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.
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SOURCE Canadian Solar Inc.