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News Article | February 15, 2017
Site: www.altenergystocks.com

Lord Nicholas Stern recently said, “Strong investment in sustainable infrastructure—that’s the growth story of the future. This will set off innovation, discovery, much more creative ways of doing things. This is the story of growth, which is the only one available because any attempt at high-carbon growth would self-destruct [emphasis added].” More pointedly, the Investment Bank division at Morgan Stanley in 2016 advised clients that long-term investment in fossil fuels may be a bad financial decision, writing, “Investors cannot assume economic growth will continue to rely heavily on an energy sector powered predominantly by fossil fuels." What both Lord Stern and Morgan Stanley understand is that the world has changed and our approaches to investment need to change with it. This is at the heart of what I do working in Next Economics and Next Economy Portfolio Theory. In thinking about Next Economics and investing, then, it’s worth asking two questions. ”What will the world’s economy look like in 10 and 20 years?” And,” What would I like it to look like by then?” Our answers should, at a high level, inform where we invest. In arriving at a well-informed thesis hinged on the economy’s ongoing evolution—rather than on the economy of the past—we can position ourselves to take advantage of high-growth areas, and we can have the effect of advancing a far more efficient economy, one with a better chance of thriving indefinitely. As a pop star once wrote (not the one who won a Nobel Prize), “If it's a future world we fear, we have tomorrow's seeds right here.” Every year since founding Green Alpha, we’ve observed innovations emerge and compound like a fast-rolling snowball. Each innovation, improvement, and tool in the economy is smarter than the last and is immediately put to work in the development of a new generation of smart tools, evidently ad infinitum. I'd write a book with a title like Special Topics in Next Economics 2017, but the pace of innovation is so fast that it would be out of date before I could get it done. Still, there are a few trends that I think merit our attention, and our optimism. They’re cheap and getting cheaper. In 2016, we saw the price of solar-generated electricity fall below that of wind, making it the least expensive source of power generation available, half the price of new coal. Wind and solar, being tech-based (as opposed to commodity-based), will continue getting cheaper, and will generate more and more of the world’s energy until they ultimately have most of the energy market share. At some point, markets will understand solar for what it is and begin to value it appropriately. Companies like First Solar, Inc., and Canadian Solar Inc. are leading the transition in world energy, and if they continue to work on innovation, growth, and maintaining strong fundamentals, they could find themselves among the world’s leading power companies. Is renewable energy adoption at scale for real? President Obama just wrote about the “irreversible momentum of clean energy” in Science, and many of the world’s largest companies are on the same page, working toward running all operations on wind and solar. The poster firm for this is Google Alphabet, which says it will hit its goal of 100% renewable power for all operations this year. The company is a huge consumer of power, and its transition to wind and solar is resulting in large emissions cuts for the economy, as well as business stability and cost controls for their business. Cities are getting in on this, too, with San Francisco, San Diego and others planning to run entirely on renewables by 2035 or sooner. What about arguments that solar makes electricity rates go up? Well, in some places that use the most solar, the opposite is happening, and utility customers are seeing rates fall. Inevitably, all this adds up to jobs in renewables. Though coal jobs were a focus of the 2016 presidential election, renewables are where more paychecks are. Wind power supports 88,000 jobs, while close to 373,807 U.S. workers are currently employed in solar, a 25% rise in 2016—and that number is predicted to rise to 420,000 workers by 2020. Wind power employs 101,738 workers, a 32% increase over 2015. As of October, coal employed fewer than 54,000, according to the Bureau of Labor Statistics. It has been surprising to many observers, like Jigar Shah, that these remarkable economic changes don’t yet get more recognition. Across the country, wind power has become the “new corn” for Red State farmers, providing a steady source of income in low-income, rural areas. In fact, the 10 congressional districts that produce the most wind energy are represented by Republicans.   California and other states, meanwhile, vow to push ahead in the fight against climate change—with or without President Trump's blessing. China is doing more to develop and install renewable energies than any nation. Already the world leader in wind and solar capacity, China now says it will “plow $361B into renewable power generation by 2020, and create more than 13 million jobs” (via Reuters), leaving the U.S. in the dust. According to The Guardian, “China now owns five of the world’s six largest solar-module manufacturing firms and the largest wind-turbine manufacturer.” It’s also far and away the world’s leader in electric vehicle production and sales. Also, China is spending over $500 billion to expand high-speed rail. Its war on pollution and commitments to mitigating global warming are real, and China clearly is happy (and even excited) to accept the leadership mantle in sustainable economics, a title many perceive the U.S. has abdicated. Having taken the reins on renewable energy and technology leadership, China is now shoring up the case for its moral leadership as well, made apparent by Beijing’s recent announcement that it will now ban all imports of ivory. What about renewable energy adoption, plus zero-emissions transportation, plus energy storage? Well, Tesla. I don’t mention this company particularly as a stock recommendation but rather as a primary catalyst and the firm at the nexus of the Next Economy. It’s