Canadian Solar Inc. (NASDAQ:CSIQ)

Fourth Quarter 2019 Financial Results

• Net revenue in the fourth quarter of 2019 was $920 million, compared to $760 million in the third quarter of 2019, and $901 million in the fourth quarter of 2018. 
• Net income attributable to Canadian Solar on a GAAP basis in the fourth quarter of 2019 was $67.7 million, or $1.12 per diluted share, compared to net income of $58.3 million, or $0.96 per diluted share in the third quarter of 2019, and net income of $111.6 million, or $1.81 per diluted share, in the fourth quarter of 2018. Net income attributable to Canadian Solar on a non-GAAP basis in the fourth quarter of 2019 was $63 million, or $1.04 per diluted share. 
  

Dr. Shawn Qu, Chairman and Chief Executive Officer, commented: "I am pleased with the strong 2019 results, as revenue and gross margin were both ahead of expectations. The strategic decisions we made in R&D and production capacity helped us achieve one of the industry's highest margins, as we build upon our strong brand and maintain pricing power. We continue to be an innovation leader, recently setting another world record in cell conversion efficiency of 23.81% for N-type, large-area, multi-crystalline silicon solar cells. This further extends our competitive advantage, as we deliver modules with mono-like efficiencies at an attractive ASP. Along with the rest of the world, we have been working hard to ensure the health and safety of our employees in the face of the COVID-19 pandemic. We believe Canadian Solar's proven 19-year track record and the robust, conservative nature of our long-term strategy will allow the Company to emerge stronger from the current period of uncertainty."

Yan Zhuang, Acting Chief Executive Officer, commented: "We achieved strong results in Q4 and the full year 2019. On the Module and Systems Solutions side, 2019 module shipments grew by almost 30% year-over-year, while underlying gross margin increased by 480 basis points (excluding the benefit of the AD/CVD true-up), resulting in a highly profitable Q4. On the Energy side, we continue to grow and monetize our operating solar assets and pipeline, which currently stand at 880 MWp and 15.4 GWp, respectively. Strategically, we are evaluating ways to capture more value by retaining partial ownership in selected solar project assets we develop to create higher, more predictable and more profitable revenues, thereby creating additional value for the Company and its shareholders. Meanwhile, we have set up a global team focusing on system integration and energy storage, which will help to build the new technology DNA of the Company and lead the next wave of growth in this industry."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer, added: "In Q4, we delivered $230 million of gross profit and $67.7 million of net income, both sequentially higher than the previous quarter driven by higher module sales, stable ASPs, lower costs and increased project sales. We generated $247 million of operating cash flow and increased our total cash position to $1.2 billion. We also reduced total debt to $1.95 billion, and lengthened its average maturity. Our liquidity is healthy and our balance sheet continues to improve. We are proactively taking contingency measures to preserve cash and minimize risk, should the macro situation deteriorate further. Likewise, our financial plan has the flexibility to quickly switch gears if the global economy recovers faster than expected. We plan to continue with our stock repurchase program to create extra value for shareholders as recent COVID-19-related panic-selling has brought our equity valuation below book value."

Business Outlook

The Company's business outlook is based on management's current views and estimates given existing market conditions, order book, production capacity, anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, final customer demand and project construction and sale schedules, and in particular the impact of COVID-19. Management's views and estimates are subject to change without notice.

For the first quarter of 2020, the Company expects total module shipments to be in the range of 2.15 GW to 2.25 GW, including approximately 250 MW of module shipments to the Company's own projects that may not immediately be recognized as revenue. Total revenue is expected to be in the range of $780 million to $810 million, with gross margin expected to be between 26% and 28%.

For the full year of 2020, the Company expects total module shipments to be in the range of approximately 10 GW to 12 GW, with total revenue expected to be in the range of $3.4 billion to $3.9 billion.

Yan Zhuang, Acting Chief Executive Officer, commented: "We were experiencing strong demand across all regions until the past few days, as we started to see some delays and weakening demand. Our current guidance incorporates the estimated impact to the best of our knowledge today, but the situation is fluid and we are closely monitoring and analyzing market conditions. We have a globally diversified revenue base and tight control over the supply chain, which gives us significant flexibility and room to adjust to external changes. Our long-term outlook remains optimistic and we will continue to execute on our strategy and create value for the Company and its shareholders."

GUELPH, Ontario, March 23, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) announced today the closing of a 17.7 MWp portfolio sale in Italy to Sonnedix. The Company expects to recognize revenue from the sale in the first quarter of 2020.

The portfolio of five solar PV plants in Sicily was jointly developed by Canadian Solar and Manni Energy, and has been operational since February 2020. The energy produced is sold to TrailStone Renewables GmbH through a recently signed 10-year PPA. This is one of the longest PPAs for subsidy-free solar portfolios in Italy to date. These solar plants are expected to produce approximately 34 GWh of clean energy per annum, equivalent to providing approximately 12,000 Italian households with clean solar energy.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We are pleased to partner with Sonnedix and Manni Energy on the sale of our landmark subsidy-free portfolio in Italy, the first-of-its-kind in the local market. Italy is one of Canadian Solar's core markets in the EMEA region and we are committed to investing and growing it even during difficult times. Just a few days ago, we secured EUR 55 million in project financing to fund the construction of 151 MWp of solar power plants in Sicily, Apulia and Lazio, which are expected to break ground in Q3 this year. We have been active in the Italian subsidy-free market since 2018, and now have over 900 MWp of project pipeline under permitting, solidifying our position as one of leading players in the country."

Mr. Franco Citron, Head of Business Development at Manni Energy, commented, "It was a great pleasure to collaborate with Canadian Solar and Sonnedix, two key players in the solar industry. We believe that moving towards market parity, a path that Manni Energy undertook two years ago, is the right way to contribute to Italy's decarbonization goals as stated in the Integrated National Energy and Climate Plan, which runs through 2030. Based on this belief, we started the development of important projects for the 2020-2022 triennium, not only in southern but also in northern and central Italy. In addition, we are working on solutions and technologies that will optimize the energy generation of these plants, with the aim to make the prime cost of energy even more sustainable and competitive."

GUELPH, Ontario, March 17, 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 secured a EUR55 million bilateral Revolving Credit Facility with Intesa Sanpaolo to fund the construction of a 151 MWp portfolio of solar PV projects in Italy, located across different municipalities in Sicily, Apulia and Lazio. The first projects of the portfolio are expected to break ground in Q3 this year.

"Canadian Solar has always been standing in solidarity with our employees, customers and partners around the world. By securing this project construction financing, we are committed to, and will continue to invest in the Italian solar market during this challenging time," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

This portfolio of 12 projects will be among Italy's first subsidy-free utility scale solar projects. These projects will be built using Canadian Solar HiKu CS3W-425 modules and its EPC capabilities.

Once operational, these projects are expected to generate approximately 287 GWh of solar power per year, equivalent to the annual electricity consumption of 57,331 people, and contributing to displacing 73,384 tons of CO₂ per year.

Being one of the first financings of this type and size in Italy, it shows Canadian Solar's strong bankability in the global solar market. This strong bankability is built on Canadian Solar's 18 year's track records on its quality product performance, its solar project development experience and its senior management winning strategy and execution.

Canadian Solar hopes to continue working with Intesa Sanpaolo to further strengthen its leadership position in the important Italian renewable energy market and to advance the European Union goal to a carbon-neutral economy by 2050.

Dr. Shawn Qu continued, "I appreciate Intesa Sanpaolo's trust in Canadian Solar and its support for solar energy development. Italy is an important energy market where subsidy-free solar energy is already competitive with conventional sources. Meanwhile, Italy is expected to be one of the fastest growing solar energy markets in Europe given the size of its economy and abundant solar resources. Canadian Solar is well positioned to play a role in achieving the goal of building a carbon-neutral future."

Canadian Solar has been active in the Italian subsidy-free market since 2018, and has now over 900 MWp of project pipeline under permitting, making it one of leading players in the country. The Company is also growing its pipeline in the other key unsubsidized European markets, namely Spain and the UK, with a portfolio of over 2 GWp under development across Europe.

GUELPH, Ontario, March 11, 2020 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today provided an update on its manufacturing capacity utilization and scheduled its 4Q/FY19 earnings conference call for Thursday, March 26, 2020.

Update on Manufacturing Capacity Utilization:

Following the recent disruptions associated with Corona Virus Disease ("COVID-19"), the Company informs that its manufacturing operations and supply chain in China are now back on track to full capacity utilization. The impact to the Company's delivery schedule is now mainly limited to the capacity loss in last week of January and first 10 days of February of 2020.  There have been limited cases in which the Company has had to change shipping schedules and/or product types, but all have been settled with customers. The Company expects that, under current conditions, it can deliver orders on-time and in accordance with the latest schedules confirmed with its customers. In the meantime, the Company is closely monitoring the development of the COVID-19 in other countries and regions, to understand and prepare for any impact on cross-border logistics and project construction timelines.

SAN JOSE, Calif.--(BUSINESS WIRE)--Flex (NASDAQ: FLEX) today announced that as a result of the still-evolving COVID-19 situation, it expects fourth quarter fiscal 2020 results to be negatively impacted and the Company is not expected to meet its current guidance.

On January 30, 2020, Flex issued fourth quarter fiscal 2020 guidance excluding any potential impact from the COVID-19 outbreak, given that it was still early in a very fluid and dynamic situation. As stated on the earnings call, at the onset of the outbreak, Flex activated contingency plans and deployed response teams to take proactive steps with the purpose of protecting the health and safety of its workforce.

“Our cross-functional teams have done an amazing job returning more than 80% of our colleagues back to work, in a disciplined and safe manner. On behalf of the Flex leadership team, my sincere thanks to all my Flex colleagues for their commitment to safety and dedication to ramping up production at our China factories,” said Revathi Advaithi, Chief Executive Officer of Flex. “We are working intently with our supply chain partners and are well-integrated with our customers as we navigate the disruptions from this situation. I am confident that now more than ever, our focus on execution and our ability to move with speed at scale will enable us to navigate through these events with discipline.”

Flex will provide further information during its Investor and Analyst webcast on March 11, 2020.

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.

GUELPH, Ontario, March 6, 2020 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its technology team set a world record of 23.81% conversion efficiency for n-type large area multi-crystalline silicon solar cell. The record-setting N-type P5 cell conversion efficiency was recently tested and certified by Germany's Institute für Solarenergieforschung GmbH (ISFH). This is the third time within a span of nine months that the company has set multi-crystalline solar cell conversion efficiency world record (see 22.8% and 22.28% records for p-type multi-crystalline cells).

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar said, "I am very pleased to announce that we broke the world record yet again. This is a milestone for our revolutionary n-type P5 technology development. It proves that both our p-type and n-type multi-crystalline silicon technology can achieve efficiencies as good as mono. We remain focused on expanding our technology pipeline to provide our customers with the most LCOE-competitive products."

Canadian Solar has been developing and is commercially launching its P5 cell technology and solar module products. In September 2019, Canadian Solar set a world record of 22.8% conversion efficiency for p-type P5 cell. The 23.81% record efficiency multi-crystalline cell was fabricated utilizing 157mmx157mm (area 246.44cm2) n-type P5 silicon wafer and PASCon (Passivated Contact) technology.

Canadian Solar is a technology leader in the solar industry and one of the highest ranking global solar manufacturers in terms of patent applications and patent grants. The Company has over 1500 patents granted, covering China, North American, European and Asia-Pacific regions. All of the Company's cell capacity was upgraded to PERC by August 2019. On the module product side, Canadian Solar has pioneered the GW-scale introduction of half-cut cell modules (Ku-series), bifacial modules (BiKu), multi-bus bar (MBB), 166mm wafers (HiKu and BiHiKu).

GUELPH, Ontario, Feb. 19, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has commenced construction on two solar photovoltaic (PV) power projects in Japan.

The first is a 13.6 MWp project in the Ibaraki Prefecture. The project will be powered by 33,098 pieces of Canadian Solar's high-efficiency MaxPower modules. Once in operation, the plant is expected to generate approximately 15,901 MWh of clean, reliable solar electricity each year, which will be purchased by Tokyo Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of ¥32.0 ($0.29) per kWh. The Company expects the project to reach commercial operation by mid-2021.

The second project is a 13.0 MWp project in the Fukuoka Prefecture. The plant is expected to generate approximately 15,250 MWh of solar energy each year, which will be purchased by Kyushu Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of ¥36.0 ($0.33) per kWh. The project is also expected to reach commercial operation by mid-2021.

Dr. Shawn Qu, Canadian Solar's Chairman and Chief Executive Officer commented, "Canadian Solar continues to develop and construct high quality projects in Japan with remarkably attractive feed-in-tariffs. We entered the Japanese market in 2009, and since 2014, we have established ourselves as one of the leading foreign developers in the market, having cumulatively developed and connected over 290 MWp in utility-scale power plants. While new subsidized programs are set to expire by 2021, we have a robust pipeline of high feed-in-tariff projects and continue to see opportunities given the Japanese government's continued efforts to increase the penetration of renewable energy."

GUELPH, Ontario, Feb. 18, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today it completed the sale of Yamaguchi Shin Mine, a 56.3 MWp operational solar power plant in the Yamaguchi Prefecture in Japan.

Hana Financial Investment, a subsidiary of Hana Financial Group, acquired the solar power plant for an enterprise value of approximately JPY 22.3 billion (around USD 205 million). Canadian Solar expects to recognize the revenue from the transaction in the first quarter of 2020. This sale was originally planned to close in the fourth quarter of 2019 but was delayed due to regulatory and contractual obligations required to be met prior to closing the transaction.

Yamaguchi Shin Mine reached commercial operation in May 2018 and is powered by Canadian Solar high efficiency modules. The electricity generated is being purchased by Chugoku Electric Power Company, Inc. at the rate of JPY 36.0 ($0.32) per kWh for 20 years.

Canadian Solar will continue to provide asset management as well as operational and maintenance services for the plant after the transaction. Additionally, a 5-year profit sharing agreement is in place, enabling Canadian Solar to secure additional revenue after the sale should the power plant outperform agreed upon metrics.

"Canadian Solar is excited to announce the completion of the sale of our Shin Mine project." said Dr. Shawn Qu, Chairman and Chief Executive Officer at Canadian Solar. "This transaction structure ensures that we capture stable, long-term revenue streams for our asset management and operations and maintenance services. We expect to grow this business as we work to enhance and retain greater share of the value creation throughout the life cycle of solar power plants."

GUELPH, Ontario, Feb. 6, 2020 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today the acquisition of a 47.5 MWp portfolio of solar projects under development in Chile. These projects will become operational in two different stages, beginning from the fourth quarter of 2020.

The projects will be located in the Araucanía and Maule Regions of Chile and will use approximately 132,000 pieces of Canadian Solar's high efficiency BiHiKu bifacial modules, expected to generate over 89.1 GWh of electricity or power approximately 28,500 households per year. The projects will operate under the PMGD ("Pequeños Medios de Generación Distribuída") scheme, and given their current stage of development, will be part of the current stabilized price regime, with prices updated and published by the CNE (Comisión Nacional de Energía) every 6 months.

Dr. Shawn Qu, Canadian Solar's Chairman and CEO commented, "As reflected in this acquisition, we are highly confident in the value of these small solar projects in Chile. Due to their size and location, they bring clean and reliable energy to rural areas, reducing the distance between power generation and consumption, and improving the quality of the grid. These plants are valuable additions to Canadian Solar's current portfolio in Latin America and solidify our leading position in this region where we have been cumulatively awarded 2.2 GWp in solar projects across Brazil, Chile, Argentina and Mexico."

GUELPH, Ontario, Feb. 5, 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 multi-year module supply agreement with Lightsource BP to deliver 1.2 GW of high efficiency polycrystalline solar modules for projects in the US and Australia. Lightsource BP is a global market leader in the development, acquisition and long-term management of large-scale solar projects and smart energy solutions.

The projects will be using Canadian Solar's polycrystalline bifacial high power BiHiKu (CS3W-PB-AG) and high power HiKu (CS3W-P) modules. Canadian Solar is a worldwide leader in solar cell and module technologies. Bifacial modules generate power from both the front and the rear sides of the module, which increases the power output compared to conventional monofacial modules. The very high output of the BiHiKu bifacial modules will maximize the power generation in a limited area of plant site, while dramatically reducing the Levelized Cost of Electricity (LCOE) of the power plant.

"We are pleased to be working with Canadian Solar to deliver our global pipeline. They are a bankable and industry proven partner for our projects. Our centralized procurement team selected these modules for their high efficiency performance and we look forward to seeing the satisfactory results in the field very soon," commented Kareen Boutonnat, Chief Operating Officer at Lightsource BP.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are excited about the strong partnership with Lightsource BP that has contributed to the 1.2 GW of module sales commitments. As a solar technology leader, we are working continuously on innovation. I am proud to see that our high-power modules, based on the latest bifacial technology, have been selected for these projects in Australia and the US."

GUELPH, Ontario, Dec. 23, 2019 /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 reached commercial operation on a 1.98 MWp solar power plant in Taiwan.

The Hualien Rongkai solar project achieved commercial operation on December 13th and is powered by 6,384 pieces of Canadian Solar modules which are certified by the Voluntary Product Certification (VPC) and locally manufactured in Canadian Solar's Taiwan module plant. The project is expected to generate approximately 2,505 MWh of clean, solar electricity per year, which will be purchased by TaiPower Inc. under a 20-year feed-in-tariff contract at the rate of NTD 4.922 (US$0.16) per kWh.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We are pleased to announce the completion of our first project in Taiwan where we are managing an early stage pipeline of 43 MWp. Canadian Solar has had significant success in markets where we have local manufacturing and project development presence. We expect to expand on that success and continue to look for opportunities to grow the development pipeline in Taiwan." 

GUELPH, Ontario, Dec. 9, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its Board of Directors has authorized a $150 million share repurchase program for a six month period beginning December 9th, 2019 and ending June 8th, 2020. The exact timing and amount of any repurchase will be determined by the Company's management, based on market conditions, share price and other factors, and will be subject to the restrictions relating to volume, price and timing under applicable law, including Rule 10b-18 under the Securities Exchange Act of 1934.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "The share repurchase program further reinforces our commitment to our shareholders. We have confidence in the Company's long-term business plan and prospects and believe there is considerable value in investing in Canadian Solar shares, which are trading below book value and significantly below intrinsic value. We focus our disciplined and balanced capital allocation strategy on driving profitable growth, strengthening our balance sheet and creating sustainable value for our shareholders."

Dr. Huifeng Chang, Chief Financial Officer commented, "Over the past 18 years, we have built Canadian Solar into one of the world's largest solar energy companies, with a dominant, fully-integrated module manufacturing and energy business. Globally, we have a 4 GWp pipeline of late-stage, utility-scale solar power projects, with another 415 MWp in construction. In addition, our module manufacturing business, which has been rated the Number 1 Bankable Module Supplier by Bloomberg New Energy Finance survey respondents for three consecutive years, continues to deliver industry leading profitability by commanding a premium for products due to our innovative technology, industry leading quality and reliability."

GUELPH, Ontario, Nov. 20, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has reached commercial operation on a 53.4 MWp solar power plant in Japan.

The Oita Hiji Machi solar project achieved commercial operation on October 31, 2019 and is powered by 160,308 Canadian Solar MaxPower modules. The plant is expected to generate approximately 61,587MWh of clean, solar electricity per year, which will be purchased by Kyushu Electric Power Company, Inc. under a 20-year feed-in-tariff contract at the rate of ¥40.0 ($0.37) per kWh.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are pleased to announce the start of operations for this flagship project in the Oita prefecture." The Company now owns and operates a 143 MWp fleet of solar power assets in Japan. Dr. Shawn Qu continued, "Canadian Solar began development of this project in 2014, adding significant value over the course of the last 5 years and we look forward to creating additional value to the project and our shareholders in its next phase."

GUELPH, Ontario, Nov. 18, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (CSIQ), today announced its wholly-owned subsidiary Recurrent Energy has closed the sale of 99 percent of the partnership that owns the Class B membership interest in the 74.8 MWac/102 MWp NC 102 solar photovoltaic project, located in Cabarrus County, North Carolina, to NextEnergy Capital.

NextEnergy Capital indirectly acquired 99 percent of the interests through NextPower III, its third institutional solar fund.  In May 2018, Recurrent Energy secured the debt and tax equity financing for the project from Prudential Capital Group and U.S. Bancorp Community Development Corporation.

The North Carolina project, which reached commercial operation at the end of September 2018, is one of the largest operating solar projects in North Carolina.  The project has a power purchase agreement with Duke Energy Carolinas and generates enough clean solar power to meet the energy needs of approximately 12,000 homes. 

"The NC 102 project is Recurrent Energy's second solar project in the North Carolina market and another example of the Company's ability to grow its U.S. footprint," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar.  "We are very pleased to partner with NextEnergy Capital on the acquisition of their first operating project in the U.S. and look forward to continuing our collaboration in the U.S. and other markets."

Canadian Solar expects to recognize the revenue from the transaction in the fourth quarter of 2019.

GUELPH, Ontario, Nov. 11, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has been awarded two solar photovoltaic (PV) projects totaling 190.5 MWp in the 7th Brazilian Federal Auction held in October 2019. This was the first time that solar participated in an A-6 energy auction. The Brazilian government allocated a total of 2,979 MW of generation capacity, of which 530 MW was solar.

Canadian Solar will develop and build the 152.4 MWp Gameleira project in the State of Ceará and the 38.1 MWp Luiz Gonzaga Project located in the State of Pernambuco. The construction is expected to start in Q3 2021 and Q1 2022 respectively, and the projects will both reach commercial operation before January 2023, two years earlier than the date required by the government.  Once in operation, the two solar power plants will generate approximately 433 GWh of electricity annually. 30% of the electricity generated by the plants will be purchased by a pool of distribution companies under two 20-year power purchase agreements (PPAs), with an average contracted price of 84.38 BRL/MWh, or approximately US$22.32/MWh. The rest of the electricity will be purchased under long-term private PPAs which are under negotiation.

Dr. Shawn Qu, Chief Executive Officer and Chairman of Canadian Solar, commented, "We are proud to be the only company that has been successful in winning projects in all seven federal energy auctions held to date in Brazil. This auction win further strengthens our leading position in the Brazilian solar market where we have been awarded accumulatively around 1.6 GWp of PPAs."

GUELPH, Ontario, Aug. 28, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it has secured 487.0 million Brazilian reais (US$ 120 million) non-recourse project financing from Banco do Nordeste do Brasil S.A. (BNB) for its Francisco Sa and Jaiba solar power projects. Since the beginning of 2019, Canadian Solar has secured BRL 782 million (US$ 192 million) solar project financing with BNB. 

The 114.3 MWp Francisco Sa and 112.4 MWp Jaiba projects will be funded over 23 years across the construction and operation phases of the projects. The inflation-linked debt tied to the National Consumer Price Index (IPCA) will provide improved capital and resource alignment with the Brazilian economy.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar commented, "We are delighted to close our third and fourth consecutive project financings with BNB. These new financings affirm the public sector's support to empower social demand for clean and affordable solar energy infrastructure in Brazil. As a financier to the fastest growing renewables market in Latin America, BNB's continuing participation promotes our confidence in the long-term potential of Brazil's green energy sector."

The funding from BNB across multiple projects will support Canadian Solar's plan to build one of the largest high efficiency bi-facial solar power plants in Latin America. These projects will be powered by Canadian Solar high efficiency modules, including BiHiKumodules.

Canadian Solar won the Francisco Sa and Jaiba solar projects in Brazil's A-4 federal auction in April 2018 with 20-year, inflation-adjusted PPAs awarded at a base price of 118 Brazilian reais/MWh (approximately US$29/MWh) with the Brazilian Electric Power Commercialization Chamber (CCEE). The projects are expected to start construction in the fourth quarter of 2019 and reach commercial operation in 2021.

Second Quarter 2019 Financial Results

• Net revenue was $1,036.3 million, compared to $484.7 million in the first quarter of 2019 and second quarter 2019 guidance of $970 million to $1.01 billion.
• Net income attributable to Canadian Solar on a non-GAAP basis was $46.4 million, or $0.77 per diluted share. Non-GAAP net income excludes an AD and CVD true-up of $21.6 million, net of income tax effect.
• Net income attributable to Canadian Solar in the second quarter of 2019 was $62.7 million, or $1.04 per diluted share, compared to net loss of $17.2 million, or $0.29 per diluted share, in the first quarter of 2019 and net income of $15.6 million, or $0.26 per diluted share, in the second quarter of 2018.

Dr. Shawn Qu, Chairman and Chief Executive Officer, commented: "Canadian Solar's strong Q2 financial performance is principally due to the resiliency of our business model and our team's solid execution of the business plan. Our focus on achieving improved operating efficiencies with reduced manufacturing costs across global operations, while continuing to invest in R&D to ensure long-term success, puts us in the most competitive position in the Company's history. Overall, we are incrementally more positive in the outlook for the second half of 2019 based on the improved visibility, healthy demand levels in key markets, more stable average selling prices and higher capacity utilization levels." 

Yan Zhuang, Acting Chief Executive Officer, commented: "We are pleased with the 2019 second quarter results and continue to focus on increasing shareholder value. Solar module shipments, revenue and gross margin were all above expectations, underscoring the combined strengths of the MSS and Energy businesses. The MSS business benefited from higher capacity utilization, healthy demand levels and a slightly higher average selling price than previously forecasted. We are also encouraged with the execution on the R&D roadmap, which gives us an added competitive advantage with a leadership position in sought-after high efficiency modules. During the quarter, we signed a multi-year contract with EDF Renewables North America to supply 1.8 GW of high-efficiency modules. This module supply agreement represents the largest single module supply agreement in Canadian Solar's 18-year history and is the latest example of the trust that our clients place in our ability to execute and deliver. In the Energy business, we completed the sale of 228 MWp projects globally in the second quarter, including 134 MWp in the U.S., 68 MWp in Mexico, 20 MWp in China and 6 MWp in Namibia. We also further expanded the global late-stage, utility-scale solar power project pipeline to over 3.6 GWp as of July 31, 2019, while maintaining a portfolio of solar power plants in operation at 795.8 MWp, with an estimated resale value of approximately $1.0 billion." 

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer, added: "Our solid execution resulted in the better than expected profitability for the second quarter. We improved the gross margin to 17.6% and delivered a net income of $1.04 per diluted share on a GAAP basis, compared to a loss of $0.29 per diluted share in the first quarter. The improved profitability was driven by lower overall manufacturing costs, higher earnings contribution from unconsolidated investees, and a foreign exchange gain. In the second quarter, as compared to the first quarter, we reduced operating expenses to 11.8% of revenues from 20.8% and reduced inventories by $47.3 million. Importantly, we generated $225.8 million in cash from operations, which allowed us to further reduce total debt and strengthen the balance sheet. We are firmly on track for continued business success as we move into the second half of 2019."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to market conditions, production capacity, the Company's order book and the global economic environment. This outlook is subject to uncertainty on final customer demand, solar project construction and sale schedules. Management's views and estimates are subject to change without notice.

For the third quarter of 2019, the Company expects total solar module shipments to be in the range of 2.2 GW to 2.3 GW, including approximately 160 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in the third quarter of 2019. Total revenue for the third quarter is expected to be in the range of $780 million to $810 million. Gross margin for the third quarter is expected to be between 24% and 26%, reflecting the positive impact of planned higher gross margin project sales primarily in Japan and the U.S.  The aforementioned revenue forecast does not include the potential sales of a project that may be completed in the third quarter. If the transaction is closed in time, total revenue for the third quarter is expected to be in the range of $970 million to $1 billion and gross margin between 27% and 29%.

For the full year 2019, the Company now raises its guidance for total module shipments to the range of approximately 8.4 GW to 8.5 GW from the previous guidance of 7.4 GW to 7.8 GW. Total revenue for the year is expected to be in the range of $3.5 billion to $3.8 billion.

Yan Zhuang, Acting Chief Executive Officer of Canadian Solar commented: "At our recent Solar Future Forum in New York City, we highlighted Canadian Solar's considerable technology leadership advantages, our efforts to lower the levelized cost of energy and long-term track record. Among other things, there was a lot of excitement around the completion of the transition of all our cell capacity to PERC, which should be achieved by the end of August. This will give us a further competitive advantage as bi-facial capacity is expanded to meet increasing global demand. In the Energy business, we look forward to monetizing the late-stage, utility scale project pipeline, which now stands at 3.6 GWp and the portfolio of utility-scale, solar power plants in operation, which currently stands at 795.8 MWp. There is considerable interest in Canadian Solar power plants given the unparalleled track record of consistent module performance and reliability. As part of these efforts, we expect to complete the sale of our 80% interest in the 482.6 MWp Brazil portfolio of solar power plants in the coming months."

Mr. Zhuang added: "We remain committed to increasing shareholder value by executing on Canadian Solar's strategy for both the MSS and Energy businesses, while strengthening the balance sheet. In addition, we have expanded our Investor Relations team to improve our shareholder communication. We strive to enhance the investment community's understanding of the strengths of Canadian Solar's business model, strategy and performance track record."

GUELPH, Ontario, Aug. 5, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced its 100.1 MWp Cafayate solar power project in Argentina started commercial operation on July 19, 2019. It is now the largest operational solar power plant in the country.

Located in the Province of Salta, the solar project is powered by over 289,000 Canadian Solar's high efficiency modules and will generate over 216 GWh of electricity per year. As part of the RenovAR program launched by the Argentinian Government in 2016, the Cafayate project was awarded a 20-year U.S. dollar indexed power purchase agreement of US$56.28/MWh with CAMMESA (the national wholesale power market administrator and clearinghouse) during the second renewable public tender. This 20-year PPA is guaranteed by the World Bank.

"It is with great joy that we announce the commissioning of the 100.1 MWp Cafayate solar power plant in Argentina, our first and the country's largest solar power plant in operation. It once again underscores Canadian Solar's success and leading position in the Latin America region. In Latin America, we have been awarded over 1.6 GWp solar power projects across Argentina, Brazil, Mexico and Chile. We continue to foresee a high potential for photovoltaics in Argentina and the whole region and will deliver more solar projects to help the region diversify its energy matrix," said Dr. Shawn Qu, Chairman at Canadian Solar Inc.

In November 2018, Canadian Solar closed US$50 million of non-recourse financing for the Cafayate project. The financing package was provided by CAF-Banco de Desarrollo de America Latina, Banco Ciudad and BICE.

GUELPH, Ontario, July 25, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has signed an agreement for the purchase of electricity from its 32 MWp/23 MWac Suffield solar facility with Direct Energy, one of North America's largest energy and energy-related services providers, and a subsidiary of Centrica PLC. The Suffield project, located in Southeast Alberta, is anticipated to be the largest solar photovoltaic (PV) facility in the province of Alberta when it enters operation in 2020.

"We've enjoyed partnering with Direct Energy to develop creative solutions like the long-term electricity off-take agreement signed on the Suffield solar project," said Shawn Qu, chairman at Canadian Solar. "We're proud to bring some of the latest solar technology to Alberta, the Canadian province known for its energy leadership. The Suffield project will utilize bifacial solar modules, which are well-suited to operate not only in the heat of summer when air conditioning drives electricity demand, but also in cloudy or even snowy weather."

Bifacial modules, such as Canadian Solar's high efficiency BiKu modules that will be used on the project, offer many advantages when compared with traditional solar panels. Producing electricity from both sides of the solar panel allows for an increase in both total energy generation and in reliability during winter months. The Suffield project will also employ single-axis trackers, which allow the solar arrays to follow the sun's trajectory throughout the day, also maximizing electricity production.

"With increased customer demand in summer, the addition of 23 megawatts of solar output will help Direct Energy build renewable power supply options for our customers and provide an alternative to traditional market-based hedges," said David Brast, Senior Vice President, North America – Power & Gas, Direct Energy Business. "We are also proud that our long-term agreement with Canadian Solar on the Suffield project is the first major step in Alberta towards Centrica's global commitment to provide products and services that lead to a lower carbon future."

While the majority of funding for the facility has been provided through private market investment, it was announced in January that the Suffield project was awarded $15.3 million in funding through Natural Resources Canada's Emerging Renewable Power Program. Suffield was selected for this funding as the project will deploy within Canadasome of the latest advancements in renewable technology, while spurring further investment in the industry.

Suffield will employ approximately 250 people during construction and will power approximately 7,400 households annually once it enters operation in 2020.

Additionally, Canadian Solar announced in February that the Company won 94 MWp of electricity contracts to power 55 percent of Alberta provincial government's electricity needs. The projects under contract, also located in southeast Alberta, include Hays, Tilleyand Jenner, and all three are scheduled to enter operation in 2021.

GUELPH, Ontario, July 11, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it achieved commercial operation on its first third party Engineering, Procurement and Construction (EPC) project in Vietnam. Canadian Solar provided solar modules, inverter stations and EPC services in a joint venture with IPC Technique JSC and SD668 Vietnam JSC for the 15 MWp Chu Ngoc Solar Project owned by Licogi 16 JSC. 

Dr. Shawn Qu, Chairman of Canadian Solar, said, "We are pleased to have completed the project with joint efforts from IPC Technique JSC and SD668 Vietnam JSC. This partnership with Licogi 16 JSC further expands our presence in Vietnam.  We are committed to delivering more projects in Vietnam as we further expand our close to 1GWp global EPC project pipeline."

The solar plant covers an area of approximately 43 acres and is located near Phú Túc, Dong Nai Province, Vietnam. It reached commercial operation in June 2019 and over 45,500 of Canadian Solar's 1500V MaxPower modules (CS6U-P) were installed on fixed tilt racking systems.  The solar plant will produce enough electricity to meet the needs of more than 3,800 homes and displace nearly 8,000 tonnes of carbon dioxide emissions annually.

GUELPH, Ontario, June 4, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or "the Company") (CSIQ), one of the world's largest solar power companies, announced today that its wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has signed a 15-year power purchase agreement ("PPA") with Anheuser-Busch for 310 MWp/222 MWac of electricity from its Maplewood solar project. This landmark contract is the seventh largest commercial and industrial ("C&I") power purchase agreement for solar energy signed in the entire world to date, according to data supplied by Bloomberg New Energy Finance. The PPA, which marks the early achievement of Anheuser-Busch's 2025 Renewable Electricity goal in the United States, also represents the U.S. beverage industry's largest single purchase of solar energy.

"The signing of this power purchase agreement with Anheuser-Busch, the U.S. beer industry leader, demonstrates Canadian Solar's ability to meet the needs of a diverse array of corporate customers. We're honored to supply affordable clean energy to a C&I customer base spanning the sectors of academia, transportation, traditional energy, and now food and beverage," said Dr. Shawn Qu, chairman at Canadian Solar. "Looking at publicly announced deals, we are proud to be the leading solar developer in the Texasmarket, with over 1.3 gigawatts of signed electricity contracts for energy generated within ERCOT's service territory."

The Maplewood solar project, located in Pecos County in the Permian Basin of West Texas, will power the equivalent of 55,000 homes with clean electricity when it enters operation by 2021. Canadian Solar's high efficiency poly modules are likely to be used for the project.

"We take immense pride in being good stewards of the environment and are excited to announce that by 2021 our entire portfolio of beers will be brewed by using 100 percent renewable electricity from solar and wind power," said Ingrid De Ryck, Vice President, Procurement and Sustainability at Anheuser-Busch. "Through our new partnership with Recurrent Energy, we will be able to complete one of our 2025 U.S. sustainability goals four years ahead of schedule."

GUELPH, Ontario, June 4, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or "the Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced today that its wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has signed a power purchase agreement ("PPA") with Dallas-based Fortune 100 oil and gas pipeline company, Energy Transfer. This PPA represents Energy Transfer's first-ever dedicated solar contract.

"Corporations are increasingly purchasing solar energy for a variety of reasons—sometimes environmental—but cost is always a key consideration. Insiders of the renewable energy industry know well that solar PPAs often help corporations lock in low-cost electricity prices to power their operations. However, it is rewarding in 2019 to also see valued partners from the traditional energy sector like Energy Transfer view a purchase of electricity from high quality Canadian Solar assets like the Maplewood 2 project as a financially sensible decision," said Dr. Shawn Qu, chairman at Canadian Solar. "We are honored to partner with our respected colleagues at Energy Transfer on this marquee transaction."

"The PPA made economic sense for us," said David Coker, vice president of Power Optimization at Energy Transfer. "We are always focused on operating our facilities safely and efficiently, and while we mainly rely on electrical energy powered by natural gas, we do use a diversified mix of energy sources when it makes economic sense to do so. In fact, the percentage of electrical energy we purchase that originates from solar and wind sources is now more than 20 percent on any given day with the addition of this contract with Recurrent Energy."

GUELPH, Ontario, May 29, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that the Company has signed a multi-year module supply agreement with EDF Renewables North America to deliver 1,800 MW of high efficiency poly solar modules for projects in the US, Canada, and Mexico. Utilizing unique multi-year contractual terms, Canadian Solar will supply its bifacial enhanced wafer BiHiKu (CS3W-PB) and enhanced wafer HiKu (CS3W-P) modules to EDF Renewables' multiple solar projects.

This module supply agreement is the largest single module supply agreement signed in Canadian Solar's 18-year history, and is an anchor of the company's 3+ GW of forward-committed contracts in the North American market through 2023.

"EDF Renewables North America is pleased to announce this substantial module supply agreement with Canadian Solar Inc. The agreement demonstrates our confidence in the bifacial module technology to support our robust pipeline of contracted projects over the next 5 years," said Tristan Grimbert, President and CEO of EDF Renewables North America.

"We are excited to partner with EDF Renewables to help them bring a stable supply of clean, reliable solar energy to the North American market," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "As the US market recovers from the uncertainties brought by Section 201 tariffs and rushes to meet the step-down of the Investment Tax Credit deadline, we are seeing a significant rebound of demand in the US solar market which impacts module supply across the entire region. This contract continues to strengthen the global partnership between EDF Renewables and Canadian Solar."

GUELPH, Ontario, May 28, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that the Company has set a world record of 22.28% conversion efficiency for its p-type multi-crystalline P5 cell. The record high P5 cell efficiency was tested and certified by Fraunhofer ISE of Germany in April 2019.

Canadian Solar has been developing its P5 (casted mono) technology and products for the past few years. The 22.28% record cell was fabricated by utilizing 157mmx157mm P5 multi-crystalline wafers and other production-ready technologies such as selective emitter, silicon oxide passivation, multi-layer anti-reflection coating, aluminum oxide backside passivation, and advanced metallization. In addition, the MCCE (or Metal Catalyzed Chemical Etch) black silicon technology, originally developed by Canadian Solar, was also employed.

Dr. Shawn Qu, chairman and CEO of Canadian Solar Inc. said, "We are pleased to see Canadian Solar P5 technology set a new world record. This shows that our multi-crystalline technology can achieve higher efficiencies while still enjoy the cost advantage. We will continue to expand our technology pipeline and provide our customers with the most LCOE-competitive products."

GUELPH, Ontario, and MEXICO CITY, May 23, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it has completed the sale of its 68 MWp Aguascalientes solar project in Mexico to BlackRock Infrastructure Fund II.

Canadian Solar developed, arranged construction and long-term project financing, built and energized the project in January 2019. Powered by 200,000 Canadian Solar high-efficiency poly modules CS6U-P, the solar power plant is expected to generate 145 GWh of electricity annually, enough to power 20,690 households and offset 72,700 tons of carbon dioxide emission each year. The electricity generated will be sold under a 15-year power purchase agreement for energy and capacity, and 20-year for Clean Energy Certificates with Mexico's state-owned utility. Canadian Solar will provide operations and maintenance services to the plant, starting in the third year of operations. 

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "The Aguascalientes project demonstrated Canadian Solar's capabilities to take a utility-scale solar project through the full cycle of development, PPA award, financing, construction and sale, and it further strengthened our leading position in the solar energy market in Mexico. We have a remaining pipeline of more than 600 MWp of solar projects in the country at various stages of development, including 368 MWp with awarded power purchase agreements. We are very glad to have partnered again with a leading global investor such as BlackRock, following the sale of three Canadian Solar projects in Ontario to BlackRock in 2014." 

"This acquisition reflects BlackRock's commitment to investing in Mexican infrastructure, on behalf of our clients, as well as the firm's focus on renewable energy projects globally, having supported over 250 wind and solar projects," said Juan Alberto Leautaud, Head of BlackRock's Mexico Infrastructure Investment Group.

GUELPH, Ontario, May 16, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced its wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has sold its equity stake in the 134 MWp/100 MWac Mustang solar project to the Renewable Power Group of Goldman Sachs Asset Management, L.P. ("Goldman Sachs"). This transaction completes Recurrent Energy's sale of equity stakes in the 973 MWp portfolio of California solar projects that came online in 2016. The Company expects to recognize the sales revenue from Mustang in the second quarter of 2019.

Community choice aggregators (CCAs) Sonoma Clean Power and MCE (formerly Marin Clean Energy) are the purchasers of the electricity from the Mustang project under long-term power purchase agreements. Mustang became the first utility-scale solar project fully contracted with CCAs to obtain non-recourse financing in October 2015. Today, Recurrent Energy continues to lead the renewable energy industry in power contracts signed with CCAs. Wood Mackenzie reported in its U.S. Utility PV Market: Quarterly Update – Q1 2019 that Recurrent Energy holds 42 percent of all signed electricity contracts with CCAs.

"We are thrilled to partner with Goldman Sachs on the sale of the Mustang solar project, and this transaction again demonstrates Canadian Solar's ability to attract top tier investors," said Dr. Shawn Qu, chairman and chief executive of Canadian Solar. "Constructed with a primarily local workforce, the Mustang project was a prime example of how solar project development benefits the surrounding communities."

Located in California's Central Valley, Mustang produces enough clean electricity to power approximately 45,000 homes. Canadian Solar will continue to provide asset management services to the project. More information on the project can be found in this quick video overview: vimeo.com/recurrentenergy/remustang.

GUELPH, Ontario, May 16, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced its wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has sold its equity stake in the 134 MWp/100 MWac Mustang solar project to the Renewable Power Group of Goldman Sachs Asset Management, L.P. ("Goldman Sachs"). This transaction completes Recurrent Energy's sale of equity stakes in the 973 MWp portfolio of California solar projects that came online in 2016. The Company expects to recognize the sales revenue from Mustang in the second quarter of 2019.

Community choice aggregators (CCAs) Sonoma Clean Power and MCE (formerly Marin Clean Energy) are the purchasers of the electricity from the Mustang project under long-term power purchase agreements. Mustang became the first utility-scale solar project fully contracted with CCAs to obtain non-recourse financing in October 2015. Today, Recurrent Energy continues to lead the renewable energy industry in power contracts signed with CCAs. Wood Mackenzie reported in its U.S. Utility PV Market: Quarterly Update – Q1 2019 that Recurrent Energy holds 42 percent of all signed electricity contracts with CCAs.

"We are thrilled to partner with Goldman Sachs on the sale of the Mustang solar project, and this transaction again demonstrates Canadian Solar's ability to attract top tier investors," said Dr. Shawn Qu, chairman and chief executive of Canadian Solar. "Constructed with a primarily local workforce, the Mustang project was a prime example of how solar project development benefits the surrounding communities."

Located in California's Central Valley, Mustang produces enough clean electricity to power approximately 45,000 homes. Canadian Solar will continue to provide asset management services to the project. More information on the project can be found in this quick video overview: 

GUELPH, Ontario, May 15, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced the closing of a US$50 million term loan from Credit Suisse AG, SingaporeBranch ("Credit Suisse"), one of the world's leading financial services providers.

