Expected COD |
|
Astoria 1 |
130.8 |
130.8 |
CA |
In Construction |
2016 |
|
Astoria 2 |
100.0 |
100.0 |
CA |
In Construction |
2016 |
|
Barren Ridge |
78.0 |
62.4 |
CA |
In Construction |
2016 |
|
Mustang |
134.4 |
114.2 |
CA |
In Construction |
2016 |
|
Tranquility |
257.7 |
126.3 |
CA |
In Construction |
2016 |
|
Roserock |
212.1 |
103.9 |
TX |
In Construction |
2016 |
|
Garland |
272.1 |
133.3 |
CA |
In Construction |
2016 |
|
Total |
1,185.1 |
770.9 |
|||
|
* Reflects Company net ownership after sales and tax equity financing | |||||
In Japan, as recently announced, the Company started commercial operation of three solar power plants, with a total capacity of approximately 6.2 MWp. As of the end of January 2016, the Company's pipeline of projects in development was approximately 582.2 MWp, with 81.5 MWp in construction and an additional 107.4 MWp at the ready-to-build stage. Under a recent rule change, METI will give developers a grace period to submit a signed interconnection contract for existing projects under development to lock in the feed-in-tariff (FIT). Projects that are not able to reach this milestone within the grace period will have their respective FIT rate reduced to the applicable rate at that time. The exact length of this grace period is still to be announced. The Company has signed interconnection agreements for projects totaling approximately 200 MWp, and believes it can sign interconnection agreements for an additional 170-215 MWp within the next 12 months. The Company will reassess the options for the projects that do not secure interconnection agreements within this grace period, in the context of the market environment at that time.
|
Utility Scale Pipeline in Japan: Expected COD Schedule - MWp | |||||
|
2016 |
2017 |
2018 |
2019 |
2020* |
Total |
|
56.2 |
363.5 |
37.5 |
0.0 |
125.0 |
582.2 |
|
*125MWp in Tohoku moved to 2020 | |||||
In China, the Company recently started commercial operation of eight solar power plants totaling approximately 100.8 MWp, including five solar plants in the fourth quarter of 2015 totaling 85.1 MWp, and three solar plants in the first quarter of 2016 totaling 15.7 MWp. During 2016, the Company expects to connect to the grid solar plants totaling an additional 150 MWp.
In the United Kingdom, in the fourth quarter of 2015, the Company started commercial operation of five solar power plants totaling 22.9 MWp. The Company's late-stage solar project pipeline totals 57.0 MWp, which are expected to be connected to the grid in 2016.
In Brazil, the Company won bids in Pirapora, Minas Gerais, for three solar projects totaling 110.0 MWp increasing the Company's late-stage solar project pipeline to 384.0 MWp. Canadian Solar expects its solar power plants in Brazil to be connected to the grid in 2017 and 2018. Once connected, the electricity generated will be purchased by a Brazilian government entity under a 20-year power purchase agreement.
Early- to Mid-Stage Solar Project Pipeline
The Company's early- to mid-stage solar project pipeline now totals 8.3 GWp, including approximately 2.6 GWp of projects under development by Recurrent Energy in the U.S. that are expected to be constructed over the next five years and qualify for the investment tax credit. Recurrent Energy's development activities in the U.S. are divided into three key regions of focus: Northeast, Central and West - with pipelines of approximately 2.0 GWp in the West and more than 600 MWp in the Central region. California and Texas continue to be priority states for Recurrent Energy.
Solar Power Plants in Operation
In addition to its utility-scale project development pipeline, the Company now has a fleet of solar power plants in operation totaling approximately 398.1 MWp, up from 257.2 MWp in the third quarter of 2015. Revenue from the sale of electricity in the fourth quarter of 2015 totaled $13.6 million, compared to $8.7 million in the third quarter of 2015. The resale value of the Company's fleet of operating solar power plants is estimated at over $850 million, with gross margin of contribution exceeding 20.0%.
|
Solar Power Plants in Operation - MWp | ||||||
|
Canada |
United Kingdom |
Japan |
China |
U.S. |
Spain |
Total |
|
100.1 |
63.3 |
21.2 |
196.2 |
12.5 |
4.8 |
398.1 |
Manufacturing Capacity Expansion
As previously disclosed, the Company is increasing its manufacturing capacity to meet expected strong growth in demand for its solar products across the globe. The Company plans to expand its wafer, cell and module capacities to 1.0 GW, 3.9 GW and 5.73 GW, respectively, by December 31, 2016.
|
Manufacturing Capacity Roadmap - MW | ||||
|
31-Dec-2015 |
30-Jun-2016 |
31-Dec-2016 | ||
|
Wafer |
400 |
1,000 |
1,000 | |
|
Cell |
2,700 |
2,700 |
3,900 | |
|
Module |
4,330 |
4,630 |
5,730 | |
The Company's wafer manufacturing capacity at its Luoyang plant, Henan Province, is expected to reach 1.0 GW by June of 2016. The Company's cell manufacturing capacity at its Suzhou and Funing plants, in Jiangsu Province, currently totals 2.2 GW and 500 MW, respectively. The Company's cell manufacturing capacity at its Funing plant, Jiangsu Province, is expected to reach 1.0 GW by July of 2016. The Company's new 700 MW cell manufacturing plant, located in South East Asia, is expected to be commissioned in the second half of 2016. The Company's existing module manufacturing capacity now totals 4.33 GW, and is expected to reach 5.73 GW by the end of 2016: 4.1 GW in China – 3.0 GW in Changshu, Jiangsu Province, and 1.1 GW in Luoyang, Henan Province – and 1.63 GW at existing and new locations outside China: 500 MW in Canada, 300 MW in Vietnam, 30 MW in Indonesia, 300 MW in Brazil and 500 MW in South East Asia.
Business Outlook
The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to customer final demand and solar project construction schedule. Management's views and estimates are subject to change without notice.
For the first quarter of 2016, the Company expects total module shipments to be in the range of approximately 1,085 MW to 1,135 MW, including approximately 15 MW of shipments to the Company's utility-scale solar projects that may not be recognized in first quarter 2016 revenue. Total revenue for the first quarter of 2016 is expected to be in the range of $645 million to $695 million, with gross margin expected to be between 12% and 14%.
For the full year 2016, the Company expects total module shipments to be in the range of approximately 5.4 GW to 5.5 GW, with approximately 5.0 GW recognized in revenue. Total revenue for the full year 2016 is expected to be in the range of $2.9 billion to $3.1 billion. The Company expects its cost of production to decrease throughout the year as new internal wafer, cell module capacities come online both inside and outside China, and the percentage of external purchase and OEM is reduced. Management expects that the increase in vertical integration along the manufacturing steps will help the Company maintain or improve its gross margin.