close to impossible to overestimate Tesla’s importance. Tesla re-introduced, made sexy, and popularized electric cars at a time when major automakers and oil companies were trying to prevent that from ever happening. Tesla’s ambitious approach to battery storage for cars and renewable energy has resulted in their Gigafactory, capable of doubling the world’s current annual output of lithium-ion batteries and lowering costs commensurately. Don’t think storage is a particularly big deal? Consider just one example: After the massive Porter Ranch natural gas leak, the City of Los Angeles decided to invest in battery backup for its electricity supply instead of gas, and has hired Tesla to provide some systems. LA has been among the first big cities to make this move, but then, it was among the first to be bitten by the risks of overreliance on a fossil fuels. What of Tesla’s and others’ plan to scale up mass-market electric cars? Will that become huge or remain niche?  Consider these developments: Germany, Holland, and Norway have all taken steps to ban internal combustion engine-driven passenger vehicles between 2025 and 2030; more major economies surely will follow. India, for example, is now considering a similar move. Yes, these are ambitious goals that could easily be missed, but even if these nations get only halfway to their targets, it is not only incredibly bullish for any carmaker selling electric vehicles but also bearish for oil, since ground transportation is its primary source of demand. A New Yorker article said it best, “Vertical farming can allow former cropland to go back to nature and reverse the plundering of the earth.” Vertical farms are revolutionary for a number of reasons: No question, vertical farming is what’s next. Business Insider has posted a nifty photo essay of an indoor farm in Brooklyn if you’re interested in how it looks. Computing power. It’s becoming so massive that our collective ability to assimilate data is now and will increasingly be unprecedented. The question will become, what can we do with this amazing ability?  And let us not forget the key related areas of cybersecurity and fast-emerging artificial intelligence and robotics, all of which are ushering in an era of heretofore unimagined economic efficiencies. What about the Internet of Things? After a slow start, it is coming into its own: “The falling cost of sensors and connectivity means the internet of things is finally a reality.” Lots of opportunity there. In medicine? Don’t get me started on CRISPR-Cas9, a technique to edit genomes, thus opening up endless possibilities in medicine and biology, with equally endless humanitarian, ecological, and commercial applications. Okay, enough. We’re overwhelmed with innovations and breakthrough after breakthrough. We get it. For those of us trying to assimilate these changes and find the best path forward, the most important point is this: It’s in seeing the world for what it is becoming and not for what it was that investors and markets are going to allocate capital to manage risks and profit from new opportunities. This all leads, not incidentally, in the opposite direction from fossil fuels. It is funny and yet poignant that some astrophysicists classify we humans as constituting merely a Level Zero Civilization, with nearly infinite scientific and technological prowess yet to be realized. Well, I’m not qualified to evaluate that theory, but what I do know is that so much progress is being made in so many areas, that I wake up every day excited to think about the world anew and uncover its opportunities. An earlier version of this post originally appeared on worth.com Garvin Jabusch is cofounder and chief investment officer of Green Alpha® Advisors, LLC. He is co-manager of the Shelton Green Alpha Fund (NEXTX), of the Green Alpha Next Economy Index, the Green Alpha Growth & Income Portfolio, and of the Sierra Club Green Alpha Portfolio. He also authors the Sierra Club's green economics blog, "Green Alpha's Next Economy."


GUELPH, Ontario, Nov 3, 2016 /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 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." Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 14 years, Canadian Solar has successfully delivered over 16 GW of premium quality modules to over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com. Pickett Solar is a design and installation solar company based in Fresno, California. As a division of Don Pickett & Associates, Inc. with over 30 years of experience in commercial, agribusiness and government construction, Pickett Solar is uniquely qualified to help customers upgrade their commercial facilities with solar. Their seasoned in-house design and engineering departments know how to provide clients with the most efficient design and avoid the problems that can plague solar projects. In addition, their longstanding relationships in the construction industry allow Pickett Solar to draw on the best local craftsmen. This ensures their solar installations are completed on time and built with the utmost quality. Pickett Solar serves the Central Valley of California. For more information, please visit www.pickettsolar.com or phone (559) 438-1074. Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 20, 2016. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/canadian-solar-supplies-574-mw-of-pv-modules-to-agricultural-projects-in-california-300356635.html


News Article | February 23, 2017
Site: globenewswire.com