Canadian Solar intends to deploy the term loan to support the development of international solar project pipeline and for general corporate purposes. The U.S. dollar denominated term loan is expected to mature in April 2021. Credit Suisse further provided Canadian Solar with a cross-currency interest rate swap to hedge its cross-currency interest rate liabilities relating to the term loan.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are pleased with this strong demonstration of capital support from Credit Suisse. This term loan provides us with the financial flexibility to invest in growth and further improve our cost of capital."

GUELPH, Ontario, May 14, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar"), (CSIQ), one of the world's largest solar power companies, today announced it will showcase its next generation solar modules - BiHiKu (polycrystalline bifacial), HiKu (polycrystalline exceeding 400 Watts), and HiDM All-Black (monocrystalline PERC) - at Intersolar Europe from May 15 - 17, 2019 in Munich, Germany.

BiHiKu bifacial polycrystalline dual-cell is a module based on Canadian Solar's industry-leading bifacial cell technology and extensive double glass module manufacturing know-how. The achievement is a new generation of high efficiency bifacial modules with both sides producing power at the same time. BiHiKu's front side output can reach up to 410W, while its bifaciality (percentage of rear side to front side power) is as high as 70%. BiHiKu modules generate up to 30% more power than conventional modules under certain installation conditions, dramatically lowering Levelized Cost of Electricity (LCOE).

HiKu is the first polycrystalline module exceeding 400W, thus reaching one of the highest module power outputs in the solar industry. HiKu modules can also reduce the LCOE of solar power projects.

HiDM All Black is a high-density module of up to 420W with a very appealing homogeneous black surface. It is an ideal solution for residential rooftop installations. By maximizing the light absorption area, the module efficiency can reach up to 20.37%.

Both Canadian Solar's poly and mono modules have very low LeTID (light and elevated temperature-induced degradation) based on the third party testing. LeTID is a new degradation mode found in most of the high efficiency modules in high working temperature. Canadian Solar is one of the world's leading companies in LeTID research and has successfully developed its unique anti-LeTID technology to guarantee its advanced modules' superb performance in the field.

GUELPH, Ontario, April 29, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary Canadian Solar Projects K.K. has expanded and renewed its credit facility with a syndicate of four finance leasing institutions led by Sumitomo Mitsui Finance and Leasing Company, Limited ("SMFL"), a member of Sumitomo Mitsui Financial Group. SMFL is one of Japan's largest leasing institutions with global presence.

The facility has been increased from JPY 4.0 billion (US$36 million) to JPY 5.35 billion (US$48 million) and will mature in March 2022. The Company intends to utilize the facility to develop more high quality solar power projects in Japan.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "Since 2018, as a testament to Canadian Solar's deep operating experience and credit strength, we have successfully raised JPY 16 billion (US$ 145 million) of flexible capital sources at favorable rates from our relationship Japanese lenders. We value the ongoing support of SMFL and our syndicate group of finance leasing institutions."

GUELPH, Ontario and MADRID, April 24, 2019 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (CSIQ), one of the world's largest solar power companies, announced today the signing of an agreement for the sale of its 80% interest in a 482.6 MWp portfolio of contracted solar projects in Brazil to Nebras Power Investment Management B.V., a Dutch affiliate of Nebras Q.P.S.C. ("Nebras").

These projects are in advanced stages of development with construction expected to begin in 2019. Canadian Solar will supply to the projects the high efficiency bi-facial modules, including from its manufacturing facility in Brazil, which is the leading supplier of high quality modules for the growing solar market in the country.

The solar portfolio includes the following projects:

Salgueiro Solar Holding SA: 114.3 MW peak
Francisco Sa Solar Holding SA: 114.3 MW peak
Jaiba Solar Holding SA: 101.6 MW peak
Lavras Solar Holding SA: 152.4 MW peak
With the completion of 80% interest sale of the 482.6 MWp Brazilian portfolio to Nebras Power, Canadian Solar will have successfully sold close to 1GWp of high quality solar projects in Brazil. The agreement with Nebras provides Canadian Solar with the retention of the remaining 20% interest in the portfolio.

"Canadian Solar and Nebras will jointly manage the execution of the EPC and will bring the projects to completion. Once operational, these solar energy systems will be one of the largest bi-facial solar portfolios in Latin America, highlighting Canadian Solar's technology leadership. We are very pleased to be partnering with Nebras Power and supporting the growth of the solar energy market in Brazil." said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

GUELPH, Ontario, Canada, April 2, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or "the Company") (CSIQ) today announced that its wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has secured a $50 million letter of credit ("LC") facility from multinational financial services firm, Natixis.

The $50 million LC facility is to support the development of the Company's utility-scale solar projects across the U.S. and Canada. Recurrent Energy will use this LC facility primarily to support security obligations under power purchase agreements and interconnection agreements for development-stage projects. The facility size may be increased with participation from other banking partners that are committed to the North American renewable energy market.

"The closing of this innovative LC facility with long-time partner Natixis reflects strong market confidence in Canadian Solar's high quality solar assets in the U.S. and Canada," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are very happy to again join forces with Natixis, a global leader in renewable energy financing, as we continue to expand our North American solar portfolio."

Fourth Quarter 2018 Financial Results

• Net revenue was $901.0 million, compared to $768.0 million in the third quarter of 2018 and the revised fourth quarter 2018 guidance of $850 million to $900 million.
• Non-GAAP adjusted net income attributable to Canadian Solar in the fourth quarter of 2018 was $99.5 million, or $1.61 per diluted share.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented: "2018 was a record year for us as our revenue, total module shipments and gross margin all exceeded our expectations for both the fourth quarter and full year 2018. Our integrated business strategy and commitment to profitability helped us achieve a new high for Canadian Solar, as we delivered net income of $3.88 per diluted share. The acceleration on the sale of certain solar power projects also positively contributed to the revenue and profit in 2018. However, this will reduce our project sales revenue and profit in 2019, as noted in our outlook. Our portfolio of solar power plants in operation as of February 28, 2019 was approximately 986 MWp, with an estimated total resale value of approximately $1.2 billion. Our portfolio of late-stage, utility-scale solar power projects as of February 28, 2019, including those under construction, was approximately 2.9 GWp. Our focus remains on downstream Energy Business where we can leverage our expertise and competitive advantage to deliver a higher return on investment. This includes consistently winning new projects in sought-after markets, reliably developing projects on time and on budget and leveraging our powerful global network of banking and investor partners. We are also pleased with our continued success in introducing innovative solar module products and expanding our services to engineering, procurement and construction ("EPC"), solar component sales and operation and maintenance ("O&M")."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "In addition to the quarterly and yearly record net income, we achieved a record quarterly gross margin of 30.1% or 28.3% excluding the benefit of the US CVD reversal, as we continued to capture the benefits of our operational cost and inventory controls, and capitalize on declining raw material prices. We continue to successfully execute on our project monetization efforts, with the completion of the fourth quarter 2018 sales of 470 MWp solar projects in the U.S., 247 MWp of solar power plants in China and our 20% interests in the 399 MWp Pirapora portfolio in Brazil. Our ability to successfully monetize our solar project assets, while profitably running our module business, has allowed us to strengthen our balance sheet, including an approximately 14% reduction in debt in the fourth quarter of 2018 compared to the third quarter and our repayment in February 2019 of the full $127.5 million outstanding balance of senior convertible notes. We are also actively redeploying capital into attractive project opportunities as we lay the groundwork for the Company's future success."

GUELPH, Ontario, Feb. 15, 2019 /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 won three solar power contracts with Alberta's Ministry of Infrastructure, for a total of 94 megawatts (MWp) of solar power system in southeast Alberta, with an average contracted PPA price of 48.05 Canadian dollars per megawatt-hour (MWh). When in operation, these solar plants will provide 55 percent of the electricity needs for Alberta provincial government. This is likely the largest public sector solar energy procurement contract in Canada in 2019.

"We see great potential in the Alberta solar market, and we're pleased to supply subsidy-free solar power to meet Alberta's clean energy needs. We hope these 94 MWp solar project contracts serve as a catalyst for solar industry growth in Canada, specifically in Alberta," said Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are delighted to partner with Conklin Métis Local 193, the indigenous community, who owns a 50-percent equity stake in the Hays, Jenner and Tilley solar projects."

In the fall of 2018, Canadian Solar entered into a 50-percent equity partnership with Conklin Métis Local 193 on the three projects. The Conklin Métis are an indigenous community based in the rural hamlet of Conklin, part of the Athabasca Oil Sands region in eastern Alberta.

"We are extremely excited about our partnership with Canadian Solar, a global leader in solar energy. As a Métis community, we highly value the opportunity to invest in renewable energy projects within Canada," said Shirley Tremblay, president of the Conklin Métis Local 193. "This partnership will help us diversify our investment portfolio, and its financial benefits will support key social and economic initiatives within our community. We applaud the Government of Alberta and Canadian Solar for their progressive mentality and look forward to a long-lasting, prosperous relationship."

The three projects in the contracts are the Jenner, Tilley, and Hays solar projects. Once completed in early 2021, these solar plants are expected to generate enough power for more than 20,000 homes. During the construction of the three solar projects, an estimated 270 jobs will be created in Alberta.

All three projects are expected to use bifacial solar panels, which generate up to 20 percent more energy than standard solar modules due to their ability to produce electricity from both their front and back sides. These modules are particularly well-suited to snowy climates like Alberta in the winter, as snow will increase reflection of sunlight.

GUELPH, Ontario, Jan. 17, 2019 /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 been selected by Edify Energy and Octopus Investments to be partnering with Signal Energy to provide Engineering, Procurement and Constructions (EPC) services and supply solar modules for the 333 MWp/275 MWac Darlington Point Solar Farm in New South Wales, Australia.

Construction of the Darlington Point Solar Farm will begin in March 2019 with over 820,000 Canadian Solar HiKu modules (CS3W-P), averaged over 400W per module. These high efficiency PV modules will be installed on single-axis solar tracking systems in an area of approximately 2,000 acres. The project is expected to reach completion in early 2020, and the solar system is expected to produce enough electricity to meet the needs of more than 115,000 NSW homes and displace nearly 600,000 tonnes of carbon dioxide emissions annually.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "We are delighted to be selected by Edify Energy and Octopus Investments to provide EPC services together with Signal Energy and to supply our high efficiency and industry-leading 1500V  and 400W multi-crystalline solar modules to this large-scale solar power plant. Our work with Darlington Point Solar Farm further demonstrates our strengths as a system solution provider with global experience. We are committed to working closely with local Australian communities in creating new jobs and to provide customers in Australia with affordable and reliable solar energy."

"We are extremely pleased that Edify Energy and Octopus Investments selected us to construct the Darlington Point project," said Greg Pawson, President of Signal Energy, "Edify's track record of success in Australia, collaboration, and focus on quality makes them an ideal customer to work with. Octopus brings a wealth of solar investment experience from Europe and we look forward to building our relationship with them."

GUELPH, Ontario, Jan. 10, 2019 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the company has shipped accumulatively 2.6 GW of high efficiency anti-LeTID PERC solar modules worldwide as of December 31st, 2018. This represents a significant milestone in Canadian Solar's continuous efforts in developing and delivering high efficiency and high quality solar modules.

Solar modules with Passivated Emitter and Rear Cell (PERC) technology can significantly improve the module efficiency compared to standard modules with aluminum back surface field (Al BSF) cells, which significantly reduces solar system's Balance of System (BOS) costs. In addition, PERC modules exhibit lower temperature coefficient and lower operation temperature over Al BSF modules, therefore further improving energy yield of solar systems. As a result, end users can enjoy lower levelized cost of electricity (LCOE) and higher return on investment (ROI).

LeTID, or Light and elevated Temperature Induced Degradation, in PERC modules is a phenomenon exhibited in both lab tests and field operations. This degradation effect usually happens when module temperature is higher than 50°C and the magnitude of such degradation can reach up to 10% for both multicrystalline and monocrystalline PERC modules. R&D engineers at Canadian Solar developed proprietary LeTID mitigation technologies through many years of intensive research in materials, processes and production equipment. Canadian Solar's PERC modules exhibit excellent LeTID performance as demonstrated in internal lab and third party tests. This made Canadian Solar one of a few solar cell and module manufacturers who have mastered the technology to mitigate and control the LeTID in large scale production process. According to a research report published by University of New South Wales (UNSW) in November 2018, Canadian Solar's P4 module that is based on black silicon and multi-PERC technology showed less than 0.3% degradation in open-circuit voltage (Voc) after 166 hours of light irradiation at 1 Sun and of 75°C testing conditions, the lowest degradation among all multi-PERC modules in the industry tested under the same conditions.  The percentage of Voc degradation reflects the effectiveness of LeTID mitigation.

"Going into 2019, we will soon convert all of our cell capacities into PERC technology. The successful mitigation of LeTID, combined with our gigawatt-scale high efficiency module technologies such as Ku, BiKu, HiKu, HiDM and BiHiKu, further solidifies Canadian Solar's leadership in solar technology and products", commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar.

GUELPH, Ontario, Jan. 7, 2019 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it has completed the sale of its 18 MWp portfolio of PMGD solar power projects in Chile to Sonnedix. The transaction was closed in December 2018 and the Company expects to recognize the majority of the revenue from the sale of the projects for the fourth quarter of 2018.

The projects, located in Maule and O'Higgins Regions, and developed under the country's Small Distributed Generation Means scheme "PMGD", are expected to commence construction imminently in January and reach commercial operation in the second quarter of 2019. Canadian Solar will supply 48,600 CS3U-MS KuMax Mono PERC 375W modules to the projects, and once completed, the plants will generate approximately 35,520 MWh of electricity per year.

"The sale of our PMGD portfolio in Chile is another demonstration of the continuing success of Canadian Solar's project development business in Latin America. These are our first solar projects in Chile and their successful development and sale underscore our ability and commitment to expanding our presence in the major solar markets in the region," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

GUELPH, Ontario, Dec. 21, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (CSIQ),  one of the world's largest solar power companies, today announced it has completed the sale of its 20% interest in the 399 MWp Pirapora solar complex in Brazil to Omega Geracao S.A.(Omega), a leading Brazilian renewable energy company dedicated exclusively to operational assets.

Canadian Solar had previously sold 80% interest in the portfolio to EDF Renewables at construction-ready stage.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "This transaction demonstrates the success of our profitable project development strategy in Brazil.  Including the sale of our 81 MWp Guimarania projects in April of this year, we have now developed and sold 480 MWp of solar projects in the country and have a remaining pipeline of 476 MWp of projects with PPAs awarded from the government auctions. We are very pleased to have partnered with such leading renewable energy companies as EDF Renewables and Omega and look forward to future opportunities to work with them as we continue to grow and execute on our project pipeline in Brazil."

The Pirapora solar complex, located in the state of Minas Gerais, consists of three solar power plants. The 191.5 MWp Pirapora I, 115 MWp Pirapora II and 92.5 MWp Pirapora III reached commercial operation in November 2017, June 2018 and December 2017, respectively. The solar complex is powered by approximately 1,235,000 high efficiency MaxPower CS6U-P modules manufactured in Sao Paulo, Brazil.

GUELPH, Ontario, and SAN FRANCISCO, Dec. 18, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (CSIQ), today announced its wholly owned subsidiary Recurrent Energy LLC ("Recurrent Energy") has completed the sale of its 150 MWac/210 MWp Mustang Two solar project to Solar Frontier Americas ("SFA").

"The Mustang Two transaction is the latest example of the strong demand we see globally for Canadian Solar's high quality solar assets, given our ability to partner at various points in a project's development," said Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are pleased to partner in this transaction with Solar Frontier Americas, given its extensive solar project development and construction experience."

Located on 1,400 acres in Kings County, California, the Mustang Two project is expected to create approximately 400 jobs during peak construction. In this partnership, Recurrent Energy will continue to manage the development of the project, readying it for construction; Solar Frontier Americas will finance and manage the construction of the project, which is slated to achieve commercial operation in 2020. The project will then be operated by Solar Frontier Americas' growing independent power producer ("IPP") business.

"With this important acquisition, SFA further expands its U.S. business to become an independent power producer, an owner of operating electric power facilities," said Charles Pimentel, CEO of Solar Frontier Americas' IPP business unit. "We already have a substantial greenfield pipeline and are actively acquiring utility-scale projects and development assets to further scale our business."

Once the project is operational, the energy generated by the solar power facility will be split between two long-term power purchase agreements: Peninsula Clean Energy (the community choice energy agency which serves San Mateo County) is contracted to receive 100 MWac, and the Modesto Irrigation District will acquire 50 MWac. The combined energy generation from the two PPAs will power 37,500 homes with clean electricity.

GUELPH, Ontario, Dec. 17, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies and TrailStone GmbH ("TrailStone"), a global commodities trader and an investor in strategic commodity assets, today announced they entered into a 10-year power purchase agreement ("PPA") for the electricity produced by a 17.6 MWp solar PV plant portfolio in Sicily, Italy. The portfolio is jointly owned by Canadian Solar (51% stake) and Manni Energy (49% stake), a renewable energy company devoted to engineering, O&M services, and energy efficiency and part of Manni Group, which will also provide turnkey EPC services for the project.

This landmark PPA will cover 100% of the electricity generated and is believed to be the longest-term PPA for a fully unsubsidized solar PV portfolio signed to date in Italy. The PPA provides stable and predictable power sales revenues via a fixed price floor but also higher generation-weighted power prices due to an upside-sharing mechanism. As part of the agreement, TrailStone will also act as market representative for the portfolio on the Italian wholesale market.

The solar PV portfolio is expected to start producing electricity in the second quarter of 2019. The expected production is approximately 34 GWh per annum, equivalent to the annual consumption of 12,000 households in Italy.

TrailStone was advised for the transaction by legal firm Paul Hastings while Canadian Solar was advised by Orrick, Herrington & Sutcliffe.

Mr. Franco Citron, Manni Energy, commented: "It is an honor for us to have contributed in a project which will allow the Italian market to foster the deployment of this renewable energy source, with a benefit for the entire community. The agreement signed by Manni Energy and its valuable partners represents one of the first of this kind in Italy; opening the opportunity to private actors to invest in solar energy with a predictable ROI and at a competitive level of earnings, also in comparison to traditional energy sources. This scheme perfectly matches Manni Group's sustainability goals."

Mr. John Redpath, CEO of TrailStone, commented: "TrailStone's strategy is to manage wind and solar portfolios while offering value added digitalized services such as virtual power plants to small decentralized production units. Providing long term solutions for new renewable developments puts TrailStone at the forefront of the energy transition".

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented: "This remarkable milestone marks the start of a new era of subsidy-free solar PV in Italy. Nowadays, solar PV plants can sell electricity at lower prices than conventional power plants. This opens up an unprecedented market independent of government support programs."

GUELPH, Ontario, Dec. 14, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it has achieved financial close on a US$69.0 million non-recourse project financing for the 67.8 MWp Aguascalientes solar power project in Mexico. 

Arranged by Canadian Solar, the $69.0 million non-recourse financing package was provided by Banco Nacional de Comercio Exterior, S.N.C. ("Bancomext") and Banco Sabadell. Bancomext is a Mexican Development Bank and Export Credit Agency, whereas Banco Sabadell is a commercial banking group headquartered in Spain.

The financing package consists of a US$53.2 million long-term loan, a US$5.6 million letter of credit facility, and a US$10.2 million Value Added Tax (VAT) short-term loan. Proceeds from the long-term loan will be used to repay a US$45 million construction loan that was previously provided by Natixis.

The Aguascalientes project was awarded a Power Purchase Agreement (PPA) during the 2016 inaugural Mexico energy auction. Electricity generated by the plant will be sold to Comisión Federal de Electricidad, under a 15-year PPA for energy and capacity, and 20-year for Clean Energy Certificates. The solar power plant utilizes over 200,000 high-efficiency CS6U-P Max Power modules supplied by Canadian Solar and is expected to begin its commercial operations before the end of December 2018.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to partner with Bancomext and Banco Sabadell to support Mexico's goal of reaching 35% renewable energy by 2024. We already have a 436 MWp late-stage pipeline with contracted PPAs in Mexico. These solar projects will enable Canadian Solar to create many local jobs across the Aguascalientes, Hermosillo, and Obregón regions."

Third Quarter 2018 Financial Results

• Net revenue was $768.0 million, compared to $650.6 million in the second quarter of 2018, and third quarter 2018 guidance in the range of $790 million to $840 million.
• Net income attributable to Canadian Solar was $66.5 million, or $1.09 per diluted share, compared to $15.6 million, or $0.26 per diluted share, in the second quarter of 2018.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "The third quarter was one of our most profitable quarters with net income of $1.09 per diluted share and a 26.1% gross margin. Our results underscore the strength of Canadian Solar's module and system solutions business and global energy business, and our team's continued execution. Revenue was slightly lower than expected in the third quarter, while gross margin was higher than expected, as certain project sales with lower gross margins were deferred to later quarters. As of October 31, 2018, our late-stage, utility-scale solar project pipeline reached approximately 2.9 GWp, and our portfolio of solar power projects in operation was about 1.1 GWp, with a resale value of $1.23 billion. For our module and system solutions business, the average selling price of solar modules declined in Q3, compared with Q2, primarily due to China's May 31st solar incentive policy change. We have successfully maintained a healthy gross margin level, despite the headwinds, through product differentiation, operating efficiencies and raw materials cost reductions."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, commented, "Our gross margin, excluding the CVD reversal benefit, was above our third quarter guidance, as we benefited from a slightly higher than expected module ASP, a higher margin project sale mix and ongoing cost controls across our operations. We made further progress in monetizing our solar power project portfolio by completing sales totaling 103 MWp in Q3 and we expanded our late-stage, utility-scale project pipeline in key markets, including the U.S., China and Australia. The monetization process continues with the October sale of two solar power plants totaling 260 MWp in the U.S., and the expectation of further sales in China, India, the U.K. and Africa in the coming quarters. While it is likely our gross margin will continue to fluctuate in future quarters, our solid execution in both our module and system solutions business and our energy business reinforces our competitiveness and positions Canadian Solar for continued business success."

GUELPH, Ontario, Nov. 14, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that the company has delivered 10 MW of Canadian Solar bifacial PV modules – BiKu CS3U-PB-AG – to Neighborhood Power for four solar power projects near Portland, Oregon. This represents the first significant delivery of bifacial solar PV modules into the United States.

Bifacial (literally:two faces) solar modules can generate energy not only from the front side, but from the back side as well. With Canadian Solar's Biku bifacial modules, the sunlight on the ground is reflected to the glass-covered back side of the module, producing extra solar energy in a solar system, significantly reducing the solar system's levelized cost of electricity (LCOE), hence higher return on investment (ROI). Depending on the albedo (reflectivity) of the ground and other site conditions, daily energy yield for projects with bifacial modules can be 5-20% higher than with conventional polymer backsheet modules. This improved yield can dramatically enhance the economics of solar system deployments.

Canadian Solar is a leader in bifacial polycrystalline PERC (passivated emitter and rear contact) solar technology. By innovatively integrating bifacial and Ku (dual cell) technologies, the BiKu module can reach up to 370W on the front side, using poly PERC in a 144 cell format. Canadian Solar's bifacial module comes with a 30mm frame for easy handling, saving significant installation costs.

Neighborhood Power chose Canadian Solar bifacial modules because the additional energy gain is significant enough to compensate for the new tariffs on solar modules and steel mounting equipment, and the extra power gain made their solar projects economical again.

"When the solar industry was hit with tariffs on solar modules and steel, it seemed that rising landed costs had priced these projects out of the market," said Stephen Gates, President, Neighborhood Power Corporation. "But with the additional power generated by Canadian Solar's bifacial modules, delivered in the quantities and in the timeframe we needed, we were able to make the project economics work and bring these projects online by the end of 2018 as planned."

Canadian Solar BiKu bifacial modules are warranted for 30 years, 5 years longer than the industry standard, and have a lower degradation rate, which results in 20% additional yield over the lifetime of the solar module. When added to the additional daily bifacial yield of 5-20%, Canadian Solar BiKu bifacial modules deliver up to 44% additional lifetime value compared to conventional modules.

"Canadian Solar foresaw early on that bifacial technology had the potential to be a game changer in the economics of large-scale solar and set out to be a leader in the development and deployment of bifacial solar modules. Our early deployment with Neighborhood Power in the U.S. is one proof point of our successful execution on that strategy," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "All together, Canadian Solar has delivered and deployed over 200 MW of bifacial solar modules for customers and our own solar projects around the world. We pledge to continue innovating and delivering on the breakthrough products and services that will soon make solar PV the most cost-effective source of power generation everywhere."

GUELPH, Ontario, Nov. 8, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (NASDAQ: CSIQ), today announced its wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has signed a build-transfer agreement ("BTA") for a base purchase price of approximately $138.4 million with Entergy Mississippi on a 100 megawatt ("MWac") solar photovoltaic project. One of the first solar BTAs to be signed in the U.S., this agreement is expected to provide Entergy with the largest utility-owned solar facility in the state of Mississippi, pending approval by the Mississippi Public Service Commission.

The 100 MWac Sunflower solar project, located on approximately 1,000 acres in Sunflower County, Mississippi, is being developed by Recurrent Energy. Once the facility is operational, which is expected by mid-2022, Entergy Mississippi will own the Sunflower project, allowing the regulated utility to power more than 16,000 homes with clean electricity.

"Across the globe, we continue to witness an evolution in the relationship that utilities have with solar energy," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "This agreement marks one of the first build-transfer agreements for solar to be executed in the U.S., and we are very proud to have partnered with Entergy on this landmark deal. We look forward to a continued partnership on this and future projects."

The Sunflower project will use single-axis trackers and is expected to create approximately 360 jobs during construction.

GUELPH, Ontario, Nov. 5, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the special committee of independent and disinterested directors (the "Special Committee") formed by the board of directors of the Company (the "Board") to review and assess the $18.47 "going-private" transaction proposed by its Chairman, President and Chief Executive Officer, Dr. Shawn Qu, (the "Proposed Transaction") in his December 9, 2017 letter to the Board (the "Proposal Letter") has decided to recommend to the Board that the Special Committee be dissolved and that the Board cease its review of the Proposed Transaction and not undertake a review of any future "going private" transaction proposed by Dr. Qu unless the Board receives reasonable evidence that the proposed transaction is fully financed.

The Special Committee made its recommendation in light of the length of time that has passed since Dr. Qu submitted the Proposal Letter, the significant changes that have taken place in the solar industry during that time and the uncertainty surrounding Dr. Qu's ability to secure the financing required to enable him to make a fully-financed offer. The Special Committee has informed Dr. Qu of its recommendation and Dr. Qu has agreed to withdraw the Proposal Letter and the Proposed Transaction with immediate effect.  Notwithstanding his withdrawal of the Proposal Letter and the Proposed Transaction, Dr. Qu has advised the Board that he remains interested in acquiring the Company in a "going private" transaction and, subject to any restrictions or limitations under applicable law, he may continue to explore ways to secure adequate financing and propose another acquisition transaction to the Board. The Board cautions that there can be no assurance that any definitive offer relating to any acquisition transaction will be made by Dr. Qu or any other person and, even if one is made, that any definitive agreement with respect to such transaction or any other transaction will be executed, or that such transaction or any other transaction will be approved or completed.

The Special Committee has also decided to recommend to the Board that a review be carried out of other strategic alternatives available to the Company independent of the Proposed Transaction or any future "going private" transaction.

SUNNYVALE, Calif., MONTEREY BAY, Calif. and GUELPH, Ontario, Oct. 30, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar") (CSIQ), today announced its wholly owned subsidiary Recurrent Energy LLC ("Recurrent Energy") has signed two 15-year power purchase agreements ("PPA") with Silicon Valley Clean Energy and Monterey Bay Community Power for a 150 megawatt ("MWac") solar power system with 180 megawatt-hours ("MWh") of battery storage. This joint procurement effort represents the largest contracted solar-plus-storage project in California to date.

This first-of-its-kind partnership resulted from a joint procurement process that Silicon Valley Clean Energy and Monterey Bay Community Power launched in September 2017 to source cost-effective, renewable power for their respective communities.

"As a community choice aggregator, we are proud to help California lead the transition to clean, reliable and flexible energy," said Girish Balachandran, CEO of Silicon Valley Clean Energy. "We are proud to partner on a new renewable energy project that makes a significant investment to reach our state's carbon-free energy goals and contribute to solving the state's grid integration problem by investing in large grid-scale energy storage."

"We are excited to bring online the largest solar-plus-storage project by CCAs to date," said Tom Habashi, CEO of Monterey Bay Community Power. "Joining forces in this process with Silicon Valley Clean Energy and Recurrent Energy has been invaluable, as we bring onto the grid the clean electricity that we know our customers desire."

Power will be supplied from Recurrent Energy's Slate photovoltaic-plus-storage project to be built in Kings County, California. The project is scheduled to reach commercial operation in 2021, and the energy represented by the contracts is enough to power 37,500 homes, providing Silicon Valley Clean Energy with 55 percent of the energy, and Monterey Bay with the other 45 percent of the combined output.

"We're excited to have participated in this joint procurement effort that will not only include solar, but a landmark amount of energy storage for the state of California as well," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "With the integrated storage component, both CCAs will have the flexibility to fill the battery when wholesale energy prices are low and then discharge the energy when prices are higher to meet their unique load requirements in a cost-competitive manner. Recurrent Energy was the first developer to close financing for a utility-scale solar project with CCA off-takers and we will leverage this expertise to ensure the project is successful."

The project's lithium-ion battery component is 45 MW nameplate with 180 MWh of energy capacity, allowing for four hours of flexible energy delivery.

GUELPH, Ontario, Sept. 27, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary Canadian Solar Projects K.K. has renewed and extended its credit facility to JPY 10.7 billion (US$ 96 million), with a syndicate of 10 lenders led by Sumitomo Mitsui Banking Corporation ("SMBC").

The new SMBC credit facility extends the 2019 debt maturity to 2022 and increases the capacity of that facility from JPY 9.6 billion to JPY 10.7 billion. This facility is unsecured and proceeds from the long-term debt will further enhance Canadian Solar's flexibility to develop its solar pipeline in Japan and fund general corporate working capital requirements.

"We value our long-term partnership with SMBC and our syndicate lenders. We have successfully raised in excess of JPY 25 billion of credit lines with the broader Sumitomo Mitsui Financial Group over the last two years," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "The new facility reflects the strength of our business and provides us with enhanced liquidity and flexible funds to grow the Japan business through our well-established solar development track record and financing capability."

GUELPH, Ontario, Sept. 24, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today unveiled our proprietary P4-based BiHiKu module, combining three industry leading solar PV technologies in one new 400+ Watt module: the latest black silicon, poly PERC, and bifacial cell technologies. Merging these technologies enables Canadian Solar to produce the BiHiKu module, a HiKu module with bifaciality up to 75 percent.

This new poly solar module generates 400 Watts or more on the front, plus up to 30 percent additional power generation from the back side, dramatically increasing system yield and reducing the Levelized Cost of Electricity (LCOE). The Company believes that BiHiKu is the first poly bifacial module exceeding 400+ Watt nominal front side power.

BiHiKu is perfect for large commercial or utility-scale solar installations, particularly where a high reflection ground or surface under the module creates high albedo, contributing to high back side yield. The product will be available in 2019 and pre-production orders are being accepted now.

In addition, Canadian Solar is introducing to the North America market the HiDM high density module, a shingled solar module with unique IP-granted design features and up to 19.9% module efficiency. The 60-cell sized mono PERC HiDM, up to 330 Watt, is an aesthetically pleasing all-black module perfect for residential rooftops. The 72-cell sized mono PERC HiDM, up to 410 Watt, is a highly efficient black module for commercial applications.

"As Canadian Solar continues on the forefront of solar module innovation, we are proud to introduce BiHiKu and HiDM as the next steps in maximizing the lifetime value of your solar assets," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "Solar systems using BiHiKu will be able to break away from the pack and score high on low LCOE, making many seemingly impossible low PPA solar projects possible."

GUELPH, Ontario, Sept. 13, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it has closed a $125 million global guarantee facility with Export Development Canada ("EDC"), Canada's export credit agency. The facility was increased to US$125 million from US$100 million, and will support existing and future project development activities undertaken by Canadian Solar across North America, Latin America, Europe, Asia and Australia.

Under the global facility, EDC will provide Performance Security Guarantees for up to US$125 million to cover credit exposure of Royal Bank of Canada and China Construction Bank Corporation on letters of credit and letters of guarantee issued on behalf of Canadian Solar.

"We highly value our relationship with EDC as we continue to promote clean, reliable and emission-free solar energy worldwide. This represents the fourth consecutive year of financial support from EDC, testament to our leading position in the global solar industry," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "This expanded global facility provides us with a flexible capital source and enhances our capacity and competitiveness across multiple solar development opportunities."

GUELPH, Ontario, Sept. 6, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ : CSIQ ), one of the world's largest solar power companies, today announced that the Special Committee formed by the board of directors of the Company (the "Board") and its financial and legal advisors continue to assess the "going-private" transaction proposed by Dr. Qu in his December 9, 2017 letter to the Board (the "Proposed Transaction").

Dr. Qu has engaged financial advisors and is in discussions with potential equity partners and debt financing sources. The Company has entered into confidentiality and standstill agreements with Dr. Qu and several potential equity partners and provided them with access to information about the Company. The Special Committee has given Dr. Qu and the potential equity partners until the end of September to complete their due diligence on the Company.

The Board cautions shareholders and others considering trading in the Company's securities that the Special Committee and the Board have not made any decision with respect to the Company's response to the Proposed Transaction. The Board also cautions that there can be no assurance that any definitive offer relating to the Proposed Transaction or any other transaction will be made by Dr. Qu or any other person, that any definitive agreement with respect to the Proposed Transaction or any other transaction will be entered into or that the Proposed Transaction or any other transaction will be approved or completed.

The Company does not undertake any obligation to provide any further updates with respect to the Proposed Transaction or any other transaction except as required by applicable law.

GUELPH, Ontario, Sept. 6, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, announced that it has completed the sale of three additional solar power plants totaling 30.4 MWp for JPY11.5 billion (US$103.1 million) to the Canadian Solar Infrastructure Fund, Inc. ("CSIF", Tokyo Stock Exchange ticker 9284) in Japan.  This expands CSIF's current capacity to 105.6 MWp from 75.2 MWp.

The 30.4 MWp portfolio consists of the 27.3 MWp Daisen-cho Plant (CS6X-320P) in Tottori Prefecture, the 2.1 MWp Ena-shi Plant (CS6U-325P) and the 1 MWp Takayama-shi Plant (CS6U-330P) in Gifu Prefecture. The plants reached commercial operation in August, September and October 2017, respectively. The electricity generated is being sold under 20-year feed-in-tariff contracts at the rate of JPY40/kWh, JPY32/kWh and JPY32/kWh, respectively.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to complete the additional solar power plant asset drop down to our partner CSIF in Japan. This is another example of our successful global asset monetization strategy, which is the foundation for building greater value for Canadian Solar and all shareholders. Our asset management team is doing an excellent job executing on CSIF's growth strategy in Japan and has quickly crossed the important 100 MWp milestone threshold. We expect there will be additional mutually beneficial asset drop down opportunities with CSIF in the future."

GUELPH, Ontario and PRETORIA, South Africa, Aug. 29, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (CSIQ), one of the world's largest solar power companies today announced it established a joint venture with ET Energy, a global clean energy developer and operator. Together they will provide Engineering, Procurement and Construction ("EPC") services for two solar power projects totaling 132 MWp in South Africa for BioTherm Energy, an independent African power producer.

The projects, Aggeneys (46 MWp) and Konkoonsies II (86 MWp), are located in northwest South Africa and cover an immense area of 387 hectares. They are Round IV projects of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).

The two solar power plants are expected to be grid-connected by the end of 2019 and early 2020, respectively. Over 400,000 Canadian Solar's 1500V high voltage modules, CS6U-P, will be installed on single-axis solar tracking systems, with a total of 34 central inverters for the two solar projects. Construction of the projects is expected to start in September 2018.

Dennis She, President and CEO of ET Energy, said, "In partnership with Canadian Solar, BioTherm Energy, and other market leaders in South Africa, we have met all the requirements of the REIPPPP. With our South African subsidiary founded in 2016, and years of experience in project operation and EPC management, ET Energy will offer professional EPC and O&M services to utility scale PV plants in Sub-Saharan Africa, including South Africa."

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "These projects are the first large-scale applications of our products in Africa's high voltage market. We hope to set more benchmarks for the renewable energy market in South Africa with high-quality products, advanced PV technology, and global expertise."

As a signatory to the Paris Agreement of the United Nations Framework Convention on Climate Change, South Africa has long been a leader in the African renewable energy industry. In November 2016, the country released the latest draft of its Integrated Resource Plan, which outlines the country's electricity strategy to 2050. Under the plan, the country seeks to add 18 GW of PV plants over 2021-50. In recent years, the successful implementation of the REIPPPP has ensured that the South African renewable energy sector has adhered to this strategy.

Second Quarter 2018 Financial Results

• Net revenue in the second quarter of 2018 was $650.6 million, down 54.3% from $1.42 billion in the first quarter of 2018 and down 6.0% from $692.4 million in the second quarter of 2017.
• Net income attributable to Canadian Solar in the second quarter of 2018 was $15.6 million or $0.26 per diluted share, compared to $43.4 million or $0.72 per diluted share in the first quarter of 2018 and $38.2 million or $0.63 per diluted share in the second quarter of 2017.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "Our second quarter revenue was affected by the deferral of several project sales as well as an industrywide lower average module selling price. The solar policy change in China effective on May 31, 2018 has caused a significant disruption in China, and the global solar industry. We also incurred a relatively large foreign exchange loss due to the depreciation of currencies in certain developing countries against US dollar during the quarter. However, we are confident we can navigate this challenging period given our proven track record even in prior periods of volatility. On the energy business side, as of July 31, 2018, we have increased our late-stage, utility-scale solar power project pipeline to 2.2 GWp and our portfolio of solar power plants in operation to 1.4 GWp."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, commented, "We were able to improve our gross margin excluding the AD/CVD reversal benefits to 20.5% as we balanced higher than expected shipments of solar modules with our continued focus on cost controls. During the quarter, we achieved several milestones in our energy business. We energized a large fleet of solar power projects in China, Brazil, Japan and Australia. We further diversified our late-stage, utility-scale solar power project pipeline in new countries, including Malaysia.  Finally, we are on track to monetize additional solar power assets, including three of our solar power plants in the U.S. totaling 394 MWp.Our continued progress in this regard reflects our ongoing efforts to improve our balance sheet."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is subject to uncertainty relating to solar module average selling prices, final customer demand and solar project construction and sale schedules. Management's views and estimates are subject to change without notice.

For the third quarter of 2018, the Company expects total solar module shipments to be in the range of 1.5 GW to 1.6 GW, including approximately 210 MW of shipments to the Company's utility-scale, solar power projects that may not be recognized as revenue in third quarter 2018. Total revenue for the third quarter of 2018 is expected to be in the range of $790 million to $840 million. Gross margin for the third quarter is expected to be between 20.0% and 23.0%.

Given global market changes following the new policy announcement in China effective on May 31, 2018 and the policy and market changes in other key markets, the Company is updating its full year 2018 total module shipment guidance to be in the range of 6.0 GW to 6.2 GW, compared to 6.6 GW to 7.1 GW previously. The Company now expects total revenue for the full year 2018 to be in the range of $4.0 billion to 4.2 billion, compared to $4.4 billion to $4.6 billion previously.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "The revision of our annual guidance is in-line with the boarder industry and mainly reflects the expected reduction of shipment volumes to the Chinese market in the second half of the year, as well as the expected lower solar module average selling price. In the near-term, we will focus on maintaining our market share and protecting a reasonable profit margin. In the longer-term, we remain confident that global demand for solar power products will continue to increase in light of solar energy's compelling lower cost of ownership and ability to accommodate locations underserved by other grid power options."

GUELPH, Ontario, Aug. 7, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it has closed a US$45 million financing with Natixis, an arm of Groupe BPCE, the second largest banking group in France. Proceeds from the non-recourse financing will be used to construct the Company's 68MWp solar power project in Aguascalientes, Mexico.

Canadian Solar was awarded the Aguascalientes project during the 2016 inaugural Mexico energy auction. Electricity generated by the project will be sold to Comisión Federal de Electricidad, under a 15-year Power Purchase Agreement (PPA) for energy and capacity, and 20-year for Clean Energy Certificates for approximately US$47.95/MWh.

The Aguascalientes solar project will utilize over 200,000 high-efficiency CS6U-P poly modules supplied by Canadian Solar. The construction of the project started in April and is expected to reach commercial operation in December 2018. As the Aguascalientes region boasts some of the highest levels of solar irradiation in the world, the project is expected to meet the electricity demand of approximately 60,000 local homes and reduce greenhouse gas emissions by approximately 30,000 tons of carbon dioxide.

"This is Canadian Solar's first solar power project in Mexico and our first time working with Natixis. I expect more to come in this rapidly growing market," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "We have a 436 MWp pipeline of late-stage solar projects with PPAs in Mexico and look forward to collaborating with financial institutions, such as Natixis to, construct these projects."

Canadian Solar and Natixis worked closely to conclude this transaction in less than two months, a very short time frame for a non-recourse project financing. This showcases the unique expertise and commitment from Natixis and Canadian Solar as well as the strong development attributes of the Aguascalientes solar project.

Natixis recently announced that it will introduce its Green Weighting Factor system for its financing deals to comply with Paris Agreement goals. Natixis's Green Weighting Factor is intended to allocate capital to promote financings with a positive impact on both the climate and the environment, by adjusting the expected profitability threshold on these various transactions according to their effects on climate change.

First Quarter 2018 Financial Results

• Net revenue in the first quarter of 2018 was $1.42 billion, up 28.5% from $1.11 billion in the fourth quarter of 2017 and up 110.5% from $677.0 million in the first quarter of 2017.
• Net income attributable to Canadian Solar in the first quarter of 2018 was $43.4 million or $0.72 per diluted share, compared to $61.4 million or $1.01 per diluted share in the fourth quarter of 2017 and a net loss of $13.3 million or $0.23 per diluted share in the first quarter of 2017.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "Results for the first quarter 2018 are within our expectations, with solar module shipments and revenue exceeding our guidance. The capacity utilization level was lower than the fourth quarter of 2017, due to several reasons, including seasonally low demand and holidays in China, the Section 201 safeguard decision on solar products by the U.S. government and the safeguard trade investigations in India. On the positive side, we maintained a flat to slightly up module average selling price during the quarter. On the energy business side, we are pleased to have completed the sale of three solar power plants in the U.S. to KEPCO, reflecting the attractiveness of our global power assets. We further diversified our utility scale solar power project pipeline geographically into Australia, South Korea and Argentina, as we executed on additional growth opportunities. As of April 30, 2018, our portfolio of utility-scale solar power plants in operation was approximately 948 MWp and our portfolio of late-stage solar power projects, including those in construction, was approximately 2.3 GWp."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar commented, "We are encouraged by our success in monetizing our solar power plants globally. During the quarter, we completed the sale of the 28 MWp Gaskell West 1 project to Southern Power, sold 142 MWp of solar power plants in the U.K. to Greencoat and sold three solar power plants in the U.S., totaling 309 MWp to KEPCO.  Gross margin was in line with our guidance in the range of 10.0% to 12.0%, as we absorbed the impact of the lower margin solar power plants sales in the U.S. and higher than expected purchase prices for raw materials used in module manufacturing. We are working to secure approval for the sale of three other U.S. solar power plants totaling 399 MWp. All together our actions have strengthened our balance sheet and allow us to redeploy our capital to support the profitable growth of our business and build value for shareholders."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to final customer demand and solar project construction and sale schedules. Management's views and estimates are subject to change without notice.