The above revenue guidance does not include the potential sale of solar power plants that the Company currently owns and operates, or expects to reach commercial operation in 2016 in OECD countries. The Company remains flexible in ways to monetize these assets in order to maximize shareholder's return, and may consider selling some of its OECD solar plants, in which case revenue for the full year is expected to be in the range of $3.2 billion to $3.6 billion, an increase of $300 million to $500 million over our base forecast.
The Company's solar power plant assets in OECD countries are expected to reach 1.1 GW by the end of 2016.The Company estimates that the resale value of these assets, based on the Company's understanding of the current market conditions for such assets, at approximately $2.5 billion, with gross profit contribution of approximately $355 million. The market situation may change from time to time, resulting in different resale values if and when the Company does sell any of its project assets. In addition, the Company estimates the electricity revenue from these solar power plants, on an annualized run-rate basis, is approximately $160-170 million at the end of 2016.
|
Build to Own Solar Plants in OECD Countries - MWp | ||||||
|
USA |
Japan |
UK |
Canada |
Total | ||
|
COD in 2016 |
771.0 |
56.2 |
57.0 |
- |
884.2 | |
|
Operating |
12.5 |
21.3 |
63.3 |
100.1 |
197.2 | |
|
Total |
783.5 |
77.5 |
120.3 |
100.1 |
1081.4 | |
"As we enter 2016, we expect to continue to grow both our module shipment volume and our downstream solar power plant business. However, our focus on the module side is really to upgrade our technology and to improve our cost structure through selected capacity investment, especially in the midstream solar cell part of the value chain. The increase in our internal wafer and cell production will help us to increase the module power output and lower our cost, therefore, better prepare us for future competition. Meanwhile, Canadian Solar has been gradually but surely becoming one of the leading developer and owner of high quality solar power plants around the world. We have several options to monetize our project development expertise and our solar power plant assets. These options include, for example, outright sale of our solar power plants, asset-backed securitization or a YieldCo launch subject to market conditions. Our goal is to maximize the long-term return to our shareholders."
Recent Developments
On February 24, 2016, Canadian Solar announced that it entered into a financing agreement pursuant to which Goldman Sachs Japan Co., Ltd. has agreed to arrange JPY3.0 billion ($26.0 million) project finance bond for Canadian Solar's 10.2 MWp Aomori-Misawa Solar Power Plant in Rokunohe-cho, Kamikita-gun, Aomori Prefecture, Japan.
On February 19, 2016, Canadian Solar announced that it supplied 2.8 MW of its CSI-28/36-KTL-CT three-phase inverters to the Brar Family Partnerships in Delano, California.
On February 18, 2016, Canadian Solar announced that it secured a credit facility pursuant to which Ping An Bank will provide up to $300 million to Recurrent Energy to support Recurrent Energy's solar power project development, construction and operation activities. The credit facility has a three-year maturity.
On February 8, 2016, Canadian Solar announced that it started the commercial operation of three solar power plants in Japan, totaling approximately 6.2 MWp. The 6.2 MWp portfolio of projects includes the 2.3 MWp Ashikita Solar Power Plant in Kumamoto City, Kumamoto Prefecture, the 2.2 MWp Minamishimabara Power Plant - East and the 1.7MWp Minamishimabara Plant - West in Minamishimabara City, Nagasaki Prefecture.
On February 4, 2016, Canadian Solar announced that its wholly-owned subsidiary, Canadian Solar Solutions Inc., has secured contracts to supply 50 MW AC (60 MW DC) of MaxPower CS6X Ontario-made solar panels and 30 medium voltage power stations for the Southgate Solar project. This utility-scale solar project, developed by Samsung Renewable Energy Inc. and Connor, Clark & Lunn Infrastructure, will be built in the Township of Southgate, County of Grey, Ontario.
On February 1, 2016, Canadian Solar announced that its wholly owned subsidiary, Canadian Solar Japan K.K., has entered into a syndicated loan agreement pursuant to which Mizuho Bank, Ltd., acting as the book-runner, has agreed to provide a total of JPY4.7 billion ($39.5 million) to Canadian Solar Japan K.K to support its working capital and business operations.
On January 28, 2016, Canadian Solar announced that it has entered into agreements with International Finance Corporation ("IFC") to receive a financing package of up to $70 million in loans and equity investment. IFC's financing package includes loans to Canadian Solar of up to $60 million and a subscription for up to $10 million of common shares of the Company. The agreements with IFC underscore the Company's commitment to expanding in Asia and Latin America, as well as conducting its operations in compliance with IFC's environmental and social performance standards.
On January 15, 2016, Canadian Solar announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., has secured contracts to supply 50 MWac (60 MWp) of MaxPower CS6X Ontario-made solar panels and 30 medium voltage power stations for the Windsor Solar LP facility. This utility-scale solar project, developed by Samsung Renewable Energy Inc. ("Samsung") and Connor, Clark and Lunn Infrastructure ("CC&L Infrastructure"), will be built in the City of Windsor, Ontario.
On January 6, 2016, Canadian Solar announced that it has energized an additional five solar power plants in the United Kingdom, totaling 22.9 MWp, bringing its total fleet of solar power plants in operation in the United Kingdom to 63.1 MWp.
On January 5, 2016, Canadian Solar announced that Recurrent Energy closed a tax equity investment commitment with GE Energy Financial Services, a unit of GE (NYSE: GE), for the 75 MWac Astoria 2 solar power project. Recurrent Energy also closed a debt facility for the Astoria 2 project, which is currently under construction in California.
On December 23, 2015, Canadian Solar announced that its wholly-owned subsidiary, Canadian Solar Solutions Inc., completed the sale of its 10 MW AC EarthLight solar power plant to One West Holdings Ltd., an affiliate of Concord Green Energy Inc. The plant, valued at over CAD$69.4 million ($49.7 million), is located in Georgina, Ontario.
On December 21, 2015, Canadian Solar announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of the 9 MW AC Aria solar power plant valued at over CAD$65.6 million ($47.2 million) to One West Holdings Ltd., an affiliate of Concord Green Energy Inc. The Aria plant is located in the Township of Elmvale, Ontario.
On December 18, 2015, Canadian Solar announced that Recurrent Energy closed a combined construction and term debt facility with a syndicate of five banks for its 200 MW AC Garland solar power project in California. The project is currently under construction.
On December 18, 2015, Canadian Solar announced that Recurrent Energy signed an agreement with Southern Power, a subsidiary of Southern Company, giving Southern Power a controlling interest in the Garland solar power project in California.
