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.
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.
SOURCE Canadian Solar Inc.