For the second quarter of 2018, the Company expects total solar module shipments to be in the range of approximately 1.50 GW to 1.60 GW, including approximately 100 MW of shipments to the Company's utility-scale, solar power projects that may not be recognized as revenue in second quarter 2018. Total revenue for the second quarter of 2018 is expected to be in the range of $690 million to $730 million. Gross margin for the second quarter is expected to be between 20.0% and 22.0%.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We expect a shift in global demand to developing markets to offset China, India and the U.S. We also expect demand in other markets to improve, including Europe, Africa, Argentina and Mexico. These trends align themselves with the Company's global footprint and should serve as a catalyst for continued growth."

GUELPH, Ontario, May 15, 2018 /PRNewswire/ -- Recurrent Energy, a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (CSIQ), today announced that it has closed on debt financing and tax equity investment commitment for the 74.8 MWac/102 MWp NC 102 solar photovoltaic project, located in Cabarrus County, North Carolina.

Prudential Capital Group will provide a $106.7 million debt facility for the project, including a tax equity bridge loan, term loan and revolving loan to the project. U.S. Bancorp Community Development Corporation ("USBCDC"), a division of U.S. Bank, will make a tax equity investment in the project under a separate agreement.

"Prudential Capital Group and USBCDC are widely regarded as leading investors in the energy space, and we are pleased to partner again with them to continue growing our project portfolio in the United States," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar.

The NC 102 project, which is under construction and is expected to reach commercial operation in the third quarter of 2018, will be one of the largest operating solar projects in North Carolina. The project has a power purchase agreement for 10 years starting in 2018 with Duke Energy Carolinas. Once operating, the project will generate enough clean solar power to meet the energy needs of approximately 12,000 homes.

"Prudential Capital Group is pleased to continue supporting the growth of renewable energy in North Carolina and to strengthen our relationship with Canadian Solar and Recurrent Energy," said Wendy Carlson, managing director of Prudential Capital Group's Energy Finance Group: Power.

GUELPH, Ontario, May 14, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it has acquired exclusive rights to develop an 8 MWp solar photovoltaic (PV) project in Gangwon Province, South Korea, the Company's first solar project there. The construction of this project will start in early 2019.

The South Korea solar market is not new to Canadian Solar. In 2008, Canadian Solar Korea Branch was established. Since then, Canadian Solar has kept the No.1 position in Korea PV market among foreign module makers for 10 years in a row.

"We are excited to further expand our global project development business to South Korea," Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented. "The Korean Government has recently increased its solar capacity installation target to 36.5 gigawatts from 5.7 gigawatts in order to generate 20% of electricity from renewable energy sources by 2030. With our high efficiency and high quality module supply capabilities and global solar project development experience, Canadian Solar is ready to support our Korean partners and customers to meet their 2030 solar energy target."

GUELPH, Ontario, April 27, 2018 /PRNewswire/ -- Canadian Solar Inc., (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it has signed an agreement with Global Investment Holdings (GIH), to develop and operate a pipeline of solar power projects with total capacity of up to 300 MWp. Canadian Solar will provide Engineering, Procurement and Construction ("EPC") and Operations and Maintenance ("O&M") services to the projects. GIH is a diversified conglomerate in Turkey with investments in ports infrastructure, energy and non-banking financial services.

Atay Arpaciogullari, CEO Global Energy stated, "Global Investment Holdings is active in renewable energy and energy efficiency investments; currently we have a combined capacity of 75.5MW. Our envisaged cooperation with Canadian Solar is a planned step taken towards increasing our clean energy investments up to 300-400MW in the next three years."

"We are delighted to partner with Global Investment Holdings and further expand our presence in EMEA. This partnership underscores our global leading position to develop and operate solar projects across the globe," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "We will continue to leverage our expertise to accelerate the adoption of clean and affordable solar energy all over the world."

GUELPH, Ontario and MADRID, April 16, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, announced today the sale of its interest in the Guimarania solar energy project in Brazil to Global Power Generation, subsidiary of Spanish energy group Gas Natural Fenosa. The 80.6 MWp project, expandable to 83 MWp, is under construction and expected to reach commercial operation in the fourth quarter of 2018. Canadian Solar will supply its high-efficiency "MaxPower" modules for the Project.

The Project, located in the state of Minas Gerais in Brazil, was awarded a 20-year Power Purchase Agreement in the third Reserve Energy Auction in 2015. Once completed, the Project will generate 162,471 MWh per year and contribute towards the country's goal of obtaining 23% of its energy from renewable sources by 2030.

"The sale of the Guimarania project is another demonstration of the strong potential of the solar energy market in Brazil and the continuing success of Canadian Solar in it. This is the fourth project, which we have successfully developed and sold in Brazil, following the 399 MWp Pirapora project portfolio. With the 476 MWp of projects awarded in the last two energy auctions, Canadian Solar has developed over 955 MWp of solar projects, with long-term PPAs awarded, in the country." said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

"This latest acquisition strengthens GPG's commitment to renewable generation in Latin America by doubling its generation in the Brazilian market since making inroads in 2017. We are pleased to announce this deal; the time is right for GPG since we have made important acquisitions and developments throughout the world, introducing technology innovations to bring quality renewable energy to communities where we operate, in Brazil in this particular case." said Lluis Noguera, Chief Executive Officer of Global Power Generation.

GUELPH, Ontario, April 10, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has won three solar photovoltaic (PV) projects, totaling 364 MWp in Brazil's A-4 auction that was held on April 4, 2018.

The 364 MWp of projects, located in the states of Minas Gerais and Ceara, have been awarded 20-year Power Purchase Agreements with an average price of 118.15 BRL/MWh (approximately US$35.58/MWh). Once connected to the grid, the plants will generate approximately 706,056 MWh of electricity every year. Canadian Solar will develop and build the projects, targeting to bring them to commercial operation by 2022.

"We are proud to be the only company that has been successful in winning projects in all of the five Federal Auctions held to date in Brazil," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "Brazil has proven to be an important market for us. Relentless innovations and focuses on driving down cost while improving efficiencies in all aspects have allowed Canadian Solar to deliver a 55.5% reduction in energy prices from the first auction, which accelerated the adoption of solar energy in the country."

Fourth Quarter 2017 Financial Results

• Net revenue was $1.11 billion, compared to $912.2 million in the third quarter of 2017, and fourth quarter 2017 guidance in the range of $1.04 billion to $1.08 billion.
• Net income attributable to Canadian Solar in the fourth quarter of 2017 was $61.4 million or $1.01 per diluted share, compared to $13.3 million or $0.22 per diluted share in the third quarter of 2017 and a net loss of $13.3 million or $0.23 per diluted share in the fourth quarter of 2016.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "2017 was an exceptional and milestone year for the PV industry, in which total global new solar installation reached 100 GW for the first time in our history. This demonstrates that solar is quickly approaching grid parity and is penetrating more and more markets. Our revenue, shipments, gross margin and net income all exceeded our expectations for the fourth quarter and full year 2017. Our record-high solar module shipments for the full year 2017 were driven by strong demand from China, India, Europe and the United States. We are also pleased with the impressive project sale momentum we achieved, led by demand for our highly-attractive project assets, which we have carefully built up over the past few years in key markets worldwide. We remain focused on securing a competitive return on all of our project investments; and redeploying the capital received into new project opportunities, while also paying down our debt as we continue to build shareholder value. Our portfolio of solar power plants in operation was approximately 1.2 GWp as of February 28, 2018, with an estimated total resale value of approximately $1.5 billion. Our portfolio of late-stage solar power projects, as of February 28, 2018, including those in construction, totaled approximately 2.0 GWp giving us added visibility and confidence."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "We benefitted from the higher margin contribution from the sale of 72.7 MWp of solar projects to CSIF in Japan. We are encouraged by our success in monetizing our operating solar power assets globally. This serves as a further validation of the strength of our business model. We will continue to execute on our strategy to enhance our balance sheet and redeploy our capital to support the profitable growth of our business and build value for shareholders."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to final customer demand and solar project construction and sale schedules. Management's views and estimates are subject to change without notice.

For the first quarter of 2018, the Company expects total solar module shipments to be in the range of approximately 1.30 GW to 1.35 GW, including approximately 65 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in first quarter 2018. Total revenue for the first quarter of 2018 is expected to be in the range of $1,370 million to $1,400 million, which includes recognized revenue from the sales of solar projects during the quarter. Gross margin for the first quarter is expected to be between 10.0% and 12.0%, which reflects the impact of lower margin U.S. solar projects we have already sold in the quarter.

For the full year 2018, the Company expects total module shipments to be in the range of 6.6 GW to 7.1 GW. Total revenue for the full year 2018 is expected to be in the range of $4.4 billion to $4.6 billion. We expect approximately 53% of total revenue for 2018 to come from our Solar Module and Components Business, while the balance will come from our Energy Business. The Energy Business revenue will mainly come from monetization of the Company's solar power plants in the U.S., Japan, China and the UK. The Company expects its cost of production will decrease throughout the year as material costs decrease and new, higher efficiency cell and module capacity comes online.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "Moving into 2018, we have seen price adjustment throughout the solar value chain. We expect that our technology, new products and the increase in vertical integration along the manufacturing process will help the Company further build upon its leadership position."

NAJU, South Korea and GUELPH, Ontario, March 13, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its wholly owned subsidiary Recurrent Energy, LLC ("Recurrent Energy") has finalized the sale of its interests in three solar photovoltaic projects totaling 235 MWac/309 MWp. The Korea Electric Power Corporation ("KEPCO"), South Korea's largest electric utility with an installed capacity of 79 GW, acquired the interests in the Astoria (100 MWac/131 MWp), Astoria 2 (75 MWac/100 MWp), and Barren Ridge (60 MWac/78 MWp) projects located in southern California. 

This transaction marks KEPCO's largest investment in the U.S. solar market. KEPCO partnered with the Corporate Partnership Fund, a Korean private equity fund also known as COPA Fund, to make the acquisition.

"These high-quality solar assets are a strategic addition to our renewable energy holdings and will allow us to further diversify our generation portfolio," said Mr. Bong-soo Ha, executive vice president and chief global business officer, KEPCO. "We expect further cooperation with Canadian Solar and are also pleased to be working with an industry-leading developer like Recurrent Energy as we grow our presence in the attractive U.S. solar market."

Recurrent Energy developed the three projects, all of which reached commercial operation in 2016 and have long-term power purchase agreements. Recurrent Energy will continue to provide asset management services to support the projects as KEPCO transitions into its ownership role. Additional details on the three projects are available at recurrentenergy.com/portfolio.

"Traditional investors increasingly view utility-scale solar as a strategic investment, and this transaction with a global energy leader highlights that trend," said Shawn Qu, chairman and chief executive officer of Canadian Solar. "The Recurrent Energy team continues to create value through deals with world-class investors that monetize our quality U.S. solar project assets."

GUELPH, Ontario, March 1, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has secured a non-recourse project finance facility of up to JPY16 billion ($149 million) from Shinsei Bank, Limited ("Shinsei Bank") for its 53.4 MWp Oita Hijimachi solar power project.

The non-recourse facility has an 18.5-year tenor, with debt repayment flexibility in 2019 to enable a potential sale of the solar power project to Canadian Solar Infrastructure Fund, Inc., recently listed on the Tokyo Stock Exchange.

The Oita Hijimachi solar power project is located on Kyushu Island in southern Japan. Construction of the project commenced in November 2017. Canadian Solar will supply approximately 160,000 CS6U MaxPower solar panels. The project is expected to begin commercial operation in May 2019 and will sell its electricity generation to Kyushu Electric Power Company, Inc. under a 20-year feed-in-tariff contract at the highest rate of JPY40.0 ($0.37) per kWh.

"Today's announcement marks our largest non-recourse credit facility raised in Japan. We are delighted to have Shinsei Bank provide us with low cost, flexible and rapidly deployable debt to fund the construction of our largest project this year," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We have secured JPY65 billion of project financing over the past 3 years, a testament to the superior quality of our project development and performance of our Japan assets."

GUELPH, Ontario, Feb. 22, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has completed the sale of a 142MWp solar portfolio to Greencoat Solar II LP ("Greencoat Solar"), managed by Greencoat Capital LLP ("Greencoat").

The solar portfolio consists of 24 operational solar power plants across England, Wales and Scotland, and is expected to provide inflation-linked solar power generation revenues for a period of 20 years under the UK's Renewable Obligation Certificate (ROC) and Feed-In Tariff (FIT) schemes. The portfolio was valued at approximately GBP 191.2 million (US$267.7 million), net of distributions of GBP 3.8 million (US$5.3 million) made prior to closing. Completion of the sale has further reduced non-recourse project debt on the Company's balance sheet by approximately GBP123.0 million (US$172.2 million). Canadian Solar expects to use the sale proceeds to further strengthen its balance sheet.

The 24 solar power plants will generate approximately 142,000 MWh of clean energy annually, sufficient for approximately 46,000 UK households and will reduce CO2 emissions by 56,800 tons per year. Three of the solar power plants will provide additional benefit under the Community Interest Companies (CIC) scheme, in which profits will benefit the community. The solar power portfolio includes 272,000 Canadian Solar CS6P and CS6U modules. Canadian Solar will provide operations and maintenance services for all 24 solar power plants.

"We are delighted to work with Greencoat, a leading UK renewable infrastructure investment firm, on the sale of our solar asset portfolio. Our sizable operational portfolio creates an interesting investment platform for high quality solar asset growth in the UK," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This transaction demonstrates our continuing ability to monetize our assets effectively and maximize shareholder return. We are well positioned to capitalize on the appreciating sterling pound currency environment and look forward to partnering with Greencoat on future opportunities."

GUELPH, Ontario, Jan. 29, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it has entered into an agreement with Photon Energy NV ("Photon Energy") to co-develop five utility-scale solar power projects, with a total capacity of 1.14 GWp in New South Wales, Australia.

Canadian Solar will acquire a 51% shareholding in each of Photon Energy's five project companies in Australia that carry a total of 1.14 GWp of projects. The portfolio of projects includes the 316 MWp project in Gunning which is fully owned by Photon Energy, as well as four projects co-developed by Photon Energy with Polpo Investment, namely the 178 MWp project in Mumbil, the 165 MWp project in Gunnedah, the 286 MWp project in Suntop and the 196 MWp project in Maryvale.

"This transaction represents an exciting moment for the Photon Energy Group with our long-term commitment to the Australian market bearing fruit. This cooperation marks a tangible achievement of the entire team in Australia who have gained the trust of a leading global player in the solar industry such as Canadian Solar," commented Georg Hotar, CEO of Photon Energy NV.

"Canadian Solar is delighted to partner with Photon Energy and bring 1.14 GWp into the Australian market," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "As a very active developer for solar power plants in Australia, we will continue to strengthen our leading position in the market by partnering with Photon Energy."

GUELPH, Ontario, Jan. 12, 2018 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (CSIQ), one of the world's largest solar power companies, today updated its guidance for the fourth quarter and full year 2017 in part to reflect the timing of certain utility-scale solar project sales. The updated guidance is subject to adjustments based upon completion of the Company's internal review process. Final reported results could differ materially from the estimates provided below.

In the guidance provided in its press release dated November 9, 2017, the Company noted that in September and October 2017, it had entered into definitive agreements with two buyers to sell a portfolio of six solar power projects in California, totaling 703 MWp. The parties hoped to close the transactions in the fourth quarter of 2017 or the first quarter of 2018, depending on the timing of receipt of the required governmental approvals. These transactions were not completed in 2017 and have not yet received the required government approvals. The Company will update the timing for the completion of these transactions once the parties receive the required government approvals.

As a result of the delay in completing the transactions, the Company now expects its total revenue for the fourth quarter of 2017 to be in the range of $1.04 billion to $1.08 billion, compared to $1.77 billion to $1.81 billion guided previously. 

Meanwhile, Canadian Solar updates its solar module shipment guidance for the fourth quarter of 2017 to be in the range of approximately 1,720 MW to 1,820 MW, compared to 1,650 MW to 1,750 MW guided previously. Gross margin for the fourth quarter of 2017 is now expected to be in the range of 16.5% to 18.5%, compared to 10.5% to 12.5% previously guided. The sales of the portfolio of six solar power projects in California have low margins and, therefore, had lowered the gross margin estimate in the previous guidance. On the other hand, in the fourth quarter of 2017, the Company sold a portfolio of Japanese solar projects to Canadian Solar Infrastructure Fund, Inc., which went public in October 2017, as well as sold certain other solar projects in the U.S. and other countries. These transactions had healthy margins. The new guidance reflected the blended gross margin of Canadian Solar's module and solutions businesses, as well as these project sales. The Company will provide more details in the fourth quarter 2017 business update of its regular earnings press release.

For the full year 2017, Canadian Solar now expects its total solar module shipments to be in the range of approximately 6.8 GW to 6.9 GW, compared to 6.7 GW to 6.8 GW guided previously. The Company now expects its total revenue for the full year 2017 to be in the range of $3.33 billion to $3.37 billion, compared to $4.05 billion to $4.09 billion previously guided.

GUELPH, Ontario, Jan. 9, 2018 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it plans to partner with Photowatt, a subsidiary of EDF Energies Nouvelles and ECM Greentech, a group that is in the forefront of silicon crystallization equipment and process in France.

The three companies intend to set up a joint venture ("JV") specialized in low-carbon production of advanced technology silicon ingots and wafers in France.  EDF Energies Nouvelles through its subsidiary Photowatt, Canadian Solar and ECM Greentech would own 60%, 30% and 10% of the equity in the JV respectively.

The JV partners are pioneers in high performance of casting mono technology, which gives the JV the potential to deliver the mono-crystalline silicon solar performance at the multi-crystalline cost.  Meanwhile, the technology developed by the JV partners would contribute to one of the lowest carbon footprints in manufacturing solar products.  France is a leader in low-carbon ingot and wafer production.

"This cooperation is a win-win for each party involved. The French government's ongoing annual solar energy program of 2,500 MWp tendering, together with EDF Group's target of building 30 GWp of solar projects in France between 2020 and 2035 will create great opportunities for solar energy market there. We are happy to participate in the leading development of this next generation of low carbon solar energy production. Canadian Solar has over 16 years of manufacturing experience in the solar industry and has deployed over 25 GWs of solar modules around the world. This new carbon technology, coupled with high efficiency will speed up the energy generation grid parity," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.

The establishment of the JV is being reviewed and subject to the clearance by the relevant competition authorities.

GUELPH, Ontario, Dec. 29, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has closed a GBP41.9 million (US$56 million) non-recourse project finance facility with BayernLB. This financing arrangement is Canadian Solar's third solar power portfolio financing in the United Kingdom (UK).

The solar power portfolio, consisting of 10 operating solar power plants totaling 52.2 MWp, was accredited under the UK's Renewable Obligation Certificate (ROC) scheme at rates of 1.2 and 1.3 ROC, which provides for inflation-linked solar power generation revenues for a period of 20 years. Financing for the portfolio was structured at the UK portfolio holding company level, with no recourse to Canadian Solar, and has a long-term tenor of 17 years.

"We are delighted to complete our second financing with BayernLB. This deal follows on from the successful partnership with BayernLB to finance our first 40.2 MWp portfolio last year," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We are excited to continue our partnership with BayernLB as we seek opportunities to expand our solar energy development initiatives across Europe."

GUELPH, Ontario, Dec. 28, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has recently signed an Operation & Maintenance agreement with Axium Infinity Solar LP for eight solar PV plants totaling 105.5 MWp.

The eight PV plants, located in Ontario, Canada are Brockville I, Brockville II, Burrits Rapids, Mississippi Mills, William Rutley, and New Liskeard I, III, and IV. Canadian Solar will be responsible for plant monitoring, performance management, preventative maintenance, and corrective maintenance at all eight facilities. Canadian Solar's Operation and Maintenance portfolio in Ontario is now 497 MWp with over 1 GWp in operation or contracted worldwide.

"We selected Canadian Solar to operate and maintain our solar facilities because of their exemplary track record with PV monitoring, maintenance, reporting, and management throughout Ontario," said Juan Caceres, Senior VP at Axium Infrastructure.

"As one of the leading providers of solar products and solutions worldwide for 16 years with extensive experience operating and maintaining our own solar facilities, offering Operations and Maintenance services to customers was a natural extension of our value proposition," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are thrilled to take on responsibility for operations and maintenance for eight of Axium Infinity Solar's PV facilities in Ontario. We look forward to working with them to maximize the energy production, revenues, and profitability from these solar properties."

GUELPH, Ontario, Dec. 27, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has reached commercial operation on its 19.1MWp Gunma Aramaki solar power plant, located approximately 100km northwest of Tokyo, Japan.

The Gunma Aramaki solar power plant is powered by 59,544 Canadian Solar's CS6X MaxPower solar panels. The plant is expected to generate approximately 23,830MWh of clean solar power per year, which will be purchased by Japan's largest energy utility, Tokyo Electric Power Company Holdings Inc. (TEPCO), under a 20 year feed-in-tariff contract at the rate of JPY36.0 ($0.32) per kWh.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "In 2017, we reached commercial operation on over 100MWp of solar power projects in Japan. Our 19.1MWp Gunma Aramaki project is the first of our two projects in the Gunma prefecture to have reached commercial operation. Today, we have successfully developed solar power plant projects in over 19 prefectures, further enhancing the geographic diversity of the operating portfolio we have developed across Japan."

Earlier on April 3, 2017, the Company announced it had raised JPY 5.4 billion for the Gunma Aramaki project through a dual-tenor green project bond, the first of its kind in Japan. The project received an investment grade rating of "A" from the Japan Credit Rating Agency.

"This project represents a high-quality growth opportunity for Canadian Solar Infrastructure Fund and this innovative financing structure preserves the option for the Fund to acquire this operational asset in the future," further commented Dr. Shawn Qu.

GUELPH, Ontario, Dec. 21, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has been awarded a 112 MWp solar photovoltaic (PV) project in the state of Pernambuco, Brazi in the country's A-4 auction that was just held in December.  Canadian Solar will develop and build the project. Construction is planned to start in 2020 and the project is expected to reach commercial operation before January 2021.

The 112 MWp Salgueiro project has been awarded a 20-year Power Purchase Agreement at 145.44 BRL/MWh (approximately US$44/MWh) in the auction. Canadian Solar will supply more than 310,000 PV panels to the project.  Once connected to the grid, the plant will generate approximately 255,743 MWh of electricity every year.

"Canadian Solar has participated in all federal PV auctions in Brazil, and we are the only company that has been awarded projects in all of them. We have a strong presence in the Latin America region where we have secured PPAs for over 1 GW of projects.  We will continue to strengthen our leading position in the region by expanding our quality late-stage project pipelines in Brazil, Chile, Argentina and Mexico," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.

GUELPH, Ontario, Dec. 11, 2017 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its Board of Directors (the "Board") has received a preliminary, non-binding proposal letter (the "Proposal Letter"), dated December 9, 2017, from its Chairman, President and Chief Executive Officer, Dr. Shawn (Xiaohua) Qu ("Dr. Qu"), to acquire all of the outstanding common shares of the Company not already beneficially owned by Dr. Qu and his wife, Ms. Hanbing Zhang, (the "Chairman Parties") in a "going-private" transaction (the "Proposed Transaction") for cash consideration of US$18.47 per common share.

A copy of the Proposal Letter is attached as Annex A to this press release.

The Board has formed a special committee (the "Special Committee") of independent and disinterested directors to consider the Proposed Transaction. The Company expects that the Special Committee will retain independent advisors, including independent legal and financial advisors, to assist it in this process.

The Board cautions the Company's shareholders and others considering trading in the Company's securities that the Board has just received the Proposal Letter and has not had an opportunity to carefully review and evaluate the Proposed Transaction or make any decision with respect to the Company's response to the Proposal Letter. The Board also cautions that there can be no assurance that any definitive offer relating to the Proposed Transaction or any other transaction will be made by Dr. Qu or any other person, that any definitive agreement with respect to the Proposed Transaction or any other transaction will be executed or that the Proposed Transaction or any other transaction will be approved or consummated.

GUELPH, Ontario, Dec. 7, 2017 /PRNewswire/ -- Recurrent Energy LLC ("Recurrent Energy"), a wholly-owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (CSIQ), today announced it has signed a 20-year power purchase agreement ("PPA") for 45 megawatts ("MWac") of solar power with Bay Area Rapid Transit ("BART"), the fifth largest public transit network in the country and one of the largest consumers of electric power in Northern California. The BART Board of Directors approved the PPA on December 7, 2017.

This contract, BART's first-ever PPA for utility-scale solar power, resulted from a renewable energy procurement process that BART launched in May 2017 as part of the organization's Wholesale Electricity Portfolio Policy ("Policy"). The Policy requires 100 percent of BART's power to come from renewable resources by 2045 while maintaining low and stable BART operating costs.

"Utility-scale solar power is a vital part of cost-effectively meeting our sustainability commitments," said BART Sustainability Director Holly Gordon. "It is very important to us to work with an experienced development partner like Recurrent Energy who will help us achieve our goals."

Power will be supplied to BART from Recurrent Energy's 45 MWac Gaskell West 2 solar photovoltaic project located in southern California. The project is scheduled to reach commercial operation in 2020.

"Solar power is a perfect match for BART's commitment to using cost-effective and clean energy," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "We are proud to support BART's progress towards 100 percent renewable energy while also diversifying Recurrent Energy's customer base."

BART is the first U.S. metro-rail entity to sign a utility-scale solar PPA this year.

GUELPH, Ontario, Dec. 5, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has been awarded a 17.87MWp project in Japan's inaugural solar energy auction.

The project is located in Suzuhari City within Hiroshima prefecture and will be powered by over 48,000 high-efficiency Canadian Solar modules. Once constructed, the project will enter into a 20-year power purchase agreement with Chugoku Power Electric Company at a rate of JPY17.97 ($0.16) per kWh. The Company expects the project to reach commercial operation by 2021.

"This project demonstrates our capability to identify and secure high quality development opportunities in Japan's competitive solar market," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "It also underscores our commitment to improve on the cost competitiveness of solar power technology deployment in Japan."

Results of the first auction were announced on November 21, 2017, which showed a total of 141.3MW AC of projects awarded at an average price of JPY19.6 ($0.18) per kWh. Japan's Ministry of Economy, Trade and Industry (METI) have announced plans to run the second auction in July of 2018 and plans are in place to run a third auction in late 2018.

"As we look ahead, we will continue to maintain a strong focus on subsequent solar energy auctions in Japan. This will enhance our ability to provide Canadian Solar Infrastructure Fund with greater access to high-quality projects," stated Dr. Shawn Qu.

GUELPH, Ontario, Nov. 28, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it successfully started construction of two new solar power projects, totaling 12.9 MWp in Japan.

The 10.77 MWp Shizuoka Project will be powered by 32,640 of Canadian Solar made high-efficiency MaxPower modules, and once connected to the grid, the plant is expected to generate approximately 12,971 MWh of clean, reliable solar electricity each year. Tokyo Electric Power Co., Inc. will purchase the solar electricity under a 20-year feed-in-tariff contract at the rate of JPY36.0 ($0.32) per kWh. The Company expects the project to achieve commercial operation during Q4 2018.

The 2.1 MWp Miyagi Project will use 6,650 of the same Canadian Solar high-efficiency MaxPower modules, and once connected to the grid, the plant will generate approximately 2,400 MWh of clean, reliable solar electricity each year. The solar electricity will be purchased by Tohoku Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of JPY36.0 ($0.32) per kWh. The Company expects the project to reach commercial operation in Q3 2018.

"With the addition of these two projects, the portfolio of Canadian Solar's under-construction or operating assets is well-diversified across 18 prefectures throughout Japan." commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "The Miyagi project, marks our first project under-construction in a region severely impacted by the Great East Japan Earthquake. Canadian Solar is honored to contribute to the on-going revitalization effort, and look forward to being a part of the continued developments within the region."

Yoshihisa Otake, Representative Director of Canadian Solar Infrastructure Fund stated "These two projects represent growth opportunities for Canadian Solar Infrastructure Fund in the future. It speaks to the strength of the Company, our sponsor, and their ability to develop quality solar power projects in Japan, including regions with revitalization as a priority."

GUELPH, Ontario, Nov. 16, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced completion of its second green project bond placement with Goldman Sachs Japan Co., Ltd. The JPY7.4 billion ($66.0 million) dual-tenor green project bond was issued to finance Canadian Solar's 27.3 MWp Tottori Solar Power Plant in Tottori Prefecture, Japan. The Tottori solar power plant achieved commercial operations in August 2017, and the electricity generated is currently being purchased by the Chugoku Electric Power Company, Inc. under a 20-year feed-in-tariff contract at the rate of JPY40.0 ($0.36) per kWh.

The Tottori green project bond consists of a dual-tenor maturity of 1.5 years and 18.3 years, representing the initial and extended tenor respectively, within a single-tranche of the bond. This dual-tenor structure makes full repayment of the bond flexible, while enabling a potential sale of the solar power plant to Canadian Solar Infrastructure Fund, recently listed on the Tokyo Stock Exchange.

The Japan Credit Rating Agency, Ltd. ("JCR") assigned the Tottori project an investment grade rating of "A", making it the fourth project by Canadian Solar in Japan to receive such a rating and in line with the highest ratings reported in the Japan PV sector. Furthermore, the Japan Research Institution, Limited ("JRI") independently certified the designation as a green bond, in accordance with the Green Bond Principles (2016) published by the International Capital Market Association ("ICMA"). The asset-backed, non-recourse bond was issued at par and pays a fixed coupon of 1.2725% per annum during the initial tenor and, if extended at the option of Canadian Solar, 1.3113% per annum thereafter. Goldman Sachs Japan Co., Ltd. acted as the bond arranger and Hitachi Capital Trust Corp., was appointed as trustee.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are very proud to announce the issuance of a second dual-tenor green project bond at a low coupon rate. This solidifies our position as the leading international issuer of green project bonds in Japan. Investors recognize our strong record of building high quality and bankable solar power projects. This project will contribute to the growth of Canadian Solar Infrastructure Fund as a leading renewable energy fund in Japan. We will continue to look for opportunities to promote renewable energy platform in this market."

GUELPH, Ontario, Nov. 15, 2017 /PRNewswire/ -- Recurrent Energy, LLC ("Recurrent Energy"), a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar" or the "Company") (CSIQ), today announced it has closed on a combined construction loan and construction letter of credit facility for the 20 MWac/28 MWp Gaskell West 1 solar power project.

KeyBank N.A. provided the construction loan and construction letter of credit facility for the project, while KeyBanc Capital Markets Inc. acted as lead arranger for the deal. This marks Recurrent Energy's seventh transaction with KeyBanc Capital Markets.

"As we advance our solar project pipeline across the U.S., long-standing financial partners like KeyBanc Capital Markets are critical to our continued success," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar.

"Recurrent Energy delivers consistently high-quality solar projects, and we are pleased to take a leading role in the Gaskell West 1 project," said Daniel Brown, managing director, KeyBanc Capital Markets Utilities, Power & Renewable Energy Group. "This transaction underscores our continued commitment to building sustainable communities."

The Gaskell West 1 project began construction in autumn of 2017 and is expected to reach commercial operation in spring of 2018. The project will deliver clean solar energy to Southern California Edison under a long-term power purchase agreement.

Third Quarter 2017 Financial Results

• Net revenue in the third quarter of 2017 was $912.2 million, up 31.8% from $692.4 million in the second quarter of 2017 and up 38.8% from $657.3 million in the third quarter of 2016.
• Earnings per share - diluted was $0.22 vs. last years $0.27.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked, "This was a good quarter for us, as solar module shipments, revenue and gross margin all exceeded guidance mainly due to the better-than-expected demand in China, and the pull-in effects in the U.S. market ahead of the Section 201 ruling. As a result, the average selling price of solar modules was sustained in the quarter. Our shipments to third-party customers in the U.S. were moderate in the third quarter, as we supplied modules to our own 281MWp Tranquility 8 utility-scale project in California. However, the pull-in effect appears to have driven the spot market solar module price higher globally and pushed low-price solar module demand into 2018. We did, however, encounter some headwinds. The cost of raw materials, such as high-purity polysilicon and aluminum extrusion products, increased significantly during the quarter. In addition, the appreciation of the Chinese Renminbi and the Canadian dollar against the U.S. dollar resulted in foreign exchange losses to the Company and drove up our production cost. We responded by expanding on those manufacturing steps in which we have technology advantages, such as diamond wire-saw wafering and black silicon solar cell. These efforts helped to partially offset the increase of raw materials costs. Meanwhile, we are continuously making progress in the monetization of our operating solar power plants. We are close to the finish line with transactions to sell certain project assets in the U.S. and Australia. In Japan, CSIF was listed on the TSE's infrastructure investment fund securities market on October 30, 2017, with an initial portfolio of 72.7 MWp. During the quarter, we also completed the sale of the 108 MWp SECI Maharashtra project in India. We are excited with the results of our hard work and remain focused on executing our strategy to develop and sell quality solar products and projects to create the maximum value for our shareholders."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added, "Our higher-than-expected solar module shipments in the third quarter were driven by strong demand for solar modules from China, the U.S., Japan and India. Our higher gross margin was the result of increased average selling price compared to our previous expectation, better cost controls and manufacturing efficiencies. We are pleased with the progress we have made in the monetization of our operating solar power plants in the U.S. and Japan. We will further reduce our overall debt, after the sale of the 703 MWp of U.S. projects, 150 MWp U.K. project and CSIF's initial public offering in Japan."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is subject to uncertainties relating to final customer demand and solar project construction schedules. Management's views and estimates are subject to change without notice.

For the fourth quarter of 2017, the Company expects its total solar module shipments to be in the range of approximately 1,650 MW to 1,750 MW, including approximately 60 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in the fourth quarter of 2017. Total revenue for the fourth quarter of 2017, which includes revenue from both of our solar module sales and from our energy business, is expected to be in the range of $1.77 billion to $1.81 billion, which is based on the best estimate of the transaction dates of certain utility-scale solar project sales, as discussed in previous sections. Revenue will be affected if some of the project sales slip to 2018. Gross margin for the fourth quarter of 2017 is expected to be between 10.5% and 12.5%.

For the full year 2017, the Company expects its total module shipments to be in the range of approximately 6.7 GW to 6.8 GW, compared to 6.0 GW to 6.5 GW as previously guided. The Company expects its revenue for the full year 2017 to be in the range of $4.05 billion to $4.09 billion. Module shipments recognized in revenue and total annual revenue will depend on market conditions, including ASP trends and governmental approvals for the sale of solar projects.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commended, "Looking into Q4 of 2017 and next year, the solar industry continues to face both opportunities and challenges. We believe that solar energy will be adopted by more and more people and the long-term aspect of the industry is bright given the compelling fundamentals. However, the environmental and trade policies of certain countries will likely continue to cause uncertainty. Separately, while Canadian Solar remains an industry cost leader, the unexpected raw material cost increase and the appreciation of Chinese currency over the past few months will make it challenging for us to reach our previously-set solar module manufacturing cost target by the end of 2017. Canadian Solar will continue to prioritize profitability rather than market share, focus on research and technology, and selectively invest into certain manufacturing processes to optimize our supply chain and cost structure."

GUELPH, Canada, Oct. 26, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that Canadian Solar Infrastructure Fund, Inc. ("CSIF" (Tokyo Stock Exchange: 9284)) priced its initial public offering of 177,800 investment units at 100,000 Japanese yen per unit, before underwriting discounts. Of the units included in the offering, Canadian Solar will purchase 25,395 units as the designated purchaser.

The units of CSIF are expected to list on the Tokyo Stock Exchange on October 30, 2017. CSIF plans to use the net proceeds from the offering and anticipated borrowings of JPY 17.7 billion (approximately $156 million) to consummate the acquisition of its initial portfolio.

Subsidiaries of Canadian Solar in Japan are contributing 13 solar power projects with a total installed capacity of 72.7 MWp to CSIF as its initial portfolio. Net sale proceeds to Canadian Solar from these assets amounted to JPY 30.4 billion (approximately $270 million). Canadian Solar expects to use a part of the net sale proceeds to immediately reduce its overall debt leverage by JPY 18.7 billion (approximately $165 million) and to further strengthen its liquidity.

REDWOOD CITY, Calif. and GUELPH, Ontario, Canada, Sept. 12, 2017 /PRNewswire/ -- Recurrent Energy and Peninsula Clean Energy ("PCE") today announced a 15-year Power Purchase Agreement ("PPA") for 100 megawatts of new solar power. Recurrent Energy is a wholly-owned subsidiary of Canadian Solar, Inc. (the "Company", or "Canadian Solar") (CSIQ), and PCE is the community choice energy agency serving San Mateo County.

Electricity will be delivered to PCE from Recurrent Energy's Mustang Two solar photovoltaic project in Kings County, in central California. The project is expected to reach commercial operation in 2019. Following commercial operation, the project will begin delivering power to PCE pursuant to the terms of the PPA.

"With this project, PCE has contracted for over 300 megawatts of clean, renewable energy from new facilities that are being built specifically to serve our customers in San Mateo County," said Jan Pepper, CEO of PCE. "Recurrent Energy is an excellent partner for communities like ours that want access to cost-effective, clean electricity from California."

"We are proud to help PCE meet their customers' growing demand for clean energy," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "This contract is an important part of growing our future U.S. project development pipeline."

The Mustang Two solar project has a Project Labor Agreement (PLA) with the International Brotherhood of Electrical Workers (IBEW), Ironworkers, Carpenters, Laborers, and Operating Engineers for the construction of the solar project. It is expected to have a peak construction labor force of approximately 400 workers.

GUELPH, Ontario, Aug. 30, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it successfully completed construction and started commercial operation of a 27.3 MWp solar photovoltaic (PV) power plant in Tottori Prefecture, Japan.

The plant reached commercial operation on August 10, 2017. Powered by 85,320 Canadian Solar's high-efficiency MaxPower modules, the plant is expected to generate approximately 26,259 MWh of clean, reliable solar electricity each year, which will be purchased by Chugoku Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of ¥40.0 ($0.32) per kWh.

"The successful grid connection of the 27.3 MWp plant is another testament to Canadian Solar's capability in project development and construction, and it enlarges our portfolio of operating solar power projects in Japan to 137.8 MWp," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "We will continue to execute on our energy business strategy to develop and deliver more quality solar projects in Japan and other countries."

Second Quarter 2017 Financial Results

• Net revenue was $692.4 million, compared to $677.0 million in the first quarter of 2017, and second quarter guidance in the range of $615.0 million to $635.0 million.
• Net income attributable to Canadian Solar was $38.2 million, or $0.63 per diluted share, compared to a net loss of $13.3 million, or $0.23 per diluted share, in the first quarter of 2017.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked, "Q2 was a solid quarter, with solar module shipments, revenue and gross margin all coming in above guidance. We continue to make progress with respect to the monetization of our operating solar power plants in the U.S., Japan, Brazil, China and the U.K. We have entered into exclusive discussions with the winner of the binding bids submitted for 703 MWp of our U.S. solar power plant assets and expect to finalize the sale over the coming months. Separately, in July, we completed the sale of an additional 281 MWp solar power projects, which are still in construction in the U.S. In Japan, we are on track to launch a JREIT listing in the near future, with an initial portfolio of 65 MWp of solar power plants."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "We are pleased with our second quarter results. The higher module shipments were driven by strong demand for solar modules in China, India, Japan and the U.S., with the gross margin improvement due to higher than expected average selling price and better cost controls. Results in the quarter benefitted from an AD/CVD reversal, and the finalization of an insurance claim related to the tornado damage of our Funing cell factory. The insurance payment included compensation of $15.2 million for the loss of profit from the business interruption, which is recorded as 'Other operation incomes'. We remain confident we will finalize several project monetization events, including our JREIT in Japan, and the sales of solar power project assets in the U.S., Japan, China and the U.K. Our focus is on delivering a healthy return to our shareholders, maximizing operating cash flow and deleveraging our balance sheet in order to fund the next phase of the Company's growth."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainties relating to customer final demand and solar project construction schedules. Management's views and estimates are subject to change without notice.

For the third quarter of 2017, the Company expects total solar module shipments to be in the range of approximately 1.65 GW to 1.70 GW, including approximately 86 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in the third quarter of 2017. Total revenue for the third quarter of 2017, which includes revenue from both of our solar module sales and from our energy business, is expected to be in the range of $805 million to $825 million. Gross margin for the third quarter of 2017 is expected to be between 15% and 17%.

The Company reiterates its expectation that total module shipments in 2017 will be in the range of 6.0 GW to 6.5 GW. The module shipments recognized in revenue and total annual revenue will depend on market conditions, including ASP trends. The Company continues to expect it will connect approximately 1 GW to 1.2 GW of new solar projects globally in 2017, based on the commercial operation date (COD). These projects are located in the U.S., Japan, China, the UK, India, Brazil and Africa. The revenue from the Company's energy business will mainly come from the monetization of the Company's high quality solar power plant assets in the U.S., Japan, China, UK, India and Brazil. Management expects that the increase in vertical integration along the manufacturing cycle will help the Company maintain or improve its

GUELPH, Ontario, Aug. 10, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, and EDF Energies Nouvelles, a global market leader in renewable energy, announced today a partnership in the 92.5 MWp Pirapora III photovoltaic project in Brazil, through the sale of 80% interest in the Project by Canadian Solar to EDF EN do Brasil, EDF Energies Nouvelles' local subsidiary. The Pirapora III project has started construction and is expected to reach commercial operation in the fourth quarter of 2017.

Canadian Solar is supplying modules for the Project from its 380 MWp modules factory established in Brazil to support the local market. EDF EN do Brasil will manage both the construction and operations phases of the Project.

EDF EN do Brasil previously acquired from Canadian Solar an 80% interest in its 191.5 MWp Pirapora I and 115 MWp Pirapora II projects. Once commissioned in 2018, the three projects located in the same area will form the largest solar photovoltaic facility in operation in Latin America with a total installed capacity of approximately 400 MWp. The three projects will benefit from common operational facilities and services. The Pirapora III project, located in the State of Minas Gerais in Brazil, was awarded a 20-year Power Purchase Agreement in the 2014 Reserve Energy Auction.

The Project will generate 188 GWh per year and contribute towards the country's goal of obtaining 23% of its energy from non-hydro renewable sources by 2030.

"We are proud to be working with EDF EN on a third project in Brazil. We have now partnered with EDF EN on all three of our projects in Brazil that were awarded long-term PPAs, totaling close to 400 MWp. We value our strategic partnership with EDF EN and look forward to continuing our successful collaboration on other opportunities in the future, as we expand our quality solar project pipeline globally", said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

Antoine Cahuzac, EDF Group's Senior Executive Vice President, Renewable Energies and CEO of EDF Energies Nouvelles, added: "This acquisition constitutes further evidence of our growth ambitions in Brazil, a key renewable energy market for the EDF Group. It represents a new step toward the EDF Group's goal of doubling its renewable capacity in France, and worldwide, by 2030 under its CAP 2030 company plan."

GUELPH, Ontario, Aug. 8, 2017 /PRNewswire/ -- Recurrent Energy, a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar") (CSIQ), today announced that Sempra Renewables LLC, a unit of Sempra Energy (SRE), has acquired its 200 MWac/281 MWp Great Valley Solar project, previously called Tranquillity 8.

"We are pleased to work with a market-leading partner like Sempra Renewables on this transaction," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "Recurrent Energy's strong portfolio of U.S. solar assets continues to create value for our customers and shareholders."