On December 15, 2015, Canadian Solar announced the sale of the 10 MW AC (14 MW DC) Illumination solar power plant to an affiliate of DIF Infrastructure III. The plant, valued at CAD $65.9 million ($48.4 million), is located in Scugog, Ontario. It reached commercial operation on November 13, 2015 and will sell electricity pursuant to a 20-year Independent Electricity System Operator feed-in-tariff contract.
On December 15, 2015, Canadian Solar announced that it raised a final tranche of $80.0 million under its previously announced two-year senior secured term loan arranged by Credit Suisse AG, Singapore Branch, bringing the total facility amount to $180.0 million.
On December 8, 2015, Canadian Solar announced that it has signed a financing agreement pursuant to which Deutsche Bank AG, Tokyo Branch, has agreed to provide a JPY12.0 billion ($97.2 million) senior non-recourse project finance credit facility to the Company for the construction of its 48MWp Kumamoto Mashiki solar power plant in Japan.
On December 7, 2015, Canadian Solar announced it has signed a financing agreement pursuant to which Royal Bank of Scotland has agreed to provide a GBP19.2 million ($29.0 million) term loan to Canadian Solar for the construction of seven solar power plants with a total installed capacity of 38MWp in the United Kingdom.
On November 30, 2015, Canadian Solar announced that Recurrent Energy closed a combined construction and term debt facility with a syndicate of five banks for its 157.5 MWac/ 212 MWp Roserock solar power project in Texas. The project is currently under construction. The electricity generated by the facility will be delivered to Austin Energy pursuant to a 20-year power purchase agreement.
On November 30, 2015, Canadian Solar announced that Recurrent Energy signed a partnership agreement with Southern Power, a subsidiary of Southern Company, giving Southern Power a controlling interest in the Roserock solar power project in Texas.
On November 24, 2015, Canadian Solar announced that, in 2016, it will supply 112 MW of its CS6P-265P PV modules to Sunrun (NASDAQ: RUN), the largest dedicated residential solar company in the United States.
On November 20, 2015, Canadian Solar announced that it won three solar power projects totaling 110MWp in Pirapora, in the state of Minas Gerais, Brazil. The Company will develop the projects. Once completed and connected to the grid, the electricity generated by the plants will be sold to CCEE (Camara de Comercializacao de Energia Eletrica) under a 20-year power purchase agreement at R$300/MWh (approximately US$78.8/MWh). The three projects are targeted to reach commercial operation by late 2018.
On November 19, 2015, Canadian Solar announced that Recurrent Energy closed a tax equity investment commitment with GE Energy Financial Services, a unit of GE (NYSE: GE), for the 100 megawatt (MWac) Astoria solar power project. Recurrent Energy also closed a debt facility for the Astoria project, which is currently under construction in California.
On November 11, 2015, Canadian Solar announced that the company served as the sole supplier of PV modules for the 2.5 MW solar power plant located in the city of Moncagua, in El Salvador, Central America.
Conference Call Information
The Company will hold a conference call on Thursday, March 10, 2016 at 8:00 a.m. U.S. Eastern Standard time (9:00 p.m., March 10, 2016 in Hong Kong) to discuss the Company's fourth quarter and full year 2015 results and business outlook. The dial-in phone number for the live audio call is 1-866-318-8620 from the U.S. and +1-617-399-5139 from international locations, with passcode 45509422. A live webcast of the conference call will also be available on Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 4 hours after the conclusion of the call until 11:00 p.m. on March 17, 2016, U.S. Eastern Daylight Time (11:00 a.m., March 18, 2016 in Hong Kong) and can be accessed by dialing +1-617-801-6888 or +1-888-286-8010 and entering the passcode 24421766. A webcast replay will also be available at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 13 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
FINANCIAL TABLES FOLLOW
|
Canadian Solar Inc. | ||||||||||||||||||
|
Unaudited Condensed Consolidated Statements of Operations | ||||||||||||||||||
|
(In Thousands of US Dollars, Except Share And Per Share Data And Unless Otherwise Stated) | ||||||||||||||||||
|
Three Months Ended |
Twelve Months Ended | |||||||||||||||||
|
December 31, |
September 30, |
December 31, |
December 31, |
December 31, | ||||||||||||||
|
2015 |
2015 |
2014 |
2015 |
2014 | ||||||||||||||
|
Net revenues |
$ |
1,120,278 |
$ |
849,806 |
$ |
956,152 |
$ |
3,467,626 |
$ |
2,960,627 | ||||||||
|
Cost of revenues |
919,826 |
722,986 |
771,287 |
2,890,856 |
2,379,633 | |||||||||||||
|
Gross profit |
200,452 |
126,820 |
184,865 |
576,770 |
580,994 | |||||||||||||
|
Operating expenses: |
||||||||||||||||||
|
Selling expenses |
39,384 |
37,248 |
36,224 |
149,710 |
125,797 | |||||||||||||
|
General and administrative expenses |
50,966 |
54,638 |
29,274 |
162,633 |
76,826 | |||||||||||||
|
Research and development expenses |
4,818 |
4,055 |
3,413 |
17,056 |
12,057 | |||||||||||||
|
Total operating expenses |
95,168 |
95,941 |
68,911 |
329,399 |
214,680 | |||||||||||||
|
Income from operations |
105,284 |
30,879 |
115,954 |
247,371 |
366,314 | |||||||||||||
|
Other income (expenses): |
||||||||||||||||||
|
Interest expense |
(17,065) |
(13,004) |
(12,101) |
(54,148) |
(48,906) | |||||||||||||
|
Interest income |
4,209 |
4,229 |
4,228 |
16,831 |
14,363 | |||||||||||||
|
Gain(Loss) on change in derivatives |
(9,391) |
(12,266) |
14,859 |
(12,196) |
