SAN
DIEGO and GUELPH,
ON, Aug. 9, 2023 /PRNewswire/ -- Canadian
Solar Inc. (NASDAQ: CSIQ) and EDF Renewables North America
today announced the signing of a multi-year module supply agreement
to deliver up to 7-gigawatts (GW) of high efficiency N-type TOPCon
solar modules to be produced at Canadian Solar's new factory in
Mesquite, Texas.
Under the agreement, Canadian Solar will be supplying its latest
high efficiency N-Type TOPCon (Tunnel Oxide Passivated Contact)
solar modules to support EDF Renewables' project pipeline in the
U.S. between 2024 and 2030. The TOPCon modules will solidify
Canadian Solar's mission to provide the best return on investment
for its customers. TOPCon modules boast high conversion
efficiencies of up to 22.5%, a low temperature coefficient of
-0.30%/degrees C, low LID (Light Induced Degradation) resulting in
a low power degradation, and improved bifaciality over Mono-PERC
modules, all resulting into an increased energy production.
In July 2023, Canadian Solar
announced it would invest over $250
million in a state-of-the-art solar photovoltaic module
factory in Mesquite, Texas. Once
fully ramped up, the factory would have an annual output of 5 GW
and create approximately 1,500 skilled jobs. Production is expected
to start in Q4 2023.
Mr. Tristan Grimbert,
President and CEO of EDF Renewables North America,
said, "The module supply agreement demonstrates our commitment
to domestic sourcing and represents a pivotal step for EDF
Renewables, enabling us to achieve key milestone dates and execute
a schedule for the construction of our robust solar pipeline. We
are genuinely excited about our capacity to develop and build solar
projects utilizing 'Made-in-USA'
solar modules aligning with IRA
guidelines. This substantial commitment enhances our ability to
minimize risks linked to trade uncertainties and supply chain
fluctuations, ultimately propelling our projects towards successful
realization.
He added, "Today we solidify our existing partnership, formed in
2019, and also demonstrate our confidence in Canadian Solar. It is
a testament to our shared commitment to advancing sustainable
energy solutions to decarbonize the grid."
Dr. Shawn Qu, Chairman
and CEO of Canadian Solar commented, "This agreement is a
testament of the strong relationship and long history of
cooperation between our two companies at a global level in the U.S.
and in Brazil. We are excited to
work with EDF Renewables North America as we bring a stable supply
of clean and reliable solar energy to the U.S. market, powered by
solar modules made locally, under the backdrop of the Inflation
Reduction Act. We look forward to further collaborations and
investments contributing to a more global, sustainable, and
resilient clean energy supply chain."
About EDF Renewables North America
EDF Renewables North America is a market leading
independent power producer and service provider with 35 years of
expertise in renewable energy. The Company delivers grid-scale
power: wind (onshore and offshore), solar photovoltaic, and storage
projects; distribution-scale power: solar and storage; asset
optimization: technical, operational, and commercial expertise to
maximize performance of generating projects, and onsite solutions,
through the Company's PowerFlex subsidiary, offering a full suite
of onsite energy solutions for commercial and industrial customers:
solar, storage, EV charging, energy management systems, and
microgrids. EDF Renewables' North American portfolio consists of 16
GW of developed projects and 13 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. Connect with us on
LinkedIn, Facebook and Twitter.
About Canadian Solar
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 22 years, Canadian Solar has
successfully delivered around 94 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 8.8 GWp in over 20
countries across the world. Currently, the Company has
approximately 609 MWp of projects in operation, 6.9 GWp of projects
under construction or in backlog (late-stage), and an additional
17.7 GWp of projects in advanced and early-stage pipeline. 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, regulatory and economic conditions and
the state of the solar and battery storage market and industry;
geopolitical tensions and conflicts, including impasses, sanctions
and export controls; volatility, uncertainty, delays and
disruptions related to the COVID-19 pandemic; supply chain
disruptions; 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., China, Brazil and Europe;
changes in effective tax rates; changes in customer order patterns;
changes in product mix; changes in corporate responsibility,
especially environmental, social and governance ("ESG")
requirements; capacity utilization; level of competition; pricing
pressure and declines in or failure to timely adjust 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 that customers demand; shortage in
supply of materials or capacity requirements; availability of
financing; exchange and inflation rate fluctuations; uncertainties
related to the CSI Solar carve-out listing; litigation and
other risks as described in the Company's filings with the
Securities and Exchange Commission, including its annual report on
Form 20-F filed on April 18, 2023.
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.
investor@canadiansolar.com
David Pasquale
Global IR Partners
914-337-8801
csiq@globalirpartners.com
EDF Renewables North America Contacts
Sandi Briner
VP, Communications
mediarelations@edf-re.com
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SOURCE Canadian Solar Inc.