The Great Valley Solar project, currently under construction in Fresno County, Calif., is located on approximately 1,600 acres adjacent to the 200 MWac/258 MWp Tranquillity Solar Facility. The Tranquillity facility was completed by Recurrent Energy in late 2016 and is majority-owned by a subsidiary of Southern Power.

The project, which is expected to be fully completed by Sempra Renewables in the third quarter 2018, should generate enough clean electricity to meet the energy needs of approximately 50,000 homes. Sempra Renewables has assumed construction of the project and will operate the facility, which is fully contracted under four independent long-term, power purchase agreements.

GUELPH, Ontario, July 18, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it started commercial operation of 52.5 MWp of solar photovoltaic (PV) power plants in Japan in the first half of 2017. The 52.5 MWp of plants include the 47.7 MWp Mashiki plant, the 2.4 MWp Yamagata Asahimachi plant, the 1.3 MWp Shizuoka Tashiro plant and the 1.1 MWp Saitama Shiroishi plant.

The Mashiki plant achieved commercial operation in June 2017. Powered by Canadian Solar's high-efficiency MaxPower modules, the plant is expected to generate approximately 57,000 MWh of clean, solar electricity per year, which will be purchased by Kyushu Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of JPY36.0 ($0.32) per kWh.

The Yamagata Asahimachi, Shizuoka Tashiro and Saitama Shiroishi plants were connected to the grid in March 2017.  Powered by Canadian Solar's high-efficiency MaxPower modules, these plants are expected to generate around 5,429 MWh of clean, solar electricity per year, which will be purchased under a 20-year feed-in-tariff contract at the rate of JPY32.0 ($0.28), JPY36.0 ($0.32) and JPY27.0 ($0.24) per kWh respectively.

"We are pleased to have energized the 52.5 MWp of solar power plants in Japan. The 47.7 MWp Mashiki plant is the largest solar power plant that we have built there, which brings our total portfolio of projects in operation in Japan to 112.7 MWp," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "This is a milestone as we continue to make progress in developing and delivering our high-value solar project pipeline in this important market."

First Quarter 2017 Financial Results

• Net revenue was $677.0 million, compared to $668.4 million in the fourth quarter of 2016, and first quarter 2017 guidance was in the range of $570 million to $590 million.
• Non-GAAP adjusted net loss attributable to Canadian Solar, which is adjusted to exclude a one-time provision of $8.6 million as explained in later paragraph, net of income tax effect, was $6.0 million, or $0.10 per diluted share, in the first quarter of 2017, compared to non-GAAP adjusted net income attributable to Canadian Solar, which is adjusted to exclude the impact of the $44.1 million AD/CVD true-up provision, net of income tax effect, was $14.2 million, or $0.24 per diluted share in the fourth quarter of 2016.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked, "Solar module shipments and revenue in the first quarter exceeded expectations led by demand for our high performance solar modules out of China, Brazil, and the U.S, as well as unwavering execution on our total solutions business. We have successfully restored six cell production lines at our tornado damaged Funing cell factory, and have restored another six lines subsequently in Q2. We have also successfully ramped up our new solar cell plant in South East Asia. The equipment used in these cell factories features the latest production technologies, which gives us further cost and efficiency advantages and the desired capacity customers are seeking. We have completed five additional project sales in China and Canada in the first quarter. We are well underway in the process to monetize our other operating solar power plants in the U.S., Japan and China. We have just completed the second round of binding offers for the sales of our high quality solar power plant assets in the U.S. and will soon select the final winner. In Japan, we now have 65 MWp of solar power plants in commercial operation and made progress to launch the JREIT listing around the end of the third quarter, or in the fourth quarter this year. It is our expectation that as we continue to successfully execute our operating plan our share price will achieve a higher valuation in the market, one that more appropriately reflects the value of our operating assets, global project pipeline and prospects for continued success."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "The higher manufacturing efficiency of our facilities and tight inventory management allowed us to partially offset the impact of solar module ASP declines and hold gross margin at 13.5%. We are also now positioned to benefit from having production facilities online in trade-friendly South East Asia, enabling us to meet demand requirements of the U.S. and other markets. Also, I am personally pleased with the progress our team has made at monetizing our operating asset portfolio in the U.S. These are major undertakings with equally significant potential upside for the Company as we focus on increasing returns on our project investments and maximizing operating cash flow. Finally, we believe we are in the final stage of negotiations with our insurance provider and expect to receive further compensation in the second quarter this year for the tornado damage and losses of our Funing cell factory."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainties relating to customer final demand and solar project construction schedules. Management's views and estimates are subject to change without notice.

For the second quarter of 2017, the Company expects total solar module shipments to be in the range of approximately 1,530 MW to 1,580 MW, including approximately 120 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in the second quarter of 2017. The Company is facing an overwhelming demand for its solar modules in China market at this moment. The demand is also healthy in major markets such as Europe, the U.S., and Japan. The Company's module shipment for quarter is limited by the internal solar cell production capacity and the supply shortage of third-party solar cells. Total revenue for the second quarter of 2017 is expected to be in the range of $615 million to $635 million. Gross margin for the second quarter is expected to be between 13% and 15%.

Considering shipment volume expected in the first half of 2017 and the constraint of internal solar cell and module capacities in the second half of the year, the Company's total module shipments in 2017 are now expected to be in the range of 6.0 to 6.5 GW, as compared to 6.5 GW to 7.0 GW previously. The module shipment recognized in revenue and the total annual revenue may also be lower than its previous guidance depending on market conditions, including but not limited to ASP trends. The Company continues to expect it will connect approximately 1 GW to 1.2 GW of new solar projects globally in 2017, based on the commercial operation date (COD). These projects are located in the U.S., Japan, China, UK, India, Brazil and Africa. The revenue from the Company's energy business will mainly come from the monetization of the Company's high quality solar power plant assets in the U.S., Japan, China, UK and Brazil. The Company continues to expect its cost of production will decrease throughout the year as new internal wafer, cell and module capacity comes online, and the percentage of external purchases and OEM is reduced. Management expects that the increase in vertical integration along the manufacturing cycle will help the Company maintain or improve its gross margin.

GUELPH, Ontario, May 2, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has secured AUD65 million (US$50 million) of non-recourse project financing with a 5-year term for two of its solar farm power projects in Australia with the Bank of Tokyo-Mitsubishi UFJ, Ltd. ("MUFG") and Clean Energy Finance Corporation ("CEFC").

The 17MW Longreach project and larger 30MW Oakey project in Queensland are both scheduled to commence construction in May 2017 and reach commercial operation in early 2018. The solar power projects are expected to generate clean energy to power nearly 12,000 homes under a 20-year contract for differences awarded under the Queensland government's Solar 150 program. These projects have been awarded AUD3.5 million (US$2.7 million) grant funding from the Australian Renewable Energy Agency ("ARENA").

"We are pleased to secure the financial backing from MUFG and CEFC, alongside the funding support from ARENA. These projects will directly contribute to the Queensland government's commitment to generating 50 percent of its electricity needs from affordable clean energy by 2030. We look forward to making further investments in Australia as we execute on our development pipeline", commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

GUELPH, Ontario, April 25, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has secured financing for its 92 MWp IS-42 solar power project near Fayetteville, North Carolina.  The financing is in the form of a debt facility with Prudential Capital Group and a tax equity investment commitment from U.S. Bancorp Community Development Corporation (USBCDC).

Prudential Capital Group will provide a $97 million debt facility, including tax equity bridge loan, term loan, and revolving loan to the project.  USBCDC, a division of U.S. Bank (USB), will make a tax equity investment in the project under a separate agreement.

"This agreement with leading financial institutions such as Prudential Capital Group and U.S. Bank demonstrates the quality of the solar projects which Canadian Solar is developing in the U.S.," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.  "We are glad to further strengthen our partnership with Prudential Capital Group and USBCDC with this large project and support the growth of the solar industry in the country."

"We are excited to support Canadian Solar in their efforts to construct and operate solar projects in the United States," said Wendy Carlson, Managing Director of Prudential Capital Group's Energy Finance Group: Power.  "We are pleased to continue building our relationship with Canadian Solar and USBCDC."

"Canadian Solar is bringing an important piece of the renewable energy framework to North Carolina with this project. The estimated 509 construction jobs plus the permanent positions it will create are important factors for economic development in the state along with providing a clean source of renewable energy for residents," said Adam Altenhofen, Vice President of USBCDC.

The 92 MWp project, covering an area of approximately 450 acres in the Bladen and Cumberland counties of North Carolina, is currently under construction and is expected to reach commercial operation in the third quarter of 2017.  The project has a long-term Power Purchase Agreement with Duke Energy Progress.  Once operational, the project will generate enough clean solar energy to power approximately 11,750 homes in the state.

CohnReznick Capital Markets Securities acted as financial advisor to Canadian Solar in the transaction.

GUELPH, Ontario, April 12, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary, CSI New Energy Holding Co., Ltd. has completed the sale of two solar power plants in China, totalling approximately 69.5 MWp to Shenzhen Energy Nanjing Holding Co., Ltd., a subsidiary of Shenzhen Energy Group Co., Ltd., for approximately RMB687.1 million (US$99.8 million). The transaction was closed in March 2017 and the Company expects to recognize revenue from the sale of the plants when all revenue recognition criteria have been met.

"We are pleased to have closed the sale of two additional solar power plants in China to Shenzhen Energy," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "We are well on track to monetize our operating solar power plants in China and other countries. Shenzhen Energy is an important strategic partner of Canadian Solar and we look forward to further expanding our strong partnership with them for more opportunities in the future."

GUELPH, Ontario, April 3, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced completion of its second green project bond placement with Goldman Sachs Japan Co., Ltd. The JPY5.4 billion (US$47.0 million) innovative dual-tenor green project bond was issued to finance Canadian Solar's 19.05 MWp Gunma Aramaki Solar Power Plant in Gunma Prefecture, Japan.

The Gunma Aramaki green project bond is the first of its kind with dual-tenor maturity of 1.5 years and 20.3 years, representing the initial and extended tenor respectively, within a single-tranche of bond. This innovative tenor mechanism provides Canadian Solar with options to maximize the value of its investment while preserving long-term financing support for its solar power project. The Japan Credit Rating Agency, Ltd. ("JCR") has assigned the investment grade rating of "A" to the Gunma Aramaki project, which is in line with the highest rating in the Japan PV sector. Further, Japan Research Institution, Limited ("JRI") provided an independent certification for the designation as green bond in accordance with the Green Bond Principles 2016 published by the International Capital Market Association ("ICMA"). The asset-backed non-recourse bond has been issued at par and pays a fixed coupon of 1.2875% per annum during the initial tenor and, if extended at the option of Canadian Solar, 1.3588% per annum thereafter. Goldman Sachs Japan Co., Ltd. acted as the bond arranger and Hitachi Capital Trust Corp. was appointed the trustee.

The Gunma Aramaki Solar Power Plant is expected to reach commercial operations in December 2017. The electricity generated from this solar power plant will be purchased by the Tokyo Electric Power Co., Inc. ("TEPCO") under a 20-year feed-in-tariff contract at the rate of JPY36.00 (US$0.32) per kWh.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are very proud to announce the landmark issuance of a dual-tenor green project bond in Japan. We are encouraged by the institutional investors' response to our innovative bond offering. Investors recognize our strong track record of building high quality and bankable solar power projects. This successful offering paves the way forward for Canadian Solar to further issue green project bonds at low coupon rate in Japan."

Fourth Quarter 2016 Financial Results

• Net revenue was $668.4 million, compared to $657.3 million in the third quarter of 2016, and fourth quarter 2016 guidance in the range of $600 million to $750 million.
• Non-GAAP adjusted net income attributable to Canadian Solar, which is adjusted to exclude the AD/CVD true-up provision of $44.1 million, net of income tax effect, was $14.2 million, or $0.24 per diluted share, in the fourth quarter of 2016. (For a reconciliation of GAAP to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures.")

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Results for the fourth quarter and full year 2016 were inline with our expectations, other than the unfavorable preliminary ruling on AD/CVD rates by U.S. Department of Commerce. We achieved record high total solar module shipments in the fourth quarter and the full year 2016. Despite strong demand levels, our revenue for both the fourth quarter and full year was lower compared to the prior year's periods due to the industry-wide declines in average selling price that have been persistent all year. We will continue to work to offset any negative impact of future declines in average selling price with the introduction of new products and through our supply chain and manufacturing efficiency programs. Importantly, we are actively monetizing our operating solar power plant assets. This includes the recent sale of five operating solar power plants in Canada for over $310 million (two sales closed in the fourth quarter of 2016; three additional sales closed in the first quarter of 2017). In addition, we closed the sales of two operating solar power plants in China in the fourth quarter of 2016 for over $32 million. We are also well underway in the sale process of our operating solar power plants in the U.S. and are targeting closure in the coming months. We plan to continue to execute on our strategy in the downstream energy business of developing solar power projects for sale to end customers, so as to deleverage our balance sheet and redeploy our capital to support the profitable growth of our business."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "Our fourth quarter of 2016 gross margin was impacted by the significant AD/CVD true-up that was based on the preliminary Department of Commerce ruling. We plan to vigorously contest the preliminary results in the final phase of the DOC reviews. Excluding the AD/CVD adjustment, the gross margin in the fourth quarter of 2016 would have been 13.9%, which is inline with our guidance range of 11.0% to 16.0%. We continue to execute on our cost down model through diligent management of our existing manufacturing and supply chain assets, while enhancing our cost profile and competitive position with the selective expansion of our state-of-the-art manufacturing capacity. We expect to be even more vertically integrated and geographically diversified as we seek to maintain our industry leading cost position. During the quarter, we successfully restored two cell production lines, with a total capacity of 240 MW, at our Funing cell factory, which had previously been damaged by a tornado in June of 2016. We expect to restore an additional 1.2 GW by the end of the first half of 2017. The construction of our new 850 MW cell plant in Southeast Asia was completed in February 2017 and production is ramping up. All of the equipment we are installing in our new cell factories features the latest production technologies, which gives us further cost and efficiency advantages and the desired capacity customers are seeking, while allowing us to sunset less efficient, legacy capacity."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to customer final demand and solar project construction schedule. Management's views and estimates are subject to change without notice.

For the first quarter of 2017, the Company expects total solar module shipments to be in the range of approximately 1.15 GW to 1.2 GW, including approximately 120 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in first quarter 2017. Total revenue for the first quarter of 2017 is expected to be in the range of $570 million to $590 million. Gross margin for the first quarter is expected to be between 13% and 15%.

For the full year 2017, the Company expects total module shipments to be in the range of approximately 6.5 GW to 7.0 GW, with approximately 6.17 GW recognized in revenue. The Company expects to connect (COD) approximately 1 GW to 1.2GW of new solar projects globally in 2017. These projects are located in the U.S., Japan, China, UK, India, Brazil and Africa. Total revenue for the full year 2017 is expected to be in the range of $4.0 billion to $4.2 billion. We expect 50% to 60% of the total full year 2017 revenue to come from our Solar Module and Components Business, while the balance will come from our Energy Business. The Energy Business revenue will mainly come from monetization of the Company's high quality solar power plant assets in the U.S., Japan, China, UK and Brazil. The Company expects its cost of production will decrease throughout the year as new internal wafer, cell and module capacity comes online, both inside and outside China, and the percentage of external purchases and OEM is reduced. Management expects that the increase in vertical integration along the manufacturing steps will help the Company maintain or improve its gross margin.

GUELPH, Ontario, March 14, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has secured Power Purchase Agreements for an aggregate 80 MWac of solar power projects with the Solar Energy Corporation of India (SECI), a public sector undertaking of the Government of India. Canadian Solar was awarded these projects under a 450 MWac solar capacity tender in the state of Maharashtra, through a competitive auction process. These projects are scheduled to commence operations by late 2017 and will generate clean solar electricity for SECI over the next 25 years.

"We are pleased to secure our first 80 MWac of solar power projects with SECI, a bankable and reputable off-taker operating under the Government of India. This investment adds to our India pipeline that stands at 110 MWac and represents a significant milestone for Canadian Solar in one of world's fastest growing renewables markets," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

GUELPH, Ontario, March 6, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has received US$20 million unsecured funding from the China and Portuguese-speaking Countries Cooperation and Development Fund ("CPDFund") to support the development of eligible projects in Brazil, including the 191 MWp Pirapora I Project in the state of Minas Gerais.

The Pirapora I Project is currently under construction and is expected to be completed in the third quarter of 2017. Once operational, the project will generate 391.3 GWh of clean electricity per year, enough to meet the annual energy needs of more than 200,000 Brazilian households and avoid 228,000 tonnes of CO2 emissions.  In October 2016, Canadian Solar announced the sale of 80% interest in the project to EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil.  Canadian Solar's investments to accelerate solar energy generation in Brazil include the operation of the country's largest solar module manufacturing facility with annual capacity of 380 MW and the development of a further 207 MWp of solar energy projects with 20-year power purchase agreements.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are glad to partner with the CPDFund in the growing solar energy market in Brazil. This milestone funding from the CPDFund cements our collaboration towards the CPDFund's investment into high-quality solar energy projects developed by Canadian Solar in Brazil and other Portuguese-speaking countries worldwide. We look forward to more opportunities to cooperate with state-owned enterprises and institutional investors in China to boost solar energy growth globally."

Mr. Jianxin Chi, Chairman of CPDFund Management Company, commented, "We value the partnership with Canadian Solar which has extensive industrial experience and outstanding capability, and believe that the milestone funding is the start of more cooperation on solar energy in Brazil, other Portuguese-speaking countries and Africa. We also have strong confidence in the future of Brazilian economy and the economic cooperation between China and Brazil, and expect to invest more in power, infrastructure and other industries in Brazil."

GUELPH, Ontario, Feb. 6, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has completed the sale of the outstanding shares of 3 utility-scale solar farm holding companies, SSM 1 Solar ULC, SSM 2 Solar ULC, and SSM 3 Solar ULC, totaling 59.8 MW AC ("SSM Portfolio") to Fengate SSM Holdco LP, an affiliate of Fengate Real Asset Investments ("Fengate") for over CAD257 Million (USD195.32 Million). The transaction was closed on February 1, 2017 and the Company expects to recognize the difference between the sales proceeds and the book value of the projects under 'Other income (expenses)' in the income statement for the first quarter of 2017.

The SSM Portfolio is located in Sault Ste. Marie, Ontario, Canada. As part of the deal, Fengate will take over the outstanding debt from Norddeutsche Landesbank Girozentrale and Canadian Solar will provide operations and maintenance services and asset management services.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are delighted to announce the successful sale of 3 additional solar power plants. To this point, we have sold all of our operating plants of 100 MWdc in Canada, including the BeamLight and Alfred projects sold in December 2016. We value our partnership with Fengate and look forward to deepening our cooperation while we continue to monetize our solar power plants in other countries."

"The Sault St. Marie solar portfolio is fully-contracted with a strong operating record," stated George Theodoropoulos, Fengate's Managing Director of Infrastructure for North America. "Fengate and its investors will benefit from this new relationship with Canadian Solar, an experienced and reputable developer and operator that has extensive knowledge of the solar industry."

GUELPH, Ontario, Jan. 20, 2017 /PRNewswire/ --  Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it is ranked #1 module supplier in terms of module quality and price/performance ratio in IHS Markit's independent PV Module Customer Insight Survey 2016.  High quality and price/performance ratio were identified as the top two reasons for recommending solar module brands.

Survey respondents also ranked Canadian Solar as the #1 most purchased brand and #1 most recommended brand of solar modules.

IHS Markit ran its annual solar survey between August and November 2016, and surveyed PV module buyers such as installers, integrators, and distributors throughout the world.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are honored to see our dedication to product quality and customer value reflected in PV module buyers' responses to IHS Markit's survey. Since its inception in 2001, Canadian Solar has unwaveringly placed product quality as its #1 objective in its operation. Thanks to our first customer in 2002, Audi-Volkswagan, we have applied automotive industry quality management system in our production since 2003 when we were certified for ISO 16949. Our quality control starts from where our BOM materials are produced. We believe the best marketing comes from consistently delivering the highest quality product with the best product value to enable customers to achieve their highest investment return. Canadian Solar has delivered close to 18 GW of solar modules around the world. We will continue to work hard to supply our customers around the world the best quality and price performance modules."

GUELPH, Ontario, Jan. 18, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it started the commercial operation of two solar photovoltaic (PV) power plants, totaling 12.7 MWp in Japan. The two plants include the 10.2 MWp Aomori Solar Power Plant in Rokunohe Town, Aomori Prefecture and the 2.5 MWp Saitama Minano Power Plant in Minano Town, Saitama Prefecture.

"We are pleased to announce the successful grid connection of two additional solar power plants in Japan, which brings our total portfolio of operating plants in Japan to 58.51MWp," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "This represents another milestone for our energy business strategy, and we look forward to continuing to deliver additional solar projects as we build out our portfolio of high value operating solar energy plants in Japan."

The 10.2 MWp Aomori Solar Power Plant, powered by 39,248 Canadian Solar CS6P-P modules, achieved commercial operation on December 27, 2016. Each year, the plant generates around 11,695 MWh electricity, which will be purchased by Tohoku Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of 36.00 yen (USD0.31) per kWh.

The 2.5 MWp Saitama Minano Power Plant used 9,240 Canadian Solar CS6P-P modules and reached commercial operation on December 22, 2016. The electricity generated from the plant, approximately 2,978 MWh annually, will be purchased by Tokyo Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of 32.00 yen (USD0.27) per kWh.

GUELPH, Canada, Jan. 17, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary Recurrent Energy has reached commercial operation of the adjacent 100 MWac/131 MWp Astoria and 75 MWac/100 MWp Astoria 2 solar projects located in Kern County, California.

"With the help of our trusted partners, the Astoria projects will power more than 40,000 homes with clean energy," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "These projects, which began operating in late 2016, are part of Recurrent Energy's milestone 1.2 GW 2016 project portfolio."

GE Energy Financial Services, a unit of GE, provided a tax equity investment for both projects. Financing for the Astoria project was announced in November 2015. A financing announcement for the Astoria 2 facility followed in January 2016. Both projects employ GE's state-of-the-art solar inverter technology.

"It has been a pleasure to work with Recurrent Energy on the Astoria projects and see them through commercial operation. As we continue to invest over $1 billion annually in the U.S. renewable energy market, well-developed assets such as the Astoria projects are critical to our success," said Kevin Walsh, managing director and head of Renewables at GE Energy Financial Services.

Pacific Gas and Electric Company will buy electricity and associated renewable energy credits (RECs) generated by the Astoria project under a long-term power purchase agreement (PPA). Electricity and associated RECs from the Astoria 2 project will be purchased by the Southern California Public Power Authority and four of its members (Cities of Azusa, Banning, Colton and Vernon), the Power and Water Resources Pooling Authority, and the Cities of Corona, Lodi, Moreno Valley and Rancho Cucamonga.

GUELPH, Ontario, Dec. 19, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has secured GBP 49.3 million (US$62.8 million) non-recourse term loan facilities to refinance a portfolio of 10 solar power plants, with total capacity of 50 megawatts in the United Kingdom. National Westminster Bank (NatWest), a subsidiary of RBS Group, is providing the 18.7-year term facility. Part of the proceeds will be used to repay a construction loan of GBP 28.1 million (US$35.8 million).

"We are pleased to be working with NatWest, a leading UK bank, to finance our portfolio of 50 MW of solar power projects in the UK. This transaction demonstrates yet again the quality and bankability of our solar power projects" commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.  "We are proud to cooperate with NatWest to promote the adoption of environment-friendly solar energy in the UK to help mitigate climate change."

Kevin Maddick, Structured Finance NatWest added: "We are proud to be able to support Canadian Solar with this solar power investment, which reinforces NatWest's position as a leading funder to the UK solar sector."

GUELPH, Ontario, Dec. 12, 2016 /PRNewswire/ --

-- To Provide Local Content for Company's Existing 390 MW Brazil Pipeline and Growth

Canadian Solar (CSIQ), one of the world's largest solar power companies, announced today the commencement of solar module manufacturing in Sorocaba, Brazil.  The new state-of-the-art manufacturing facility will be Brazil's largest, with 380 MW annual capacity of made in Brazil solar modules.

The official inauguration of this state-of-the-art new solar module facility was attended by the distinguished Mr. Geraldo Alckmin, Governor for the State of Sao Paulo, Mr. Eduardo Azevedo, Secretary from the Ministry of Mines and Energy, Mr. Antonio Carlos Pannunzio, Mayor of Sorocaba and Mr. Rick Savone, Canadian Ambassador to Brazil.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., commented, "This is a great day for Canadian Solar, the supportive local government, and the people of Brazil.  Our new state-of-the-art facility is already having a positive impact on Brazil's economy through the jobs created, investment made in the local economy, and our help in the promotion and further development of the country's renewable energy industry.  Our current solar project portfolio in Brazil has reached 390 MWp, of which EDF EN do Brazil, the local subsidiary of EDF Energies Nouvelles, bought 80% of the equity interest of our 191 MW Pirapora I project (expected to come online in 3Q17).  We now gain a powerful competitive advantage with our new local content facility, which we will leverage in Brazil, one of the world's most attractive and fastest growing solar markets." 

As of September 30, 2016, Canadian Solar's late-stage pipeline totaled 2.0 GWp of utility-scale solar project pipeline worldwide, along with a portfolio of operating solar power plants totaling 948 MWp.  In Brazil, the Company's current utility-scale solar project pipeline reaches 390 MWp.  This is comprised of its 191 MWp Pirapora I project, 109 MWp Pirapora II project and 90 MWp Vazante project.  The Pirapora I project is in construction and expected to reach commercial operation in 3Q17, with the Pirapora II and Vazante projects expected to reach commercial operation in 2018.  Canadian Solar will supply made-in Brazil solar modules for its projects.

GUELPH, Ontario, Dec. 5, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has closed JPY14.9 billion (US$141.5 million) senior and subordinate non-recourse term loan facilities to finance the construction and operation of a 55 MWp solar power plant in the Yamaguchi prefecture, Japan. The facilities were arranged by Hanwha Asset Management and have a maturity of 17 years.

"We are pleased to close the project finance facilities with Hanwha Asset Management and commence construction of the Yamaguchi Shin Mine project.  This is our largest investment in Japan to date and represents a significant milestone in the build-out of our solar power pipeline," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.  "Japan is a key growth market for the Company, where we have 597 MWp of utility scale projects in late-stage development."

Ju Su Lee, Head of Global Alternative Investments at Hanwha said, "Renewable energy is a focus sector for Hanwha. We are pleased to arrange this facility for Canadian Solar in support of their growth plans in Asia."

GUELPH, Ontario, Nov. 29, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, announced today that its Corporate Social Responsibility report for the year 2015 is now available online.

The report reveals a commitment to social and environmental considerations that runs broad and deep. It was completed in line with the international standard for sustainability reports, the Global Reporting Initiative G4, and demonstrates the company's firm commitment to making the difference. Highlights of the 2015 report include:

Economic highlights:

51.6% annual increase in module sales
$3.5 billion total revenue
Top-3 market shares in Japan, India, Canada, USA, Central America and other territories
Environmental highlights:

Energy generation from company-owned PV plants increased by over 1,000%
Water use per MW decreased by 23% since 2014
Wastewater discharge per MW dropped by 35% since 2014
CO2 needed per MW was reduced by 42% compared to 2012
Social highlights:

Named Canada's Most Attractive Employer in the sixth annual Randstad Awards
Ranked #1 for corporate social responsibility in Randstad Awards
More than 6,300 staff members were trained in 2015, more than 70% of all employees
"Promoting sustainable development around the world is the mission of Canadian Solar as well as my personal quest. We not only want to be a socially responsible company, but also want our suppliers along the PV value chain to practice and promote sustainable development. Being one of the major PV industry players in the world with accumulative solar panel delivery exceeding 17 GW, we have taken corporate responsibility to the heart of our daily business operations to strengthen environmental sustainability, human resource and community development. This report is a testimony of that commitment," says Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

Third Quarter 2016 Finanicial Results

• Net revenue was $657.3 million, compared to $805.9 million in the second quarter of 2016, and third quarter guidance in the range of $660 million to $710 million.
• Net income attributable to Canadian Solar was $15.6 million, or $0.27 per diluted share, compared to $40.4 million, or $0.68 per diluted share, in the second quarter of 2016.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Our solar module shipments and revenue came in at the low end of our guidance, due to the dislocation of the global solar market during the quarter and the quarter-end logistic disruption caused by the bankruptcy of Hanjin Shipping in September. Our team has effectively managed the supply chain and our own production output to offset the macro impact of solar module ASP declines in the broader market. We achieved a gross margin of 17.8%, which was well above our guidance and reflects our strong inventory management and continued improvement in manufacturing efficiencies. During the quarter, we continued to develop our downstream energy business. At the end of the quarter, our late-stage solar project pipeline stood at 2.0 GWp and our portfolio of solar plants in operation totaled 948 MWp. Our footprint now covers the world's most attractive markets: the U.S., Canada, Japan, Brazil, China, Mexico, the United Kingdom and Africa. Investor interest in our high-quality project pipeline remains robust. We target to complete the sale of certain solar power plants in Canada and China either by the end of 2016 or early next year and have started the sales process of our projects in the U.S. as our projects there reaching COD. This follows our sale of 80% of the equity in our 191.5 MWp Pirapora 1 solar power project in Brazil to EDF EN do Brasil, the local subsidiary of EDF Energies Nouvelles. Developing and transferring will be an important strategy in our downstream energy business as it bolsters our balance sheet, reduces market risk, and allows us to redeploy our capital, while providing an attractive return for our shareholders."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "Our results for the third quarter reflect our disciplined business strategy and successful execution. Declines in wafer and cell ASPs, together with improved management in inventory control and manufacturing efficiencies, helped offset the impact of further module ASP declines. We continue to strengthen our capacity profile with selective investments in new wafer, cell and module plants. The work to restore our Funing cell factory is proceeding on schedule. We expect to have the first two of our ten production lines up and running by the end of 2016, and remaining production lines back in full production by the end of the first half of 2017. We continue to discuss the amount of our total damages claim with our insurers and have received prepayments totaling RMB120 million from the insurer. Importantly, all of the equipment we are installing features the latest production technologies."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to customer final demand and solar project construction schedule. Management's views and estimates are subject to change without notice.

For the fourth quarter of 2016, the Company expects total solar module shipments to be in the range of approximately 1.4 GW to 1.5 GW, including approximately 30 MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in fourth quarter 2016. Total revenue for the fourth quarter of 2016 is expected to be in the range of $600 million to $750 million. Gross margin for the fourth quarter is expected to be between 11% and 16%.

The recent demand for the Company's solar module products has been very strong. The shipment volume in the fourth quarter is impacted by the availability of the Company's solar module manufacturing capacities. The Company is overbooked for the current quarter and fully booked for the first quarter of 2017. As a result, the Company has to use third party solar modules for some of its own projects, in order to satisfy the demand from its solar module customers. The gross margin in the quarter is impacted by the loss-of-service of the company's 1 GW solar cell factory in Funning damaged by a tornado in June and the delay in construction of the company's 850 MW new cell factory in Southeast Asia. The company expects to bring the Funning cell factory partially back in service at the end of the year and fully back in service by June 2017. Meanwhile, the Company expects to start production on its new cell factory in Southeast Asia in the first quarter of 2017.

The Company expects to complete the sale of certain utility-scale solar power plants in Canada and China either in the fourth quarter of 2016 or early 2017. The total value of these solar power plants is estimated at approximately $500 million with a blended gross margin in high teens. According to US GAAP, the Company expects to recognize approximately $150 million of the proceeds of these sales as revenue. The remaining proceeds, net of the book value of the projects, estimated at $50 million to $55 million, will be recognized as gain from sale of projects under 'Other income (expenses)' in the income statement. The actual figures may be different, subject to the adjustments at the final closing. The Company expects to reach the high end of its revenue and gross margin guidance if all these solar power plant sales are completed in the fourth quarter, or the low end of the revenue and gross margin guidance if all these projects sales are closed in 2017 instead.

Accordingly, for the full year 2016, the Company expects its guidance for total module shipments to be in the range of approximately 5.073 GW to 5.173 GW, compared to 5.4 GW to 5.5 GW as previously guided. Management expects its revenue under US GAAP for the full year 2016 to be in the range of $2.78 billion to $2.94 billion, compared to $3.0 billion to $3.2 billion as previously expected. The updated revenue guidance is based on US GAAP, therefore, does not contain the sales of approximately $300 million of solar power plant assets, which may occur in the fourth quarter or early 2017, as previously discussed.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "We remain confident in our long-term outlook and in our proven ability to navigate through disruptive, lower-visibility market environments. Canadian Solar has always emerged in a stronger position from these periods of market volatility. We will continue to invest in advanced technologies that will deliver even higher module efficiency. We expect to further benefit from our global brand and flexible capacity structure. Our track record of stability and consistent long-term execution sets Canadian Solar apart from our peers. Our financial partners share our confidence and positive outlook for the global solar industry. Our bankability is further underscored by our recent issuance of total RMB900 million commercial papers and entry into a JPY9.6 billion 3-year loan facility."

GUELPH, Ontario, Nov. 17, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has started the commercial operation of a 24MWp solar photovoltaic (PV) power plant in Yamaguchi Prefecture, Japan.

The Yamaguchi plant achieved commercial operation on November 16, 2016, and is the largest solar power plant that Canadian Solar has built in Japan. Powered by 92,064 Canadian Solar CS6P-260P/CS6P-255P modules, the plant is expected to generate approximately 28,487 MWh of electricity each year, which will be purchased by Chugoku Electric Power Company, under a 20-year feed-in-tariff contract at the rate of JPY40.00 ($0.38) per kWh.

"We are delighted to announce the commercial operation of this 24MWp plant, which once again demonstrates Canadian Solar's leadership position in the solar energy business. With the addition of this 24MWp project, our total portfolio of projects in operation in Japan reaches 46MWp,"commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "With 167MWp of projects under construction and an addition 66MWp of projects that are ready to build, we are well on track to deliver more solar projects in Japan. We are also working on a plan to monetize certain assets in the coming months."

GUELPH, Ontario, Nov. 3, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that the company supplied 5.74 MW of Canadian Solar MaxPower CS6X-310P modules to two projects located in Fowler, California. The first installation -- the 2.49 MW Bee Sweet Citrus Farm -- consists of 8,034 Canadian Solar MaxPower panels. The second installation -- the 3.25 MW National Raisin Company Farm -- consists of approximately 10,509 Canadian Solar MaxPower panels, making this array one of the largest agricultural solar systems in the nation. Pickett Solar, a Fresno, California-based solar developer, provided Engineering, Procurement, and Construction ("EPC") services.

The environmental benefits from these solar systems are significant. The Bee Sweet Citrus installation is expected to produce approximately 3,442,000 kWh of electricity annually, and the National Raisin Company installation is expected to produce approximately 5,523,500 kWh of electricity annually. In total, the cumulative amount of electricity produced from these two installations is equivalent to powering 564 American homes for one year. In addition, approximately 5,000 metric tons of carbon dioxide will be offset annually from these projects.

Mike Pickett, Owner of Pickett Solar, said, "When working with our agriculture clients, they look for bankable, proven equipment. We are proud to partner with Canadian Solar, an industry-leader in quality and service."

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "As the popularity of solar energy continues to increase throughout the sunny state of California, Canadian Solar is proud to be selected as the solar energy solution provider for Bee Sweet Citrus, Inc. and the National Raisin Company. We believe solar energy is a good investment for the agricultural sector, especially in California's Central Valley, in addition to generating new jobs in the local community."

EL SEGUNDO, Calif, Oct. 13, 2016 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (the “Partnership”) (LMRK) today announced that it has entered into a definitive agreement pursuant to which the Partnership will acquire approximately 4,000 acres of land in California underneath utility-scale solar photovoltaic (“PV”) projects developed by Recurrent Energy, a subsidiary of Canadian Solar Inc. (“Canadian Solar”) (CSIQ), one of the world’s largest solar power companies, for a total purchase price of approximately $73 million.  The acquisition, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2016.  The transaction is expected to be immediately accretive to the Partnership’s distributable cash flow, and the Partnership’s management expects to recommend that the Board increase the Partnership’s third quarter 2016 cash distribution, which will be paid in November 2016.

Highlights of the transaction:

The land acquired by the Partnership consists of six renewable power generation tenant sites within four utility-scale solar PV projects developed by Recurrent Energy; and
 
The portfolio features (i) an average remaining lease term of approximately 34 years (including renewal options); and (ii) rental income derived from utility-scale solar PV projects holding long-term power purchase agreements (“PPAs”) with tenures of 15 to 20 years from high-quality utility off-takers including Pacific Gas & Electric (“PG&E”) and Southern California Edison (“SCE”).
“We are very pleased to announce our first direct third-party portfolio acquisition which further demonstrates the Partnership’s commitment to the renewable power generation industry,” said Tim Brazy, Chief Executive Officer of the Partnership’s general partner.  “The assets acquired from Recurrent Energy, one of the largest and most established developers in the industry, are extremely attractive.  Backed by long-term power purchase agreements with high-quality off-takers, including PG&E and SCE, the portfolio is expected to generate growing and secure cash flows for the Partnership.”

GUELPH, Ontario and RIO DE JANEIRO, Brazil, Oct. 11, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, and EDF Energies Nouvelles, a global market leader in renewable energy, announced today the sale of 80% interest in Canadian Solar's Pirapora I solar energy project in Brazil to EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil. The 191.5 MWp Project is starting construction and expects to reach commercial operation in the third quarter of 2017. Canadian Solar will supply the modules for the Project from its new 360 MWp modules factory established in Brazil to support the local market.

The Project, located in the state of Minas Gerais in Brazil, was awarded a 20-year Power Purchase Agreement in the second Reserve Energy Auction in 2015. Once completed, the Project will generate 391,263 MWh per year and contribute towards the country's goal of obtaining 23% of its energy from renewable sources by 2030. 

"The investment by EDF Energies Nouvelles in Canadian Solar's Pirapora I project is a demonstration of the strong potential of the solar energy market in Brazil. Pirapora I is one of Canadian Solar's three current projects in the country totaling 394 MWp with awarded long-term PPAs. We plan to grow our project portfolio and support the domestic solar market with our 360 MWp module manufacturing plant. We are glad to partner with a strategic investor such as EDF EN in the implementation of our first project in Brazil," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

Antoine Cahuzac, Senior Executive Vice President in Renewable Energies of EDF and Chief Executive Officer of EDF Energies Nouvelles added, "With this Pirapora major new solar project in partnership with a specialised company such as Canadian Solar, two wind projects currently under construction by EDF Energies Nouvelles , and having in mind the hydraulic project -Sinop- the EDF group is involved in, all this confirms a strong ambition to strengthen and diversify the Edf Group renewables assets portfolio in Brazil."

GUELPH, Ontario and LOS ANGELES, Cali., Sept. 29, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced commercial operation of the 60 MWac/78 MWp Barren Ridge solar photovoltaic (PV) project developed by the Company's wholly owned subsidiary Recurrent Energy. The Barren Ridge solar project, also known as the RE Cinco project, supplies electricity and associated renewable energy credits (RECs) to the Los Angeles Department of Water and Power (LADWP) under a long-term power purchase agreement.

"We are proud to work with LADWP to bring solar power to the city of Los Angeles and share their commitment to a clean energy future," said Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This is the Company's third U.S. solar project to reach commercial operation this year, a milestone that would not be possible without the hard work and collaboration with our partners."

LADWP, which was named among the top 10 utilities connecting the most solar megawatts to the power grid in 2015 by the Smart Electric Power Alliance (SEPA), will use the clean solar electricity produced by the Barren Ridge solar project to power more than 25,000 homes in Los Angeles.

"We are committed to reaching 50 percent renewables by 2030, and this solar project plays an important role in reaching that goal. In addition, large-scale transmission line projects like our Barren Ridge Renewable Transmission Project facilitates a renewable energy hub that brings a thousand megawatts of wind and solar energy into the city of Los Angeles," said LADWP Executive Director of Power System Michael Webster. "By utilizing these new transmission lines and systems, LADWP is bringing renewable energy home."

The Barren Ridge solar project, located in Kern County northwest of Los Angeles, began construction in fall 2015 and created 230 peak construction jobs. In November 2015, U.S. Bancorp Community Development Corporation (USBCDC), a division of U.S. Bank, made a tax equity investment into the Barren Ridge solar project.

"We're proud to be part of an environmentally sustainable solution to the tremendous need for energy in the Los Angeles area. Barren Ridge will also have an impact on the region's economy with the more than 200 jobs it created," said Adam Altenhofen, vice president of U.S. Bancorp Community Development Corporation, a division of U.S. Bank.

GUELPH, Ontario, Sept. 28, 2016 /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 been awarded US$3.5 million funding from Australian Renewable Energy Agency ("ARENA") for two of its solar power projects, totaling 47MWp in Australia.

The two solar power projects, located in Longreach and Oakey, Queensland, are 17MWp and 30MWp each in size. With the 20-year government-backed Contract for Difference in place, we plan to start the construction of both projects in Q1 2017 and achieve Commercial Operations Date ("COD") in January 2018 or earlier.

"We are pleased and proud to secure the funding from ARENA to support our solar project business in Australia, where we see the market is growing steadily," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "By leveraging our strong project development and execution capabilities, and with the support from the local government, we will continue to expand and execute on our quality solar project pipeline in Australia, so as to make contributions to the adoption of clean solar energy in the country."

The 17MWp project at Longreach will be comprised of 54,600 Canadian Solar's new MaxPower2 CS6U-320 (1500V) polycrystalline modules. The expected output for the first year of operation is around 39.0GWh, equivalent to powering approximately 8,500 Queensland homes. The 30MWp project at Oakey utilizes 93,600 Canadian Solar's new MaxPower2 CS6U-320 (1500V) polycrystalline modules, with the expected output for the first year of operation of around 59.9GWh, equivalent to powering approximately 14,100 homes in Queensland.

GUELPH, Ontario, Sept. 21, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has signed a financing agreement, pursuant to which, Export Development Canada ("EDC") has agreed to provide guarantees or letters of credit of up to US$100 million to Canadian Solar to support its global activities of project development. Royal Bank of Canada and Toronto Branch of China Construction Bank Corporation will serve as fronting banks on the facility.

"We are very pleased to work with EDC to execute on our global solar power business strategy. With EDC's backing, we are able to improve our financial flexibility on our capital allocation to new solar projects," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "The continuous support we received from EDC is a testament to our leading position in the global solar industry. We value our strategic partnership with EDC as we continue to deliver on our commitment to accelerating the deployment of clean, reliable, emission-free solar energy worldwide."

GUELPH, Ontario, Canada, Sept. 6, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced the signing of a sales partnership with DM Solar, a wholesale distributor of solar products located in Guadalajara, Mexico.

The solar panels sold through this sales partnership will be used throughout various projects in the residential and commercial markets, primarily for small and medium-scale industrial installations throughout Mexico.  The signing of DM Solar as a Canadian Solar distributor signifies a growing trend throughout the Latin American region towards the use of solar panels in the renewable energy industry.

Yusef Kanchi, co-founder and President of Sales for DM Solar, said, "We selected Canadian Solar for several reasons: reliable product quality, strong business ethics, proven financial stability, and established bankability. Not only does Canadian Solar's business philosophy blend well with DM Solar's corporate image, it also evokes a sense of consumer confidence that customers can appreciate."

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "Canadian Solar is proud to sign DM Solar as an authorized distributor in Mexico, and we are confident that they will be pleased with our company's innovative product quality and excellent customer service. We look forward to expanding our business relationship with DM Solar in 2016 and beyond, as the solar industry experiences rapid growth in Latin America."