19,656 | |||||||||||||
|
Foreign exchange gain (loss) |
11,289 |
17,059 |
(19,773) |
22,882 |
(32,219) | |||||||||||||
|
Investment income |
- |
- |
- |
2,342 |
- | |||||||||||||
|
Others |
- |
- |
489 |
389 |
1,623 | |||||||||||||
|
Other expenses, net |
(10,958) |
(3,982) |
(12,298) |
(23,900) |
(45,483) | |||||||||||||
|
Income before income taxes and equity |
94,326 |
26,897 |
103,656 |
223,471 |
320,831 | |||||||||||||
|
Income tax (expense) benefit |
(30,985) |
3,860 |
(27,478) |
(49,512 |
(77,431) | |||||||||||||
|
Equity in earnings(loss) of unconsolidated |
(1,012) |
(113) |
(7) |
(643) |
487 | |||||||||||||
|
Net income |
62,329 |
30,644 |
76,171 |
173,316 |
243,887 | |||||||||||||
|
Less: Net income attributable to non- |
31 |
271 |
436 |
1,455 |
4,385 | |||||||||||||
|
Net income attributable to Canadian |
$ |
62,298 |
$ |
30,373 |
$ |
75,735 |
$ |
171,861 |
$ |
$239,502 | ||||||||
|
Earnings per share - basic |
$ |
1.11 |
$ |
0.54 |
$ |
1.37 |
$ |
3.08 |
$ |
4.40 | ||||||||
|
Shares used in computation - basic |
55,942,143 |
55,898,768 |
55,157,017 |
55,728,903 |
54,408,037 | |||||||||||||
|
Earnings per share - diluted |
$ |
1.05 |
$ |
0.53 |
$ |
1.28 |
$ |
2.93 |
$ |
4.11 | ||||||||
|
Shares used in computation - diluted |
60,339,702 |
60,256,241 |
60,206,680 |
60,426,056 |
59,354,615 | |||||||||||||
|
Canadian Solar Inc. | |||||||||
|
Unaudited Condensed Consolidated Statements of Comprehensive Income | |||||||||
|
(In Thousands of US Dollars) | |||||||||
|
Three Months Ended |
Twelve Months Ended | ||||||||
|
December 31, |
September30, |
December 31, |
December 31, |
December 31, | |||||
|
2015 |
2015 |
2014 |
2015 |
2014 | |||||
|
Net Income |
62,329 |
30,644 |
76,171 |
173,316 |
243,887 | ||||
|
Other comprehensive income, net of tax: |
|||||||||
|
Foreign currency translation adjustment |
(6,739) |
(53,082) |
(11,272) |
(75,687) |
(32,440) | ||||
|
Others |
(13) |
2,091 |
- |
2,078 |
- | ||||
|
Comprehensive income (loss) |
55,577 |
(20,347) |
64,899 |
99,707 |
211,447 | ||||
|
Less: comprehensive income attributable to non- |
4,294 |
568 |
723 |
7,759 |
5,798 | ||||
|
Comprehensive income (loss) attributable to |
51,283 |
(20,915) |
64,176 |
91,948 |
205,649 | ||||
|
Canadian Solar Inc. | |||||
|
Unaudited Condensed Consolidated Balance Sheets | |||||
|
(In Thousands of US Dollars) | |||||
|
December 31, |
December 31, | ||||
|
2015 |
2014 | ||||
|
Current assets: |
|||||
|
Cash and cash equivalents |
$ |
553,079 |
$ |
549,543 | |
|
Restricted cash – current |
534,707 |
439,961 | |||
|
Accounts receivable trade, net |
426,803 |
366,939 | |||
|
Accounts receivable, unbilled |
8,206 |
27,126 | |||
|
Amounts due from related parties |
104,579 |
4,217 | |||
|
Inventories |
334,489 |
432,325 | |||
|
Value added tax recoverable |
44,615 |
20,271 | |||
|
Advances to suppliers – current |
31,886 |
47,172 | |||
|
Derivative assets – current |
6,259 |
9,643 | |||
|
Project assets – current |
111,317 |
235,228 | |||
|
Prepaid expenses and other current assets |
108,153 |
183,461 | |||
|
Total current assets |
2,264,093 |
2,315,886 | |||
|
Restricted cash – non-current |
46,897 |
35,224 | |||
|
Property, plant and equipment, net |
1,526,496 |
469,349 | |||
|
Deferred tax assets, net |
97,134 |
66,856 | |||
|
Prepaid land use rights |
34,089 |
13,286 | |||
|
Investments in affiliates |
187,131 |
38,823 | |||
|
Intangible assets, net |
78,938 |
6,606 | |||
|
Goodwill |
7,609 |
- | |||
|
Derivative assets – non-current |
2,072 |
- | |||
|
Project assets – non-current |
2,814 |
69,283 | |||
|
Other non-current assets |
169,981 |
57,111 | |||
|
TOTAL ASSETS |
$ |
4,417,254 |
$ |
3,072,424 | |
|
Current liabilities: |
|||||
|
Short-term borrowings |
$ |
1,156,576 |
$ |
725,513 | |
|
Accounts and notes payable |
985,757 |
800,989 | |||
|
Amounts due to related parties |
90,002 |
17,592 | |||
|
Other payables |
159,886 |
112,584 | |||
|
Advances from customers |
76,207 |
111,974 | |||
|
Derivative liabilities – current |
35,228 |
445 | |||
|
Other current liabilities |
152,668 |
180,168 | |||
|
Total current liabilities |
2,656,324 |
1,949,265 | |||
|
Accrued warranty costs |
65,193 |
54,644 | |||
|
Convertible notes |
150,000 |
150,000 | |||
|
Long-term borrowings |
606,577 |
134,300 | |||
|
Derivative liabilities – non-current |
17,358 |
- | |||
|
Liability for uncertain tax positions |
14,468 |
15,579 | |||
|
Deferred tax liabilities – non-current |
19,030 |
10,345 | |||
|
Loss contingency accruals |
23,500 |
26,206 | |||
|
Other non-current liabilities |
32,294 |
- | |||
|
Total LIABILITIES |
3,584,744 |
2,340,339 | |||
|
Redeemable non-controlling interests |
- |
2,511 | |||
|
Equity: |
|||||
|
Common shares |
677,103 |
675,236 | |||
|
Additional paid-in capital |
(17,139) |
(25,682) | |||
|
Retained earnings |
218,860 |
46,999 | |||
|
Accumulated other comprehensive income (loss) |
(59,856) |
20,058 | |||
|
Total Canadian Solar Inc. shareholders' equity |
818,968 |
716,611 | |||
|
Non-controlling interests in subsidiaries |
13,542 |
12,963 | |||
|
TOTAL EQUITY |
832,510 |
729,574 | |||
|
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING |
$ |
4,417,254 |
$ |
3,072,424 | |
SOURCE Canadian Solar Inc.
Article Date
3/10/2016Canadian Solar Issues JPY3.0 Billion Solar Project Bond in Japan
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Feb. 24, 2016 /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 entered into a financing agreement, pursuant to which, Goldman Sachs Japan Co., Ltd. has agreed to arrange a JPY3.0 billion ($26.0 million) project finance bond for Canadian Solar's 10.2 MWp Aomori-Misawa Solar Power Plant in Rokunohe-cho, Kamikita-gun, Aomori Prefecture, Japan.
