GUELPH, Ontario, October 8, 2014 /PRNewswire/ — Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that Manufacturer’s Life Insurance Company (“Manulife”) has agreed to provide approximately C$51 Million (US$46 Million) in construction and term financing to Canadian Solar for the RayLight solar power plant located in Wyebridge, Ontario, Canada. The RayLight project will be acquired by Concord Green Energy Inc. (“Concord“) after commercial operation. BowMont Capital and Advisory acted as the Financial Advisor to Concord.
Developed by Canadian Solar, the 10 MW (AC) RayLight solar power plant is under construction and grid connection is expected during the fourth quarter of 2014.
“We are pleased to be partnering with Manulife on our third loan transaction with this leading financial services group. The build-out of our utility-scale solar project pipeline in Ontario remains on schedule as we continue to further consolidate our leadership position and establish Canadian Solar as a leader in the project development space globally. We look forward to the completion and grid connection of the RayLight solar power plant,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
About Canadian Solar Inc.
Founded in 2001 in Ontario, 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 an industry leading and geographically diversified pipeline of utility-scale solar power projects as well as a track record of successful solar deployment boasting over 7 GW of premium quality modules installed in over 70 countries during the past decade. Canadian Solar is committed to providing high-quality solar products and solar energy solutions to customers around the world. For more information about our company, products and projects please 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 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 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 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 28, 2014. 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.