GUELPH, Ontario, Aug. 23, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary Recurrent Energy has reached commercial operation of the 100 MWac/134 MWp Mustang solar power project in Kings County, California.

"The commercial operation of the Mustang solar project continues a historic year that will see Recurrent Energy complete more than one gigawatt of U.S. solar photovoltaic (PV) projects," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

In 2015, Recurrent Energy secured a tax equity investment commitment for the Mustang project from U.S. Bancorp Community Development Corporation (USBCDC).

"High-quality solar projects like Mustang are an important strategic investment for U.S. Bank, which provide jobs to local communities, while delivering clean, reliable energy to the state of California," said Adam Altenhofen, Vice President of USBCDC. 

The renewable energy generated by the Mustang project will be sold under long-term power purchase agreements to Sonoma Clean Power and MCE. The project is expected to produce enough electricity to power approximately 45,000 homes.

Construction of the 1,000 acre project created 450 peak construction jobs. Blattner Energy served as the provider of Engineering, Procurement, and Construction services.

Second Quarter 2016 Finanical Results

• Net revenue in the second quarter of 2016 was $805.9 million, up 11.7% from $721.4 million in the first quarter of 2016 and 26.6% from $636.7 million in the second quarter of 2015.
• Net income attributable to Canadian Solar was $40.4 million, or $0.68 per diluted share, in the second quarter of 2016, compared to net income of $22.6 million, or $0.39 per diluted share, in the first quarter of 2016, and net income of $17.9 million, or $0.31 per diluted share, in the second quarter of 2015.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "We are pleased with our results for the second quarter which again came in above our guidance.  Our core solar module and project businesses remain strong, with a healthy balance sheet to support our near and long-term plan.  Our strategic decision to no longer pursue a YieldCo reflects the market environment and our primary focus on extracting the highest value for shareholders from our operating assets.  As a global leader, we are optimistic and remain favorably positioned moving forward.  Our low cost manufacturing structure, project asset scale, consistent execution and conservative strategy are helping us to mitigate the impact of headwinds facing the broader market, which are realistically never quite as bad as investors may think.   Our energy business now has approximately 472 MWp of solar power plants in operation, and approximately 900 MWp of additional solar power plants, after adjusting for our effective ownership, that will reach commercial operation in the second half of 2016.  Once completed, we will own approximately 1.37GWp of operating solar power plants, with a resale value of approximately $2.1 billion. We are actively pursuing several regional options to monetize these assets in the second half of 2016 and 2017."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "We achieved revenue and gross margin above our guidance in the second quarter of 2016.  We benefited from a combination of strong demand for our modules, better than expected selling prices and solid cost control at our factories. We were also able to reduce inventory levels by over $100 million, secure financing for our solar power projects and sign the first agreement to monetize our solar power plants in China.  Our solar project construction schedule in the U.S., Japan, China and the U.K. remain on schedule.  In order to provide improved visibility into our operating plan, we made the formal decision to no longer launch a YieldCo.  We are instead implementing a flexible, localized strategy with respect to our solar project asset monetization.  We expect this decision and added clarity will help investors to more appropriately reflect the higher value of our business and operating assets." 

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to customer final demand and solar project construction schedule.  Management's views and estimates are subject to change without notice.

For the third quarter of 2016, the Company expects total solar module shipments to be in the range of approximately 1.2 GW to 1.3 GW, including approximately 10 MW of shipments to the Company's utility-scale solar power projects that may not be recognized in third quarter 2016 revenue. Total revenue for the third quarter of 2016 is expected to be in the range of $660 million to $710 million, with gross margin expected to be between 14% and 16%. We have previously announced an agreement to sell two of our solar power plants in China. We expect the close of that transaction in Q4, therefore, our revenue guidance for the third quarter of 2016 does not include the sale of project assets.

For the full year 2016, the Company maintains its guidance for total module shipments to be in the range of approximately 5.4 GW to 5.5 GW, with approximately 5.0 GW recognized in revenue. Management also maintains its revenue guidance for the full year 2016 to be in the range of $3.0 billion to 3.2 billion. The Company is actively exploring opportunities to monetize its solar power plant assets, and subject to timing of these sales reported revenue may exceed the Company's revenue guidance.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Canadian Solar is in an excellent position to compete as we execute on our proven, long-term strategy.  We are an industry leader in quality, performance, efficiency and cost.  Our diversified project pipeline and strong backlog further sets us apart.  Importantly, we remain in the early stages of solar adoption, with our key markets in the U.S., Japan and China underpenetrated.  We are reducing the cost of incoming materials and processing cost in the meantime to maintain a mid-teen gross margin for our manufacturing business during the industry headwinds, while further reducing inventory and tightening credit controls. Our ongoing efforts to upgrade our technology and to improve our cost structure through selected capacity expansion are on track and we expect to end 2016 with 3.1 GW of internal cell capacity, including 850W in a tariff free location in South East Asia. At the same time, we continue to make progress as one of the leading developers and owners of high quality solar power plants around the world, with 472MW of solar power plants in operation and over 1.0GW of solar power plants under construction. Our focus remains on maximizing profitability, sustainable free cash flow and building shareholder value."

GUELPH, Ontario, Aug. 8, 2016 /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 Power Purchase Agreement ("PPA") for the 63MWp solar power plant in Aguascalientes, Mexico with the Federal Electricity Commission (Comision Federal de Electricidad, "CFE").  This project was awarded in April 2016 under the Mexico's First Long Term Electricity Auction and it is expected to generate electricity by September 2018.  All the electricity generated will be sold to the CFE under the PPA for a 15-year period and related Clean Energy Certificates for a 20-year period.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We are pleased to sign the PPA for this solar power project awarded to us earlier this year.  We will continue to leverage our global project development and execution capability to continue to expand our global late stage solar project pipeline to meet the growing demand of clean solar energy in Mexico and around the world."

GUELPH, Ontario, July 11, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has entered into a private placement with Prudential Capital Group, pursuant to which, the global investment management business of Prudential Financial, Inc. has agreed to purchase non-recourse notes with principal amount totaling approximately JPY6.2 billion (US$60.0 million). The proceeds from the private placement will be used to finance a portfolio of environmentally-friendly solar power plants totaling 21.2MWp in Japan.

"This is our inaugural green solar private placement with a blue chip institutional investor, and represents the second project bond financing structure executed by Canadian Solar in the Japanese market, further diversifying our funding mix," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "This successful transaction once again underscores the confidence that leading financial institutions have in Canadian Solar's project pipeline in Japan and positions us well to continue to deliver on our mission to accelerate the deployment of clean, reliable, emission-free solar energy worldwide."

GUELPH, Ontario, July 11, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that the company will launch the new 1500V System Voltage ("1500V") crystalline solar module portfolio at the 2016 Intersolar North America Exhibition to be held from July 12 to July 14, 2016 at the Moscone Center in San Francisco.

The conventional 1000V system voltage allows PV system designed only up to 1000V. The new Canadian Solar 1500V module portfolio has proven its performance under both IEC/UL standards for 1500V of system voltage and allows a significantly more efficient system design while reducing the overall BOS and cabling costs. The 1500V crystalline module, offered in two product types (60 cell configuration (CS6K - mono and CS6K - poly) and 72 cell configuration (CS6U - mono and CS6U - poly)), provides a robust and cost-efficient system solution by adding more modules in a string, which decreases the number of combiner boxes, direct current (DC) homeruns and trenching. This unique product design lowers wiring losses and reduces the number of equipment, thus improving the overall system performance and efficiency and reducing the labor cost and installation time. Furthermore, the 1500V crystalline module meets both International Electrotechnical Commission (IEC) standard and Underwrites Laboratories (UL) standard, making it an industry-leading product that can meet these two top-level international standards at the same time. Consistent with its high product quality, this 1500V crystalline module comes with Canadian Solar's 25-year linear power output warranty and a 10-year product warranty on materials and workmanship. 

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "We are very pleased to introduce the 1500V crystalline module, which is a great addition to Canadian Solar's high quality product portfolio. The state-of-the-art product design of the 1500V crystalline module increases the overall system performance and lowers the Balance of System cost. We believe this new product can perfectly meet the growing demand for higher voltage systems with lower system costs. We look forward to welcoming every one of you to Canadian Solar's booth #7311 to explore more on the 1500V crystalline module and the complete set of Canadian Solar's diversified product offerings."

GUELPH, Ontario, July 6, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary, CSI Solar Power (China) Inc. has entered into a project sale agreement, pursuant to which, Create Technology & Science Co., Ltd. ("Create Technology & Science") has agreed to purchase Canadian Solar's operating solar power projects in Funing County, Jiangsu Province, China for approximately RMB218.5 million (US$32.8 million). 

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are very pleased to announce the sale and transfer of these projects to Create Technology & Science, a state-owned company in China.  This deal positions us well to continue to monetize our high quality solar power plant assets in China, recycle out capital and strengthen our balance sheet.  We value our partnership with Create Technology & Science and look forward to our continued successful cooperation."

This project sale agreement will become effective after Create Technology & Science receives the approval from its board of directors and the approval from the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).

GUELPH, Ontario, June 24, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that a severe tornado damaged its solar cell factory in Funing County, Jiangsu Province, China.

The tornado occurred in the afternoon of June 23, 2016 and caused property damage and personal injuries. The Funing solar cell facility is currently shut down while the Company assesses the extent of the damage. The Company carries both casualty and property insurance for its facilities, inventory, business interruption insurance, as well as health and medical insurance for all its employees, and is reviewing the extent and scope of this coverage with its insurance carriers. At this moment, the Company expects to recover substantially all of its financial losses through insurance. The Company's other wafer, cell and module manufacturing facilities in China and abroad are not affected.

Funing is the newer and smaller of the Company's two solar cell factories in China. The Company was anticipating that solar cell production from the Funing cell factory would reach approximately 267MW in the third quarter of 2016, representing 15-20% of its solar cell requirements for the quarter. The Company now plans to cover its solar cell needs by increasing the output from its Suzhou solar cell factory, ramping up production at its new cell factory in Thailand and by purchasing additional solar cells from its long term third-party suppliers, who have agreed to supply the additional solar cells.  As a result, the Company expects to fulfill its module delivery commitments and maintain its annual module shipment guidance.

"Our thoughts are with the families of Canadian Solar employees and the local residents impacted by the severe weather. We have immediately dispatched our internal emergence response team from our other facilities in China to help our employees in Funing and people in the local communities. We are assessing the situation but do not expect it to have a material impact on our business," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

GUELPH, Ontario, May 23, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has closed a £36.4 million (US$52 million) project financing facility with BayernLB to refinance a portfolio of four solar power plants, totaling 40.2 megawatts in the UK. This financing facility with BayernLB is non-recourse project finance, with a term of 17 years.

"We are delighted to complete this project financing facility with BayernLB," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This facility underscores Canadian Solar's strength as a global tier-1 player that has broad support from international financial institutions. We look forward to continuing our partnership with BayernLB to support the sustainable growth of our global project business."

GUELPH, Ontario, May 11, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the appointment of Dr. Huifeng Chang, as Senior Vice President and Chief Financial Officer, effective May 22, 2016.  Michael G. Potter, currently Senior Vice President and Chief Financial Officer, has decided to leave the Company to pursue other interests but has agreed to serve in an advisory role to support the seamless transition of the senior finance function in the Company.

Dr. Chang, who joined Canadian Solar in early 2016 as Senior Vice President of Corporate Strategy, Business Development and Finance, brings 17 years of capital markets, corporate finance, investment and risk management experience to the Company. Before joining Canadian Solar, Dr. Chang was Co-Head of Sales and Trading at the U.S. subsidiary of China International Capital Corporation (CICC). Prior to that, he was the CEO of CSOP Asset Management Limited based in Hong Kong. From 2000 to 2008, he was Vice President and an equity proprietary trader at Citigroup Equity Proprietary Investments in New York. Before moving to Wall Street, Dr. Chang worked at Kamakura Corporation in Hawaii as a risk consultant to banks in Asia. Dr. Chang holds a Ph.D. in soil physics and an MBA from University of Hawaii, as well as an M.S. degree from Academia Sinica.

Dr. Shawn Qu, Chairman and Chief Executive Officer remarked: "We are pleased to announce that Huifeng will take on the role of CFO at Canadian Solar. Huifeng brings with him many years of valuable experience in capital markets and risk management in a global context. Meanwhile, we are indebted to Michael for his years of service in which Canadian Solar has transformed itself from a solar module manufacturing and sales company to a vertically integrated global leader in the solar industry.  Michael has made important contributions to the development of Canadian Solar in his nine years with us, both in his five years as CFO and before that as an independent director of the Company. I personally will miss his advice but I am happy that he will be available to consult with should we need it. We wish him well in his future endeavors."

Dr. Chang commented: "I would like to thank Shawn and the Board of Directors of the Company for the confidence that they have placed in me with this appointment. I would also like to thank Michael for agreeing to provide transitional advice and support. I look forward to working with the Board and the Canadian Solar Senior Management and Finance teams to create lasting value for our shareholders."

Mr. Michael G. Potter commented: "I am grateful for the opportunity that Shawn, the Board of Directors and the shareholders have given me in the past nine years to help build Canadian Solar into one of the most profitable and healthy solar companies in the world, and to transform one of largest module manufacturers into a global leader in project development as well. I am proud of what we have accomplished so far with even better to come.  I worked closely with Huifeng, even before he joined the Company, and am confident that he will help take the Company to new heights.  I would like to thank our global Finance and Legal teams who have worked so hard and well for me over the past five years and I wish them the best of luck."

First Quarter 2016 Financial Results 

• Net revenue was $721.4 million, compared to $1,120.3 million in the fourth quarter of 2015, and first quarter guidance in the range of $645 million to $695 million.
• Net income attributable to Canadian Solar was $22.6 million, or $0.39 per diluted share, compared to $62.3 million, or $1.05 per diluted share, in the fourth quarter of 2015.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Our results for the first quarter came in above guidance, driven by robust demand in our solar module business.  The results do not include the benefit of any solar project sales in the quarter, however, in the future we will continue our balanced approach of project retention and project sales to maximize both flexibility and valuation, as well as to balance our cash flow.  We now have approximately 438 MWp of solar power plants in operation, with a resale value estimated to be approximately $950 million. The company does plan to sell some of these assets in the second half of this year, at the same time as we bring additional solar power plants into operation. Our steady, longer-term approach has positioned Canadian Solar for sustained success and has set Canadian Solar apart from competitors.  We remain confident in our business model, outlook and in our ability to manage our profitable growth."

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "We were pleased that we were able to deliver gross margins substantially above our expectations.  We had a combination of lower than expected costs due to strong execution in our factories and a favorable country mix, including better than expected currency results as the US Dollar weakened against several of our key trading currencies.  The results reflect the confidence we continue to have in the strength of our module business.  Our strong results and financial position have enabled us to continue to expand our upstream cell and wafer capacity which we expect to result in better and tariff free margins this year.  Our project business also continues to be strong with on schedule progress for construction in the USA, Japan and the U.K.  Our financial strength has allowed us to finance our projects at lower than expected rates.  Since the YieldCo market remains closed, we expect to start selling some projects in the second half of the year to recycle capital and reduce our debt.  These are challenging times in the industry combining growth and more than usual uncertainly; however, times like these are when we have excelled in the past. We are strong and expect to get stronger."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to customer final demand and solar project construction schedule.  Management's views and estimates are subject to change without notice.

For the second quarter of 2016, the Company expects total module shipments to be in the range of approximately 1,200 MW to 1,250 MW, including approximately 30 MW of shipments to the Company's utility-scale solar projects that may not be recognized in second quarter 2016 revenue. Total revenue for the second quarter of 2016 is expected to be in the range of $710 million to $760 million, with gross margin expected to be between 15% and 17%.

For the full year 2016, the Company maintains its guidance for total module shipments to be in the range of approximately 5.4 GW to 5.5 GW, with approximately 5.0 GW recognized in revenue. Management is raising revenue guidance for the full year 2016 to be in the range of $3.0 billion to 3.2 billion, up from $2.9 billion to $3.1 billion, reflecting its expectation to sell some of its solar project holdings in the second half of the year. The Company remains flexible in ways to monetize its high quality solar power plant in order to maximize shareholder's return, and may consider selling more of its solar power plant assets, in which case revenue for the full year may reach the range of $3.2 billion to $3.6 billion, an increase of $200 million to $400 million over the Company's base forecast.

The Company's solar power plant assets in OECD countries are expected to reach 1.1 GW by the end of 2016.The Company estimates that the resale value of these assets, based on the Company's understanding of the current market conditions for such assets, is approximately $2.5 billion, with gross profit contribution of approximately $365 million. The market situation may, however, change resulting in different resale values if and when the Company decides to sell any of these assets. The Company estimates the electricity revenue from these assets, on an annualized run-rate basis, will be in the range of approximately $160-170 million at the end of 2016.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "We continue to see strong demand for our modules going into the second quarter, with stable prices and margins.  Our efforts to upgrade our technology and to improve our cost structure through selected capacity expansion are on track and we expect to end 2016 with 3.9 GW of internal cell capacity, including 700MW in a tariff free location in South East Asia. At the same time, we continue to make progress as one of the leading developers and owners of high quality solar power plants around the world, with 438MW of solar power plants in operation and over 1.0GW of solar power plants under construction. We continue to evaluate options to monetize our solar power plants with a view to maximizing shareholder value in the quarters ahead."

GUELPH, Ontario, Feb. 24, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has entered into a financing agreement, pursuant to which, Goldman Sachs Japan Co., Ltd. has agreed to arrange a JPY3.0 billion ($26.0 million) project finance bond for Canadian Solar's 10.2 MWp Aomori-Misawa Solar Power Plant in Rokunohe-cho, Kamikita-gun, Aomori Prefecture, Japan.

The non-recourse bond, which is backed by the project assets, has a maturity of 20 years, including a 2-year grace period, and a fixed coupon rate of 1.4%. Goldman Sachs Japan Co., Ltd. acted as the bond arranger and Shinsei Trust and Banking Co., Ltd. as the lender.

The 10.2 MWp Aomori-Misawa Solar Power Plant received an investment grade rating of "A" from Japan Credit Rating Agency, Ltd. The project is expected to reach commercial operation in December, 2016. The electricity generated from this solar plant will be purchased by Tohoku Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of ¥36.00 yen ($0.32) per kWh.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are very proud to announce this important financing arrangement in Japan. In addition to giving us access to a very low-cost source of financing for our projects, this transaction is the first asset-backed security arranged by a foreign sponsor in the Japanese PV sector. In addition, the A investment grade rating is so far the highest for all PV-related project bonds issued in Japan, a testament to the high quality and bankability of Canadian Solar's project pipeline in Japan."

GUELPH, Ontario, Feb. 1, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary Canadian Solar Japan K.K. has entered into a syndicated loan agreement, pursuant to which Mizuho Bank, Ltd. ("Mizuho Bank"), acting as the Book-runner, has agreed to provide a total of JPY4.7 billion ($39.5 million) to Canadian Solar Japan K.K to support its working capital and business operations.

Mizuho Bank, together with Shoko Chukin Bank and Tokyo Star Bank, will provide this syndicated loan which has a 1 year term with an option for 1 year extension.

"We are delighted to partner with this leading group of lenders, which enables us to execute on our business strategy and capture the growing business opportunities in Japan," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This partnership once again demonstrates Canadian Solar's strength and recognition as the global tier-1 leader that is able to get local financing from large banks in Japan. We look forward to continuing the cooperation with Mizuho Bank."

GUELPH, Ontario, Jan. 15, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., has secured contracts to supply 50 MW AC (60 MW DC) of MaxPower CS6X Ontario-made solar panels and 30 medium voltage power stations for the Windsor Solar LP facility. This utility-scale solar project, developed by Samsung Renewable Energy Inc. ("Samsung") and Connor, Clark and Lunn Infrastructure ("CC&L Infrastructure"), will be built in the City of Windsor, Ontario.

The power plant is expected to produce approximately 86,500 MWh of electricity per year, sufficient to power approximately 8,204 Canadian homes. It will also contribute to a greener environment by displacing approximately 59,646 metric tons of carbon dioxide emissions annually over the 20-year period of the power purchase agreement with the IESO. 

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "Canadian Solar takes great pride in supplying solar modules and medium voltage stations to solar projects in Ontario, such as this Windsor solar facility. Together with Samsung and CC&L Infrastructure, we continue to make the difference to the Ontario project landscape, including further energizing Southgate Solar later this quarter."

GUELPH, Ontario, Jan. 6, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has energized an additional five solar power plants, totaling 22.9 MWp, bringing its total fleet of solar power plants in operation in the United Kingdom to 63.1 MWp.

Three solar plants, Royston Solar Park, Wick Road Solar Park and Pant-Y-Moch Solar Park are being developed under the community scheme, with a commercial component totaling 14.7 MWp energized in the fourth quarter of 2015, and a community solar component totaling 12.5 MWp that is expected to be connected to the grid in the first half of 2016 allowing community investors to benefit from large scale PV system development in the United Kingdom.

Two other solar power plants, Long Meadow Solar Farm and Slade Solar Farm, totaling 8.2 MWp have been connected to the grid in the fourth quarter of 2015 under the Renewable Obligations Certificate (ROCs) program.

The five commercial solar plants connected to the grid in the fourth quarter of 2015 (22.9 MWp) will produce approximately 23,953 megawatt-hours of electricity per year, which will displace approximately 16,517 metric tons of carbon dioxide per year.

"We are delighted to announce the grid connection of an additional five projects, bringing our fleet of solar power plants in commercial operation in the UK to 63.1 MWp," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We are proud to make our contribution to the adoption of clean solar energy in the UK, while at the same time creating lasting value for our shareholders."

The Royston Solar Park, located in Roystone, Hertfordshire, has a total system size of 10.0 MWp, including 5.0 MWp commercial project that is in operation and a 5.0 MWp community project, which will be built and energized in the first half of 2016. The Wick Road Solar Park, located in Somerset, has a total system size of 7.2 MWp, including 4.7 MWp commercial project in operation and a 2.5 MWp community project, which will be built and energized in the first half of 2016. The Pant-Y-Moch Solar Park, located in Port Talbot has a total system size of 10.0 MWp, including a 5.0 MWp commercial project in operation and a 5.0 MWp community project, which will be built and energized in the first half of 2016. The Long Meadow Solar Farm, located in Bedfordshire has a total system size of 4.1 MWp and lastly, Slade Solar Farm, located in Devon, has a total system size of 4.1 MWp.

GUELPH, Ontario, Jan. 5, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Recurrent Energy, one of North America's largest solar project developers, closed on a tax equity investment commitment with GE (NYSE: GE) unit GE Energy Financial Services for the 75 megawatt (MWac) Astoria 2 solar power project. Recurrent Energy also closed a debt facility for the Astoria 2 project, currently under construction in California.

Recurrent Energy will be the managing member of the Astoria 2 solar power project and plans to own and operate the facility.Santander Bank, N.A. (Santander) was the coordinating lead arranger of a five member bank club including NORD/LB, Rabobank, Key Bank, and CIT Bank, which will provide project-level construction debt, a letter of credit facility and a back-leveraged term loan facility, totaling approximately $180 million.

"The Astoria 2 transaction completes the financing of Recurrent Energy's late-stage portfolio and is our second transaction with GE," said Shawn Qu, Chairman and CEO of Canadian Solar. "The support of this bank club and the expansion of our work with GE reflects our ability to consistently deliver high quality solar assets."

"Investing in the Astoria 2 project builds upon our relationships with Recurrent Energy and Canadian Solar and continues the expansion of our global renewable energy footprint," says Kevin Walsh, managing director and head of Renewables at GE Energy Financial Services. 

The Astoria 2 project follows GE Energy Financial Services' investment in the Astoria project and builds upon its investment commitments of $2 billion in nearly two gigawatts of solar power projects worldwide.

"Canadian Solar has executed on a remarkable pipeline of U.S. solar projects in 2015 with the support of Santander," said Jorge Camina, Head of Project & Acquisition Finance at Santander. "The structuring of this complex transaction with the Company, GE and the other lenders is another major achievement for Santander that will contribute to creating jobs and clean energy."

The Astoria 2 solar power project, located in Kern County, is expected to reach commercial operation in the fourth quarter of 2016 and will utilize GE 1500V inverters. The project is expected to generate enough clean solar energy to power approximately 25,000California homes. The electricity and associated renewable energy credits (RECs) generated by the facility will be sold under power purchase agreements. The Astoria 2 project is adjacent to the Astoria solar project, which closed financing in November 2015.

GUELPH, Ontario, Jan. 4, 2016 /PRNewswire/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced that it has filed a prospectus supplement to sell up to an aggregate ofUS$100.0 million of its common shares through an at-the-market equity offering program. The common shares will be offered through Credit Suisse as sales agent.

Sales, if any, of the common shares under the at-the-market equity offering program will be made from time to time, at the Company's discretion, by means of ordinary broker transactions, including on the NASDAQ, in negotiated transactions at market prices, or as otherwise agreed with the sales agent. Canadian Solar intends to use the net proceeds from the sales of its common shares for general corporate purposes, which may include solar power project development and working capital.

CALCULATION OF REGISTRATION FEE

GUELPH, Ontario, Dec. 23, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of its 10 MW AC EarthLight LP ("Earthlight") to One West Holdings Ltd., an affiliate of Concord Green Energy Inc. ("Concord"). The plant, valued at over CAD$69.4 Million (USD$49.7 Million), is located in Georgina, Ontario and consists of approximately 45,648 Canadian Solar MaxPower CS6X-300/310P PV modules. BowMont Capital and Advisory acted as financial advisor to Concord on this transaction.

This solar power plant will generate significant environmental benefits. The amount of clean solar energy that the Earthlight plant will generate is estimated at 17,892 MWh per year and 344,697 MWh over 20 years. The amount of carbon dioxide that will be displaced during the system's 20 year lifetime is approximately 237,686 metric tons, equivalent to taking approximately 50,000 cars off the road for one year.

Cliff McCracken, Senior Vice-President at Concord, remarked, "This is the fifth plant we have purchased from Canadian Solar in the past year and a half for a total installed capacity of 49 MW. We look forward to this to further complement our portfolio of green energy producing projects across Canada.‎"

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to deliver a fifth solar power plant to Concord Green Energy, and we thank them for their mutual partnership and shared belief in making a difference to the environment in Canada. Not only will Earthlight create additional green jobs, it will also provide sustainable clean solar energy to all people of Ontario." 

GUELPH, Ontario, Dec. 21, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of the 9 MW AC Aria Solar Plant ("Aria") valued at over CAD $65.6 Million (USD $47.2 Million) to One West Holdings Ltd., an affiliate of Concord Green Energy Inc. ("Concord"). The Aria 9 MW AC solar power plant is located in the Township of Elmvale, Ontario and consists of 48,528 Canadian Solar MaxPower CS6X-300/310P PV modules.

The environmental benefits that will be generated from this solar system are significant. The amount of clean solar energy that the Aria plant will generate is estimated at 15,956 MWh per year, and 277,754 MWh over 20 years. The amount of carbon dioxide that will be displaced during the system's 20 year lifetime is approximately 191,526 metric tons, equivalent to taking approximately 40,321 cars off the road for one year.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are delighted to complete the sale of Aria LP utility-scale solar power plants to Concord Green Energy. This is the fourth project we have delivered to Concord Green Energy and will be an addition to the portfolio of projects we are providing operations and maintenance services on."

GUELPH, Ontario, Dec. 18, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Recurrent Energy, one of North America's largest solar project developers, signed an agreement with Southern Power, a subsidiary of Southern Company, giving Southern Power a controlling interest in the Garland solar photovoltaic (PV) project in California. The 200 MW AC project, developed by Recurrent Energy, is currently under construction.

Under the terms of the agreement, Southern Power will acquire 51% of the equity in the solar generation project. Canadian Solar will retain 49% ownership and contribute its share of the investment required to complete the construction of the project, which the Company has financed through a construction and back-leveraged loan facility with a syndicate of five banks.

The Garland project, covering an area of approximately 2,000 acres in Kern County, will primarily utilize Canadian Solar high performance CS6X-P photovoltaic solar modules mounted on single-axis tracking tables. The facility is expected to enter commercial operation in the fourth quarter of 2016 with Signal Energy Constructors as the provider of engineering, procurement, and construction services. The project is expected to create more than 300 construction jobs and, when completed, is expected to be capable of generating enough solar energy to meet the energy needs of approximately 45,000 homes. The electricity and associated renewable energy credits (RECs) generated by the facility will be sold to Southern California Edison (SCE) under long-term power purchase agreements.

This transaction represents Recurrent Energy's third venture with Southern Power, which also holds a controlling interest in the 200 MW AC Tranquillity solar facility in California and the 157 MW AC Roserock solar facility in Texas. 

"With this agreement, Recurrent Energy and Southern Power are partnering to bring more than half a gigawatt of solar power online by the end of 2016," said Shawn Qu, Chairman and CEO of Canadian Solar. "Southern Power's commitment to renewables underscores the important role of solar and is a clear indicator that our large-scale solar facilities are attractive assets." 

GUELPH, Ontario, Dec. 15, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has raised a final tranche of $80.0 million under its previously announced two-year senior secured term loan arranged by Credit Suisse AG, Singapore Branch ("Credit Suisse"), bringing the total facility amount to $180.0 million.

In connection with the term loan, Canadian Solar issued the lenders warrants to purchase up to 940,171 shares of common stock at an exercise price of $28.08 per share. The warrants will expire two years from the date of the closing, on December 10, 2017. This term loan is being used for general corporate purposes.

"We are pleased with the positive outcome of this transaction and we appreciate the confidence of the lenders in our business," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "The buildout of our high value solar project pipeline in the U.S. as well as other markets is proceeding according to plan, positioning us well to create lasting value for our shareholders in the quarters ahead."

GUELPH, Ontario, Dec. 15, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced the sale of the 10 MW AC (14 MW DC) Illumination LP ("Illumination") solar power plant to an affiliate of DIF Infrastructure III ("DIF"). The solar power plant, valued at CAD $65.9 Million (USD$48.4 Million), consists of approximately 47,448 Canadian Solar MaxPower CS6X-300/310P PV modules and is located in Scugog, Ontario. It reached commercial operation on November 13, 2015, and will sell electricity pursuant to a 20-year Independent Electricity System Operator feed-in-tariff contract.

The environmental benefits that will be generated from this solar system are significant. The amount of clean solar energy that the Illumination plant will generate is estimated at 17,892 MWh per year, and 344,697 MWh over 20 years. The amount of carbon dioxide that will be displaced during the system's 20 year lifetime is approximately 237,686 metric tons, equivalent to taking approximately 50,000 cars off the road for one year.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to announce the sale of Illumination LP to DIF. This marks the third transaction closed between Canadian Solar and DIF, and we thank them for their continued partnership."

GUELPH, Ontario, Dec. 15, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has raised a final tranche of $80.0 million under its previously announced two-year senior secured term loan arranged by Credit Suisse AG, Singapore Branch ("Credit Suisse"), bringing the total facility amount to $180.0 million.

In connection with the term loan, Canadian Solar issued the lenders warrants to purchase up to 940,171 shares of common stock at an exercise price of $28.08 per share. The warrants will expire two years from the date of the closing, on December 10, 2017. This term loan is being used for general corporate purposes.

"We are pleased with the positive outcome of this transaction and we appreciate the confidence of the lenders in our business," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "The buildout of our high value solar project pipeline in the U.S. as well as other markets is proceeding according to plan, positioning us well to create lasting value for our shareholders in the quarters ahead."

GUELPH, Ontario, Dec. 15, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced the sale of the 10 MW AC (14 MW DC) Illumination LP ("Illumination") solar power plant to an affiliate of DIF Infrastructure III ("DIF"). The solar power plant, valued at CAD $65.9 Million (USD$48.4 Million), consists of approximately 47,448 Canadian Solar MaxPower CS6X-300/310P PV modules and is located in Scugog, Ontario. It reached commercial operation on November 13, 2015, and will sell electricity pursuant to a 20-year Independent Electricity System Operator feed-in-tariff contract.

The environmental benefits that will be generated from this solar system are significant. The amount of clean solar energy that the Illumination plant will generate is estimated at 17,892 MWh per year, and 344,697 MWh over 20 years. The amount of carbon dioxide that will be displaced during the system's 20 year lifetime is approximately 237,686 metric tons, equivalent to taking approximately 50,000 cars off the road for one year.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to announce the sale of Illumination LP to DIF. This marks the third transaction closed between Canadian Solar and DIF, and we thank them for their continued partnership."

GUELPH, Ontario, Dec. 7, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it has signed a financing agreement pursuant to which Royal Bank of Scotland ("RBS") has agreed to provide a GBP19.2 million ($29.0 million) term loan to Canadian Solar for the construction of seven solar power plants with a total installed capacity of 38MWp in the United Kingdom. 

"We are pleased to announce the term loan facility with RBS that will support the construction of seven solar systems and expand our fleet of solar plants in the UK by 38 MWp, to 78 MWp," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We are also pleased with the execution of our Energy business plan across all of our key markets as we continue to successfully develop, finance and build high quality solar energy assets in low risk geographies."

GUELPH, Ontario, Nov. 24, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it will supply 112 MW of Canadian Solar CS6P-265P PV modules to Sunrun (RUN), the largest dedicated residential solar company in the United States, in 2016.

"We are pleased to be working with an industry leader like Canadian Solar to ensure our customers have a great customer experience and access to high quality modules for their home solar systems," said Paul Winnowski, Chief Operating Officer of Sunrun. "We look forward to helping more American families switch to solar and furthering our goal of creating a planet run by the sun."

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "As North America's largest module manufacturer, Canadian Solar believes wholeheartedly in our corporate mission of making a difference in the lives of others through solar. Together with Sunrun, this joint collaboration will help allow us to reach new solar users and spread the word about the incredible power of solar energy."

GUELPH, Ontario, Nov. 20, 2015 /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 won 3 solar photovoltaic (PV) projects totaling 110 megawatts (MWp) in Pirapora, in the state of Minas Gerais, Brazil.  Canadian Solar will develop and build the solar power plants. Once connectd to the grid, the electricity genereated will be sold to CCEE (Camara de Comercializacao de Energia Eletrica), under a 20-year Power Purchase Agreement at R$300/MWh (approximately US$78.8/MWh). The three projects are targeted to reach commercial operation by late 2018.

"We are very excited to announce another win in Brazil, that increases our pipeline to 384MWp in this important emerging market," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "It is another testament of our strong capabilities in developing global solar power projects and further strengthens our position as a tier 1 global player in the solar energy business."

GUELPH, Ontario, Nov. 19, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Recurrent Energy, one of North America's largest solar project developers, closed on a tax equity investment commitment with GE (NYSE: GE) unit GE Energy Financial Services for the 100 megawatt (MWac) Astoria solar power project. Recurrent Energy also closed a debt facility for the Astoria project, currently under construction in California.

Recurrent Energy will be the managing member of the Astoria solar power project and plans to own and operate the facility. Santander Bank, N.A. (Santander) was the coordinating lead arranger of a five member bank club including, NORD/LB, Rabobank, Key Bank, and CIT Bank, which will provide project-level construction debt, a letter of credit facility and a back-leveraged term loan facility, totaling approximately $260 million.

"GE is a widely respected renewable energy investor and we are proud to begin this partnership for the Astoria project," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "It is also a privilege to continue our work with this group of lenders as our team continues a long history of successful solar development in Southern California."

"We are pleased to invest in our first solar project alongside Recurrent Energy and Canadian Solar and to support a world class solar project employing technology supplied by GE Power Conversion," said Kevin Walsh, managing director and head of renewable energy at GE Energy Financial Services.

The Astoria project is GE Energy Financial Services' latest renewable energy investment. The company committed over $2 billion in nearly two gigawatts of solar power projects worldwide and continues to invest $1 billion annually.

"The Astoria solar project, Santander's fourth financing of a Recurrent Energy plant in the U.S. this year, is another milestone in our fruitful cooperation to build renewable energy projects," said Jorge Camina, Head of Project Finance at Santander Bank. "This is another example of our commitment to support projects that are good for the environment and create jobs to help stimulate the economy."

The Astoria solar power project, located in Kern County, is expected to reach commercial operation in the fourth quarter of 2016 and will utilize 46 GE 1500V inverters. The project is expected to generate enough clean solar energy to power approximately 33,250 homes. The electricity and associated renewable energy credits (RECs) generated by the facility will be sold under power purchase agreements. The Astoria project is half of a two project portfolio. The Astoria 2 solar project is expected to close financing before the end of the year.

GUELPH, Ontario, Nov. 11, 2015 /PRNewswire/ --Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the company served as the sole supplier of PV modules for the 2.5 MW solar plant located in the city of Moncagua, in El Salvador, Central America. In total, the facility consists of 8,436 Canadian Solar MaxPower CS6X-310P solar modules. Together with AES El Salvador, a leading global provider of distributed energy, Canadian Solar's contribution to this solar facility will positively impact the local climate and region.

"AES Moncagua is the second renewable generation project built by AES in El Salvador under a vision of environmental sustainability and energy diversification. These projects are testimonies of our commitment to sustainable power generation in the country.  Meanwhile, we are introducing state-of-the-art clean energy technologies to El Salvador," said AES El Salvador's Executive President,Abraham Bichara.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "With Canadian Solar's continued growth in theMexico, Caribbean, and Central American region, we are proud to have taken part in the building of this solar plant in El Salvador.  The market potential for renewable energy in this area is tremendous within Latin America over the next several years."

• Net revenue was $849.8 million, compared to $636.7 million in the second quarter of 2015.
• Non-GAAP net income attributable to Canadian Solar was $46.0 million, or $0.79 per diluted share.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked:  "This has been a solid quarter as we benefited from strong demand for our modules in the U.S., Japan, China and India. We also made good progress on our Energy business, as we expanded our fleet of operating power plants in Japan and in Canada, grew our pipeline of high quality solar projects in Brazil and China, closed the sale of a controlling interest in our 200 MW Tranquillity Solar Project in California and secured financing for three of our seven U.S. projects. Our accomplishments across both our Module and Energy businesses are a testament to our track record of successful execution and the skill and dedication of our team.  Major financial institutions recognize our leadership position and seek us out to help finance our growth, giving us added flexibility and confidence as we move forward and remain focused on delivering long-term value to our shareholders."

• Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "We were able to deliver a 33.5% increase in net revenue to $849.8 million in the third quarter, compared to the second quarter.  Our strategic decision to build inventory levels in the second quarter helped us to seamlessly meet anticipated higher demand levels in the third quarter and has positioned us well entering the fourth quarter.  Gross margin of 14.9% was above the high end of our guidance of 12% to 14%, as higher than expected average selling prices for our modules helped offset the lower gross margin from the partial Tranquillity project sale.  We remain committed to maximizing the valuation of our asset portfolio for our shareholders.  We continue to work hard on a potential YieldCo, while keeping all options open given recent market volatility."

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked:  "This has been a solid quarter as we benefited from strong demand for our modules in the U.S., Japan, China and India. We also made good progress on our Energy business, as we expanded our fleet of operating power plants in Japan and in Canada, grew our pipeline of high quality solar projects in Brazil and China, closed the sale of a controlling interest in our 200 MW Tranquillity Solar Project in California and secured financing for three of our seven U.S. projects. Our accomplishments across both our Module and Energy businesses are a testament to our track record of successful execution and the skill and dedication of our team.  Major financial institutions recognize our leadership position and seek us out to help finance our growth, giving us added flexibility and confidence as we move forward and remain focused on delivering long-term value to our shareholders."

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "We were able to deliver a 33.5% increase in net revenue to $849.8 million in the third quarter, compared to the second quarter.  Our strategic decision to build inventory levels in the second quarter helped us to seamlessly meet anticipated higher demand levels in the third quarter and has positioned us well entering the fourth quarter.  Gross margin of 14.9% was above the high end of our guidance of 12% to 14%, as higher than expected average selling prices for our modules helped offset the lower gross margin from the partial Tranquillity project sale.  We remain committed to maximizing the valuation of our asset portfolio for our shareholders.  We continue to work hard on a potential YieldCo, while keeping all options open given recent market volatility."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to customer final demand and solar project construction schedule.  Management's views and estimates are subject to change without notice.

For the fourth quarter of 2015, the Company expects total module shipments to be in the range of approximately 1,300 MW to 1,350 MW, including approximately 170 MW of shipments to the Company's utility-scale solar projects that may not be recognized in the fourth quarter 2015 revenue. Total revenue for the fourth quarter of 2015 is expected to be in the range of $930 million to $980 million, with gross margin expected to be between 13% and 15%.

For the full year 2015, the Company is updating its guidance for total module shipments recognized in revenue to be in the range of approximately 4.15 GW to 4.2 GW. Total revenue for the full year 2015 is expected to be in the range of $3.28 billion to $3.33 billion, compared to prior guidance of $2.8 billion to $3.0 billion. 

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented: "We have held the view all year that demand for our solar products would remain strong, with supply constraints likely.  As we look to the future, we continue to see strong global demand for modules and tight Tier 1 capacity availability.  As a result, we have made the strategic decision to expand our wafer, cell and module manufacturing capacities. Our manufacturing expansion plan includes a new 400 MW cell and module plant in South East Asia, as well as a new module plant in Brazil.  We already have the necessary funding in place and are confident our expansion will result in further improvements to our cost structure.  Separately, we are keeping our options open regarding the potential launch of a YieldCo with quality assets in OECD countries, and we continue to work on alternative exit strategies for our project portfolio, and expect to make a decent developer's margin if we decide to sell to, or partner with, end-buyers of renewable energy assets."

GUELPH, Ontario, Nov. 4, 2015 /PRNewswire/ -- Canadian Solar, Inc. (NASDAQ: CSIQ), today announced that it confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (SEC) relating to the proposed initial public offering of common equity of a YieldCo vehicle. The number of securities to be sold and the price range for the proposed offering have not yet been determined.The initial public offering is subject to the SEC review process, market and other conditions.

This news release is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933 and does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction

GUELPH, Ontario, Nov. 3, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Recurrent Energy, one of North America's largest solar project developers, closed on a debt facility with a club of banks and a tax equity investment commitment with U.S. Bancorp Community Development Corporation (USBCDC), securing financing for the 60 megawatt (MWac) Barren Ridge solar power project. Recurrent Energy will be the managing member and plans to own and operate the project, currently under construction in California.

The lender club, led by Rabobank and including Santander Bank, NordLB, Key Bank, and CIT, will provide$115 million of construction debt, a tax equity bridge loan, and a term loan option for the Barren Ridge solar project. USBCDC, a division of U.S. Bank (NYSE: USB), will make a tax equity investment in the project, under a separate agreement.

"Investment in clean energy projects from industry leading investors and financiers such as USBCDC and the lender club demonstrates the success of the solar industry moving into our mainstream energy mix," said Dr.Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Securing financing for the Barren Ridge solar project is an important milestone as we work to bring our pipeline of late stage projects to operation."

"USBCDC is proud to partner with Recurrent Energy on this project that will create jobs in Kern County, while reducing carbon emissions and producing a cleaner environment for all Californians," said Adam Altenhofen, vice president of USBCDC.

"We are pleased to support Canadian Solar and Recurrent Energy by financing the construction of the Barren Ridge project, which will provide competitively priced renewable energy to California," said Thomas Emmons, Head of Project Finance at Rabobank in New York.

The Barren Ridge solar project, located in Kern County, is expected to reach commercial operation in the third quarter of 2016. The project began construction earlier this year with Swinerton Renewable Energy serving as the provider of engineering, procurement, and construction services. The Barren Ridge solar project is expected to generate enough clean solar energy to power approximately 17,000 homes. The electricity and associated renewable energy credits (RECs) generated by the facility will be sold under a long-term power purchase agreement to Los Angeles Department of Water and Power. 