The non-recourse bond, which is backed by the project assets, has a maturity of 20 years, including a 2-year grace period, and a fixed coupon rate of 1.4%. Goldman Sachs Japan Co., Ltd. acted as the bond arranger and Shinsei Trust and Banking Co., Ltd. as the lender.
The 10.2 MWp Aomori-Misawa Solar Power Plant received an investment grade rating of "A" from Japan Credit Rating Agency, Ltd. The project is expected to reach commercial operation in December, 2016. The electricity generated from this solar plant will be purchased by Tohoku Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of ¥36.00 yen ($0.32) per kWh.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are very proud to announce this important financing arrangement in Japan. In addition to giving us access to a very low-cost source of financing for our projects, this transaction is the first asset-backed security arranged by a foreign sponsor in the Japanese PV sector. In addition, the A investment grade rating is so far the highest for all PV-related project bonds issued in Japan, a testament to the high quality and bankability of Canadian Solar's project pipeline in Japan."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 13 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
This press release is made solely for information. Accordingly this press release does not constitute an offer to sell securities, loans or any financial products which may be mentioned herein and should not be construed as consisting of investment advice.
SOURCE Canadian Solar Inc.
Article Date
2/24/20162/19/2016 - Canadian Solar Supplies 2.8 MW of Commercial Three-Phase Inverters to Agricultural Farms in California
Canadian Solar Supplies 2.8 MW of Commercial Three-Phase Inverters to Agricultural Farms in California
Source: PR Newswire
GUELPH, Ontario, Feb. 19, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the Company supplied 2.8 MW of Canadian Solar CSI-28/36-KTL-CT three-phase inverters to the Brar Family Partnerships in Delano, California. Staten Solar, a Silicon-Valley based EPC company, provided engineering, procurement, and construction services for Brar Farm's solar PV installation.
The environmental benefits from this solar system are significant. Not only will the Brar Farm's solar PV System produce enough electricity to power approximately 260 homes for a year, the installation is also expected to eliminate 2,500 metric tons of carbon dioxide emissions annually, equivalent to taking 500 cars off the road for one year.
"By installing the world's first levee mount Solar PV systems along the Brar Farm's irrigation levees, Staten Solar reduced the use of valuable, productive crop land by up to 30% vs. traditional solar PV systems. The solar energy system will save the client about $600,000 annually, in electricity bills," said Sandipan Bhanot, CEO and President of Staten Solar.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "With the continued growth and momentum of solar within California, the inclusion of three-phase inverters as part of our product portfolio allows us to expand our addressable market while providing more value to our customers in the commercial solar segment. By collaborating together with prominent clean tech firms such as Staten Solar, we strive to make our corporate vision a reality through each solar installation in which we take part."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 13 GW of premium quality modules in over 90 countries around the world. Furthermore, 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 Facebook, Twitter, LinkedIn , or on the website.
About Staten Solar Corporation
Staten Solar is a leading EPC contractor, financier, and installer of solar PV projects. Founded in 2008, with offices in San Jose, California and New Delhi, India, the company's focus is commercial and utility solar PV applications where it has a combined experience of more than 1 GW of projects from small business owners to billion dollar corporations. Customers know that they can trust and count on Staten Solar's innovative design methodologies, electrical know-how and system's expertise, and construction skills to deliver solar PV systems with the highest quality, most reliability, and best long term value. For more information, follow Staten Solar on Facebook, LinkedIn, Twitter, or on the website.
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 the risks regarding the previously disclosed SEC investigation as well as 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
SOURCE Canadian Solar Inc.
Article Date
2/19/20162/19/2016 - Canadian Solar Schedules Fourth Quarter and Full Year 2015 Earnings Conference Call on March 10
Canadian Solar Schedules Fourth Quarter and Full Year 2015 Earnings Conference Call on March 10
Source: PR Newswire
GUELPH, Ontario, Feb. 19, 2016 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Thursday, March 10, 2016 at 8:00 a.m. U.S. Eastern Standard time (9:00 p.m., March 10, 2016 in Hong Kong) to discuss the Company's fourth quarter and full year 2015 results and business outlook.
The dial-in phone number for the live audio call is 1-866-318-8620 from the U.S. and +1-617-399-5139 from international locations, with passcode 45509422. A live webcast of the conference call will also be available on Canadian Solar's website at www.canadiansolar.com.
A replay of the call will be available 4 hours after the conclusion of the call until 11:00 p.m. on March 17, 2016, U.S. Eastern Daylight Time (11:00 a.m., March 18, 2016 in Hong Kong) and can be accessed by dialing +1-617-801-6888 or +1-888-286-8010 and entering the passcode 24421766. A webcast replay will also be available at www.canadiansolar.com.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 13 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
SOURCE Canadian Solar Inc.
Article Date
2/19/2016Canadian Solar Secures US$300 million Credit Facility with Ping An Bank
Source: PR Newswire
GUELPH, Ontario, Feb. 18, 2016 /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 secured a credit facility pursuant to which Ping An Bank will provide up to $300 million to Canadian Solar's wholly owned subsidiary Recurrent Energy LLC to support its solar power project development, construction and operation activities. The credit facility has a three-year maturity.
"We are pleased to announce the credit facility with Ping An Bank, a forward-looking, large commercial bank in China. This transaction again demonstrates Canadian Solar's leadership position in the global solar industry," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "The loan facility will be used to facilitate the expansion of our utility-scale solar energy business in the U.S., and we look forward to continuing our strategic partnership with Ping An Bank as we continue to develop our global solar project pipeline to meet the growing demand for clean solar energy around the world."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 13 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
SOURCE Canadian Solar Inc.
Article Date
2/18/20162/16/2016 - ALERT: Canadian Solar's Fourth Quarter and Full Year 2015 Results to Exceed Prior Guidance
ALERT: Canadian Solar's Fourth Quarter and Full Year 2015 Results to Exceed Prior Guidance
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Feb. 16, 2016 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its results will exceed prior guidance for the fourth quarter and full year 2015. The Company plans to report its financial results for the fourth quarter and full year 2015 on Thursday, March 10. Management will host a conference call to discuss results and its outlook at that time. Separately, the Company announced the suspension of its at-the-market common share sale program due to market conditions.
For the fourth quarter of 2015, Canadian Solar now expects its total solar module shipments to be in the range of approximately1, 350 MW to 1,400 MW, compared to its previous guidance, which was in the range of 1,300 MW to 1,350 MW, including approximately 43 MW of shipments to the Company's utility-scale solar projects that will not be recognized as revenue in the fourth quarter of 2015. The Company now expects its total revenue for the fourth quarter of 2015 to be in the range of $ 1.02 billion to $1.07 billion, compared to previous guidance which was in the range of $930 million to $980 million. Gross margin for the fourth quarter of 2015 is expected to be above the high end of previous guidance, which was in the range of 13% to 15%.
