GUELPH, ON, Dec. 13, 2021 /PRNewswire/ -- Canadian Solar
Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ),
announced today that its majority-owned subsidiary CSI Solar
Co., Ltd. ("CSI Solar") received
approval for the proposed initial public offering and listing of its shares by the
stock listing committee of the
Science and Technology Innovation Board ("STAR Market")
of the Shanghai Stock Exchange.
On December 13, 2021, the stock
listing committee of the STAR Market determined that CSI Solar had met the
offering, listing and disclosure requirements related to its
proposed STAR Market listing. As a next step, CSI Solar will be
required to go through the registration process with the China
Securities Regulatory Commission
before it can complete the listing of its shares on the STAR
Market.
Dr. Shawn Qu, Chairman and CEO of Canadian
Solar commented, "This is an important milestone for
Canadian Solar and takes us another step closer towards the planned
STAR Market listing of our subsidiary CSI Solar. The listing
will provide us another platform to raise growth capital and
solidify our industry-leading module brand and manufacturing
business."
He added, "After CSI Solar's planned
listing on the STAR Market, Canadian Solar will remain as the majority and controlling
shareholder of CSI Solar and the sole owner of the Global Energy
business, which develops solar and battery storage
projects in more than 20
countries across the world. We remain strongly committed to our
NASDAQ listing and expect long-term shareholders to share the
growth benefits of the planned
STAR Market listing of CSI Solar. We appreciate the Shanghai Stock
Exchange's continued efforts to open its financial markets and
welcome international foreign issuers such as Canadian Solar."
The Company has completed the
sale and transfer of the China Energy business from CSI Solar to
the Global Energy business to avoid any
potential competition between the Company and its CSI Solar
subsidiary. Therefore, the China Energy business will
not be part of the planned STAR Market listing. The scope of the
sale and transfer includes all of the solar energy project development and
ownership business in China. At the end of the third quarter
of 2021, the China Energy business
had a total solar project pipeline of 2.3 GWp, of which 300 MWp
were in backlog (late-stage), and 127 MWp of operating solar power
plants. The sale and transfer is expected to take effect by the end
of 2021 and Canadian Solar's segment reporting going forward will
reflect this change.
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 20 years, Canadian
Solar has successfully delivered over 63 GW of
premium-quality, solar photovoltaic modules to customers across the
world. Likewise, since entering the project development business in
2010, Canadian Solar has developed, built and connected
over 6.2 GWp in over 20 countries across the world. Currently, the
Company has around 430 MWp of solar projects in operation, nearly 7
GWp of projects under construction or in backlog (late-stage), and
an additional 17 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
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; 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;
delays in the process of qualifying to list the CSI
Solar 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; logistical challenges that could increase the
selling costs of the Company; exchange rate fluctuations;
litigation; potential initiation of an
anti-circumvention investigation and other risks as
described in the Company's SEC filings, including its
annual report on Form 20-F filed on April 19, 2021. 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
|
David
Pasquale
|
Investor
Relations
|
Global IR
Partners
|
Canadian Solar
Inc.
|
Tel:
+1-914-337-8801
|
investors@canadiansolar.com
|
csiq@globalirpartners.com
|
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SOURCE Canadian Solar Inc.