GUELPH,
ON, March 4, 2024 /PRNewswire/
-- Canadian Solar Inc. (the "Company" or "Canadian
Solar") (NASDAQ: CSIQ) and Sol Systems, a leading renewable energy
company based in Washington, D.C.,
announced today a partnership to scale new solar module production
and procurement in the United
States. Canadian Solar has secured a framework agreement to
provide Sol Systems with a significant supply of modules from its
newly ramped Texas module
factory.
Under the partnership, Canadian Solar will supply its latest
high efficiency N-Type TOPCon (Tunnel Oxide Passivated Contact)
solar modules to support Sol Systems' project pipeline in the U.S.
between 2024 and 2025.
Highlighting Canadian Solar's competitive advantage,
Dan Diamond, Chief Construction
Officer of Sol Systems, said, "We are thrilled to partner with
Canadian Solar to scale the U.S. solar module manufacturing
industry and create new American manufacturing jobs. Canadian
Solar's TOPCon modules boost project economics through higher
yields, smaller site footprint and lease costs, and lower balance
of system costs. We were very impressed with the state-of-the-art
facility during our visit to the Texas factory in December."
Thomas Koerner, Senior Vice
President of Canadian Solar, commented, "Our cost-competitive
TOPBiHiKu7 bifacial TOPCon module has received overwhelmingly
positive market feedback, as it gives project developers the secure
and long-term module supply they have been looking for. We are
pleased to be the partner of choice for a key market leader like
Sol Systems." He added, "We are proud to have ramped up our
Texas facility in record time and
started module production last December. We are encouraged by the
significant interest in and demand for these locally made
products."
About Sol Systems
Sol Systems is a leading national solar energy firm with an
established reputation for integrity and reliability across its
development, infrastructure, and environmental commodity
businesses. Sol Systems is operating and building over 2 GW of
solar projects valued at more than $2
billion for Fortune 100 companies, municipalities, counties,
utilities, universities, and schools and provides environmental
commodity portfolio management services to nearly 50,000 customers
across the US. The company was founded in 2008, is based in
Washington, D.C., and is led by
its founder. Sol Systems works with institutional clients,
corporate partners, and foundations to create a more sustainable
future we can all believe in. For more information, visit
https://www.solsystems.com/.
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 22 years,
Canadian Solar has successfully delivered over 110 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 around 9.3 GWp of solar power projects and
over 3 GWh of battery storage projects across the world.
Currently, the Company has around 850 MWp of solar projects in
operation, nearly 7.8 GWp of projects under construction or in
backlog (late-stage), and an additional 18.7 GWp of
projects in advanced and early-stage pipeline. In
addition, the Company has a total battery storage project
development pipeline of approximately 55 GWh, including
approximately 5 GWh under construction or in backlog, and an
additional 50 GWh at advanced and early-stage
development. 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; 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.
Sol Systems Media Contact
Jacqueline Mayan
jacqueline.mayan@solsystems.com
202-349-2085
CANADIAN SOLAR INC. INVESTOR RELATIONS
CONTACT
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
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SOURCE Canadian Solar Inc.