For the full year 2015, Canadian Solar now expects its total solar module shipments to be in the range of approximately 4.63 GW to 4.68 GW including approximately 300 MW of module shipments that will not be recognized as revenue, compared to its previous guidance for total module shipment recognized in revenue, which was in the range of 4.15 GW to 4.2 GW. The Company now expects its total revenue for the full year 2015 to be in the range of $3.35 billion to $3.4 billion, compared to previous guidance, which was raised on November 15, 2015 to $3.28 billion to $3.33 billion from $2.8 billion to $3.0 billion previously.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Our stronger than expected results reflect continued health and robust demand in the global solar market, combined with Canadian Solar's Tier 1 position, strong bankability, increased sales in higher ASP regions and the benefit of favorable currency moves. We continue to execute to our business strategy, which balances the rapid expansion of our utility-scale solar power project pipeline, and the sustained global leadership of our solar module business. We expect the growth of global solar demand to continue based on the compelling environmental and cost advantages solar energy offers and its low single-digit penetration rate of the worldwide energy market."
At-the-Market Program Update
The Company has suspended its previously announced at-the-market equity offering program, under which it offered its common shares through Credit Suisse as its sales agent, and reserved the rights to reactive or terminate the program at any time. As of the date of this release, under the program the Company issued 500,000 common shares at the weighted average price of $27.73, resulting in net proceeds of $13.6 million after deducting discounts and commissions but before offering expenses. The program will remain suspended as long as current market conditions continue.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 13 GW of premium quality modules in over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
SOURCE Canadian Solar Inc.
Article Date
2/16/2016Canadian Solar Energises Three Solar Power Plants in Japan
Source: PR Newswire
GUELPH, Ontario, Feb. 8, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it started the commercial operation of three solar photovoltaic (PV) power plants in Japan, totaling approximately 6.2 MWp. The 6.2 MWp portfolio of projects include the 2.3 MWp Ashikita Solar Power Plant in Kumamoto City, Kumamoto Prefecture, the 2.2 MWp Minamishimabara Power Plant - East and the 1.7MWp Minamishimabara Plant - West in Minamishimabara City, Nagasaki Prefecture.
"The completion and commercial operation of the additional three solar projects, totaling 6.2MWp, brings our total megawatts of projects in operation in Japan to approximately 21MWp," commented Dr. Shawn Qu, Chairman and Chief Financial Officer of Canadian Solar Inc., "We remain on track to execute on our plan to deliver more clean solar energy to the Japanese market."
The 2.3 MWp Ashikita Solar Power Plant, powered by 9,030 Canadian Solar CS6P-260P modules, achieved commercial operation on December 11, 2015. The electricity generated from this plant, approximately 2,858 MWh annually, will be purchased by Kyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of ¥40.00 ($0.34) per kWh.
The 2.2 MWp Minamishimabara Power Plant – East, powered by 8,602 Canadian Solar CS6P-260P modules, achieved commercial operation on December 25, 2015. The electricity generated from the plant, approximately 2,750 MWh annually, will be purchased by Kyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of ¥40.00 yen ($0.34) per kWh.
And finally the 1.7 MWp Minamishimabara Plant – West, powered by 6,509 Canadian Solar CS6P-260P modules, achieved commercial operation on January 29, 2016. This plant is expected to generate approximately 2,073 MWh of clean, solar electricity annually to be purchased by Kyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of ¥40.00 yen ($0.34) per kWh.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
SOURCE Canadian Solar Inc.
Article Date
2/8/20162/4/2016 - Canadian Solar to Supply 60 MWp of PV Modules and Power Stations for Southgate Solar Project
Canadian Solar to Supply 60 MWp of PV Modules and Power Stations for Southgate Solar Project
Source: PR Newswire
GUELPH, Ontario, Feb. 4, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., has secured contracts to supply 50 MW AC (60 MW DC) of MaxPower CS6X Ontario-made solar panels and 30 medium voltage power stations for the Southgate Solar facility. This utility-scale solar project, developed by Samsung Renewable Energy Inc. ("Samsung") and Connor, Clark & Lunn Infrastructure ("CC&L Infrastructure"), will be built in the Township of Southgate, County of Grey, Ontario.
The power plant is expected to produce approximately 86,500 MWh of electricity per year, sufficient to power approximately 7,600 Canadian homes. It will also contribute to a greener environment by displacing approximately 70,000 metric tons of carbon dioxide emissions annually over the 20-year period of the power purchase agreement with the IESO.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to announce the addition of the Southgate Solar Project to Canadian Solar's Ontario project portfolio. By combining our advancements in solar innovation with Samsung and CC&L Infrastructure, this facility highlights the power and potential of clean energy in Canada."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
About Samsung Renewable Energy Inc.
Samsung Renewable Energy (Samsung) is creating clean, renewable energy for generations to come. Together with our partners, Samsung is making a $5 billion investment in Ontario to create the world's largest cluster of wind and solar power. Our investments will create 900 direct renewable energy manufacturing jobs and 9,000 high-skilled jobs in Ontario. Built on Samsung C&T's commercial and technical expertise and the success of its renewable energy projects in several countries - including the United States and Europe - Samsung is creating real jobs, through real investment, benefitting real people. For more information, please visit www.samsungrenewableenergy.ca.
About Connor, Clark & Lunn Infrastructure
Connor, Clark & Lunn Infrastructure invests in middle-market infrastructure and infrastructure-like assets with highly attractive risk-return characteristics, long lives and the potential to generate stable cash flow. Connor, Clark & Lunn Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage over $63 billion in assets. For more information, please visit www.cclinfrastructure.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 the risks regarding the previously disclosed SEC investigation as well as 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
SOURCE Canadian Solar Inc.
Article Date
2/4/2016Canadian Solar Secures JPY4.7 billion Syndicated Loan from Mizuho Bank
Source: PR Newswire
GUELPH, Ontario, Feb. 1, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary Canadian Solar Japan K.K. has entered into a syndicated loan agreement, pursuant to which Mizuho Bank, Ltd. ("Mizuho Bank"), acting as the Book-runner, has agreed to provide a total of JPY4.7 billion ($39.5 million) to Canadian Solar Japan K.K to support its working capital and business operations.
Mizuho Bank, together with Shoko Chukin Bank and Tokyo Star Bank, will provide this syndicated loan which has a 1 year term with an option for 1 year extension.