EL SEGUNDO, Calif., Feb. 23, 2017 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (the “Partnership,” “we,” “us” or “our”) (Nasdaq:LMRK) today announced its fourth quarter and full year 2016 financial results. Fourth Quarter and Full Year 2016 Results Revenue for the quarter ended December 31, 2016 increased 72% to $11.7 million compared to the fourth quarter of 2015.  Net income for the fourth quarter was $8.8 million, compared to $2.8 million in the fourth quarter of 2015.  Earnings per diluted common unit in the fourth quarter of 2016 increased to $0.34, compared to $0.20 per diluted common unit in the fourth quarter of 2015.  EBITDA (earnings before interest, income taxes, depreciation and amortization) for the quarter ended December 31, 2016 increased 131% to $15.4 million compared to the fourth quarter of 2015.  The net income and EBITDA amounts include the impact from $6.0 million of unrealized gain on derivatives and $1.4 million of acquisition-related expenses.  Adjusted EBITDA for the quarter ended December 31, 2016 increased 68% to $10.8 million compared to the fourth quarter of 2015, and distributable cash flow increased 38% to $6.3 million compared to the fourth quarter of 2015. For the full year ended December 31, 2016, the Partnership reported revenue of $36.2 million, net income of $9.9 million, and earnings per diluted common unit of $0.41.  The Partnership reported EBITDA of $31.0 million, Adjusted EBITDA of $33.5 million, and distributable cash flow of $20.7 million in the full year period ended December 31, 2016.  The net income and EBITDA amounts include the impact from $2.6 million of acquisition-related expenses, $2.2 million of unrealized gain on derivatives, $1.3 million of impairments and $0.4 million of gain on sale of real property interests. “Our fourth quarter acquisition activity was highlighted by the Recurrent Energy transaction, which was one of the largest solar land acquisitions in 2016,” said Tim Brazy, Chief Executive Officer of the Partnership’s general partner.  “For the full year 2016, we acquired 593 assets for total consideration of approximately $292 million.  Looking forward, we are excited about our acquisition prospects for 2017 and believe that we are well-positioned to drive future growth for the Partnership.” Quarterly Distributions On January 25, 2017, the Board of Directors of the Partnership’s general partner declared a cash distribution of $0.35 per common unit, or $1.40 per common unit on an annualized basis, for the quarter ended December 31, 2016.  This quarter’s cash distribution, which represents a 7.7% increase year-over-year and a 3.7% increase compared to the third quarter 2016 distribution of $0.3375 per common unit, marks the eighth consecutive quarter that the Partnership has increased its quarterly cash distribution since its IPO in November 2014.  The distribution was paid on February 15, 2017 to common unitholders of record as of February 6, 2017. On January 20, 2017, the Board of Directors of the Partnership’s general partner declared a quarterly cash distribution of $0.49375 per Series B preferred unit, which was paid on February 15, 2017 to Series B preferred unitholders of record as of February 1, 2017. On December 16, 2016, the Board of Directors of the Partnership’s general partner declared a quarterly cash distribution of $0.500 per Series A preferred unit, which was paid on January 17, 2017 to Series A preferred unitholders of record as of January 3, 2017. Capital and Liquidity As of December 31, 2016, the Partnership had $224.5 million of outstanding borrowings under its revolving credit facility (the “Facility”) and $57.5 million of undrawn borrowing capacity under the Facility, subject to compliance with certain covenants. Recent Drop-Down Acquisition During the fourth quarter of 2016, the Partnership completed a drop-down acquisition from Landmark, acquiring a total of 37 assets for total consideration of $13.6 million.  The acquisition was immediately accretive to the Partnership’s distributable cash flow, and funded with borrowings under the Partnership’s existing Facility. Recurrent Energy Transaction On October 31, 2016, the Partnership completed the previously announced acquisition of approximately 4,000 acres of land in California underneath utility-scale solar photovoltaic projects developed by Recurrent Energy, a subsidiary of Canadian Solar Inc. (NASDAQ: CSIQ), one of the world’s largest solar power companies, for a total purchase price of approximately $73 million. At-The-Market (“ATM”) Equity Programs Through its At-The-Market (“ATM”) issuance programs, the Partnership issued 405,156 common units and 63,957 Series A preferred units for gross proceeds of approximately $6.9 million and $1.6 million, respectively, for the full year 2016. 2017 Guidance The Partnership’s sponsor has expressed its intent to offer us the right to purchase $200 million of assets in 2017.  These acquisitions, combined with organic portfolio growth, are expected to drive distribution growth of 10% over the fourth quarter 2016 distribution of $0.35 per common unit by the fourth quarter 2017 (distribution to be paid in February 2018). Conference Call Information The Partnership will hold a conference call on Thursday, February 23, 2017, at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) to discuss its fourth quarter and full year 2016 financial and operating results.  The call can be accessed via a live webcast at http://edge.media-server.com/m/p/mvn8e8tk, or by dialing 877-930-8063 in the U.S. and Canada.  Investors outside of the U.S. and Canada should dial 253-336-7764.  The passcode for both numbers is 56351254. A webcast replay will be available approximately two hours after the completion of the conference call through February 23, 2018 at http://investor.landmarkmlp.com/phoenix.zhtml?c=253802&p=irol-calendar.  The replay is also available through March 4, 2017 by dialing 855-859-2056 or 404-537-3406 and entering the access code 56351254. About Landmark Infrastructure Partners LP The Partnership is a growth-oriented master limited partnership formed to acquire, own and manage a portfolio of real property interests that the Partnership leases to companies in the wireless communication, outdoor advertising and renewable power generation industries.  Headquartered in El Segundo, California, the Partnership owns and manages a diversified portfolio of real property interests, which includes long-term and perpetual easements, tenant lease assignments and fee simple properties, primarily located in the United States. Non-GAAP Financial Measures We define EBITDA as net income before interest, income taxes, depreciation and amortization, and we define Adjusted EBITDA as EBITDA before unrealized and realized gain or loss on derivatives, loss on early extinguishment of debt, gain on sale of real property interests, straight line rent adjustments, amortization of above and below market rents, impairments, acquisition-related expenses, unit-based compensation, and the capital contribution to fund our general and administrative expense reimbursement.  