Canadian Solar Signs PPA Contract With Techgen S.A de C.V. in Mexico

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Mar 09, 2020, 07:00 ET

GUELPH, Ontario and MONTERREY, Mexico, March 9, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has signed a PPA contract with Techgen, S.A. de C.V. ("Techgen"), an affiliate of Ternium, S.A., (NYSE: TX) and Tenaris, S.A. (NYSE: TS).

The PPA contract has a 15-year term and will allow Canadian Solar to finance and build a 103 MWp solar power project located in Ojocaliente Municipality, Zacatecas State, Mexico. The solar plant will use Canadian Solar high efficiency modules and is expected to start operations in 2021.

The execution of this contract is a landmark for Canadian Solar strengthening its leadership position in Latin America to offer clean energy solutions. It is also a step forward for Techgen and its affiliates in their continuous efforts to improve their business systems towards a more sustainable future.

Techgen owns and operates a combined cycle power plant that supplies energy to Tenaris' and Ternium's manufacturing plants in Mexico. Ternium, S.A. is a leading company in the Americas that manufactures and processes a wide range of high-complexity steel products using the most advanced technology. Tenaris, S.A. is a leading global manufacturer and supplier of steel tubes and related services for the world's energy industry and certain other industrial applications.

"We are honored to supply competitive and clean energy to one of the main steel manufacturing corporations in Latin America. Signing this PPA demonstrates Canadian Solar's ability to meet the commercial and environmental needs of corporate customers, strengthening our track record in Mexico where we have already been awarded with four projects totaling 438 MWp in the Long-Term Auctions," said Dr. Shawn Qu, Chairman and Chief Executive Officer at Canadian Solar.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world's largest and foremost solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 38 GW of premium quality modules to customers in over 150 countries around the world. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on 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; 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 and China; 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; 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; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 25, 2019. 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.

SOURCE Canadian Solar Inc.