"We are delighted to partner with this leading group of lenders, which enables us to execute on our business strategy and capture the growing business opportunities in Japan," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This partnership once again demonstrates Canadian Solar's strength and recognition as the global tier-1 leader that is able to get local financing from large banks in Japan. We look forward to continuing the cooperation with Mizuho Bank."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
SOURCE Canadian Solar Inc.
Article Date
2/1/2016Canadian Solar Secures $70 million Investment and Financing Package from IFC
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Jan. 28, 2016 /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 entered into agreements with International Finance Corporation ("IFC"), to receive a financing package of up to US$70 million in loans and equity investment. IFC's financing package includes: (i) loans to Canadian Solar of up to US$60 million and (ii) subscription of up to US$10 million in common shares of the Company. The partnership with IFC underscores the Company's commitment to expanding in Asia and Latin America, as well as conducting its operations in compliance with IFC's environmental and social performance standards.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in emerging markets. Proceeds of the investment and financing package will be used to fund Canadian Solar's module production facility in Vietnam and expansion of solar cell and/or module production capacities in other emerging markets.
"We are delighted to secure support from IFC. This partnership is another milestone that enhances our leading position in the global solar power industry," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "With IFC's commitment, we are able to expand our production capacity to meet the increasing demand for solar energy worldwide. We look forward to continuing our cooperation with IFC to accelerate the adoption of solar energy around the world, especially in developing economies, and to mitigate climate change."
Alzbeta Klein, Director, IFC Manufacturing, Agribusiness and Services said, "The solar industry is at an exciting juncture, where rapid cost declines have made it a scalable option for emerging markets. IFC views this transaction as a first step in a long-term partnership with Canadian Solar, a global leader in the industry, and we look forward to collaborating on business models that will enable low-carbon energy access."
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it's needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org
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About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
SOURCE Canadian Solar Inc.
Article Date
1/28/2016Canadian Solar to Supply 60 MWp of PV Modules and Power Stations for Windsor Solar Project to Samsung and Connor, Clark & Lunn
Source: PR Newswire
GUELPH, Ontario, Jan. 15, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., has secured contracts to supply 50 MW AC (60 MW DC) of MaxPower CS6X Ontario-made solar panels and 30 medium voltage power stations for the Windsor Solar LP facility. This utility-scale solar project, developed by Samsung Renewable Energy Inc. ("Samsung") and Connor, Clark and Lunn Infrastructure ("CC&L Infrastructure"), will be built in the City of Windsor, Ontario.
The power plant is expected to produce approximately 86,500 MWh of electricity per year, sufficient to power approximately 8,204 Canadian homes. It will also contribute to a greener environment by displacing approximately 59,646 metric tons of carbon dioxide emissions annually over the 20-year period of the power purchase agreement with the IESO.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "Canadian Solar takes great pride in supplying solar modules and medium voltage stations to solar projects in Ontario, such as this Windsor solar facility. Together with Samsung and CC&L Infrastructure, we continue to make the difference to the Ontario project landscape, including further energizing Southgate Solar later this quarter."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
About Samsung Renewable Energy Inc.
Samsung Renewable Energy (Samsung) is creating clean, renewable energy for generations to come. Together with our partners, Samsung is making a $5-billion investment in Ontario to create the world's largest cluster of wind and solar power. Our investments will create 900 direct renewable energy manufacturing jobs and 9,000 high-skilled jobs in Ontario. Built on Samsung C&T's commercial and technical expertise and the success of its renewable energy projects in several countries - including the United States and Europe - Samsung is creating real jobs, through real investment, benefitting real people. For more information, please visit www.samsungrenewableenergy.ca.
About Connor, Clark & Lunn Infrastructure
Connor, Clark & Lunn Infrastructure invests in middle-market infrastructure and infrastructure-like assets with highly attractive risk-return characteristics, long lives and the potential to generate stable cash flow. Connor, Clark & Lunn Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage over $63 billion in assets. For more information, please visit www.cclinfrastructure.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 the risks regarding general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of solar grade silicon; demand for solar products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand in our project markets, including Canada, the U.S., Japan and China; changes in customer order patterns; capacity utilization; level of competition; pricing pressure and declines in average selling price; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; utility-scale project approval process delays; utility-scale project construction delays; utility-scale project cancelation due to failure to obtain all the necessary permits; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; trade protectionism in Europe, the U.S. and India; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 23, 2015. Although the Company believes that the expectations reflected in its 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.
SOURCE Canadian Solar Inc.
Article Date
1/15/2016Canadian Solar to Attend the 18th Annual Needham Growth Conference in New York City
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Jan. 7, 2016 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to attend at the 18th Annual Needham Growth Conference on Tuesday January 12 to Wednesday January 13, 2016 at the New York Palace Hotel in New York City. A group presentation is scheduled for 8:00 a.m. EDT on January 12, 2016 and will be available through a live webcast in the investor relations section of the Company's website at www.canadiansolar.com.
During the conference, Mr. Michael G. Potter, Senior Vice President and Chief Financial Officer and Mr. Ed Job, Director of Investor Relations will be available to meet with institutional investors.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
SOURCE Canadian Solar Inc.
Article Date
1/7/2016Canadian Solar to Attend Morgan Stanley Corporate Day in Hong Kong
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Jan. 6, 2016 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it is scheduled to attend Morgan Stanley Healthcare/ Utilities, Energy & Chemical Corporate Day on Thursday, January 7 at the Conrad Hotel in Hong Kong.
During the conference, Ed Job, Director of Investor Relations will be available to meet with institutional investors.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
SOURCE Canadian Solar Inc.
Article Date
1/6/2016Canadian Solar Energizes Five Solar Power Plants in the United Kingdom
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Jan. 6, 2016 /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 energized an additional five solar power plants, totaling 22.9 MWp, bringing its total fleet of solar power plants in operation in the United Kingdom to 63.1 MWp.
Three solar plants, Royston Solar Park, Wick Road Solar Park and Pant-Y-Moch Solar Park are being developed under the community scheme, with a commercial component totaling 14.7 MWp energized in the fourth quarter of 2015, and a community solar component totaling 12.5 MWp that is expected to be connected to the grid in the first half of 2016 allowing community investors to benefit from large scale PV system development in the United Kingdom.
Two other solar power plants, Long Meadow Solar Farm and Slade Solar Farm, totaling 8.2 MWp have been connected to the grid in the fourth quarter of 2015 under the Renewable Obligations Certificate (ROCs) program.