We define distributable cash flow as Adjusted EBITDA less cash interest paid, current cash income tax paid, preferred distributions paid and maintenance capital expenditures.  Distributable cash flow will not reflect changes in working capital balances. We believe that to understand our performance further, EBITDA, Adjusted EBITDA and distributable cash flow should be compared with our reported net income (loss) and net cash provided by operating activities in accordance with generally accepted accounting principles in the United States (“GAAP”), as presented in our combined financial statements. EBITDA, Adjusted EBITDA and distributable cash flow are non-GAAP supplemental financial measures that management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess: We believe that the presentation of EBITDA, Adjusted EBITDA and distributable cash flow provides information useful to investors in assessing our financial condition and results of operations.  The GAAP measures most directly comparable to EBITDA, Adjusted EBITDA and distributable cash flow are net income (loss) and net cash provided by operating activities.  EBITDA, Adjusted EBITDA and distributable cash flow should not be considered as an alternative to GAAP net income (loss), net cash provided by operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP.  Each of EBITDA, Adjusted EBITDA and distributable cash flow has important limitations as analytical tools because they exclude some, but not all, items that affect net income (loss) and net cash provided by operating activities, and these measures may vary from those of other companies.  You should not consider EBITDA, Adjusted EBITDA and distributable cash flow in isolation or as a substitute for analysis of our results as reported under GAAP.  As a result, because EBITDA, Adjusted EBITDA and distributable cash flow may be defined differently by other companies in our industry, EBITDA, Adjusted EBITDA and distributable cash flow as presented below may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.  For a reconciliation of EBITDA, Adjusted EBITDA and distributable cash flow to the most comparable financial measures calculated and presented in accordance with GAAP, please see the “Reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow” table below. Forward-Looking Statements This release contains forward-looking statements within the meaning of federal securities laws.  These statements discuss future expectations, contain projections of results of operations or of financial condition or state other forward-looking information.  You can identify forward-looking statements by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “project,” “could,” “may,” “should,” “would,” “will” or other similar expressions that convey the uncertainty of future events or outcomes.  These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Partnership’s control and are difficult to predict.  These statements are often based upon various assumptions, many of which are based, in turn, upon further assumptions, including examination of historical operating trends made by the management of the Partnership.  Although the Partnership believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies, which are difficult or impossible to predict and are beyond its control, the Partnership cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions.  Examples of forward-looking statements in this press release include our expected distribution growth for 2017, the deployment of proceeds from the recent equity offering, and expected acquisition opportunities from our sponsor.  When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements contained in the Partnership’s filings with the U.S. Securities and Exchange Commission (the “Commission”), including the Partnership’s annual report on Form 10-K for the year ended December 31, 2016 and Current Report on Form 8-K filed with the Commission on February 23, 2017.  These risks could cause the Partnership’s actual results to differ materially from those contained in any forward-looking statement. (1) During the years ended December 31, 2016 and 2015, the Partnership completed five and eight drop-down acquisitions, respectively, (the “Drop-down Assets”) from our sponsor Landmark Dividend LLC and affiliates (collectively “Landmark”). Since the entities are under common control, the assets and liabilities acquired are recorded at Landmark’s historical cost, with financial statements for prior periods retroactively adjusted to furnish comparative information. Financial information prior to the closing of each transaction has been retroactively adjusted for the Drop-down Assets. These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission on February 23, 2017. (1) Financial information prior to the closing of the drop-down transactions has been retroactively adjusted for certain assets acquired from Landmark and affiliates as the transactions are between entities under common control.  These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the Securities and Exchange Commission on February 23, 2017. (1) “Available Tenant Sites” means the number of individual sites that could be leased. For example, if we have an easement on a single rooftop, on which three different tenants can lease space from us, this would be counted as three “tenant sites,” and all three tenant sites would be at a single infrastructure location with the same address. (2) Assumes the exercise of all remaining renewal options of tenant leases. Assuming no exercise of renewal options, the average remaining lease terms for our wireless communication, outdoor advertising, renewable power generation and aggregate portfolios as of December 31, 2016 were 4.0, 8.4, 20.0 and 5.4 years, respectively. (3) Represents the number of leased tenant sites divided by the number of available tenant sites. (4) Occupancy and average monthly effective rent per tenant site are shown only on an aggregate portfolio basis by industry. (5) Represents total monthly revenue excluding the impact of amortization of above and below market lease intangibles divided by the number of leased tenant sites. (6) Represents GAAP rental revenue recognized under existing tenant leases for the three months ended December 31, 2016.  