GUELPH, Ontario, Canada, Oct. 29, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has signed a $100.0 million two-year senior secured term loan arranged by Credit Suisse AG, Singapore Branch ("Credit Suisse").

In connection with the term loan, Canadian Solar issued the lenders warrants to purchase up to 1,348,040 shares of common stock at an exercise price of $24.48 per share. The warrants will expire two years from the date of the closing, on October 25, 2017. The term loan facility may be increased by up to an additional $100.0 million, subject to customary conditions. The term loan is being used to retire a bridge loan used to finance the acquisition of Recurrent Energy LLC and for general corporate purposes.

"We thank Credit Suisse for their continued confidence and support," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This credit facility increases our financial flexibility as we continue the build-out of our high-quality utility-scale project pipeline in the U.S."

GUELPH, Ontario, Canada, Oct. 26, 2015 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today updated its business outlook for the third quarter of 2015 to reflect higher than expected solar demand in the quarter and the sale of 51% of the 200 MW Tranquillity solar power project in California by the Company's wholly owned subsidiary, Recurrent Energy, to Southern Power, a subsidiary of Southern Company (NYSE: SO).

For the third quarter of 2015, Canadian Solar now expects its total solar module shipments to be in the range of approximately 1.18 GW to 1.23 GW, compared to its previous guidance, which was in the range of 970 MW to 1.02 GW, including approximately 99 MW of shipments to the Company's utility-scale solar projects that will not be recognized as revenue in the third quarter of 2015. The Company now expects its total revenue for the third quarter of 2015 to be in the range of $805 million to $815 million, compared to previous guidance which was in the range of $570 million to $620 million. Gross margin for the third quarter of 2015 is expected to be at or slightly above the high end of previous guidance, which was in the range of 12% to 14%, primarily reflecting stronger than expected average module selling price partially offset by the Tranquillity project sale, which is expected to be profitable but with lower average gross margin.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked:  "We ended the third quarter with stronger than expected demand in our solar module business, led by the U.S., the U.K., Canadaand Japan.  We also benefitted from the sale of a controlling interest in our 200 MW Tranquillity project in California.  We are entering the fourth quarter of 2015 in an excellent competitive and financial position.  We expect to see continued robust demand levels in our solar module business and we continue to execute on our already robust and steadily expanding utility-scale solar project development pipeline."

Separately, on October 19, 2015, Canadian Solar reached an agreement with LDK Solar Co., Ltd. ("LDK"), to settle a legal dispute related to a December 2012 arbitration award decision by the former Shanghai branch of the China International Economic and Trade Arbitration Commission. Under this agreement Canadian Solar will incur a cost of RMB132.7 million ($20.9 million) and LDK will waive any rights and benefits in connection with the December 2012 arbitration award decision. In addition, under this agreement Canadian Solar will purchase from LDK, approximately 64.3 million pieces of wafers at market prices over a three year period starting on December 11, 2015. This agreement has been reviewed and approved by the Jiangsu Suzhou Intermediate Court. The Company expects to incur a charge for this settlement in the third quarter of 2015.

GUELPH, Ontario, Oct. 12, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it signed an agreement with Mashiki Town and Kumamoto Prefecture to build a 47.0 MWp solar power plant. Once completed, the Mashiki solar power plant will be the largest solar plant in Kumamoto Prefecture.

The Mashiki plant is expected to start commercial operation in the first quarter of 2017. Powered by Canadian Solar modules, the plant is expected to generate approximately 57,000MWh of clean, solar electricity per year, which will be purchased by Kyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of JPY36.0 ($0.30) per kWh.

"We are very pleased to announce this agreement with Mashiki Town and Kumamoto Prefecture," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "The Mashiki solar project is our largest Japanese project to start construction, and represents an important milestone as we continue to make progress developing our high-value solar project pipeline in this important market."

GUELPH, Ontario, Oct. 2, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it has closed on the purchase of three operating solar projects totaling 59.8 MW AC from KKR. The total approximate enterprise value of this transaction is C$270 Million (USD$203.7 Million). In conjunction with this acquisition, Canadian Solar also closed a USD$50 Million loan with Credit Suisse, who also acted as sole financial advisor on the transaction.

The projects are located in Sault Ste. Marie, Ontario and hold long-term fixed-price contracts established pursuant to Renewable Energy Standard Offer Program. Canadian Solar plans to assume the roles of both the owner and operator of the projects, which have been connected to the grid from October 2010 to November 2011. In addition, term financing will be provided by Norddeutsche Landesbank Girozentrale, New York Branch and KfW-IPEX Bank, assumed as part of the acquisition.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "These projects will help round out our Canadian portfolio and are part of our strategy to own and operate projects. This acquisition demonstrates Canadian Solar's ongoing investment and dedication to solar, as well as staying true to our strategy. We look forward to future transactions with KKR in North America."

GUELPH, Ontario, Sept. 10, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that the Company has entered into a long term product supply agreement with Vivint Solar (VSLR), a leading provider of distributed solar energy to residential and commercial customers in the United States. This contract, which allows for Canadian Solar to supply Vivint Solar with high efficiency CS6P polycrystalline modules for residential and commercial installations, will give the Company the ability to reach additional customers within these market segments and expand its consumer base.

"Vivint Solar is pleased to add Canadian Solar as one of our key module suppliers," said Jan Newman, Senior Vice President of Business Development at Vivint Solar. "This new, strategic relationship will allow us to provide solar power to new residential and commercial customers in various markets." 

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "As North America's largest module manufacturer, we take pride in significantly growing this relationship with Vivint Solar to supply our innovative and cost-effective panels to residential and consumer customers in the United States. In line with Canadian Solar's corporate vision, this agreement will make solar more affordable for all homeowners."

GUELPH, Ontario, Sept. 8, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Recurrent Energy, one of North America's largest solar project developers, closed on a debt facility with Santander Bank, N.A. (Santander) and a tax equity investment commitment with U.S. Bancorp Community Development Corporation (USBCDC), securing financing for the 100 megawatt (MWac) Mustang solar power project. Recurrent Energy will be the managing member and plans to own and operate the project, currently under construction in California.

Under the agreements, Santander Bank will provide $165 million in construction lending, a tax equity bridge loan, and a term loan option, for the Mustang solar project. USBCDC is making a tax equity investment in the project, under a separate agreement.

"This agreement with leading investors such as Santander and USBCDC demonstrates our ability to develop consistently bankable solar projects," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Securing financing for the Mustang project is an important milestone as we work to execute on our pipeline of late stage projects."

"By supporting renewable energy projects like the Mustang facility, we can help sustain the environment and stimulate the economy," said Jorge Camina, Head of Project Finance at Santander Bank, N.A. "Financing Canadian Solar and Recurrent Energy in this milestone project demonstrates our commitment to supporting leading sponsors of renewable energy projects."

"USBCDC is excited to partner with Canadian Solar and Recurrent on this investment, which will lead to economic development and job creation in Kings County, while providing additional renewable energy resources to California electric customers," said Adam Altenhofen, vice president of U.S. Bancorp Community Development Corporation, which invested $101 million in renewable energy tax credit equity in the project.

The Mustang project, covering an area of approximately 1,000 acres in Kings County, is expected to reach commercial operation in the fourth quarter of 2016. The project began construction in summer 2015 with Blattner Energy serving as the provider of Engineering, Procurement, and Construction services ("EPC"). The Mustang project is expected to generate enough clean solar energy to power approximately 28,000 homes. The electricity and associated renewable energy credits (RECs) generated by the facility will be sold under long-term power purchase agreements. 

GUELPH, Ontario, Sept. 3, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has won five solar photovoltaic (PV) projects totaling 185 megawatts (MW) In Pirapora, in the state in Minas Gerais, Brazil. Canadian Solar will develop and build the solar power plants which, once connected to the grid will sell the electricity generated to a Brazilian government entity, under a 20-year Power Purchase Agreement at R$298.58/MWh (approximately $84.0 USD/MWh).

"This win in Brazil demonstrates the strength of our global project development capabilities, and positions us well to become a solar energy leader in this important emerging market," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Brazil has significant solar resources and a large energy market, which provides us with an opportunity to stablish our brand, take market share and deliver good results for our shareholders." 

The five projects are targeted to reach commercial operation in mid-2017. The Company will short list potential equity partners for these projects and believes that it can make adequate developer margins should it decide to sell them.

GUELPH, Ontario, Canada, Aug. 31, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Recurrent Energy, one of North America's largest solar project developers, signed an agreement with Southern Power, a subsidiary of Southern Company (NYSE: SO). Southern Power will acquire a controlling interest in the 200-megawatt (MW) Tranquillity Solar Power Project in California. The project, developed by Recurrent Energy, is currently under construction.

Under the terms of the agreement, Southern Power will acquire approximately 51% of the solar generation project. Canadian Solar will retain 49% ownership and contribute its share of the investment required to complete the construction of the project, which the Company has fully financed through a construction and back-leveraged loan facility with a syndicate of six banks.

The Tranquillity project, covering an area of 1,900 acres in Fresno County, is expected to reach commercial operation in the fourth quarter of 2016 with Signal Energy Constructors as the provider of engineering, procurement, and construction services. The project is expected to generate enough clean solar energy to power approximately 55,000 homes. The electricity and associated renewable energy credits (RECs) generated by the facility will be sold to Southern California Edison under a 15-year power purchase agreement. 

"The Tranquillity project is an attractive opportunity for investors, providing long term stable cash flows," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This transaction is another example of solar power's move into the mainstream energy mix, and it shows our broader team's ability to attract top notch investors to finance our high-quality projects."

GUELPH, Ontario, Aug. 20, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that the company will now be offering its MaxPower polycrystalline module in a new 320W power class. The MaxPowerCS6X-320P is a more robust module with higher power efficiency. In addition, when the MaxPower CS6X-320P module is paired with a respective Canadian Solar CSI-23/28/36KTL-CT 3-phase inverter, a stronger, more cost-effective systems solution can be achieved from a single bankable supplier like Canadian Solar.   

Along with the 310W and 315W polycrystalline modules, the 320W power class is an innovative addition to the MaxPower line of solar PV modules. Consistent with Canadian Solar's high product quality, this module includes the brand's 25-year linear power output warranty and a 10-year product warranty on materials and workmanship.  Furthermore, this new power class gives solar installers and project developers the ability to reduce their overall balance of system costs for small commercial, large commercial, distributed generation, and utility-scale projects.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "Canadian Solar's new 320W polycrystalline solar module highlights the company's innovative spirit and dedication to product development.  Not only have we been able to achieve one of the highest power classes commercially available, but our ability to offer this module at a competitive price point is a testament to our bankability and reputable position in the industry.   We believe that this new product will satisfy consumer demand for a more efficient module, while at the same time give Canadian Solar leverage over other module manufacturers."

• Net revenue was $636.7 million, compared to $860.9 million in the first quarter of 2015 and second quarter guidance in the range of $570 million to $620 million.

• Net income attributable to Canadian Solar was $17.9 million, or $0.31 per diluted share, compared to $61.3 million, or $1.04 per diluted share, in the first quarter of 2015.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked:  "Revenue for the second quarter was above the high-end of our guidance reflecting stable pricing and continued strong demand in our key markets worldwide.  With our late-stage, utility-scale solar project pipeline totaling 2.4 GW, we continue to gain momentum, attracting leading financial partners to support our development efforts in Canada, the U.S., the U.K. and Japan.    We are pleased with the continued profitable growth of our solar module businesses.  We continue to have a distinct competitive advantage as an integrated solar power company and are in an excellent position to extend our Tier I global brand, as we work to deliver value for our shareholders." 

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "Gross margin for the second quarter of 2015 was 15.2%, which was in-line with our guidance, even with the sequential decline in revenue.  We expect to see a slight uptick as we move into the second half of the year, as we anticipate an increased contribution from year-end demand rush.  We are in the advantageous position of having the balance sheet and bankability of our Tier 1 brand to allow us to build and stage adequate inventory to capture the higher demand.   We continue to make good progress towards our business model transformation into a build, own and operate model, and remain on track in our plan to launch a YieldCo. We recognize that the market has recently experienced volatility around YieldCo valuations and we have alternative plans to monetize our utility-scale solar power plant assets, if necessary. Overall, we believe our business fundamentals, growth prospects and financial position are stronger than they have been for a long time."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book, and the global and local financing environment, and is also subject to uncertainty relating to customer final demand and solar project construction schedule.  Management's views and estimates are subject to change without notice.

For the third quarter of 2015, the Company expects total module shipments to be in the range of approximately 970MW to 1,020MW, including approximately 70MW of shipments to the Company's utility-scale solar projects that will not be recognized in third quarter 2015 revenue. Total revenue for the third quarter of 2015 is expected to be in the range of $570 million to $620 million, with gross margin expected to be between 12% and 14%. The gross margin guidance for the third quarter of 2015 is expected to be negatively impacted by the U.S. import duty on modules because module shipments to the U.S. are expected to increase significantly.

For the full year 2015, the Company maintains its expectation of total module shipments to be in the range of approximately 4.0 GW to 4.3 GW, including 3,300 MW to 3,500 MW of third-party module sales, 235 MW to 275 WW of project and EPC sales, and 460 MW to 490 MW of shipments to projects which will be held on the balance sheet pending the potential launch of a YieldCo. Total revenue for the full year 2015 is expected to be in the range of $2.8 billion to $3.0 billion.  Absent the planned change in the Company's energy business model from a build-to-sell to a build, own and operate model, revenue for 2015 would be approximately $1.0 billion to $1.1 billion higher.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "We maintain our view that demand will remain strong, with supply constraints likely later in the year.  As a Tier 1 solar module supplier, we expect to benefit from this trend even as we pursue only the most attractive, lower risk opportunities. We are also on track in developing our global downstream energy business. We continue to plan the launch of our renewable energy Yield Co with high quality assets in OECD countries. Meanwhile, the quality of our project portfolio also allows us to make a decent developer's margin even if we decide to sell these projects to third-party customers. Our strong track record gives us a competitive advantage and has enabled us to secure project level financing on favorable terms.    While we continue to be positive on the growth in the U.S. in both module sales and downstream energy business, we are also pleased with our progress in Asia, where demand continues to grow as the market further matures.  Our pipeline of projects already under development in China and Japan stands at 338 MWp and 617 MWp, respectively.  These are just a few of the growth markets we are addressing."

GUELPH, Ontario, July 21, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that The Manufacturers Life Insurance Company ("Manulife") has agreed to provide approximately C$52.8 Million (US$40.8 Million) in construction and term financing to Canadian Solar for the Aria solar plant located in Springwater, Ontario, Canada. The Aria project will be acquired by Concord Green Energy Inc. ("Concord") after commercial operation. BowMont Capital and Advisory acted as the Financial Advisor to Concord.  Developed by Canadian Solar, the 9 MW AC Aria solar power plant is under construction, with grid connectionexpected to occur in the fourth quarter of 2015.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "The closing of this loan demonstrates Canadian Solar's marketability and respect amongst financial institutions. With one of the solar industry's highest bankability approval ratings, Canadian Solar again affirms its consistent track record as a leading project developer in North America.

GUELPH, Ontario, June 5, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, takes note of the European Commission's decision to withdraw the acceptance of the Company's Undertaking but confirms its belief that it duly complied with all its terms and conditions.

Despite the arbitrary nature of the Undertaking text that caused interpretation confusion and implementation complications, Canadian Solar believes that it has always conducted all its business in the EU in compliance with the Undertaking. The Company strongly believes that this decision lacks merit and is arbitrary without giving due consideration to the Company's cooperation with EU Commission. The Company is currently reviewing its legal options.

The decision by the European Commission will not impact the Company's second quarter and full year 2015 guidance. Canadian Solar remains well positioned to continue serving all present and future customers in Europe from its Global solar operations.

GUELPH, Ontario, May 28, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has supplied modules to Turkey's largest PV project, the Kayseri Organized Industrial Zone PV Plant.

The 7.5 MW (AC) ground-mounted PV plant is located in one of Turkey's largest industrial zones, the Kayseri Organized Industrial Zone (KOIZ). The plant uses 27,252 pieces of Canadian Solar CS6P-255P modules to reduce the electricity costs for the zone's 86 million kWh/month energy consumption. On April 18^th 2015, the official opening ceremony for Turkey's largest PV plant was organized in Kayseri with special attendance of the Turkish Minister of Energy and other top-level government officials. The 950 companies producing in the zone now profit from reduced energy costs as the plant generates 10.95 MWh electricity per year, while offsetting CO₂ emissions by 7,728 metric tons.

"We are pleased to have been selected to supply our PV modules to the Kayseri Organized Industrial Zone Project. I am confident that Canadian Solar's global experience, proven track record, and consistent product performance will continue to make us a partner of choice in supplying our modules to key solar installations worldwide," said Dr. Shawn Qu, Chairman and Chief Executive officer of Canadian Solar.

GUELPH, Ontario, Canada, May 18, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that Natixis, New York Branch/Norddeutsche Landesbank Gironzentrale, New York Branch/Cooperative Centrale Raiffeisen-Boerenleenbank B.A./"Rabobank Nederland," New York Branch will provide the company with up to C$53.5 Million (USD$44.4 Million) in non-recourse, construction plus term financing.  The loan facility will finance the 10 MW utility-scale solar power project, "Illumination," located in the town of Scugog, Ontario, which is being acquired by DIF Infra 3 RE Canada Limited.

Developed by Canadian Solar, the solar power plant is expected to be in commercial operation by the fourth quarter of 2015. The project has been awarded a 20-year power purchase contract ("FIT") by the Ontario Power Authority under Ontario's Feed-In-Tariff program.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "The closing of this loan exemplifies Canadian Solar's reputation as a solid and bankable solar provider. This construction loan from top financiers worldwide shows how Canadian Solar is well-known among institutional investors as a top solar solutions company that stakeholders can trust."

First Quarter 2015 Financial Results

• Net revenue for the first quarter of 2015 was $860.9 million, down 10.0% from $ 956.2 million in the fourth quarter of 2014 and up 84.6% from $466.3 million in the first quarter of 2014.
• Net income attributable to Canadian Solar in the first quarter of 2015 was $61.3 million, or $1.04 per diluted share, compared to net income of $75.7 million, or $1.28 per diluted share, in the fourth quarter of 2014, and net income of $3.8 million, or $0.07 per diluted share, in the first quarter of 2014.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked:  "2015 started out strong for Canadian Solar, with both solar module shipments and revenue coming in ahead of our first quarter guidance. We have set a new record in quarter MW shipment, aided by strong demand in Japan, China, Europe and Latin America. We further consolidated our position as a Tier 1 global leader in the project development space with the close of our Recurrent Energy acquisition at the end of March.  This acquisition immediately expanded our total project pipeline to 8.5 GW, with approximately 2.4 GW of late-stage projects.  Along with the Recurrent project pipeline, we have also acquired a highly motivated group of employees with a long history of successful project development, financing, engineering, construction and sales.  All of this provides momentum as we continue to pursue our YieldCo strategy to build value for Canadian Solar and our shareholders." 

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "We are pleased with our record results for a first quarter, as well as with the underlying positive trends of our business. Gross margin for the first quarter came in at the high-end of our guidance, as we partially offset the impact of a lower module ASP with ongoing manufacturing cost reductions. We ended the quarter with $1.04 billion of cash, cash equivalents and restricted cash, up from $1.02 billion at the end of the prior quarter. We continue to focus on using our balance sheet to support the growth opportunities that will drive the highest value for our company and shareholders, both organically and through mergers and acquisitions, as we did with our acquisition of Recurrent. Another positive for us was the reduction of both our inventory and accounts receivable balances at the end of the quarter compared to the prior quarter. These improvements further reflect our ongoing efforts to improve organizational efficiencies and to reduce manufacturing costs wherever possible."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book, and the global and local financing environment and is also subject to uncertainty relating to customer final demand and solar project construction schedule. Management's views and estimates are subject to change without notice.

For the second quarter of 2015, the Company expects total module shipments to be in the range of approximately 950 MW to 1000 MW,  including approximately 165 MW of shipments to the Company's utility-scale solar projects that will not be recognized in second quarter 2015 revenue. Total revenue for the second quarter of 2015 is expected to be in the range of $570 million to $620 million, with gross margin expected to be between 13.0% and 15.0%.

The estimated commercial operation date ("COD") of all of the Company's late-stage projects in Canada, the U.S., Japan and China is subject to change without notice as a result of delays in permitting and construction, among other risk factors. The acceptance testing and closing process for projects only starts after COD. The length of acceptance testing may be affected by solar radiation levels and other weather conditions. As a result, the transfer of ownership to end customers may not always occur in the same quarter as COD. For the reasons noted, there is a risk that that actual results may differ from current management expectations.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, "This is an exciting time for us to be in the solar industry. All of our hard work since founding the Company has positioned Canadian Solar as a strong global leader of the solar industry. We are in the right markets with an excellent team capable of delivering on our growth strategy. We have always taken a long-term view on the solar energy market. Our goal is to build upon Canadian Solar's strengths, to create sustainable value for our shareholders. We are positive in our outlook for 2015 given our pipeline of solar projects in key markets worldwide. Based on recent market reports and our own intelligence, we believe that Tier 1 demand may exceed Tier 1 supply later this year. This is driven by policy factors, such as the acceleration of demand in the U.S. ahead of the investment tax credit (ITC) expiration in 2016 and the higher target for the domestic China market in 2015, along with continued strength in markets where we have an established leadership presence. Favorable economic conditions have swung the energy demand pendulum further toward solar, which is resulting in rising demand worldwide. As we have done in the past, we will likely make strategic capacity additions in order to meet the increased demand levels we are seeing and anticipate. We plan to update the market on our business and progress around our evaluation of a potential YieldCo structure at our Investor Day on May 18, 2015."

GUELPH, Ontario, May 7, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has signed a US$250 million loan agreement with China Minsheng Bank. The loan facility has a three-year maturity and will be used to partially finance the acquisition of Recurrent Energy LLC and the construction of the utility-scale solar projects in USA.

"We are very delighted to receive this loan facility from China Minsheng Bank, a large commercial bank in China. Our ability to get support from both international and Chinese financial institutions is a testament to Canadian Solar's position as a global leader in the utility-scale solar energy business," said Dr. Shawn Qu, Chairman and Executive Officer of Canadian Solar. "We look forward to continuing our cooperation with Minsheng Bank and other financial institutions to fund our profitable growth."

SAN FRANCISCO--(BUSINESS WIRE)--

Renewable Energy Trust Capital, Inc. (RET Capital) has acquired the 14.1-megawatt DC (MW DC) CityLights solar power plant in Chesterville, Ontario, from Canadian Solar, Inc. (CSIQ). With the close of this deal, RET Capital now owns three solar plants built by Canadian Solar across the province, totaling more than 40 MW DC of generating capacity.

Power from RET Capital’s CityLights plant and its sister solar plants, DiscoveryLight and FotoLight, is being sold to the Independent Electricity System Operator (IESO)—the largest power provider in Ontario—under a 20-year feed-in tariff contract.

“RET Capital is excited to add this high-quality plant and its long-term energy delivery contracts to our growing portfolio of solar assets in the United States and Canada,” said John A. Bohn, Chief Executive Officer and Chairman of RET Capital.

Canadian Solar provided turnkey engineering, procurement, and construction services, and will continue to operate and maintain the plant.

“Canadian Solar has had a long friendship with RET Capital in the renewable energy industry, and the sale of this third plant underscores our successful collaboration with them,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “We believe in our corporate mission and look forward to contributing to the solar landscape in North America.”

“We look forward to continuing to work with Canadian Solar, both with these plants and as we expand our North American solar network,” Bohn said

GUELPH, Ontario, March 31, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has completed the acquisition of Recurrent Energy, LLC ("Recurrent"), a leading North American solar energy developer, from Sharp Corporation. The transaction was supported by Export Development Canada (EDC)'s issuance of Performance Security Guarantee of up to $75 million to backstop letters of credit issued against project development obligations by Recurrent Energy. In addition, in conjunction with the acquisition, Credit Suisse will provide Recurrent Energy with a US$150 million, one year senior secured bridge loan.

The acquisition of Recurrent has increased Canadian Solar's total solar project pipeline by approximately 4.0 GW to a total of 8.5 GW, including an increase in its late-stage project pipeline by approximately 1.0 GW to 2.4 GW. Recurrent's seven late-stage projects totalling approximately 1.0 GW are located in California and Texas and are expected to be built and connected to the grid prior to the ITC expiration at the end of 2016.

This transaction significantly increases Canadian Solar's late-stage project pipeline in low risk geographies. Recurrent's seven late-stage projects have long-term power purchase agreements with investment grade counterparties, and are expected to generate significant US dollar denominated cash flow after completion, serving as the cornerstone for the launch of Canadian Solar's own Yield-Co in the quarters ahead.

With the closing of the transaction on March 30, 2015, David Brochu has been appointed Recurrent's new Chief Executive Officer to replace Arno Harris. Michael Metzner, Recurrent's Chief Financial Officer is also stepping down from his role. This management transition had been planned in advance.

Mr. Brochu previously served as Recurrent Energy's Chief Operating Officer, a position he assumed in June 2014. Before that, Mr. Brochu served as Recurrent Energy's Senior Vice President of Development, where he oversaw all development activities, including the build out of more than 315 MW of solar PV projects in two years. Mr. Brochu was previously President and CEO of UPC Solar, a Chicago-based solar PV developer with a pipeline of projects in Ontario, Canada and the United States, which Recurrent Energy acquired in 2009. 

"I am honored to lead this exceptional team, with our new parent Canadian Solar, as we further strengthen our position in North America's solar energy market," said David Brochu, CEO of Recurrent Energy. "We look forward to transitioning our business model to own and operate assets, as we embark on construction of more than 1 GW of solar PV projects over the next two years."

"With the acquisition of Recurrent Energy our significantly expanded, globally diverse project pipeline places Canadian Solar firmly among the leading global solar energy companies," said Dr. Shawn Qu, Canadian Solar Chairman and Chief Executive Officer. "We believe that with David's leadership and experience at Recurrent, we can continue to build on our proven solar energy development track record to create lasting value for our shareholders."

GUELPH, Ontario, March 30, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced the sale of the 10 MW AC GoldLight ("GoldLight") solar power plant to an affiliate of DIF Infrastructure III ("DIF"). This solar power plant is valued at over CAD$68 million (US$54 million) and uses approximately 46,800 of Canadian Solar's CSX6-300|305|310P panels. The GoldLight plant is located in the Town of Georgina, Ontario, Canada. It reached commercial operation on January 30, 2015, and will sell electricity pursuant to a 20-year Ontario Power Authority feed-in tariff contract.

"The GoldLight project represents another attractive addition to DIF's growing portfolio of North American renewable energy projects.  DIF's relationship with Canadian Solar has been a key contributor to our expansion," said Paul Huebener, Head of DIF Americas.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to announce the completion of the GoldLight power plant sale, one of several transactions between Canadian Solar and DIF. Our successful cooperation with DIF highlights our shared commitment to expanding the use of renewable solar energy in North America."

• Net revenue was $956.2 million, compared to $914.4 million in the third quarter of 2014 and fourth quarter guidance in the range of $925 million to $975 million.
• Net income attributable to Canadian Solar was $75.7 million, or $1.28 per diluted share, compared to $104.2 million, or $1.75 per diluted share, in the third quarter of 2014.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked:  "This was a record year for Canadian Solar.  We achieved new high water marks in terms of solar projects sold, solar modules shipped, revenue, net income and free cash flow.  Our success in monetizing our global solar project pipeline has strengthened our balance sheet, which has allowed us to secure new projects to replenish our pipeline, as evidenced by our acquisition of projects in Japan, and the United Kingdom as well as our recently announced acquisition of Recurrent.  The Recurrent acquisition, which is expected to close in the first quarter of 2015, is a significant milestone, as it expands our total project pipeline to 8.5 GW, with approximately 2.4 GW of late-stage projects representing a revenue opportunity of at least $6.0 billion over the next two to three years, under a build-and-sell business model. This gives us a level of stability and visibility unique in the solar power industry and further consolidates Canadian Solar's position as a Tier 1 global leader in the solar industry."

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "2014 was a record year for shipments and profitability and a breakthrough year for our energy business, and the fourth quarter was a record fourth quarter.  Our global module and energy business teams worked hard to deliver these strong results.  In the fourth quarter, both shipments and gross margin exceeded our expectations as we benefitted from higher gross margin utility-scale solar power project sales and improved efficiencies from our ongoing manufacturing cost reduction efforts. These improved efficiencies partially offset lower average selling price mainly caused by currency fluctuations.  We believe that we are now well positioned to deliver increased value to our shareholders, which include many of our employees, as we look to move beyond a build and sell model for our energy business.  2015 should prove to be another year of solid progress for us and our whole management team is excited at the possibilities that are now open to us."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book, global and local financing environment as well as uncertainty relating to customer final demand and solar project construction schedule.  Management's views and estimates are subject to change without notice.

For the first quarter of 2015, the Company expects total module shipments to be in the range of approximately 1,000 MW to 1,030MW, including approximately 55 MW of shipments to the Company's utility-scale solar projects that will not be recognized into first quarter 2015 revenue. Total revenue for the first quarter of 2015 is expected to be in the range of $725 million to $775 million, with gross margin expected to be between 16% and 18%. The gross margin guidance for the first quarter of 2015 factors in the impact of the U.S. trade case of approximately 200 basis points, the depreciation of several currencies against the U.S. dollar, and the mix of project sales expected to be recognized in Canada.

For the full year 2015, the Company expects total module shipments to be in the range of approximately 4.0 GW to 4.3 GW, including 3,300MW to 3,500 MW of third-party module sales, 235 MW to 275 WW of project and EPC sales, and 460 MW to 490 MW of shipments to projects which will be held on the balance sheet pending the launch of a YieldCo vehicle. Total revenue for the full year 2015 is expected to be in the range of $2.8 billion to $3.0 billion.  Absent the planned change in the Company's energy business model from a build-to-sell to a build and operate model, revenue for 2015 would be approximately $1.0 billion to $1.1 billion higher.

The estimated commercial operation date ("COD") of all of the Company's late-stage projects in Canada, the US, Japan and China is subject to change without notice as a result of delays in permitting and construction, among other risk factors.  The acceptance testing and closing process for projects only starts after COD.  The length of acceptance testing may be affected by solar radiation levels and other weather conditions.  As a result, the transfer of ownership to end customers may not always occur in the same quarter as COD. For the reasons noted, there is a risk that that actual results may differ from current management expectations.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented: "We continue to execute well on our long-term vision of building Canadian Solar into a leading global solar energy provider.  Once we complete the acquisition of Recurrent, our significantly expanded, globally diverse project pipeline gives us additional strategic options to create lasting value for our shareholders.  We have been reviewing various options to structure and potentially list our downstream business, and we are now planning to form a YieldCo vehicle, in order to maximize value creation for our shareholders over the long-term.  We expect that a YieldCo vehicle and its subsequent listing would enable us to capture the value inherent in our large pipeline of long-term contracted assets and to recycle capital.  We are engaged in the process of analyzing the optimal structure for a YieldCo, including the optimal asset profile. We expect to complete the sale of those Canadian projects for which we have an identified end-buyer. We may, however retain other projects that we have developed for eventual inclusion in the asset base of a YieldCo structure or add additional assets from third parties.  We plan to update the market as the process evolves."

The Company plans to host an Investor Day in New York City on May 18, 2015 to discuss its business strategy and outlook

GUELPH, Ontario, March 11, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it will introduce the company's all-black solar module product line into the Americas market, covering both the North and South American continents. The new product line includes both an all-black CS6K-M monocrystalline module and an all-black CS6K-P module, both of which feature improved, aesthetically pleasing black polycrystalline technology. This all-black module line is specifically targeted for consumers in the residential market.

The introduction of these modules into the North and South American markets represents a strategic business decision for Canadian Solar's Americas division. With the company's 14-year track record in module manufacturing, state-of-the-art product design, and effective management, Canadian Solar will finalize product specifications at the end of April. Production runs for the CS6K-M are expected to begin in May, with production runs for the CS6K-P expected to begin in early June.

The product features on these modules are unique in the marketplace with the "all-black concept" including a black frame, black backsheet, and dark cells in both mono and polycrystalline cell technologies.  The CS6K all-black monocrystalline modules with dark cells will be offered in three power classes: the 255W, 260W, and 265W. Meanwhile, the CS6K all-black polycrystalline modules with dark cells will be offered in two power classes: the 250W and 255W. The module efficiency on the monocrystalline module is 16.19%, while the module efficiency on the polycrystalline module is 15.58%.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "The introduction of these all-black modules into the Americas market is a great addition to Canadian Solar's diverse product portfolio, especially for the residential segment.  In particular, this new product line will allow the company to continue gaining market share throughout the region."

GUELPH, Ontario, March 10, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today stated that the European Commission has informed the Company of potential issues identified in the course of verifying Canadian Solar's compliance with the undertaking agreement. The undertaking agreement is an agreement entered into by the Company and other Chinese producers exporting to the EU with the European Commission, in connection with EU trade measures. 

In accordance with standard procedure, Canadian Solar has the opportunity to respond to the issues raised by the European Commission and to demonstrate that it complied with the undertaking agreement. The European Commission has not made a final decision. 

Canadian Solar has strived to fully comply with the undertaking agreement and is closely coordinating with the European Commission and the Chamber of Commerce in China to demonstrate that it has fully complied with the undertaking agreement. The Company will continue to cooperate with the European Commission to the fullest extent in order to address any concerns or misunderstandings.

Mr. Ed Jobs, IR Director for Canadian Solar, commented, "We believe that we have been compliant with the undertaking agreement. Any decision of the European Commission would not have a significant impact on our guidance for the full year 2015. Europe accounts for a small part of our business and, in any case, we can continue servicing our customers in Europe."

GUELPH, Ontario, Feb. 17, 2015 /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 acquired six solar power projects totaling 46 MW in the United Kingdom.

Four projects totaling 40.5 MW DC are under construction, and are expected to be connected to the grid in March 2015. An additional two projects totaling 5.5 MW DC are expected to start construction before the end of February, and are expected to be connected to the grid in the second quarter of 2015.

"We are delighted to enter the United Kingdom solar energy market with the acquisition of this portfolio of projects. The United Kingdom is an important and rapidly growing solar market and these transactions provide us with an attractive opportunity to leverage our expertise and balance sheet to redeploy capital to support our growth and create value for our shareholders," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We continue to evaluate several opportunities to expand our solar pipeline in the United Kingdom and look forward to making further announcements in the quarters ahead."

Together, these six projects will produce approximately 50,183 kilowatt-hours (kWh) of electricity per year, which is will displace approximately 38,140 metric tons of carbon dioxide per year, equivalent to removing over 7,276 cars from Britain's roads.

GUELPH, Ontario, Feb. 3, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has entered into a definitive agreement with Sharp Corporation (TSE:6753) to acquire Recurrent Energy, LLC ("Recurrent"), a leading North American solar energy developer, for approximately $265 million.

Once completed, the acquisition of Recurrent will increase Canadian Solar's total solar project pipeline by approximately 4.0 GW to 8.5 GW, and its late-stage project pipeline by approximately 1.0 GW to 2.4 GW. Located in California and Texas, Recurrent's 1.0 GW late-stage pipeline is one of the largest utility-scale project portfolios scheduled to be built prior to the ITC expiration in 2016, and represents an estimated revenue opportunity of at least $2.3 billion for Canadian Solar under a build and sell business model.

The transaction further expands Canadian Solar's position as a leading solar energy developer, with a globally diversified project pipeline in low risk geographies. In addition, this transaction broadens Canadian Solar's project development and financing capabilities, and enhances the Company's position for creating its own Yield-Co in the quarters ahead.

"The acquisition of Recurrent is an important milestone for us as it significantly expands and strengthens our position in the North American market, and places Canadian Solar firmly among the leading global solar energy companies," said Dr. Shawn Qu, Canadian Solar Chairman and Chief Executive Officer.  "By combining Canadian Solar's global reach and experience with Recurrent's proven solar energy development track record in the US and Canada, we are significantly expanding the scale of our solar energy development platform. At the same time, this transaction broadens our strategic options to extend our business model from development and construction into potential ownership and operation of solar power plants as we work to create additional value for our shareholders."

"Canadian Solar is a key player in the industry and we are fortunate that our collective visions for the future of the solar market are very much aligned," said Arno Harris, Recurrent Energy Chief Executive Officer. "We look forward to close collaboration with our new parent company to bring solar power further into mainstream energy markets."

GUELPH, Ontario, Canada, Jan. 29, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today provided an update on its late-stage solar energy project pipeline.

Currently, Canadian Solar's total late-stage solar project pipeline stands at 1.4 GWp, unchanged from 1.4GWp in November of 2014, despite the completion of over 100 MWp of projects in Canada and in the U.S. during the fourth quarter of 2014. As outlined below, the Company has continued to make progress in expanding its pipeline in several geographies, including Japan, the UK and China.

In Canada, the backlog of owned projects and engineering, procurement and construction ("EPC") contracts that are expected to be completed and recognized into revenue in 2015 currently stands at 275 MWp, including the Glenarm power plant which was sold and will be recognized into revenue in the first quarter of 2015. The projects and EPC contract backlog in Canada alone represent a revenue opportunity in excess of C$900 million for Canadian Solar in fiscal year 2015.

In Japan, the backlog of projects that are expected to be built and connected to the grid over the next 3 years currently stands at 606 MWp. Out of the 606 MWp total late-stage pipeline, approximately 262 MWp have full grid connection approval (Keitou Renkei Shoudakusho), with approximately 100 MWp in construction or near ready to start construction. The Company expects to complete construction and grid connection of approximately 80 MWp in Japan during 2015. Out of the total late-stage pipeline in Japan, two projects totalling approximately 125 MWp in the Tohoku utility area, as discussed in a press release issued on October 6, 2014, are affected by the recent changes in curtailment rules, and the Company is still working with the local utility to evaluate the potential impact of the rule changes on these projects. Meanwhile the Company is evaluating several opportunities to expand its project pipeline in the Japanese market with at least 140 MWp of project acquisitions currently under negotiation.

In China, the backlog of projects that are expected to be built and connected to the grid in 2015 totals 320 MWp. Of the total 320 MWp project backlog in China, 90 MWp started construction in 2014 and approximately 30 MWp have already been connected to the grid. As a result, the Company has approximately 70 MWp of utility-scale power plants and 30 MWp of roof-top solar systems in operation in China. These solar power plants and systems that are in operation, are generating revenue from electricity sales as the Company waits for an appropriate opportunity to monetize these investments.

In addition to the progress Canadian Solar has made in its core utility-scale energy markets, the Company also has projects in late-stage of development in the U.S., Brazil, and the United Kingdom.

"We have made enormous progress since entering the solar energy total solutions business in 2009, with over 400 MWp of solar projects and systems energized and delivered to customers in 2014," said Dr. Shawn Qu, Canadian Solar Chairman and Chief Executive Officer.  "In the background we have also been busy building our team and our expertise, which is evidenced by our ability to grow our pipeline in existing and new markets. We look forward to continuing that progress in 2015 as we build lasting value for our shareholders."

GUELPH, Ontario, Jan. 22, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced the sale of the 10 MW AC Glenarm solar power plant ("Glenarm") to an affiliate of DIF Infrastructure III ("DIF"). This solar power plant is valued at over C$60 million (US$49 million) and utilizes Canadian Solar's CS6X photovoltaic (PV) modules. The Glenarm plant will sell electricity pursuant to a 20-year Ontario Power Authority feed-in-tariff contract.  The project reached commercial operation in November 2014.

The closing of this sale represents the first of four solar projects (Glenarm, Illumination, Beamlight, and GoldLight) that will be acquired by DIF. Construction and term financing for the project was provided by Natixis NY Branch, Rabobank Nederland NY Branch and NordLB.

"The Glenarm power plant further expands Canadian Solar's contribution to the adoption of solar energy in North America," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Canadian Solar is especially pleased to work with DIF, given DIF's dedication and experience with renewable energy projects on a global basis."

"DIF, with over 300 MW of solar projects under management in North America and Europe, is pleased to announce the closing of the transaction. DIF's partnership with Canadian Solar provides another high quality solar project to our growing renewable energy portfolio in North America and Europe," said Paul Huebener, Head of Americas for DIF.

GUELPH, Ontario, Jan. 6, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of SparkleLight, a 10 megawatt ("MW") AC solar power plant to a subsidiary of BluEarth Renewables Inc. ("BluEarth"). SparkleLight, located in Beavertown, Ontario, is the third of four planned solar power plants being acquired by BluEarth from Canadian Solar. The facility is valued at approximately C$66 million (USD$57 million) and uses Canadian Solar's CS6X-300/305P modules made in Canada.

"BluEarth is pleased to be expanding our renewable energy portfolio with the addition of the SparkleLight facility. This acquisition brings us one step closer to our goal of $1 billion of high-quality operating assets by 2017," said Kent Brown, President and Chief Executive Officer of BluEarth. "We value our relationship with Canadian Solar and look forward to continuing that relationship with the delivery of the LunarLight facility next year."

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to announce the closing of the third utility-scale solar power plant to BluEarth Renewables, a private independent renewable power producer. The completion of the SparkleLight project highlights Canadian Solar's position as a global leader in the solar energy solutions space. We look forward to continuing our successful partnership with BluEarth on the final project in the coming months."

GUELPH, Ontario, Jan. 5, 2015 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of two 10 MW AC solar power plants, DiscoveryLight and FotoLight, to Renewable Energy Trust Ontario Holdings, INC/ULC (RET), at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market. These two plants use Canadian Solar's CS6X-305P modules, and are part of a sales agreement whereby Canadian Solar will sell a total of three utility-scale solar power plants from its Ontario pipeline to RET.

DiscoveryLight is located in the town of Beaverton, while FotoLight is located in the Township of Prince Edward County. The electricity generated by these two power plants, both currently in commercial operation, will be sold to Hydro One under a 20-year Ontario Power Authority feed-in-tariff contract. 

Canadian Solar provided turnkey engineering, procurement and construction services, and will also provide operations and maintenance services. A third 10 MW AC power plant ("CityLights") is scheduled to begin commercial operation in the first quarter of 2015 with closing occurring post commercial operation.

"The good work we have done with our friends at Canadian Solar means we will be able to bring clean and cost-effective energy to Ontario households for years to come," said John A. Bohn, Chief Executive Officer and Chairman of RET Capital. "We are pleased to announce this 40.9 MW DC deal and look forward to identifying and engaging similarly strategic opportunities in the new year."

"We are pleased with the sale of these two plants to RET Capital, and we look forward to closing the third plant in early 2015," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.  "This transaction underscores the successful execution of our business plan in Ontario, as well as our proven track record as a leading project developer on a global scale."

GUELPH, Ontario, Canada, Dec. 29, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., has closed the sale of the Liskeard 1 solar power facility, totaling 10 MW AC to TransCanada Corporation (TSX, NYSE: TRP) ("TransCanada"). The Liskeard 1 project, located in New Liskeard, Ontario, uses Canadian Solar's MaxPower CS6X-P modules and is valued at approximately C$60 million ($52 million).

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are happy to complete the sale of another solar power plant to TransCanada, one of North America's most successful energy infrastructure companies. This transaction is a testament to Canadian Solar's expertise in developing, constructing, and energising utility-scale solar power plants, and it demonstrates our leadership position in solar project development on a global scale."