The five commercial solar plants connected to the grid in the fourth quarter of 2015 (22.9 MWp) will produce approximately 23,953 megawatt-hours of electricity per year, which will displace approximately 16,517 metric tons of carbon dioxide per year.
"We are delighted to announce the grid connection of an additional five projects, bringing our fleet of solar power plants in commercial operation in the UK to 63.1 MWp," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We are proud to make our contribution to the adoption of clean solar energy in the UK, while at the same time creating lasting value for our shareholders."
The Royston Solar Park, located in Roystone, Hertfordshire, has a total system size of 10.0 MWp, including 5.0 MWp commercial project that is in operation and a 5.0 MWp community project, which will be built and energized in the first half of 2016. The Wick Road Solar Park, located in Somerset, has a total system size of 7.2 MWp, including 4.7 MWp commercial project in operation and a 2.5 MWp community project, which will be built and energized in the first half of 2016. The Pant-Y-Moch Solar Park, located in Port Talbot has a total system size of 10.0 MWp, including a 5.0 MWp commercial project in operation and a 5.0 MWp community project, which will be built and energized in the first half of 2016. The Long Meadow Solar Farm, located in Bedfordshire has a total system size of 4.1 MWp and lastly, Slade Solar Farm, located in Devon, has a total system size of 4.1 MWp.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
SOURCE Canadian Solar Inc.
Article Date
1/6/2016Canadian Solar Announces At-The-Market Offering of Common Shares
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Jan. 4, 2016 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced that it has filed a prospectus supplement to sell up to an aggregate of US$100.0 million of its common shares through an at-the-market equity offering program. The common shares will be offered through Credit Suisse as sales agent.
Sales, if any, of the common shares under the at-the-market equity offering program will be made from time to time, at the Company's discretion, by means of ordinary broker transactions, including on the NASDAQ, in negotiated transactions at market prices, or as otherwise agreed with the sales agent. Canadian Solar intends to use the net proceeds from the sales of its common shares for general corporate purposes, which may include solar power project development and working capital.
The common shares will be offered under the Company's automatic shelf registration statement on Form F-3, which was filed on January 4, 2016 and became effective upon filing. A prospectus supplement and a related base prospectus describing the terms of the offering have been filed with the Securities and Exchange Commission (the "SEC"). Investors are advised to read the prospectus supplement and the related base prospectus and other documents the Company has filed with the SEC for more complete information about the Company and the at-the-market offering. A copy of the prospectus supplement and the base prospectus relating to these securities may be obtained from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY, 10010, by phone at (800) 221-1037, or by e-mail at newyork.prospectus@credit-suisse.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The offering may be made only by means of a prospectus supplement and the related base prospectus.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
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 the risks regarding 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
SOURCE Canadian Solar Inc.
Article Date
1/4/2016Canadian Solar Completes Sale of EarthLight Solar Power Plant to Concord Green Energy
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Dec. 23, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of its 10 MW AC EarthLight LP ("Earthlight") to One West Holdings Ltd., an affiliate of Concord Green Energy Inc. ("Concord"). The plant, valued at over CAD$69.4 Million (USD$49.7 Million), is located in Georgina, Ontario and consists of approximately 45,648 Canadian Solar MaxPower CS6X-300/310P PV modules. BowMont Capital and Advisory acted as financial advisor to Concord on this transaction.
This solar power plant will generate significant environmental benefits. The amount of clean solar energy that the Earthlight plant will generate is estimated at 17,892 MWh per year and 344,697 MWh over 20 years. The amount of carbon dioxide that will be displaced during the system's 20 year lifetime is approximately 237,686 metric tons, equivalent to taking approximately 50,000 cars off the road for one year.
Cliff McCracken, Senior Vice-President at Concord, remarked, "This is the fifth plant we have purchased from Canadian Solar in the past year and a half for a total installed capacity of 49 MW. We look forward to this to further complement our portfolio of green energy producing projects across Canada."
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to deliver a fifth solar power plant to Concord Green Energy, and we thank them for their mutual partnership and shared belief in making a difference to the environment in Canada. Not only will Earthlight create additional green jobs, it will also provide sustainable clean solar energy to all people of Ontario."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
About Concord Pacific and Concord Green Energy Inc.
Concord Pacific created Concord Green Energy to explore and support a variety of zero carbon energy producing projects of scale. Planning for infrastructure needs and requirements of Canadians has always been a cornerstone to Canada's first urban master-planned community builder, Concord Pacific. Energy considerations and solutions will be significant to success to sustainable communities of the future. Concord Green Energy has projects at various stages of planning, development, and operation across Canada. Some projects of note include: Red Lily I in Saskatchewan, ROR Project in BC, and a consolidation of solar farms in Ontario. For more information, visit www.concordpacific.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 the risks regarding the 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
SOURCE Canadian Solar Inc.
Article Date
12/23/2015Canadian Solar Completes Sale of Aria Solar Power Plant to Concord Green Energy
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
GUELPH, Ontario, Dec. 21, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of the 9 MW AC Aria Solar Plant ("Aria") valued at over CAD $65.6 Million (USD $47.2 Million) to One West Holdings Ltd., an affiliate of Concord Green Energy Inc. ("Concord"). The Aria 9 MW AC solar power plant is located in the Township of Elmvale, Ontario and consists of 48,528 Canadian Solar MaxPower CS6X-300/310P PV modules.
The environmental benefits that will be generated from this solar system are significant. The amount of clean solar energy that the Aria plant will generate is estimated at 15,956 MWh per year, and 277,754 MWh over 20 years. The amount of carbon dioxide that will be displaced during the system's 20 year lifetime is approximately 191,526 metric tons, equivalent to taking approximately 40,321 cars off the road for one year.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are delighted to complete the sale of Aria LP utility-scale solar power plants to Concord Green Energy. This is the fourth project we have delivered to Concord Green Energy and will be an addition to the portfolio of projects we are providing operations and maintenance services on."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 12 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.
About Concord Pacific and Concord Green Energy Inc.
Concord Pacific created Concord Green Energy to explore and support a variety of zero carbon energy producing projects of scale. Planning for infrastructure needs and requirements of Canadians has always been a cornerstone to Canada's first urban master-planned community builder, Concord Pacific. Energy considerations and solutions will be significant to success of sustainable communities of the future. Concord Green Energy has projects at various stages of planning, development, and operation across Canada. Some projects of note include: Red Lily I in Saskatchewan, ROR Project in BC, and a consolidation of solar farms in Ontario. For more information, visit www.concordpacific.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 the 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 Germany, Japan, the U.S. 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; 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 23, 2015. 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.
SOURCE Canadian Solar Inc.
Article Date
12/21/2015Projects & Assets
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