Excludes interest income on receivables. (7) Fee simple ownership and perpetual easements are shown as having a term of 99 years for purposes of calculating the average remaining term. (8) Reflects “springing lease agreements” whereby the cancellation or nonrenewal of a tenant lease entitles us to enter into a new ground lease with the property owner (up to the full property interest term) and a replacement tenant lease. The remaining lease assignment term is, therefore, equal to or longer than the remaining lease term. Also represents properties for which the “springing lease” feature has been exercised and has been replaced by a lease for the remaining lease term. (9) Excluding perpetual ownership rights, the average remaining property interest term on our tenant sites is approximately 68 years. (1) Financial information prior to the closing of the drop-down transactions has been retroactively adjusted for certain assets acquired from Landmark during the year ended December 31, 2016. See reconciliation of operations, EBITDA, Adjusted EBITDA, and distributable cash flow for the periods presented. (2) Under the omnibus agreement that we entered into with Landmark at the closing of our initial public offering, we agreed to reimburse Landmark for expenses related to certain general and administrative services that Landmark will provide to us in support of our business, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding calendar quarter. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $80.0 million and (ii) November 19, 2019. The full amount of general and administrative expenses incurred will be reflected in our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected in our financial statements as a capital contribution from Landmark rather than as a reduction of our general and administrative expenses, except for expenses that would otherwise be allocated to us, which are not included in our general and administrative expenses. (1) During the years ended December 31, 2016 and 2015, the Partnership completed five and eight drop-down acquisitions, respectively, from Landmark and affiliates (the “Drop-down Assets”). The assets and liabilities acquired are recorded at the historical cost of Landmark, as the transactions are between entities under common control, the statements of operations of the Partnership are adjusted retroactively as if the transactions occurred on the earliest date during which the entities were under common control. The historical financial statements have been retroactively adjusted to reflect the results of operations, financial position, and cash flows of the Drop-down Assets as if the Partnership owned the Drop-down Assets in all periods while under common control. The reconciliation presents our results of operations and financial position giving effect to the Drop-down Assets. The combined results of the Drop-down Assets prior to each transaction date are included in “Drop-down Assets Predecessor.” The consolidated results of the Drop-down Assets after each transaction date are included in “Landmark Infrastructure Partners LP.” (2) Under the omnibus agreement that we entered into with Landmark at the closing of the IPO, we agreed to reimburse Landmark for expenses related to certain general and administrative services that Landmark will provide to us in support of our business, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding calendar quarter. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $80.0 million and (ii) November 19, 2019. The full amount of general and administrative expenses incurred will be reflected in our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected in our financial statements as a capital contribution from Landmark rather than as a reduction of our general and administrative expenses, except for expenses that would otherwise be allocated to us, which are not included in our general and administrative expenses. (3) Coverage ratio is calculated as the distributable cash flow for the quarter divided by the distributions to the common and subordinated unitholders on the weighted average units outstanding.  (1) The historical financial statements have been retroactively adjusted to reflect the results of operations, financial position, and cash flows of the Drop-down Assets as if the Partnership owned the Drop-down Assets in all periods while under common control. The reconciliation presents our results of operations and financial position giving effect to the Drop-down Assets. The combined results of the Drop-down Assets prior to each transaction date are included in “Drop-down Assets Predecessor.” The consolidated results of the Drop-down Assets after each transaction date are included in “Landmark Infrastructure Partners LP.” (2) Under the omnibus agreement that we entered into with Landmark at the closing of the IPO, we agreed to reimburse Landmark for expenses related to certain general and administrative services that Landmark will provide to us in support of our business, subject to a quarterly cap equal to the greater of $162,500 and 3% of our revenue during the preceding calendar quarter. This cap on expenses will last until the earlier to occur of: (i) the date on which our revenue for the immediately preceding four consecutive fiscal quarters exceeded $80.0 million and (ii) November 19, 2019. The full amount of general and administrative expenses incurred will be reflected in our income statements, and to the extent such general and administrative expenses exceed the cap amount, the amount of such excess will be reflected in our financial statements as a capital contribution from Landmark rather than as a reduction of our general and administrative expenses, except for expenses that would otherwise be allocated to us, which are not included in our general and administrative expenses. (3) Coverage ratio is calculated as the distributable cash flow for the quarter divided by the distributions to the common and subordinated unitholders on the weighted average units outstanding.