GUELPH, Ontario, Canada, Dec. 19, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today released this statement in response to the United States Department of Commerce's ("DOC") Tuesday decision to impose counter-veiling ("CVD") and anti-dumping ("AD)" tariffs on certain Chinese and Taiwanese photovoltaic modules and cell imports.

"We are very disappointed by the DOC's decision, and the damaging impact this has on the American solar industry," said Thomas Koerner, General Manager of Canadian Solar Americas Division. "This decision threatens the employment of tens and thousands of American workers in the various facets of the solar industry, including manufacturing, design, installation and operations." 

Mr. Koerner added, "We plan to utilize our 500 MW manufacturing facility in Ontario, Canada to continue our support for solar energy development in the United States. As a Canadian company, however, we firmly believe in free international trade and a market economy with zero trade barriers."

GUELPH, Ontario, Dec. 16, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of the 10 MW AC RayLight solar power plant ("RayLight") valued at over C$65 million (USD$56 million) to One West Holdings Ltd., an affiliate of Concord Green Energy Inc. ("Concord"). The RayLight 10 MW AC solar power plant is located in the Township of Tay, Ontario and uses Canadian Solar's MaxPower CS6X-300/305P panels made in Canada. BowMont Capital and Advisory acted as financial advisor to Concord on the transaction.

"The RayLight solar project acquisition is a continuation of our investments in the Canadian renewable energy sector. We firmly believe that the demand for clean and sustainable green energy will continue to increase and that solar technologies will play a key role in satisfying that demand," remarked Cliff McCracken, Senior Vice President of Concord Pacific.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to complete the sale and transfer of this utility-scale solar project to Concord Green Energy. As the third of five projects executed under our sales agreement with Concord, we are particularly excited with our successful cooperation with Concord, and we look forward to providing the operations and maintenance for their solar energy investment opportunities within Ontario, while fulfilling our corporate mission of creating sustainable communities."

GUELPH, Ontario, Nov. 24, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it completed the sale of the 28.4MWp West Antelope Solar Park to Dominion (NYSE: D). The 263-acre Project is located in Los Angeles County on the outskirts of Lancaster, California. The construction of the West Antelope solar power plant generated over 400 jobs between July and November 2014. Canadian Solar supplied 94,340 high performance CS6X-300/305P Quartech photovoltaic (PV) modules. White Construction was the provider of Engineering, Procurement, and Construction services ("EPC"). The total solar system output will be enough to power more than 6,100 homes and to offset a total of 31.5 tons of carbon dioxide.

The culmination of this project represents a two-year development timeline for Canadian Solar, including permitting, entitlement, power execution, and system installation. The 20 year Power Purchase Agreement with PG&E was approved by the California Public Utilities Commission.

"As the largest project that Canadian Solar has developed, built, and sold in the United States, the West Antelope Solar Park represents an important milestone for the company," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "This project showcases the capabilities of our global PV project team in project development and execution, and it also demonstrates that large scale solar PV energy systems can be a significant, viable, and sustainable component of California's energy mix."

GUELPH, Ontario, Nov. 18, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its modules will power a series of projects in Georgia totaling 5.1 MW with Atlanta-based solar developer and Engineering, Procurement and Construction ("EPC") provider SolAmerica Energy, LLC. As the sole provider of photovoltaic (PV) modules for these projects, Canadian Solar expects these projects to be completed in December of 2014.

Each of the projects will be owned by Citizens Energy Corporation of Boston pursuant to a development and EPC Agreement with SolAmerica Energy. All of the projects will utilize Canadian Solar CS6X-310-P photovoltaic (PV) modules, and the energy produced from the arrays will be sold to Georgia Power pursuant to the Georgia Power Advanced Solar Initiative.

The projects under construction include the following:

• Taylor County Industrial Park in Butler, Georgia: 1.8 MW ground mount
• Cook County Farm in Lenox, Georgia: 1.3 MW ground mount
• Terrell County Industrial Park in Dawson, Georgia: 1 MW ground mount
• Goolsby Farm in Terrell County, Georgia: 1 MW ground mount

R. Stanley Allen, President of SolAmerica, said, "As part of the 8 MW of solar projects that SolAmerica will develop and build in Georgia by the end of 2014, these projects will help grow the base of solar energy in Georgia. Based on the performance and reliability of Canadian Solar PV modules in previous projects we developed, we hold full confidence in their product performance."

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "Canadian Solar is pleased to be working with SolAmerica on these solar projects in Georgia. We await their completion very soon and also look forward to future projects with SolAmerica in the Southeast United States."

• Net revenue for the third quarter of 2014 was $914.4 million, up 46.6% from $623.8 million in the second quarter of 2014 and up 86.3% from $490.9 million in the third quarter of 2013
• Net income attributable to Canadian Solar in the third quarter of 2014 was $104.2 million, or $1.75 per diluted share, compared to net income of $55.8 million, or $0.95 per diluted share, in the second quarter of 2014, and net income of $27.7 million, or $0.56 per diluted share, in the third quarter of 2013.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Our results for the third quarter exceeded our expectations on all financial and operating metrics, led by the strength of our utility-scale solar energy business, combined with a robust performance from our module business, which continues to benefit from our Tier-1 brand, global scale, stable average selling price and broad-based growth in demand.  Our team was able to close and recognize the sale of five utility-scale solar power projects in Canada, exceeding our target of four projects.  We are pleased with our solid execution and expect our Canadian project pipeline will continue to deliver strong profit as we enter into 2015."

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "This was an excellent quarter for Canadian Solar as our revenue, shipments, and net income all set quarterly records for the Company.  The five Canadian project sales, combined with better than expected module ASP, and the fact that we are running near full capacity, enabled us to achieve gross margin of 22.9% in the third quarter, compared to 19.0% in the second quarter.  This was well above our guidance for gross margin, which we expected to be in the range of 19% to 21%, and again demonstrates the leverage of our business model.  Separately, we were pleased that our hedging strategy significantly offset the immediate effect of the strengthening U.S. dollar in the third quarter.  We expect that the strength and differentiation of our business model, combined with our significantly improved balance sheet, will continue to afford us many more strategic options, as we work to build shareholder value."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book, global and local financing environment as well as uncertainty relating to final customer demand and solar project construction schedule.  Management's views and estimates are subject to change without notice.

For the fourth quarter of 2014, the Company expects module shipments to be in the range of approximately 810 MW to 860 MW.  Total revenue for the fourth quarter of 2014 is expected to be in the range of $925 million to $975 million, with gross margin expected to be between 17% and 19%.  The gross margin guidance for the fourth quarter of 2014 factors in the impact of the U.S. trade case, the appreciation of the U.S. dollar, and the mix of project sales expected to close in Canada.

For full year 2014, the Company is increasing its annual module shipment guidance to be in the range of 2.73 GW to 2.78 GW, compared to a range of 2.5 GW to 2.7 GW previously.  The Company is also increasing its revenue guidance for 2014 to the range of approximately $2.93 billion to $2.98 billion, compared to a range of $2.7 billion to $2.9 billion previously.

The estimated commercial operation date ("COD") of all of the Company's late-stage projects in Canada, the US, Japan and China is subject to change without notice as a result of delays in permitting and construction, among other risk factors.  The acceptance testing and closing process for projects only starts after COD.  The length of acceptance testing may be affected by solar radiation levels and other weather conditions.  As a result, the transfer of ownership to end customers may not always occur in the same quarter as COD.  The Company's business outlook for the fourth quarter of 2014 includes the expectation of completion of sales and revenue recognition for at least five utility-scale power projects in Canada.  Due to the reasons noted, however, there is a risk that that actual results may differ from current management expectations.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "We are on-track to deliver the best year in the history of Canadian Solar, in terms of revenue and profitability and MW shipment.  We expect the global solar demand to continue its growth momentum in 2015.  With our strong cash and balance sheet position, and our captive pipeline of late stage utility-scale projects totaling approximately 1.4 GW DC and our global module sale coverage, we have the advantage of operating with greater visibility.  This is allowing us to more efficiently allocate our capital and resources to the markets and projects capable of delivering the best returns to our shareholders. As just one visible example, we recently announced that one of Canadian Solar's wholly owned subsidiaries entered into an MOU with Sichuan Development Investment Management Ltd. to establish an investment fund to finance the development, construction and ownership of solar power generation projects in China. We expect to develop similar partnerships    which will provide positive catalyst for us as we capture our share of attractive opportunities in China.  In addition, the expansion of our project pipeline in Japan to 497 MW and our recent 114 MW win in Brazil, give us added confidence in our ability to both replenish and expand our global project pipeline."

GUELPH, Ontario, Nov. 10, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc. will provide 4 megawatt ("MW") / 2.76 megawatt/hour ("MWh") of stationary on-grid bulk energy storage to Independent Electricity System Operator ("IESO") to support the Ontario grid.

The 4 MW project will provide an energy storage solution for ancillary services applications in Ontario by leveraging Canadian Solar's extensive project development expertise and success in the Canadian energy market.  In addition, this project was one of twelve selected by IESO in a competitive application process that was completed in July 2014.  Canadian Solar will be providing reactive power, voltage support and bulk energy storage services to the IESO using stationary lithium battery technology.  Canadian Solar will provide operations and maintenance to IESO for a period of 36 months.

"We are pleased to have been selected by the IESO on their energy storage project within Ontario," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.  "This marks a new milestone for Canadian Solar as we make further progress on our move forward from being a module manufacturer to becoming a total energy solution provider. We are now established as one of the industry's fastest growing companies, with one of the largest project pipelines, while expanding our business model by adding bulk energy on-grid battery storage to our portfolio.  We look forward to working with IESO in the years ahead," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. 

GUELPH, Ontario, Nov. 6, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has won 3 solar photovoltaic (PV) projects totaling 114 megawatts (MW) In Vazante, in the state in Minas Gerais in Brazil. Canadian Solar, in partnership with Solatio, will develop, build and own the solar power plants which, once connected to the grid, will sell the electricity generated to the Agencia Nacional de Energia Eletrica, a Brazilian government entity, under a 20-year Power Purchase Agreement at R$216.12/MWh ($86.42/MWh).

"We entered the utility scale project development business to differentiate our business model, expand and stabilize our profit margins over the business cycle. We have since successfully leveraged our experience in Canada to expand our project business in key geographies. This win in Brazil is a testament to the strength of our project development capabilities, and positions us well to participate in the growth in demand for solar energy across the globe," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

"We are convinced that in order to be successful in such a demanding market as the energy sector in Brazil, it is absolutely mandatory to have profound local knowledge of the industry and the country as well as high-quality project developments, concepts on which Solatio has based its work from the very beginning in Brazil,'' commented Pedro Vaquer, Solatio partner. "Undoubtedly, a collaboration agreement with a sound international player as Canadian Solar translates into the perfect combination for the success of our projects," added Antonio Rodriguez, Solatio partner.

GUELPH, Ontario, Oct. 30, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it completed the supply of 3.1 MW of CS6X-300P modules to a solar photovoltaic (PV) project in Tipitapa, Nicaragua. This PV plant, entitled Planta Solar Zona Franca Astro Nicaragua, will power 26 companies and supply approximately 30% of total energy consumption for the Zona Franca Astro Nicaragua industrial park.

Financed by two local banks, Centro America Renovables and Energia Solar Aplicada, the PV plant will be completed in 2014. At its completion, this plant will become the largest private solar farm among industrial parks in Central America, as well as the largest private grid-connected solar array in Nicaragua.  Planta Solar Zona Franca Astro Nicaragua will create over one hundred local jobs and contribute significantly to the region's local renewable energy efforts.

Mr. Gregorio Kim, General Manager in Astro Nicaragua, S.A. said, "After evaluating several different PV module suppliers, we chose Canadian Solar because of the company's excellent quality, performance, and experience in global solar projects. In addition, Canadian Solar's dedicated post-sales team gives security to financial entities."

"As a leading developer of worldwide solar projects, Canadian Solar's corporate operations span over fifteen countries," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "The market outlook for Canadian Solar in Central America is robust, and we expect our opportunities in this region will continue to expand in 2015 and beyond. We are pleased with the successful completion of this solar project and the positive impact that Canadian Solar has had on the local economy in Nicaragua."

GUELPH, Ontario, Oct. 20, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") CSIQ), one of the world's largest solar power companies, today announced that it will introduce a new, groundbreaking Diamond module at the upcoming Solar Power International (SPI) exhibition.

The Diamond module, also known as the double module, utilizes heat-strengthened glass instead of the traditional polymer backsheet. The Diamond module is PID free with anti-PID cells and encapsulated material. With no metal module frame, the Diamond glass module does not require grounding, thereby eliminating the cause of Potential Induced Degradation (PID). In addition, the Diamond module has the ability to withstand harsh environmental conditions, including high humidity, high temperature, sandstorm, and ultraviolet (UV) conditions. Furthermore, the module's increased resistance to salt corrosion translates into a more robust and reliable solution for seaside/waterside photovoltaic (PV) system installation.

Rated for 1500V systems, the Diamond module significantly reduces Balance of System (BOS) costs by increasing modules in a string and decreasing the number of combiners, cables, and other system parts. The innovative glass-on-glass cell encapsulation blocks moisture permeability, enhancing long-term system performance reliability. The first year annual power degradation is 2.5% and 0.5% each year afterwards. With that, module output at the 25th year is maintained at 85% versus the current 80%.

"Canadian Solar is committed to providing robust, high-performance solar modules to meet the diversified needs of our global customers," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This Diamond Module, which will be officially launched in 2015, essentially enhances our customers' return on investment by decreasing system costs while improving energy yield."

In addition to the Diamond Module, Canadian Solar will be showcasing their innovative string inverters and installation modules in Booth #300 at SPI. More than 15,000 visitors are expected at North America's largest solar tradeshow from October 21-23 at the Las Vegas Convention Center.

GUELPH, Ontario, Canada, Oct. 15, 2014 /PRNewswire/-- Canadian Solar Inc., (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it executed a sales contract to supply photovoltaic (PV) modules to two utiliy scale projects totaling 146.4 MWp in Honduras.

These two projects, entitled Project Developer/EPC Solar Power S.A. de C.V. (SOPOSA) and Compan�a Hondurena de Energia Solar S.A. de C.V. (COHESSA), will be constructed in the southern region of Honduras between December 2014 and March 2015. Each project powers approximately 73.2 MWp, bringing the total to 146.4 MWp. This is equivalent to supplying energy needs to 45,000 homes in Honduras with cost-effective and renewable green energy.  These two projects represent a milestone for SOPOSA and COHESSA, whose corporate vision strives to develop solar projects that maintain the highest standards of sustainable development.

"We are pleased to be selected to supply our PV modules to SOPOSA and COHESSA, both world leading developers and EPC providers. I am confident that Canadian Solar's global experience, proven track record, and consistent product performance will continue to make us a partner of choice in supplying our modules to key solar installations worldwide," said Dr. Shawn Qu, Chairman and Chief Executive officer of Canadian Solar.

Since 2010, Canadian Solar's PV modules have consistently been ranked at the top of the PVUSA Test Conditions (PTC) Ratings, maintaining their leadership position in the market. Furthermore, for the fourth year in a row, Canadian Solar has achieved first-rate results on the Potential Induced Degradation (PID) test results. This test assesses how well modules withstand extreme environmental conditions in a test laboratory.

GUELPH, Ontario, Oct. 13, 2014 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (CSIQ), one of the world's largest solar power companies, today announced that it has closed a sales agreement with EDF Renewable Energy (EDF RE), to supply photovoltaic (PV) modules to the 24.3 megawatt peak (MWp) Catalina Solar 2 project during the first quarter of 2015. For this order, Canadian Solar will deliver to EDF RE a total of 83,000 pieces of custom specific CS6X-P solar modules in a 7 x 12 cell matrix with dual UL and IEC 1000V certification.

"We are pleased to be selected to supply our PV modules to EDF Renewable Energy, a leading developer of renewable energy projects in North America. We are looking forward to working with EDF RE in the future. I am confident that Canadian Solar's global leadership, proven track record, and well-known brand name will continue to make us a partner of choice in powering key solar installations worldwide," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

In the past few years, Canadian Solar modules have consistently been ranked at the top of the PVUSA Test Conditions (PTC) ratings in the industry. The PTC rating program, established by the California Energy Commission (CEC), is the widely accepted indicator of real-world PV module performance.

GUELPH, Ontario, Oct. 9, 2014 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (CSIQ), one of the world's largest solar power companies, today announced that it supplied Conti / SunDurance with 10 MW of solar modules during the third quarter of 2014.

For this 10 MW order, Canadian Solar delivered to the Conti Group in total 33,792 pieces of CS6X solar modules in 6 x 12 cell matrix with UL 1000V certificate. In the life span of 25 years, these modules will turn solar energy into 360,000 MWh of electricity, and displace CO2 emissions by 67,000 tons, the equivalent of taking 11,800 cars off of the roads, or developing a 6,200 hectare forest with 237,000 trees.

As a leading provider of engineering, procurement and construction (EPC) services in the renewable energy and other industrial markets internationally, the Conti Group has installed over 70 MW of solar projects throughout the United States. Matthew Skidmore, Vice President at Conti, commented, "We continue to find success in the industry partnering with sophisticated solar developers, solar asset owners, and electrical utilities to design and build large-scale projects, and are very excited to again work with Canadian Solar on this opportunity."

"We are pleased that Conti, a world leading EPC provider, have once again selected our PV modules. We look forward to continue working with Conti in future projects. I am confident that Canadian Solar's global leadership, proven track record, and strong brand will continue to make us a partner of choice in powering key solar installations worldwide," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

In the past few years, Canadian Solar modules have consistently been ranked at the top of the PTC Ratings in the industry. PTC Ratings, established by the California Energy Commission (CEC), is the widely accepted indicator of real-world PV module performance.

GUELPH, Ontario, Oct. 8, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that Manufacturer's Life Insurance Company ("Manulife") has agreed to provide approximately C$51 Million (US$46 Million) in construction and term financing to Canadian Solar for the RayLight solar power plant located in Wyebridge, Ontario, Canada. The RayLight project will be acquired by Concord Green Energy Inc. ("Concord") after commercial operation. BowMont Capital and Advisory acted as the Financial Advisor to Concord.

Developed by Canadian Solar, the 10 MW (AC) RayLight solar power plant is under construction and grid connection is expected during the fourth quarter of 2014.

"We are pleased to be partnering with Manulife on our third loan transaction with this leading financial services group. The build-out of our utility-scale solar project pipeline in Ontario remains on schedule as we continue to further consolidate our leadership position and establish Canadian Solar as a leader in the project development space globally. We look forward to the completion and grid connection of the RayLight solar power plant," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.

GUELPH, Ontario, Oct. 6, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today provided an update on the status of its Japanese pipeline to clarify its position in light of recent announcements by Kyushu Electric Power (Kyushu), to temporarily suspend grid connection approval pending evaluation of their respective grid capacity availability.

As previously indicated, Canadian Solar's late stage utility-scale project pipeline in Japan stood at 405MW (DC) as of the end of the second quarter of 2014. During the third quarter of 2014 the company successfully added 85.5MW of new projects to its portfolio, and increased its total late stage project pipeline in Japan to 490.5MW. Approximately 150MW these projects already have full grid connection approval (Keitou Renkei Shoudakusho), and are in the construction permitting stage. The Company is currently actively evaluating over 200MW of additional projects for acquisition, and maintains its goal to increase its late-stage pipeline in Japan to approximately 550-600MW by the end of 2014.

As reported in the news, Kyushu has temporarily suspended grid-connection approvals pending an evaluation of its available grid capacity, which it expects to complete by the second quarter of 2015. Projects that have full grid connection approval (Keitou Renkei Shoudakusho), are NOT suspended, and are moving ahead according to plan. Ten of the Company's projects within the Kyushu area representing a total of 95.6 MW have received full grid connection approval (Keitou Renkei Shoudakusho). The Company expects these ten projects to move ahead according to plan. Only one of the Company's projects in the Kyushu area, namely, "Shibushi-Uchinokura" totaling 2.3 MW has not received full grid connection approval, and as a result is affected by the temporary suspension.

Subsequent to Kyushu's announcement Hokkaido Electric Power (Hokkaido), Okinawa Electric Power (Okinawa), Tohoku Electric Power (Tohoku) and Shikoku Electric Power (Shikoku) also announced they are temporarily suspending grid connection approvals.

Canadian Solar has three projects in the Tohoku area totaling 135MW. The Company continues to work with Tohoku to develop these projects, and at this point it expects them to eventually reach approval. These three projects are originally targeted to reach commercial operation in late 2016 or 2017, and therefore allow sufficient time to accommodate the utility's grid capacity study.

The Company has no projects, and therefore no exposure to Hokkaido, Okinawa nor Shikoku utility areas.

The company has discussed the current situation with its module customers and does not expect the recent utility announcements to affect its near term solar module business.

"We remain confident on our position in the Japanese market, both as a module supplier and project developer," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "The recent announcements by electric utilities are not expected to slow down projects that have already been approved. Instead, we believe that it is ultimately beneficial to weed out some of the superficial projects so that those with good quality have better chance to advance. We expect to be on track for our Japanese project development business."  

GUELPH, Ontario, Oct. 2, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., has closed the sale of three solar power plants, William Rutley, Liskeard 3 and Liskeard 4, totaling 30 MW AC and valued at over C$180 million ($161.2 million) to TransCanada Corporation (TSX, NYSE: TRP) ("TransCanada").  The William Rutley project closed on September 29, 2014 followed by Liskeard 3 & 4 on September 30, 2014

"We are delighted to complete the sale of these three utility-scale solar power plants to TransCanada, one of North America's most successful energy infrastructure companies," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "This transaction brings the number of project sales in Ontario in the third quarter of 2014 to five, and is another testament to our  utility-scale project development capabilities and expertise, as we continue to expand our total solutions business model globally."  

The William Rutley solar power plant totals 10 megawatt AC and is located in the town of Ingleside. The Liskeard 3 & Liskeard 4 totaling 20 megawatts are located in the town of Temiskaming Shores.

GUELPH, Ontario, Sept. 23, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced the completion of the 1.2 MW (DC) solar photovoltaic (PV) power plant at Shibushichocho, Kagoshima Prefecture in Japan. Powered by Canadian Solar CS6P-255P modules, the plant will generate approximately 1,533MWh of clean, emission-less solar electricity per year. The electricity generated from the project will be purchased by Kyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of40.00 yen ($0.37) per kWh.

"We are delighted to complete the construction and grid-connection of our first PV solar power plant in Japan," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "This is an important accomplishment for our project development and EPC teams in Japan and represents another step in the successful execution of our total solar energy solutions strategy."

Canadian Solar's late stage utility-scale project pipeline in Japan currently stands at 405MW (DC). In addition to the 1.2MW project that has just been connected to the grid, approximately 42.4MW are expected to start construction in the third and fourth quarters of 2014. Of the total 405MW late stage pipeline, approximately 150MW have full grid connection approval (Keitou Renkei Shoudakusho), and are in the construction permitting stage.

GUELPH, Ontario, Sept. 16, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has been awarded a module supply agreement to provide 1.5 MW of photovoltaic ("PV") modules to Kawar Energy for a rooftop solar power project located in a university in Amman, Jordan.

"We made the decision to work with Canadian Solar on the largest solar power rooftop project in Jordan as we trust the quality and performance of its solar modules, as well as its track record of success delivering modules to large scale solar power projects worldwide. These attributes make Canadian Solar a perfect fit for our project needs," said Hanna Zaghloul, CEO of Kawar Energy. "We look forward to continuing our partnership with Canadian Solar."

"We are delighted to partner with Kawar Energy to supply our high efficiency modules to this project. Our quality and reliability makes Canadian Solar stand out from the competition, and we are pleased to win this important module deal in Jordan," commented Dr. Shawn Qu, Canadian Solar's Chairman and Chief Executive Officer. "This agreement is a testament to Canadian Solar's success in emerging markets and it once again underscores our proven track record of delivering top quality modules to solar power projects around the world."

Canadian Solar will supply its high efficiency 72 cell CS6X300P modules with power output respectively of 300Wp to this project. All Canadian Solar modules come with a 10-year material warranty and a 25-year linear power output performance guarantee backed by a third-party insurance policy under-written by leading insurance companies.

GUELPH, Ontario, Sept. 2, 2014 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (CSIQ), one of the world's largest solar power companies, today announced that it supplied Conti / SunDurance with 11 MW of solar modules during the second quarter of 2014.

For this 11MW order, Canadian Solar delivered to the Conti Group in total 37,202 pieces of CS6X solar modules in 6 x 12 cell matrix with UL 1000V certificate. During their 25 year life span, these modules will turn solar energy into 360,000 MWh of electricity, and reduce CO2emissions by 67,000 tons, the equivalent to taking 11,800 cars off of the roads; or equivalent to creating a forest of 6,200 hectares with 237,000 trees.

As a leading provider of engineering, procurement and construction (EPC) services in the renewable energy and other industrial markets internationally, the Conti Group has installed over 70 MW of solar projects throughout the United States. Matthew Skidmore, Vice President at Conti, commented, "We partner with sophisticated solar developers, solar asset owners and electrical utilities to design and build large scale projects, and are very excited to work with Canadian Solar on this opportunity."

"We are pleased to be selected to supply our PV modules to Conti, a world leading EPC provider. We are looking forward to working with Conti in the future. I am confident that Canadian Solar's global leadership, proven track record, and well-known brand name will continue to make us a partner of choice in powering key solar installations worldwide," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

In the past few years, Canadian Solar modules have consistently been ranked at the top of the PTC Ratings in the industry. PTC Ratings, established by the California Energy Commission (CEC), is the widely accepted indicator of real-world PV module performance.

Second Quarter 2014 Financial Results

• Net revenue for the second quarter of 2014 was $623.8 million, up 33.8% from $466.3 million in the first quarter of 2014 and up 64.0% from $380.4 million in the second quarter of 2013.
• Net income attributable to Canadian Solar in the second quarter of 2014 was $55.8 million, or $0.95 per diluted share, compared to $3.8 million, or $0.07 per diluted share, in the first quarter of 2014.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Our second quarter shipments and revenue came in above the high end of our guidance led by strong module demand out of Japan,Germany, the UK and the US, as well as progress in the build-out of our utility-scale solar projects in Canada. Gross margin in the second quarter improved significantly to 19.0% compared to 14.7% in the first quarter of 2014, reflecting solid execution of our total solutions business strategy, as well as higher module ASP and shipment volume. We believe we remain one of the solar industry's best positioned companies given our diverse manufacturing footprint and advanced-stage project pipeline in Canada, Japan, the U.S., and China. We are making steady progress in key developing markets in Asia, the Middle East, Latin America andAfrica, and we continue to see robust demand for our solar energy solutions products and services across all geographies and market segments."

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "Our second quarter financial results clearly reflect our focus on profitable module sales over module volume and our emphasis on our higher margin total solutions business. Our revenue, MW shipment and net income for the second quarter of 2014 all set quarterly records for the company. This improvement underscores our focus on becoming the industry's most profitable company. We ended the second quarter with $788.3 million in cash, cash equivalents and restricted cash. This continues to give us a considerable advantage as we pursue higher margin solar module and utility-scale project opportunities in our target markets, and work to build shareholder value."

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book, global and local financing environment as well as uncertainty relating to customer final demand and solar project construction schedule. Management's views and estimates are subject to change without notice.

For the third quarter of 2014, the Company expects module shipments to be in the range of approximately 720 MW to 750 MW. Total revenue for the third quarter of 2014 is expected to be in the range of $760 million to $810 million, with gross margin expected to be between 19% and 21%.

The estimated COD of all of the Company's late-stage projects in Canada, the US, Japan and China is subject to change without notice as a result of delays in permitting and construction, among other risk factors. The acceptance testing and closing process for projects only starts after COD. The length of acceptance testing may be affected by solar radiation levels and other weather conditions. As a result, the transfer of ownership to end customers may not always occur in the same quarter as COD. The Company's business outlook for the third quarter of 2014 includes the expectation of completion of sales and revenue recognition for at least four utility-scale power projects in Canada. For the reasons noted, however, there is a risk that that actual results may differ from current management expectations.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Clearly, Canadian Solar remains one of the strongest companies in the solar industry space. We have reached this position by focusing our attention and efforts on maintaining an industry-leading cost position, improving the quality and efficiency of our solar modules, and differentiating our business model through selective investment in utility-scale solar power project opportunities in low risk regions. Our results for the quarter and guidance for the third quarter are a testament to the successful execution of this strategy. Despite some near-term turbulence as a result of trade disputes and policy uncertainty, we continue to experience strong demand for our products in all key regions and expect reasonably strong global market demand growth during the remainder of 2014. We expectJapan, Canada, China, Europe and the US, among others, to remain healthy markets for us through the end of 2014 and beyond. On the total solutions business front, we expect to continue our steady progress. All but one of our projects in Ontario are now fully permitted, and eight of them are in commercial operation and others are moving well in construction. This gives us confidence that we are well positioned to deliver record results to our shareholders in the quarters ahead. The recent launch of several YieldCos has increased demand for our solar power plants and we are already seeing higher prices for our projects. With respect to the possibility of Canadian Solar launching its own YieldCo, we are evaluating options in the context of our existing late-stage pipeline and we expect to be in a position to make a decision by early 2015."

GUELPH, Ontario, Canada, Aug. 12, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that the Company executed a 44 MWp module sales agreement with affiliates of Entropy Investment Management, LLC and Entropy Solar Integrators, LLC ("Entropy"). Entropy will construct seven solar farms in North Carolina in 2014 by using high efficient Canadian Solar CS6X-P PV module series.

Over the next twenty years, the projects are anticipated to generate more than 1.1 Mio. kWh of clean, renewable, solar energy. This is equivalent to taking the CO2 emission of more than 94,000 automobiles off the road or powering more than 130,000 homes.

"Entropy has a strong partnership with Canadian Solar, and this is our second major order with them for projects that will enter service this year.  We are particularly pleased that we were able to consummate this deal at a fair price even after the imposition of new duties on solar products. Continued commitment to the US market by low cost manufacturers such as Canadian Solar in spite of the challenges is encouraging and ultimately essential for the continued deployment of low cost solar energy in the United States," said Lewis Reynolds, Managing Partner of Entropy Investment Management, LLC.

Canadian Solar, North America's largest manufacturer of solar products, continues to grow its activities and customer base in the United States.

Additionally, Canadian Solar modules are covered by a 10-year warranty on materials and workmanship, along with a 25 year linear power output performance guarantee - backed by a third-party insurance policy that is underwritten by investment grade insurance companies.

"We are privileged to be a part of North Carolina's solar success story, as North American companies continue to invest in sustainable development. Partnerships with organizations such as Entropy showcase Canadian Solar's ability to continue serving the booming US market. Generating local jobs to design, construct and finance these PV projects while increasing the use of clean and renewable energies is part of our dedication to making a solar-powered America a reality," said Thomas Koerner, General Manager of CSI's Americas Operation.

GUELPH, Ontario, Aug. 5, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that the Company supplied 4 MW of Canadian Solar PV Modules for the Spanish Town Estate Solar project, recently acquired by NRG Energy Inc. (NRG). The project is located in St. Croix, in the U.S. Virgin Islands and utilizes 14,400 high-efficiency Canadian Solar CS6X-P 305 Polycrystalline PV Modules.

According to a Press Release from NRG, construction of the Spanish Town Estate Solar project began in April of 2014 and is expected to generate enough electricity to power more than 1,500 homes. It is expected to create nearly 100 direct and indirect jobs during construction and to inject a total of approximately $3 million into the local economy. With the purchase of the project, NRG, through its subsidiaries, will be the sole owner of the facility.

Canadian Solar, North America's largest manufacturer of solar products, is continuing to expand its presence in the emerging markets like Central America, South America and The Caribbean.

"The Company has expanded its footprint with local offices and local staff based in Panama, Mexico, and Brazil and has supplied modules for some of the region's largest PV projects," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.

Canadian Solar modules are covered by a 10-year warranty on materials and workmanship, along with a 25 year linear power output performance guarantee. In addition, Canadian Solar's products and performance warranties are backed by a third-party insurance policy that is underwritten by investment grade insurance companies.

GUELPH, Ontario, July 29, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today released this statement on behalf ofThomas Koerner, General Manager of Canadian Solar Inc. Americas division, in response to the United States Department of Commerce's ("DOC") preliminary decision made last Friday to impose anti-dumping ("AD") tariffs of up to 44.18% on certain Taiwanese photovoltaic cell imports.

"We are deeply disappointed by the DOC's decision, especially in context of the overwhelming damaging impact on the U.S. solar industry," said Mr. Koerner.

"This preliminary AD announcement will definitely jeopardize what we have worked so hard for and have achieved in the last few years in the U.S. market: solar industry job creation and affordable clean energy - from small residential installations to large utility scale power plants. While we applaud the government's vocal dedication to sustainable development and job creation via fostering the solar market; the pattern of protectionism directly contradicts these commitments. This decision in favor of one non-competitive PV manufacturer will cost tens and thousands of jobs across the entire U.S. solar industry, which currently employs more than 140,000 local workers," added Mr. Koerner.

"As a Canadian company with international activities and an international supply chain, we firmly believe in free international trade and a free market economy with no trade barriers. Meanwhile we will continue to honor our commitment to our customers in the U.S. and serve the market with our high quality solar products. By leveraging our global and competitive supply chain we do not expect any significant disruption to our business in U.S.," concluded Mr. Koerner.  

GUELPH, Ontario, July 7, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., on Monday, June 30, completed the sale of the 10 MW AC Val Caron solar power plant ("Val Caron") valued at over C$60 million to One West Holdings Ltd., an affiliate of Concord Green Energy ("Concord"). The Val Caron 10 MW AC solar power plant is located in the city ofGreater Sudbury, Ontario.

"We are excited to have reached another acquisition milestone," remarked Cliff McCracken, Senior Vice-President Concord Pacific. "Solar energy will soon be a significant contributor to our clean power portfolio of projects already in operation across Canada."

"We are pleased to close the first of five planed solar project sales to Concord Green Energy. This underscores our continued momentum in the Canadian market. Clearly, we continue to leverage our unequalled strength in our home market, where we operate 2 state-of-the-art module manufacturing facilities with a combined capacity totalling 500MW, and employing over 700 Canadian employees," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Our utility-scale solar project backlog in Canada now stands at over 570 MW DC, even after considering the 116 MW DC of solar projects we already completed and delivered to end buyers in Ontario."

GUELPH, Ontario, June 30, 2014 /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 recently signed a sales contract to supply 12.6MW of photovoltaic ("PV") modules to Kayseri Organized Industry Zone (KOIZ) and a consortium of companies in KOIZ,  (BESLER Tekstil San. ve Tic. A.S and HASCELIK Group of companies- Hascelik Cable, Coreal Cable and Metal Matris) for a solar power project located in Kayseri,Turkey.

"We are very proud to announce this 12.6MW module supply agreement which is our largest deal ever inTurkey, making it a new milestone in this important emerging market. It is the second deal we made with the aforementioned customers to whom we supplied 2.2MW of solar modules at the end of last year," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "By signing this agreement, we are expanding our presence and solidifying our competitive position in Turkey, which underscores our global leading position as a tier 1 solar module supplier with a track record of providing quality and reliable solar modules to solar power projects across the globe."

Canadian Solar will supply its high efficiency 60 cell CS6P255P and CS6P260P modules with power output respectively of 255Wp and 260Wp for the project. The Company's 255Wp and 260Wp CS6P-P modules outperform competing 60 polycrystalline cell module brands in the market, producing close to 5% more power annually according to PVsyst PV system simulation. In addition, all Canadian Solar modules come with a 10-year material warranty and a 25-year linear power output performance guarantee backed by a third-party insurance policy under-written by leading insurance companies.

GUELPH, Ontario, June 26, 2014 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary, Canadian Solar Solutions Inc., has entered into an Engineering, Procurement, and Construction ("EPC") agreement with Kingston Solar LP, a solar energy project developed by Samsung Renewable EnergyInc. ("Samsung") for the construction of a 140 MW DC (100 MW AC) utility-scale solar energy farm. The EPC agreement is expected to generate revenue of over C$300 million for Canadian Solar. The construction of the utility-scale solar energy farm will begin in the third quarter of 2014, and is expected to be fully operational in the third quarter of 2015. This is Canadian Solar's second EPC agreement in connection with a solar project developed by Samsung and represents Phase II of Samsung's Green Energy Investment Agreement ("GEIA") solar project development in Ontario, which totals 300MW AC. This follows the Phase I agreement announced on June 10, 2013, for Canadian Solar to build the 130 MW DC Grand Renewable Energy Park in Haldimand County.

"We are delighted to partner with Samsung and Kingston Solar LP to collaborate on the construction ofCanada's largest solar farm which will not only expand the use of solar energy but also create green manufacturing jobs in Ontario," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We believe that this transaction demonstrates that our proven solar project experience, global reach as well as strong partner relationships sets Canadian Solar apart as a leading provider of solar energy solutions on a global basis, positioning us well to participate in the expected growth of solar energy deployment in the quarters and years ahead." 

This 140 MW DC utility-scale solar farm will produce approximately 173,000 MWh of electricity per year and power approximately 16,409 Canadian homes. It will also contribute to a cleaner environment by displacing approximately 119,292 metric tons of carbon dioxide emissions annually. In addition, this project supports over 700 manufacturing jobs at Canadian Solar manufacturing facilities in London and Guelph. The Kingston solar farm will include more than 464,000 Ontario-made Canadian Solar Maxpower CS6X high-performance modules, which have undergone rigorous formal inspection, testing and certification.  This solar farm is expected to create several hundred new green energy jobs during the construction, development and operation phases of the project life cycle.

XI'AN, China, June 26, 2014 /PRNewswire-FirstCall/ -- Kingtone Wirelessinfo Solution Holding Ltd (Nasdaq: KONE) (Kingtone", we" or the Company"), a China-based developer and provider of mobile enterprise solutions, today announced financial results for the six months ended March 31, 2014. The financial statements and other financial information included in this press release are prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP").

Financial Highlights for the Six Months Ended March 31, 2014:

• Revenues increased 21.9% to $3.6 million from $3.0 million for the six months ended March 31, 2013.
• Basic and diluted loss per share was $0.49 for the six months ended March 31, 2014 compared to basic and diluted loss per share of $1.29 for the six months ended March 31, 2013. Weighted average shares outstanding for the six months ended March 31, 2014 remained unchanged at 1,405,000.

"The Company's business is recovering gradually and the Company also took measures to increase the profit including cutting the headcounts to decrease the cost," said Mr. Peng Zhang, Chief Executive Officer. "Although the overall market of software solution is not positive, the Company still achieved the steady business growth. In the future we will continue to take measures to improve our performance and optimize our business model to achieve sustainable growth."

Financial Outlook

For the fiscal year ended September 30, 2014, management expects revenues of $8.7 million to $11.0 million and net loss of $1.0 million to $1.8 million.

GUELPH, Ontario, May 2, 2014 /PRNewswire/ -- Canadian Solar Inc.(the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the National Bank of Canada will provide the Company with C$115.5 million, in short-term construction financing. The credit facility will be used to support the construction of three solar power projects in Ontario, Canada, totaling 30 MWac.

The three solar power projects – "Sparkle Light" (Beaverton), "Good Light" (Kawartha Lakes) and "Lunar Light"  (Belleville) – have all been awarded a 20-year power purchase contract (the "FIT Contract") by the Ontario Power Authority under Ontario's Feed-In-Tariff Program. "Sparkle Light" and "Good Light" are already in construction and the construction of "Lunar Light" is planned to commence in July 2014. The loans are expected to be repaid with the proceeds of the sale of the respective financed projects.  

"We appreciate the continued support of the National Bank of Canada. This is the second construction loan package the bank has provided to Canadian Solar, further demonstrating our bankability, high project quality, and successful track record," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "The strength and breadth of our broader global financing network directly reflects Canadian Solar's Tier 1 position in the solar industry, and is helping us to streamline and speed the development process."

Fourth Quarter 2013 Financial Results

• Net revenue for the fourth quarter of 2013 was $519.5 million, up 5.8% from $490.9 million in the third quarter of 2013 and up 76.2% from $294.8 million in the fourth quarter of 2012.
• Net income attributable to Canadian Solar in the fourth quarter of 2013 was $20.9 million, or $0.39 per diluted share, compared to net income of $27.7 million, or $0.56 per diluted share,

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "We are very pleased to have achieved our goal to return the Company to profitability in 2013, underscoring the successful execution of our strategy of expanding our higher margin total solutions business, and seeking profitable growth in our module business, rather than simply competing on MW volume and price. We continue to capitalize on our high-visibility contracted late-stage solar project pipeline, which increased to 1.3 GW DC, even after completing construction of over 200 MW in 2013. Reflecting our geographic diversity, our late-stage solar project pipeline, including those projects currently in construction comprises approximately 477 MW DC in Canada, 329 MW DC inJapan, 164 MW DC in the U.S. and 290 MW DC in China. We also have confidence in the ongoing development of our early to mid-state project pipeline, which now exceeds 3.2 GW DC, and we hope many of these opportunities will be converted into real projects in the next 2-3 years. Finally, while our growth in 2013 was led by our total solutions business, we had a positive contribution from our solar module business due to global capacity rationalization, stable average selling prices and robust demand across many key geographies."

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, commented: "We achieved a 19.5% gross margin in the fourth quarter of 2013, exceeding our previously upwardly revised guidance of 16% to 18%, with total solar module shipments of 621 MW. We remain focused on driving profitable growth, while prudently investing in support of our solar project pipeline growth. We exited the fourth quarter of 2013 with one of the industry's strongest and most flexible balance sheets. We have taken advantage of the favorable financing environment to raise funds and lay the foundation for future sustained, long-term profitable growth. Our strong cash position helps us to fund the development of our existing project pipeline and to take advantage of numerous other actionable project opportunities."

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "We are excited about our outlook for 2014, given the size of our existing project pipeline, the expected growth in the broader solar market and the industry's continued capacity rationalization. We expect China, Japan, Canada, the U.S. and India to remain healthy markets for us through 2014. We are incrementally more positive on China because of its market size and improved payment terms and pricing. In addition, we see more opportunities in South Africa, the Middle East, and South America. Customers and investors want to partner with us because we are one of the largest and most successful companies in the solar space, with a strong balance sheet, a proven track record of execution, and offering integrated total solar solutions."

Canadian Solar Announces Closing of Concurrent Offerings of 3,194,700 Common Shares and US$150 Million Convertible Senior Notes

GUELPH, Ontario, February 19, 2014 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced the closing of its offering of 3,194,700 common shares of the Company, with no par value (the "Common Shares"), including 416,700 common shares pursuant to the underwriters' full exercise of the over-allotment (the "Common Shares Offering"), and the concurrent offering of US$150 million in aggregate principal amount of 4.25% convertible senior notes due 2019 (the "Notes"), including US$20.0 million in aggregate principal amount of the Notes sold pursuant to the initial purchasers' full exercise of the option to purchase additional Notes (the "Notes Offering"). The Company received aggregate net proceeds of approximately US$255.7 million from these offerings, after deducting discounts and commissions but before offering expenses.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, and Nomura Securities International, Inc. acted as joint book-running managers for the Common Shares Offering. Roth Capital Partners and Northland Securities, Inc. acted as co-managers for the Common Shares Offering.

GUELPH, Ontario, Feb. 18, 2014 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced the closing of its offering of 3,194,700 common shares of the Company, with no par value (the "Common Shares"), including 416,700 common shares pursuant to the underwriters' full exercise of the over-allotment (the "Common Shares Offering"), and the concurrent offering of US$150 million in aggregate principal amount of 4.25% convertible senior notes due 2019 (the "Notes"), including US$20.0 million in aggregate principal amount of the Notes sold pursuant to the initial purchasers' full exercise of the option to purchase additional Notes (the "Notes Offering"). The Company received aggregate net proceeds of approximately US$255.7 million from these offerings, after deducting discounts and commissions but before offering expenses.

