GUELPH, ON, December 5, 2022 /PRNewswire/ — Canadian Photo voltaic Inc. (the “Firm” or “Canadian Photo voltaic”) (NASDAQ: CSIQ) introduced at present that its majority-owned subsidiary CSI Photo voltaic Co., Ltd. (“CSI Photo voltaic”) signed a 256 MW photo voltaic module contract with SOLA Group, a Cape City-based unbiased energy producer. The 256 MWs will provide the primary two largest utility-scale solar energy initiatives in South Africawhich relies on personal energy buy agreements (PPAs).
The 2 photo voltaic initiatives are 126 MWp and 130 MWp every in measurement, situated at in South Africa North West Province. Each initiatives are developed and might be managed by SOLA Group and its companions. Building started on October 2022and industrial operation is deliberate for the primary quarter of 2024.
Canadian Photo voltaic will provide a complete of 390,073 BiHiKu7 modules. BiHiKu7 CS7N-MB-AG are bifacial modules based mostly on 210mm wafers, and have an influence output of as much as 670W and an effectivity of as much as 21.6%. The BiHiKu7 modules are good for utility-scale initiatives, with enormous financial savings in mounting construction and cables on the system stage and decreasing the price of BoS (Steadiness of System) and LCOE (Levelized Value of Vitality) in comparison with modules which might be extra small wafer measurement. BiHiKu7 modules are additionally appropriate with most inverters and trackers.
These two solar energy initiatives cowl roughly 430ha. As soon as operational, it’s estimated that they’ll generate roughly 580 GWh of unpolluted, renewable electrical energy per yr, equal to powering 40,000 houses and decreasing 595 tons of CO2 emissions per yr.
Dom Wills, CEO of SOLA Group commented, “That is the primary photo voltaic mission of this scale South Africa which relies on personal energy buy agreements. It’s also an incredible plus for the nation that these initiatives are 100% South African owned, financed, constructed, operated and managed. We hope that the mannequin of personal energy by means of bilateral agreements might be extra broadly adopted. The advantages to the tip consumer are competitors, selection and in the end a various contribution to the electrical energy system.”
Dr. Shawn QuChairman and CEO of Canadian Photo voltaic commented, “We’re delighted to work with SOLA Group on these two solar energy initiatives. This can be a nice achievement and an vital step in in South Africa plan to permit extra versatile electrical energy buying and selling by opening the grid,” Dr. Qu continued, “I’m happy with our BiHiKu7 modules chosen for these initiatives due to its excessive product high quality, reliability and LCOE value financial savings . We sit up for contributing extra to the expansion of renewable power Africa and worldwide for our excessive efficiency/value ratio merchandise.”
SOLA Group is a vertically built-in unbiased energy producer and a pacesetter within the provide of unpolluted power options to non-public firms in Africa. SOLA’s mission is change Africa by means of clear power.
About Canadian Photo voltaic Inc.
Canadian Photo voltaic was based in 2001 in Canada and one of many largest photo voltaic expertise and renewable power firms on this planet. It’s a main producer of photo voltaic photovoltaic modules, supplier of photo voltaic power and battery storage options, and developer of utility-scale solar energy and battery storage initiatives with a geographically diversified pipeline in varied phases of improvement. Over the previous 21 years, Canadian Photo voltaic has efficiently provided almost 82 GW of premium high quality, photo voltaic photovoltaic modules to clients around the globe. Additionally, since getting into the mission improvement enterprise in 2010, Canadian Photo voltaic has developed, constructed and linked greater than 7 GWp in additional than 20 nations around the globe. At present, the Firm has roughly 500 MWp of initiatives in operation, 6 GWp of initiatives below development or within the backlog (late-stage), and a further 19 GWp of initiatives in superior and early- stage pipeline. Canadian Photo voltaic is among the most bankable firms within the photo voltaic and renewable power business, publicly listed on NASDAQ since 2006. For extra details about the Firm, observe Canadian Photo voltaic on LinkedIn or go to www. canadiansolar.com.
Protected Harbor/Ahead-Wanting Statements
Sure statements on this information launch are forward-looking statements that contain quite a few dangers and uncertainties that might trigger precise outcomes to vary materially. These statements are made below the “Protected Harbor” provisions of the US Personal Securities Litigation Reform Act of 1995. In some instances, chances are you’ll establish forward-looking statements by phrases comparable to “believes,” “expects ,” “anticipates,” “intends,” “estimates,” the destructive of those phrases, or different related terminology. Elements that might trigger precise outcomes to vary embrace basic enterprise, regulatory and financial circumstances and the state of the photo voltaic and battery storage market and business; geopolitical tensions and conflicts, together with impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions associated to the COVID-19 pandemic; provide chain disruption; authorities help for the deployment of solar energy; future out there provides of high-purity silicon; demand for end-consumer merchandise and stock ranges of such merchandise within the provide chain; modifications in demand from key clients; altering demand from main markets, comparable to Japan, the US, China, Brazil and Europe; modifications in efficient tax charges; altering buyer order patterns; product combine modifications; modifications in company duty, particularly environmental, social and governance (“ESG” necessities); capability utilization; stage of competitors; pricing strain and discount or failure to well timed modify the typical promoting value; delays in new product introductions; delays within the utility-scale mission approval course of; delaying utility-scale mission development; delays in finishing the sale of the mission; continued success in technological improvements and supply of merchandise with options demanded by clients; lack of provide of supplies or capability necessities; availability of financing; trade and inflation price fluctuations; uncertainty associated to the CSI Photo voltaic carve-out itemizing; litigation and different dangers as described within the Firm’s filings with the Securities and Alternate Fee, together with its annual report on Type 20-F filed on April 28, 2022, as amended by October 18, 2022. Though the Firm believes that the expectations mirrored within the forward-looking statements are affordable, it can’t assure future outcomes, exercise ranges, efficiency, or achievements. Buyers mustn’t place undue reliance on these forward-looking statements. All data offered on this press launch is as of at present’s date, except in any other case acknowledged, and Canadian Photo voltaic has no obligation to replace such data, besides as required below relevant regulation.
CANADIAN SOLAR INC. INVESTOR RELATIONS CONTACTS
Isabel Zhang
Investor Relations
Canadian Photo voltaic Inc.
[email protected]
David Pasquale
International IR Companions
914-337-8801
[email protected]
SOURCE Canadian Photo voltaic Inc.