News Article | November 21, 2016
Site: en.prnasia.com

GUELPH, Ontario, Nov 21, 2016 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the third quarter ended September 30, 2016. Net revenue in the third quarter of 2016 was $657.3 million, down 18.4% from $805.9 million in the second quarter of 2016 and 22.7% from $849.8 million in the third quarter of 2015. Module shipments recognized in revenue totaled 1,161 MW, compared to 1,290 MW recognized in revenue in the second quarter of 2016 and 1,150 MW recognized in revenue in the third quarter of 2015. Solar module shipments recognized in revenue in the third quarter of 2016 included 16.3 MW used in the total solutions business, compared to 18.7 MW in the second quarter of 2016 and 110.5 MW in the third quarter of 2015. The following table is a summary of net revenues by geographic region based on the location of customers' headquarters (in millions of US$, except percentages). Gross profit in the third quarter of 2016 was $117.3 million, compared to $138.5 million in the second quarter of 2016 and $126.8 million in the third quarter of 2015. Gross margin in the third quarter of 2016 was 17.8%, compared to 17.2% in the second quarter of 2016 and 14.9% in the third quarter of 2015. The sequential increase in gross margin was primarily due to lower module costs resulting from decreased purchase price of wafer and cell as well as improved manufacturing efficiency of the Company. Total operating expenses were $90.3 million in the third quarter of 2016, down 8.7% from $98.9 million in the second quarter of 2016 and 5.9% from $95.9 million in the third quarter of 2015. Selling expenses were $34.0 million in the third quarter of 2016, up 0.3% from $33.9 million in the second quarter of 2016 and down 8.8% from $37.2 million in the third quarter of 2015. The slight sequential increase in selling expenses was primarily due to higher labor costs, partially offset by lower shipping and handling expenses and external sales commission. The year-over-year decrease in selling expenses was primarily due to lower external sales commission, partially offset by higher labor costs. General and administrative expenses were $51.7 million in the third quarter of 2016, down 13.8% from $60.0 million in the second quarter of 2016 and 5.4% from $54.6 million in the third quarter of 2015. Excluding the non-recurring charges recorded in the second quarter, which include a $10.8 million charge for the terminated YieldCo launch and a $7.6 million estimated tornado damage to the Company's Funing cell factory, and a $20.8 million expense recorded in the third quarter of 2015 for the settlement of LDK arbitration case, general and administrative expenses actually increased sequentially and year-over-year primarily due to an approximately $6.6 million impairment charge for certain solar power systems as well as higher labor costs. Research and development expenses were $4.6 million in the third quarter of 2016, compared to $5.1 million in the second quarter of 2016 and $4.1 million in the third quarter of 2015. Income from operations was $27.0 million in the third quarter of 2016, compared to $39.6 million in the second quarter of 2016, and $30.9 million in the third quarter of 2015. Operating margin was 4.1% in the third quarter of 2016, compared to 4.9% in the second quarter of 2016 and 3.6% in the third quarter of 2015. Non-cash depreciation and amortization charges were approximately $25.4 million in the third quarter of 2016, compared to $25.5 million in the second quarter of 2016, and $24.8 million in the third quarter of 2015. Non-cash equity compensation expense was $1.8 million in the third quarter of 2016, compared to $1.9 million in the second quarter of 2016, and $1.4 million in the third quarter of 2015. Interest expense was $18.8 million in the third quarter of 2016, compared to $11.9 million in the second quarter of 2016, and $13.0 million in the third quarter of 2015. The increase in interest expense was mainly due to lower capitalized interest, a higher balance of outstanding debt and higher financing costs for the Company's projects in the U.S. Interest income was $2.1 million in the third quarter of 2016, compared to $2.4 million in the second quarter of 2016 and $4.2 million in the third quarter of 2015. The Company recorded a gain on change in fair value of derivatives of $2.0 million in the third quarter of 2016, compared to a loss on change in fair value of derivatives of $1.6 million in the second quarter of 2016 and a loss on change in fair value of derivatives of $12.3 million in the third quarter of 2015. The gain on change in fair value of derivatives in the third quarter of 2016 came primarily from the change in fair value of warrants of $1.7 million. The Company recorded a foreign exchange gain in the third quarter of 2016 of $4.4 million compared to a gain of $24.9 million in the second quarter of 2016 and a gain of $17.1 million in the third quarter of 2015. Income tax expense was $16 thousand in the third quarter of 2016, compared to $16.3 million in the second quarter of 2016 and income tax benefit of $3.9 million in the third quarter of 2015. Net income attributable to Canadian Solar was $15.6 million, or $0.27 per diluted share, in the third quarter of 2016, compared to net income of $40.4 million, or $0.68 per diluted share, in the second quarter of 2016, and net income of $30.4 million, or $0.53 per diluted share, in the third quarter of 2015. The Company had $986.0 million of cash, cash equivalents and restricted cash as of September 30, 2016, compared to $1.0 billion as of June 30, 2016. As of the end of the third quarter of 2016, $24.7 million of cash, cash equivalents and restricted cash, among other assets, was reclassified under 'Assets held-for-sale' as further discussed below. Accounts receivable, net of allowance