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, and Nomura Securities International, Inc. acted as joint book-running managers for the Common Shares Offering. Roth Capital Partners and Northland Securities, Inc. acted as co-managers for the Common Shares Offering.

Canadian Solar Inc.

  This is an offering of an aggregate of 2,600,000 common shares, with no par value, of Canadian Solar Inc. Our common shares are traded on the Nasdaq Global Market, under the symbol "CSIQ." On February 10, 2014, the closing sale price of our common shares on the Nasdaq Global Market was $39.12 per common share.

  Concurrently with this offering, we are offering up to $100 million aggregate principal amount of convertible senior notes, or the convertible notes, in accordance with Rule 144A under the Securities Act of 1933 to "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) and outside the United States to non-U.S. persons in reliance on Regulation S of the Securities Act, assuming no exercise of the initial purchasers' option to purchase additional notes (or up to $115 million aggregate principal amount of our convertible notes if the initial purchasers in the convertible notes offering exercise their option in full), pursuant to a separate offering memorandum. The offering of our common shares pursuant to this prospectus is contingent upon the closing of the convertible notes offering, and the concurrent offering of our convertible notes is contingent upon the closing of the offering of the common shares hereunder.

TORONTO and GUELPH, Ontario, January 27, 2014 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced that its subsidiary, Canadian Solar Solutions Inc., entered into an agreement with a fund managed by BlackRock ("BlackRock"), whereby BlackRock will acquire from Canadian Solar the Westbrook 10MW AC utility-scale solar power plant in Kingston, Ontario at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market. This follows BlackRock's acquisition on September 30, 2013 of theDemorestville and Taylor Kidd utility-scale solar power plants, totaling 20MW (AC), and located in Demorestville andOdessa, Ontario, Canada, respectively.

The construction of the Westbrook solar plant is already underway, with commercial operation expected in the second quarter of 2014. Canadian Solar is providing turnkey engineering, procurement and construction ("EPC") services to complete the project and will provide operations and maintenance ("O&M") services after completion.

"We are very pleased to expand our partnership with BlackRock," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "This latest transaction is important on multiple levels. It underscores the quality of our project pipeline, our strengths as a partner, and our successful track-record of delivering value to our clients. Canadian Solar continues to differentiate itself from other companies with our robust project pipeline, proven track record in project development and execution around the world. As we look to the future, we remain well positioned with a strong, bankable and global brand, a high-quality backlog of late stage projects and an active feeder flow of attractive new opportunities worldwide."

"We're very pleased to announce the purchase of this additional solar project in the Province of Ontario. Canadian Solar continues to demonstrate their focus on the development of high quality assets, and we look forward to strengthening our relationship with them further," said Jim Barry, Managing Director and head of BlackRock Infrastructure Investment Group.

The Westbrook utility-scale solar power plant is expected to include 47,160 Canadian Solar CS6X modules, which offer high quality, durability, performance and value. In addition this solar power plant will power approximately 1,650 homes, and will provide emissions free energy to Ontarians over their 20-year operational period under the Ontario Power Authority Feed-in-Tariff contract.

SAN RAMON, Calif., January 27, 2014 /PRNewswire/ -- Canadian Solar Inc., (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it was selected by BELECTRIC Inc. ("BELECTRIC") to power four new solar power projects, totaling 7.8 MW, in San Bernadino County, Southern California.

The projects (Otoe Solar, Navajo Solar and Powatan Solar in Apple Valley and Industry Solar in Adelanto) are part of Southern California Edison's (SCE) California Renewable Energy Small Tariff (CREST) feed-in tariff program, which is aimed at developing smaller scale utility power plants to provide distributed sources of clean energy.

"BELECTRIC is excited to be one of the first companies to successfully complete a SCE CREST project," said Dr.Karl Markert, CEO of BELECTRIC Inc. "We were approached in early 2013 with the four projects that needed to be completed before their CREST Power Purchase Agreements (PPAs) expired at year end. It was our relationships with SCE, San Bernardino County, and leading solar power companies, like Canadian Solar that greatly assisted us in meeting very tight project schedules. Our in-house development, engineering and construction team built on these relationships and rose to the challenge to permit, design, build, and commission the projects in record time."

BELECTRIC utilized 6,480 Canadian Solar CS6X 300W MaxPower Polycrystalline modules on each project totaling 25,920 modules. At the peak of construction, 250 jobs were created, mainly through hiring local subcontractors. The projects will eliminate 10,290 metric tons of CO₂, the equivalent to removing 1,375 automobiles from the road or planting 454,000 trees.

Canadian Solar's CS6X series of solar modules are considered as one of the best in the industry due to the Company's strict adherence to performance quality testing. Since being founded in 2001, Canadian Solar modules have powered some of the world's largest solar projects. The series of four projects in San Bernardino County will power approximately 1,900 homes, according to BELECTRIC.

"We are pleased to have been selected by BELECTRIC to power these four solar power projects. Smaller scale utility power plants represent a sizeable opportunity for us, especially in regions being actively developed, like Southern California. The fact that we have demonstrated our strength as a partner on much larger projects gives us a competitive advantage in pursuing these new opportunities. Canadian Solar's global brand, bankability, high performance, proven track record and commitment to excellence combine to make us the partner of choice for solar installation projects around the world," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Incorporated.

All four installations were commissioned on December 28, 2013. BELECTRIC sold the operational projects to Sustainable Power Group LLC.

GUELPH, Ontario, January 9, 2014 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company," or "Canadian Solar"), one of the world's largest solar power companies, today announced the successful completion and grid connection of a 10 MW ground mounted solar power project in Sihong County of Jiangsu Province in eastern China. This project was developed by CSI Solar Power (China) Inc., a subsidiary of Canadian Solar, with Gaochuangte New Energy as the EPC contractor.

Construction on the project commenced in September 2013 and grid connection was completed in December 2013. Approximately 40,788 CS6P-245P modules with power output of 245Wp were used. The average annual electricity generation from this solar power plant is projected to be over 11 million KWh, which is expected to displace 8,657 tons of carbon dioxide, 67 tons of sulfur dioxide and 60 tons of nitrogen oxide each year. Over the next 25 years, the solar is expected to displace over 86 thousand tons of standard coal consumption while eliminating over 216 thousand tons of carbon dioxide, 1,655 tons of sulfur dioxide and 1,241 tons of nitrogen oxides.

"We are glad to announce the completion and grid connection of this project, following the one we completed in western China," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "This project is another good demonstration of Canadian Solar's success in the development and construction of utility-scale solar power plants on a global basis as well our growing momentum in China, a rapid growing emerging market that is poised to become the world's largest solar market in the years ahead."

SAN RAMON, Calif., January 7, 2014 /PRNewswire-FirstCall/ -- Canadian Solar Inc., (the "Company", or "Canadian Solar") (NASDAQ:CSIQ), one of the world's largest solar power companies, today announced it was selected to supply 84,480 solar modules to National Renewable Energy Corporation (NARENCO) for four utility scale solar projects totalling 25.3 MW in Wayne and Duplin counties of North Carolina.

Andrew Giraldo, Chief Financial Officer of NARENCO, commented, "NARENCO is pleased to be working with Canadian Solar on these projects. The Company's excellent reputation and high quality are representative of the types of companies we like to work with. We look forward to building a long-lasting relationship with Canadian Solar."

The installations consist of four separate projects, three being in Wayne County and one located in Duplin County. The Wayne County projects, the first of which is named Wayne Solar I, is located in Mount Olive. This ground installation is 6.48 MW with an anticipated annual output of 9,750 MWh. The remaining pair of Wayne County projects, Wayne Solar II and Wayne Solar III are located in Goldsboro, and are also 6.48 MW in size. Individually, the Wayne Solar Projects will allow 34,276 tons of CO₂ offset, equivalent to removing 4,155 vehicles off the road. The fourth project, named Duplin Solar I is located in Kenansville and is 5.83 MW in size, with anticipated annual output of 8,775 MWh.

Canadian Solar's CS6X- 300W max power modules, considered some of the highest performing modules in the industry, are powering all of the ground installation sites.

"We are pleased to be selected by NARENCO to power these latest four projects, as we continue to build upon our global leadership position. We share in NARENCO's commitment to providing cleaner, less expensive and more efficient energy," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.

GUELPH, Ontario, Dec. 12, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has been awarded a module supply agreement to provide Zhenfa New Energy Science & Technology Co., Ltd. (Zhenfa New Energy) with photovoltaic ("PV") modules totaling 100MW for three solar power projects located in Gansu Province and one solar project in Inner Mongolia Autonomous Region of China.

"Canadian Solar is a well established and reputable brand, which is the major reason why we selected it as a partner to supply modules to our significant solar power projects in China," commented Jianjun Ju, Vice President of Zhenfa New Energy. "With Canadian Solar's high quality products, and superior material warranty and power output performance guarantee, we believe our cooperation will benefit both parties and minimize the risks in project construction and operation."

"We are honored to be awarded this large module supply agreement by Zhenfa New Energy. It is another milestone for Canadian Solar's achievements in the Chinese market, where we see the market improving with better pricing and payment terms," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Clearly, Chinese demand for solar modules going into the first quarter of 2014 remains strong, and based on our planning sessions with major developers and project off takers, we currently expect demand for solar modules in China to exceed 10GW in 2014."

Canadian Solar will supply about 400,000 pieces of its high efficiency CS6P245P, CS6P250P and CS6P-255P modules with power output of 245Wp, 250Wp and 255Wp for the projects. Module deliveries will commence in mid-December 2013 and are expected to be completed in January 2014. The three projects in Gansu Province are respectively located in Jiangyuguan, Guliang and Minqin, with a total size of 200MW. The project in Inner Mongolia is located in Sanxin, with a size of 50MW.

GUELPH, Ontario, Nov. 4, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced selective preliminary results for the third quarter ended on September 30, 2013.  Canadian Solar plans to issue its earnings release and host a conference call to discuss its third quarter 2013 results on Wednesday, November 13, 2013. 

For the third quarter of 2013, Canadian Solar now expects solar module shipments to be in the range of approximately 460 MW to 480 MW, which exceeds the Company's original guidance of 410 MW to 430 MW provided on August 8, 2013. The Company expects its revenue for the third quarter of 2013 to be in the range of $470 million to $495 million. The Company now expects its gross margin to be in the range of 18% to 20% compared to its original guidance of 10% to 12%. The Company's gross margin for the third quarter of 2013 is expected to exceed its original guidance primarily due to the successful execution of its total solutions business strategy including the completion and sales of solar power plants as previously disclosed.

For the three-month period as well as for the nine-month period ended on September 30, 2013 the Company expects to be profitable at the net-income level on a US-GAAP basis.

GUELPH, Ontario, November 1, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has been awarded a module supply agreement to provide China Three Gorges New Energy Co., Ltd. ("Three Gorges New Energy") with photovoltaic ("PV") modules totaling 100MW for a solar power project located in Guazhou County, in the Gansu Province of China.

"We feel honored to be awarded this module supply agreement by Three Gorges New Energy, a rapidly growing renewable energy project developer in China," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This agreement underscores that Canadian Solar's brand is well recognized in the Chinese market and that we remain on track with our market diversification strategy to expand our global footprint and gain market share in important growth markets," added Dr. Qu.

"The feedback we receive from our customers is that they are very pleased to work with Canadian Solar as a module supplier for their solar power projects in China because of our track record delivering high quality solar modules to large-scale solar power projects worldwide," continued Dr. Qu. "Clearly this agreement is an important milestone for our cooperation with China Three Gorges New Energy in the Chinese market."

Canadian Solar will supply its high efficiency 60 cell CS6P250P and CS6P-255P modules with power output of 250Wp and 255Wp for the project. The Company's 250Wp and 255Wp CS6P-P modules outperform competing 60 polycrystalline cell module brands in the market, producing over 6% more power annually according to PVsyst PV system simulation. In addition, all Canadian Solar modules come with a 10-year material warranty and a 25-year linear power output performance guarantee backed by a third-party insurance policy underwritten by leading insurance companies. Module delivery has already commenced and is expected to be completed in December 2013.

GUELPH, Ontario, Oct. 21, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced that it has been awarded a contract to supply 1.78MW to Saudi Aramco's KAPSARC ("King Abdullah Petroleum Studies and Research Center") solar power project in Saudi Arabia.

Following a very detailed and intense selection process Saudi Arabian Oil Company ("Saudi ARAMCO), the world's largest crude oil producer, has awarded Canadian Solar a contract to supply 1.78MW of its high quality solar panels to the extension of the KAPSARC Solar Power Project which, once completed, will be largest ground mounted solar photovoltaic ("PV") power plant in Saudi Arabia.

"After a long and detailed testing and registration process we are honored to become a certified supplier to Saudi ARAMCO as well as to be the first solar PV panel manufacturer to supply panels directly to Saudi ARAMCO for the prestigious KAPSARC project. Our high quality CS6X series solar panels will be used for the implementation of this project on the grounds of KAPSARC in Riyadh. We believe that this flagship project will also be a determining factor to select and qualify technology partners with bankable solar power solutions and proven track record to ensure the successful execution of Saudi Arabia's ambitious 16GW solar PV energy development program," commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar.

This contract win represents another step in Canadian Solar's successful efforts to expand its global footprint and industry leading customer base in emerging new markets, and follows previous contract wins in the gulf region, underlying the trust of Middle-Eastern customers in the Company's solar products.

The Company's solar panels have undergone rigorous formal inspections and testing, and have received prominent international quality certificates, including "Desert Proof certificate-Blowing Sand Test". In addition, Canadian Solar panels are covered by a 10-year warranty on materials and workmanship, along with a 25-year linear power output performance guarantee. The Company's product and performance warranty is further backed by a third-party insurance policy that is underwritten by investment grade insurance companies, ensuring a safe investment for developers, investors and project owners.

SAN RAMON, Calif., October 7, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc., (the "Company," or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest and foremost solar power companies, today launched the Canadian Solar Residential Financing Program, which targets the fast growing U.S. residential solar market. The new program is designed to make it even easier for residential solar installers and developers to bring more solar projects to completion in the U.S. market. The program is being launched in partnership with Boston, MA based, privately held Admirals Bank ("Admirals Bank," the "Bank," or "Admirals").

"We believe there is a great opportunity to leverage our scale to help customers in the U.S. residential market to more easily gain access to necessary financing at attractive rates," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "We have a very qualified partner in Admirals Bank, as we work to streamline the process for both residential customers and installers. This latest program will further build on Canadian Solar's global leadership in renewable energy as we continue to deliver high-value, high-quality solar energy solutions."

The Canadian Solar Residential Financing Program powered by Admirals Bank delivers great value to residential solar installers. By working with Canadian Solar to access the Admirals Bank financing solution and source high quality solar modules, customers will be able to reduce project complexity and streamline procurement and financing activities. There are no fees to installers, no constraints on system design, and customers have ability to borrow up to $40,000 for a residential solar installation subject to credit approval. Installers will be able to receive payment quicker because the loans are funded directly to the homeowner before the work begins. Additionally, the Canadian Solar Residential Financing Program gives customers access to a powerful "Step Down" feature, which allows customers to monetize the solar tax credits, rebates and other incentives associated with ownership of their system. They can then pay that amount into the principal balance, and then re-amortize the loan, which can potentially dramatically reduce their remaining monthly mortgage payments.

"Our program provides homeowners with an easy way to finance solar installations that lower energy bills and allows them to reap the benefits of ownership through tax credits, rebates, and other incentives. We have developed a turnkey solution for homeowners to obtain financing by creating a suite of user friendly web-based tools, streamlining back end operations, putting an emphasis on customer service and educating homeowners on the advantages of direct ownership. Our division includes a dedicated team of solar finance experts ranging from experienced loan servicing professionals to frontline individuals on hand to educate installers and consumers and answer any questions they may have. We are excited to partner with Canadian Solar, an innovative global leader, as we work together to facilitate the adoption of clean energy and reduce the cost of power for homeowners acrossthe United States," said Nicholas P. Lazares, Vice President and Director of Strategic Partnerships at Admirals Alternatives, a division of Admirals Bank.

GUELPH, Ontario, October 2, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., has completed the sale of two solar power plants, Brockville 2 and Burritts Rapids, totalling 16.0 megawatt AC and valued at over C$95.0 million ($92.2 million), to TransCanada Corporation (TSX, NYSE: TRP) ("TransCanada") on September 30, 2013

"We are delighted to announce the completion of the sale of these two projects, underscoring the success of our partnership with TransCanada, one of North America's most successful energy infrastructure companies," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "The Canadian Solar team has now taken several large solar power projects from the very initial stages of development all the way through design, engineering, construction and final sale to the end customer. Our proven solar project experience, global brand, and comprehensive partner network -- encompassing financing through construction - sets Canadian Solar apart and positions us as a leading provider of solar power solutions with global reach."

The Brockville 2 solar power plant totals 9.0 megawatt AC and is located in the city of Brockville in Eastern Ontario. The Burritts Rapids solar power plant totals 7.0 megawatt AC and is located in the city of Ottawa in Eastern Ontario. These two projects are part of the nine solar power plant portfolio totaling 86 megawatts AC that Canadian Solar Solutions Inc. has agreed to build and sell to TransCanada for approximately C$470 million. This transaction follows the previously announced closing of the sale of Brockville 1 to TransCanada on June 28, 2013.

GUELPH, Ontario, July 2, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ:CSIQ), one of the world's largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., has closed the sale of Brockville 1, a 10 megawatt AC solar power plant valued at over C$55.0 million (52.2 million), to TransCanada Corporation (TSX, NYSE: TRP) (TransCanada) on June 28th, 2013.

"We are delighted to close the sale of our first project with TransCanada, one of North America's most successful energy infrastructure companies, which has chosen to partner with Canadian Solar to expand their emission-less energy portfolio and expand into the solar power generation space," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "This transaction represents an important milestone for Canadian Solar, as it puts us on track to target 50% of our revenue in 2013 from our total solutions business, and to return the company to profitability for the full fiscal year."

The Brockville 1 10 megawatt AC solar power plant is located in the city of Brockville in Eastern Ontario and is the first of nine solar power plants totaling 86 megawatts AC that Canadian Solar Solutions Inc. has agreed to build and sell to TransCanada for approximately C$470 million. Canadian Solar Solutions Inc. will provide turnkey engineering, procurement and construction services to all the projects. All solar PV modules used in the portfolio are manufactured at Canadian Solar's manufacturing facility in Guelph, Ontario.

GUELPH, Ontario, June 10, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced that its subsidiary, Canadian Solar Solutions Inc., has entered into an Engineering, Procurement, and Construction (EPC) agreement with Grand Renewable Solar LP, a solar energy project developed by Samsung Renewable Energy Inc.for the construction of a 130 MW utility-scale solar power plant. This EPC agreement is expected to generate revenue of approximately C$310 million ($301.1 million) for Canadian Solar. Construction of the solar power plant will begin in the third quarter of 2013, with the facilities expected to be fully operational in 2015.

"We are delighted to announce our agreement with Grand Renewable Solar LP to collaborate on this landmark solar project inCanada," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "This transaction represents the largest EPC contract in our history and underlies the progress we have made in the transformation of our business from a module supplier into a leading total solutions provider with a global footprint and bankable brand."

This 130 MW (dc) utility-scale solar power plant will produce approximately 165,000 MWh of electricity per year and power approximately 13,750 homes, displacing approximately 162,000 metric tons of carbon dioxide emissions over the 20-year period. In addition, the installation will include approximately 440,000 Canadian Solar CS6X high-performance modules, which have been formally tested and certified, validating the quality of the Company's products. The solar power plant is expected to create several hundred direct and indirect green energy jobs during the development, construction and operation phases of the project.

GUELPH, Ontario, June 3, 2013 /PRNewswire-FirstCall/ -- 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 RMB270 million (US$44.1 million) loan agreement with China Development Bank. The loan facility has a fifteen-year maturity, including one year grace period and will be used to finance the construction of a 30MW solar project and its ancillary facility in the western part of China.

"Our new credit agreement is a testament to Canadian Solar's recognition as a global leader in the utility-scale solar power plant business. We are delighted to have the support of China Development Bank as we continue to execute on our goal to generate over 50% of our revenue from total solutions, which include solar power project development, engineering, procurement and construction (EPC) services, and residential solar system kit sales," said Dr. Shawn Qu , Canadian Solar's Chairman and Chief Executive Officer.

GUELPH, Ontario, May 20, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the Jiangsu Suzhou Intermediate Court dismissed the request by LDK Solar Co., Ltd. (NYSE: LDK) to enforce the arbitration award decision by the former Shanghai branch of the China International Economic and Trade Arbitration Commission in the amount of RMB 248.9 million (approximately US$ 40.1 million). This arbitration award relates to wafer supply contracts entered into between Canadian Solar and LDK in October of 2007 and June of 2008, and subsequently terminated. The total amount of the award includes the initial deposit of RMB 60.0 million(approximately US$ 9.7 million), but excludes approximately RMB 2.0 million to cover arbitration expenses.

Dr. Shawn Qu, Chairman and Chief Executive Officer, commented, "We are delighted with the Jiangsu Suzhou Intermediate Court's decision in our favor. We believe we have conducted our business properly at all times and we will continue to advocate cooperation rather than confrontation within the solar industry."

Second Quarter 2012 Highlights

• Solar module shipments were 412 MW, compared to 343 MW in the first quarter of 2012.
• Net revenue was $348.2 million, compared to $325.8 million in the first quarter of 2012.
• Gross margin was 12.4%, compared to 7.7% in the first quarter of 2012.
• Diluted loss per share was $0.59, compared to $0.49 in the first quarter of 2012.
• Cash, cash equivalents and restricted cash balances at the end of the quarter were $692.1 million, compared to $625.2 million at the end of the first quarter 2012.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Shipments remained strong in the second quarter of 2012. Strength in Europe, most notably Germany, offset weakness in the U.S. market. Despite healthy volume, average selling price continued to decline as the Euro weakened and Germany transitioned to a new, lower feed-in-tariff regime. We were again very active in the quarter as our organization is moving aggressively to capture new opportunities in key solar markets worldwide. We continue to see attractive opportunities for growth in China, Japan and India, as well as other emerging markets in Asia, Africa and Latin America. Importantly, we remain fully focused on the development of our total solutions business. During the quarter, we completed construction of an 11.5 MW power plant in Stone Mills, Ontario. We expect to recognize the revenue from this project in the third quarter. As we have discussed previously, by focusing on these manageable projects, we expect to reduce financing and execution risks, and enjoy a greater level of predictability in our business. Starting in 2011, we entered into transactions to acquire, or joint venture, approximately 140 MW of utility-scale solar development projects in the U.S. These transactions will give us an expanded presence in the U.S., which we believe will be an attractive growth market despite near-term headwinds. We also completed the acquisition of 16 solar projects from SkyPower and launched a 50:50 joint venture with SkyPower Limited, called CSI SkyPower, which we expect will allow us to more rapidly expand our total solutions business in Africa, the Middle East and South America. We believe these target markets have great potential for rapid growth due to the strong desire of such regions to expand solar energy generation assets and infrastructure."

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, commented: "We are encouraged by our higher shipment volume, margin improvement, and balance sheet stability. We continue to focus on the cost initiatives that will drive organization-wide improvements and help us remain highly competitive. We are also closely managing our inventory with a reduction in our quarter ending inventory balance of approximately $40 million from the first to the second quarter 2012. However, we ended the quarter with higher than planned inventory as a result of recognized shipments being slightly lower than what we had expected. Our net debt increased by approximately $81 million, mostly due to the payment of the first installment of the purchase price for the SkyPower Limited acquisition and the commencement of draw-downs under the construction facility for our projects in Canada. We will continue to diligently manage our short and long-term debt as we support our rapidly expanding total solutions business, which we expect to have higher average gross margins than our standard module business. We are comfortable with our current financial ratios and with the support of major financial institutions to finance ongoing downstream expansion. Our prudent financial management in the past has positioned us to be able to capitalize on project opportunities today."

Business Outlook

The Company's business outlook is based on management's current views with respect to operating and market conditions, its current order book, and the challenging global financing environment, which continues to result in customer demand uncertainty. Management's views and estimates are subject to change without notice.

For the third quarter of 2012, shipments are expected to be in the range of approximately 390MW to 420MW, with gross margin expected to be between 2.0% and 5.0%. Management's gross margin forecast takes into consideration potentially higher than usual inventory reserves in the third quarter due to the inventory brought in from the second quarter. The Company expects to recognize the sale of one 10 MW project in Canada during the third quarter of 2012.

For the full year 2012, the Company reiterates its previous guidance for shipments of approximately 1.8GW to 2.0GW. While management sees a reasonably strong shipment pipeline for both the third and the fourth quarter, the volatile conditions of both the solar market and the macro economy have added uncertainties to the Company's actual results. Canadian Solar may, as a result, update its guidance at a future time as developments warrant.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "We have clearly differentiated Canadian Solar as a Tier 1 partner of choice in the solar industry, with a greater level of margin stability and business visibility. We remain confident in the prospects for our business as we continue to expand our total solutions business and meet the needs of our customers worldwide. We expect to gain further market share as we deliver reliable, high-performance PV solutions, and expand sales of our high efficiency ELPS modules in key solar markets. Finally, we remain focused on increasing value for the Company's shareholders as we continue to execute on our business strategy given the compelling long-term need for solar energy solutions."

ONTARIO, Canada, July 31, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today updated its guidance for the second quarter ended June 30, 2012. The updated guidance is subject to adjustments based upon completion of the Company's internal review process, and final quarterly results could differ materially from the estimates provided below.

For the second quarter of 2012, Canadian Solar expects recognized solar module shipments to increase to approximately 410 MW to 420 MW. This compares to shipments of 343 MW in the first quarter of 2012 and 287 MW in the second quarter of 2011. The Company now expects gross margin for the second quarter of 2012 to range from 12.0% to 12.5% due to the positive impact of one-time items, which it estimates to total approximately 4%. Original second quarter 2012 guidance provided on May 10, 2012 was for shipments to be approximately 430 MW to 450 MW, with gross margin expected to be between 8% and 10%. In addition, the Company expects net foreign exchange loss to be approximately $8 million for the second quarter of 2012, resulting mainly from the impact of the decrease in value of the Euro compared to the US dollar during the quarter.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Shipments remained strong in the second quarter of 2012, despite weaker than anticipated demand in the U.S. As a Tier 1 company, focused on non-commodity opportunities, including our rapidly expanding global project business, we are succeeding in an otherwise challenging market. We are driving sales growth in higher value segments, reducing our manufacturing costs, maintaining strict supply chain oversight, and working to further improve our operating cash flow."

SAN RAMON, Calif., June 25, 2012 /PRNewswire-Asia/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ),one of the world's largest solar companies, and Real Goods Solar, one of the largest residential installers in the country, today announced a supply agreement. Under the agreement, Canadian Solar will supply up to 40 MW of high-performance solar modules to Real Goods Solar to power a range of commercial and residential installations in the United States.

"Canadian Solar is proud to partner with Real Goods, a leader in bringing solar to the residential market, with a reputation for high quality customer service and customer satisfaction," said, Alan King, general manager of Canadian Solar USA. "We commend Real Goods for its market innovations, which are helping drive demand by making solar affordable through attractive financing options and ease of ownership across the United States.

"We are excited to team up with Canadian Solar, and have been impressed with the quality, performance and reliability of the Company's panels and its commitment to excellence," said Bill Yearsley, CEO of Real Goods Solar. "Combine that with Canadian Solar's expansive warranty, and we believe our customers will benefit from a compelling and reliable full service solar solution."

Canadian Solar's modules have been awarded key international certifications attesting to the rigors of their formal inspections and testing. The company is ranked among the top of the California Energy Commission's Solar Electric Incentive Program for their high PTC efficiency ratings. Canadian Solar is focused on delivering the best value in solar with their recognized high-performance solar modules and backstop warranty.

GUELPH and TORONTO, Ontario, June 22, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) and SkyPower Global ("SkyPower") today announced the close of their landmark purchase transaction, under which Canadian Solar has acquired a majority interest in 16 solar projects representing approximately 190-200MW DC from SkyPower. The companies also formally launched their new international 50:50 joint venture agreement, called CSI SkyPower.

Each of the 16 solar projects was awarded a 20-year power purchase contract by the Ontario Power Authority. Fifteen of the contracts are issued under Ontario's Feed-In-Tariff Program, and one of the contracts is issued under Ontario's Renewable Energy Standard Offer Program. The projects are in the advanced permitting stage and are expected to commence construction in 2013 and be fully operational in 2014, with the capacity to generate over C$ 800 million (US$ 785 million) in revenue. The aggregate transaction price is approximately C$185 million (US$ 181 million) payable in accordance with certain milestones. A C$ 70 million (US$ 69 million) partial payment for the transaction has been made. As part of the transaction consideration, a five-year warrant was issued to SkyPower for 9.90% of Canadian Solar's outstanding shares, with an exercise price of US$5.00 per share.

CSI SkyPower Joint Venture

The companies' 50:50 joint venture agreement creates an exciting new opportunity leveraging the expertise and strengths of Canadian Solar, one of the world's leading solar module manufacturers, and SkyPower, Canada's largest owner and developer of solar power projects. SkyPower combines its development expertise with Canadian Solar Inc.'s leadership in innovation, Engineering Procurement and Construction (EPC) and module manufacturing. Full release

SAN RAMON, Calif., June 19, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced the acquisition of, or joint venture in 122MW of utility-scale solar development projects within the United States. The 11 photovoltaic (PV) power plants range in size from 2MW to 29MW and construction is planned to begin in 2012 with the last project set to be completed in 2014. Canadian Solar expects that these projects will be the first of many, marking a strategic move for the Company as it expands from pure-play module sales in the United States to deeper collaboration with utility-scale project developers.

The projects were spearheaded by Canadian Solar's U.S. Projects Team, which was initiated to further the Company's project development presence in North America. This is the second market in which Canadian Solar has engaged in project development. The Company already has a notable projects business in Canada that previously announced approximately 340MW of projects in Ontario and has successfully delivered turnkey EPC services for three of those projects.

"Canadian Solar's Projects Team complements our business strategy, offering our customers and partners a more complete solution package," said Dr. Shawn Qu, CEO of Canadian Solar. "Additionally, the investment we have made in starting the new U.S. Projects Team signifies our continued commitment to the U.S. market. The team's extensive solar experience enabled us to hit the ground running, with 11 projects in less than six months and the ability to now further grow our business in the U.S. market."

Canadian Solar has already established itself as one of the largest solar module suppliers to the U.S. market. Canadian Solar believes that its expansion into project development provides the Company an opportunity for continued growth and the ability to create jobs at a time when many other solar companies are being forced to cut back. As Canadian Solar continues to expand its project pipeline, the Company expects to see an increase in revenue from its project solutions business. The Company estimates that its project solutions revenue will make up 25 percent of its total revenue in 2012, compared to 10 percent in 2011.

GUELPH and HAMILTON, Ontario, June 7, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, announced that its subsidiary, Canadian Solar Solutions Inc. and Horizon Energy Solutions Inc., have entered into an Engineering, Procurement and Construction (EPC) agreement to construct commercial rooftop solar electricity generating facilities. The initial projects under this agreement are expected to commence construction by July 2012 under Ontario's Feed-In-Tariff Program.

With the largest Solar Panel production facility in Ontario, Canadian Solar provides bankable photovoltaic modules and complete turnkey solutions to its customers.

Horizon Energy Solutions Inc. is a highly successful developer of renewable energy projects and provider of a suite of energy management, metering and conservation services to commercial clients and local distribution companies (LDCs). Horizon Energy Solutions Inc.'s significant investment in Ontario's renewable power infrastructure will create jobs consistent with the objectives of the Green Energy Act and the clean energy produced will benefit the environment.

"We are committed to developing sustainable energy solutions that provide long-term benefits using the best equipment available. Canadian Solar is a respected and acknowledged leader in this field and we are excited to enter into this agreement," said Scott Knapman, Vice President, Horizon Energy Solutions Inc.

Dr. Shawn Qu, the Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to be partnering with Horizon Energy Solutions, given its experience and success in developing renewable energy projects. This latest agreement builds on the considerable momentum we have in Canada and the broader global solar energy market. We continue to leverage Canadian Solar's global brand, proven track record and cost effective quality solar solutions as we pursue new growth opportunities in Canada and worldwide."

ONTARIO, Canada, May 29, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world`s largest solar companies, announced today that it has delivered solar modules for a 8 MW PV installation built in the German city of Dreieich-Buchschlag. The Federal State of Hesse's biggest solar park was finalized on the premises of a former waste landfill site. The PV system installation supplies electricity for up to 2,000 homes in Dreieich.

More than 40,000 Canadian Solar modules were installed on an area spanning 153,000 square meters within the period of a few weeks. The project contractor was Frankfurter Entsorgungs- und Service GmbH (FES). Onsite construction was carried out by the Sinusstrom GmbH. The solar park is operated by the RMS Rhein-Main Solarpark GmbH, a joint subsidiary of the Stadtwerke Dreieich and the FES. The project allocated 25 percent of the modules for use as a public participation solar park, administered by the Solar Initiative Marburg e.V.

"With a solar project of this size the smooth implementation and installation of high performance quality modules is essential. Having chosen the right partners, we accomplished installation and grid connection by the end of 2011," said FES project manager Florian Benten.

"We are pleased that RMS Rhein-Main Solarpark GmbH and Sinusstrom have chosen solar modules by Canadian Solar. The Federal State of Hesse set an admirable target of fully meeting its energy needs through renewable energy by the year 2050. Today, solar is a more powerful and cost efficient energy solution than ever before. Solar can truly play an important role in helping the Federal State of Hesse and all others worldwide to meet their renewable energy goals," added Dr Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar

First Quarter 2012 Results

• Solar module shipments were 343 MW, compared to 436 MW in the fourth quarter 2011.
• Net revenue was $325.8 million, compared to $474.1 million in the fourth quarter 2011.
• Gross margin was 7.7%, compared to 8.7% in the fourth quarter 2011.
• Diluted loss per share was $0.49, compared to $1.39 in the fourth quarter 2011.
• Cash, cash equivalents and restricted cash balances at the end of the quarter was $625.2 million, compared to $522.3 million at the end of the fourth quarter 2011.

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, commented: "Our results reflect the continued successful execution of our near-term and long-term business strategy. This is evidenced by the improvement of our gross margin after factoring out one-time items, the geographic diversification of our revenue mix and our ability to generate positive operating cash flow in a seasonally slow quarter. We are very pleased with the continued progress of our total solutions business and expect it will enhance our financial results as we move through 2012 and beyond. We continue to evaluate costs across our global organization. Canadian Solar has always strived to maintain a lean organization and to minimize unnecessary costs. We want to insure that we are deploying our resources in the right markets and against the right opportunities. Given the current operating environment, it is clear that strict financial discipline is essential to success and we believe diligence in financial matters will separate the winners from the rest. Canadian Solar plans to be a winner as we build on our current market leading position and strong momentum in our total solutions business."

Business Outlook

The Company's business outlook is based on management's current views with respect to operating and market conditions, its current order book, and the challenging global financing environment, which continues to result in customer demand uncertainty. Management's views and estimates are subject to change without notice.

For the second quarter of 2012, shipments are expected to be in the range of approximately 430 MW to 450 MW, with gross margin expected to be between 8% and 10%. The Company reiterates its annual guidance to ship approximately 1,800 MW to 2,000 MW of solar products in 2012.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Canadian Solar continues to hit its stride as others fall by the wayside. We are highly confident in the prospects for our business and in our ability to drive further manufacturing efficiencies. We expect that our calculated efforts to invest in the areas of business and in the geographies where we see the greatest potential will help us to deliver improved results in the quarters ahead. We are benefiting from customers' ongoing global shift to quality and to tier-one solar companies with global delivery and service capabilities. Our strong track record of performance combined with our unwavering commitment to providing our customers with innovative, high performance, fairly priced solar solutions differentiates Canadian Solar and we believe is helping us to gain market share in key solar markets worldwide. We have a stable balance sheet and excellent support from major financial institutions worldwide, which will allow us to continue to capture both major project opportunities and smaller scale customer wins."

ONTARIO, Canada, May 3, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies and Bank of China (Canada) and Bank of China, New York Branch ("Bank of China"), one of the world's largest banks, today announced that they have signed a ground breaking financing agreement to provide a C$120 Million construction loan facility for solar power plants in Ontario, Canada. The loan facility will be used to support the construction of solar power projects owned by Canadian Solar and which are expected to be built during 2012, 2013, and into 2014.

"We are delighted to announce this agreement with Bank of China, a long time banking partner to Canadian Solar. Their strength and reputation as a global bank combined with their competitive terms makes them an ideal partner to support the growth of our project business in Ontario. This agreement also represents an important step towards our goal of generating over 40% of our revenue from total solutions in 2013 and beyond," said Shawn Qu, Canadian Solar's Chairman and CEO.

Canadian Solar continues to source innovative new banking partners to finance its Ontario and its global pipelines and initiatives.

ONTARIO, Canada, April 12, 2012 /PRNewswire-Asia/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced the launch of a dedicated Authorized Reseller Program focused on Europe, the Middle East and Africa ("EMEA").

Canadian Solar plans to actively support its EMEA reseller partners with extensive technical product training, professional sales and marketing support, and many other benefits, including access to a valuable ongoing qualified lead program, and an Authorized Reseller Starter Kit, tailored marketing materials, and product samples. Program partners will also benefit from a comprehensive co-marketing program with joint events, Public Relations, advertising and online marketing activities.

The Authorized Reseller Program will target EMEA professionals that want to offer Canadian Solar's industry leading, high-quality, high-performance solar products. Only registered companies will be able to take advantage of the exclusive new program.

Yan Zhuang, Senior Corporate Vice President of Global Sales and Marketing of Canadian Solar, commented, "Canadian Solar's dedicated new EMEA Authorized Reseller Program will enable us to even more effectively support our numerous long-term partners, while at the same time help attract new partners in the growing EMEA region. We spent a lot of time developing our program, including researching successful programs from other industries. It made perfect sense for Canadian Solar to lead the way with this innovative effort for the EMEA region. We are excited about and fully committed to our Authorized Reseller Program as it is designed to be mutually beneficial to our partners and to Canadian Solar's success."

Fourth Quarter 2011 Results

• Solar module shipments were 436 MW, an increase of 23% from 355 MW in the third quarter 2011.
• Net revenue was $474.1 million, compared to $499.6 million in the third quarter 2011.
• Gross margin was 8.7%, compared to 2.4% in the third quarter 2011.
• Diluted loss per share was $1.39, compared to diluted loss per share of $1.02 in the third quarter 2011.
• Operating cash flow was approximately $48.9 million, compared to approximately $94 million in the third quarter 2011.
• Inventory balance at the end of the quarter was $296.6 million, compared to $406.0 million at the end of the third quarter 2011.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Canadian Solar continued to execute and thrive in a highly challenging global market and benefit from customers flight to quality. Our ability to remain focused and to provide customers with innovative, high-quality solar energy solutions, with top notch support, helped us grow our market share. Shipments for the full year 2011 were up 65%, with a 23% increase in the fourth quarter. The strength was widely distributed, as we had a very good trend of wins at major clients. As for specific markets, we had positive growth in the U.S., Europe, China and India in 2011. China has been our fastest growing market given the lower base it started at, with forecasts calling for a potential 3 GW to 5 GW opportunity in 2012. Importantly, we made substantial progress in our strategy of building our downstream total solutions business and currently have more opportunities than we could possibly address, which is allowing us to be selective. We are excited about this area of our business because it clearly differentiates Canadian Solar, it helps increase our visibility, and leverages our expertise and global brand. Further, the specialization of the solutions business makes it a higher margin business. Our success was illustrated in December 2011 when we entered into a purchase and sale agreement with TransCanada, in which they will acquire from us in 2012 and 2013, nine utility-scale power plants in Ontario valued at approximately C$470 million. We see similar opportunities for our solutions business in many other countries including, India, Japan, the U.S. and China."

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, commented: "During the fourth quarter, we continued our emphasis on working capital management, specifically working to reduce inventory and control receivables levels. We were successful in reducing our inventory balance by $106.3 million or 26% in the fourth quarter. We are currently examining our worldwide cost structure to ensure it is properly aligned with our expected shift towards more project business and changes in our targeted geographies. By closely managing our operating expenses, we are confident we can continue to excel in a challenging global market as the industry continues to mature."

Business Outlook

The Company's business outlook is based on management's current views with respect to operating and market conditions, its current order book, and the challenging global financing environment, which continues to result in customer demand uncertainty. Management's views and estimates are subject to change without notice.

For the first quarter of 2012, shipments are expected to be in the range of approximately 340 MW to 350 MW, with gross margin expected to be between 5% and 8%. Despite the challenging global financing environment, which continues to result in customer demand uncertainty for the whole year 2012, the Company expects to ship approximately 1,800 MW to 2,000 MW of solar products. The Company will continue to actively manage manufacturing utilization, inventory and mix levels, and operating expenses as demand levels fluctuate. The Company will also continue to explore ways to increase manufacturing efficiency and yield and to lower processing and consumable costs where opportunities exist.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Canadian Solar is in an excellent position as we pursue future growth. In addition to our global brand, strong track record of innovation, quality and service, we have one of the most efficient manufacturing models in the industry. We expect to further improve our financial ratios moving forward as we gain more flexibility to drive our total solutions business. Our goal remains to expand our engineering, procurement and construction (EPC) and solar systems kits business to approximately more than 25% of total revenue in 2012 and greater than 40% of revenue in 2013. We are a leader in most markets we serve. Importantly, our commitment to the Canadian market has given us a significant competitive advantage not only in the attractive Canadian market but also in the U.S. market, as we have a fully operational manufacturing base nearby."

ONTARIO, Canada, February 22, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today updated its guidance for the fourth quarter ended December 31, 2011. The updated guidance is based on Canadian Solar's current views with respect to operating and market conditions, its current order book and customers' forecasts, all of which are subject to change. The updated guidance may also become subject to adjustment based upon completion of the full-year reporting process, and audited results could differ materially from the estimates provided below.

For the fourth quarter of 2011, Canadian Solar expects solar module shipments to increase to approximately 430 MW to 440 MW. This is significantly higher than the original fourth quarter guidance of approximately 340 MW to 360 MW provided on November 22, 2011, and compares to shipments of 287 MW and 355 MW in the second and third quarter of 2011, respectively. The significantly higher shipment level in the fourth quarter of 2011 reflects stronger than expected demand from customers. The Company expects its gross margin for the fourth quarter of 2011 to be in line with prior guidance of 5% to 8%. For the fiscal year 2011 shipments are expected to be in the range of 1,316 to 1,326 MW, compared to prior guidance in the range of 1,200 to 1,300 MW.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Canadian Solar continues to successfully execute on our business strategy. We are increasing shipments to customers in key markets worldwide, while at the same time aggressively reducing our manufacturing costs. In the market place we are winning by stressing our global brand, product quality, high performance, reliability and customer service. We are seeing continued gains in both solar module shipments to installers and in shipments related to our expanding project business. As an illustration of our business momentum, we recently signed agreement for Canadian Solar to develop and sell 9 fully-operational and commissioned utility-scale solar projects in the Province of Ontario, which are expected to contribute to the Company's revenue and profitability between late 2012 and mid-2013."

Third Quarter 2011 Results