for doubtful accounts, at the end of the third quarter of 2016 were $350.1 million, compared to $356.7 million at the end of the second quarter of 2016. As of the end of the third quarter of 2016, $18.7 million of accounts receivable was reclassified to 'Assets held-for-sale' as further discussed below. Accounts receivable turnover was 68 days in the third quarter of 2016, compared to 60 days in the second quarter of 2016. Inventories at the end of the third quarter of 2016 were $313.9 million, compared to $309.7 million at the end of the second quarter of 2016. Inventory turnover was 56 days in the third quarter of 2016, compared to 51 days in the second quarter of 2016. As of September 30, 2016, the Company had $436.0 million of solar power system assets carried as non-current assets, compared to $1.8 billion at the end of the second quarter of 2016. These assets included operating solar plants as well as plants under construction, which the Company held for the purpose of generating electricity income. In the third quarter, the Company has decided to sell certain solar power plants and as a result it has reclassified $1.6 billion of assets under these projects legal entities, including $1.5 billion of solar power systems, $24.7 million of cash, cash equivalents and restricted cash and $18.7 million of accounts receivable, to 'Project assets - current' and 'Assets held-for-sale'. Total project assets and assets held-for-sale at the end of the third quarter of 2016 were $1.2 billion and $529.2 million respectively. Correspondingly, the Company also reclassified $356.3 million of liabilities, primarily including $143.5 million of short-term borrowings and $151.7 million of long-term borrowings associated with these assets held-for-sale, to 'Liabilities held-for-sale'. Accounts and notes payable at the end of the third quarter of 2016 were $801.9 million, compared to $937.3 million at the end of the second quarter of 2016. Short-term borrowings at the end of the third quarter of 2016 were $1.51 billion, compared to $1.37 billion at the end of the second quarter of 2016. Long-term debt at the end of the third quarter of 2016 was $615.8 million, compared to $828.5 million at the end of the second quarter of 2016. Senior convertible notes totaled $125.4 million at the end of the third quarter of 2016, compared to $128.0 million at the end of the second quarter of 2016. Short-term borrowings and long-term debt directly related to utility-scale solar power projects totaled $1.18 billion at the end of the third quarter of 2016, compared to $834.9 million at the end of 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., 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 totalingfrom the insurer. Importantly, all of the equipment we are installing features the latest production technologies." The Company divides its utility-scale solar project pipeline into two parts: an early- to mid-stage pipeline and a late-stage pipeline. The late-stage pipeline includes primarily projects that have energy off-take agreements and are expected to be built within the next two to four years. The Company cautions that some late-stage projects may not reach completion due to risks such as failure to secure permits and grid connection, among other risk factors. As of September 30, 2016, the Company's late-stage pipeline totaled 2.0 GWp of utility-scale solar project pipeline, which included 940 MWp in the U.S., 597 MWp in Japan, 390 MWp in Brazil, 38 MWp in China, 63 MWp in Mexico, 15 MWp in the United Kingdom and 6 MWp in Africa. In the United States, as previously announced, three projects (Barren Ridge, Mustang and Tranquillity) totaling 470 MWp reached commercial operation in the third quarter of 2016. Four other projects (Astoria 1, Astoria 2, Garland and Roserock) are currently under construction and are expected to reach commercial operation before the end of December 2016. In September 2016, the Company announced the signing of a 15-year power purchase agreement ("PPA") for 100 MWac, or 140 MWp, of its solar power project Tranquility 8 in California with MCE, California's first operating Community Choice Aggregation program. Construction of the project is expected to begin in 2017. The project will begin providing power to MCE by late 2018. The Company's late-stage utility-scale solar project pipeline in the U.S. as of September 30, 2016 is detailed in the table below. In Japan, during the third quarter of 2016, the Company started commercial operation of two solar power plants, with a total capacity of approximately 1 MWp. In November, a 24 MWp solar power plant started commercial operation. As of September 30, 2016, the Company's pipeline of late-stage utility-scale solar power projects totaled approximately 597 MWp with 191 MWp in construction and 66 MWp at the ready-to-build stage. As of September 30, 2016, the expected commercial operation schedule of the Company's late-stage utility-scale solar power projects in Japan is detailed in the table below. As of August 1, 2016, Canadian Solar had executed interconnection agreements for 397 MWp of projects. The Company expects that, by April 1, 2017, it will have executed interconnection agreements for an additional 130 MWp of projects, thereby securing the existing FIT contract subject to meeting the COD deadline. The Company is working to advance an additional 92 MWp of projects, so that the interconnection agreements can be executed by April 1, 2017 in order to secure the existing FIT contract. In Brazil, the Company's late-stage, utility-scale solar project pipeline as of September 30, 2016 is detailed in the table below. In October 2016, as previously announced, Canadian Solar sold 80% of equity interest in its Pirapora I solar project in Brazil to EDF EN do Brasil, the local subsidiary of EDF Energies Nouvelles. Canadian Solar will supply modules for this project from its new 360 MWp module factory established in Brazil to support the local market. In addition, during the third quarter of 2016, the Company connected a 5 MWp plant in the UK to the grid. In addition to its utility-scale solar project pipeline, the Company had a portfolio of solar power plants in operation totaling approximately 948 MWp as of September 30, 2016. Revenue from the sale of electricity generated by these plants in the third quarter of 2016 totaled $24.1 million, compared to $22.5 million in the second quarter of 2016. The resale value of these plants is estimated at approximately $1.4 billion, with an expected total profit margin contribution in low double digits. The Company cautions, however, that market conditions may change resulting in different sale values if and when the Company ultimately sells these plants. The sale of projects recorded on the balance sheet as 'Project assets' (build-to-sell) will be recorded as revenue once revenue recognition criteria are met, and the gain from sale of projects recorded on the balance sheet as 'Assets held-for-sale' and 'Solar power systems, net' (build-to-own) will be recorded within 'Other income (expenses)' in the income statement. During the third quarter of 2016, the Company adjusted its end of 2016 manufacturing capacity, as summarized in the table below. The Company's wafer manufacturing capacity has reached 1.0 GW, including 400 MW using slurry wire-saw and 600 MW using the new diamond wire-saw technology. The Company expects its wafer capacity to reach 1.3 GW by April 2017, all of which will use the diamond wire-saw technology. This is slightly behind the Company's previous schedule as the production capacity of the diamond wire-saw has to match with that of the black silicon surface treatment in the solar cell workshop. The diamond wire-saw technology works compatibly with the Company's proprietary and highly efficient Onyx black silicon multi-crystalline solar cell technology, reducing silicon usage and therefore manufacturing cost. The Company's cell manufacturing capacity as of the end of 2016 is expected to reach 2.4 GW, as compared to the 3.1 GW prior target. The decrease is primarily due to a delay in the construction of the Company's new 850 MW cell plant in Southeast Asia. While the module plant in the same compound went on line on schedule in September, the construction completion date of the solar cell plant has been extended to the first quarter of 2017. The decrease in the cell capacity will be partially offset by an earlier than expected partial resumption in production at the Company's Funing cell factory, which was damaged by a tornado in June 2016. The Company continues to expect that its internal module capacity will reach 5.8 GW by the end of 2016. 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." On November 17, 2016, Canadian Solar announced that it has started the commercial operation of a 24 MWp solar power plant in Yamaguchi Prefecture, Japan. 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 (US$0.38) per kWh. On October 13, 2016, Canadian Solar announced that it had entered into a syndicated 3-year loan facility for JPY9.6 billion (US$95 million) with Sumitomo Mitsui Banking Corporation as the lead arranger. The loan proceeds will be used to finance solar project development in Japan and for general corporate working capital requirements. On October 11, 2016, Canadian Solar and EDF Energies Nouvelles announced the sale of 80% interest in Canadian Solar's 191.5 MWp Pirapora I solar energy project in Brazil to EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil. The project has started construction and is expected 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. On September 29, 2016, Canadian Solar announced the start of commercial operation of the 60 MWac/78 MWp Barren Ridge solar photovoltaic 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 to the Los Angeles Department of Water and Power under a long-term power purchase agreement. On September 28, 2016, Canadian Solar announced that it was awarded US$3.5 million funding from Australian Renewable Energy Agency for two solar power projects, totaling 47MWp in Australia. The Company plans to start the construction of both projects in the first quarter of 2017 and achieve commercial operations no later than January 2018. On September 27, 2016, Canadian Solar announced that its wholly-owned subsidiary, Recurrent Energy, entered into a 15-year PPA for 100 MWac of solar power in California with MCE, California's first operating Community Choice Aggregation program. Construction of the project is expected to begin in 2017 and the project will begin providing power to MCE by late 2018. On September 26, 2016, Canadian Solar announced the start of commercial operation of the 200 MWac/258 MWp Tranquility solar power project in California. The Tranquility solar power project was developed by the Company's wholly owned subsidiary, Recurrent Energy, and is majority-owned by Southern Company subsidiary Southern Power. On September 21, 2016, Canadian Solar announced that it signed a financing agreement pursuant to which Export Development Canada 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. In September 2016, Canadian Solar issued a RMB400 million (US$60 million) commercial paper with a fixed interest rate of 5.5% and a tenor of one year and a RMB500 million (US$74.8 million) commercial paper for a term of 9 months with a fixed interest rate of 5.3%. The Company intends to use the proceeds from these issuances to repay debt and to enhance its working capital. China CITIC Bank Corporation Limited acted as the underwriter and bookrunner of the issuance. On August 23, 2016, Canadian Solar announced that its wholly owned subsidiary, Recurrent Energy, reached commercial operation of the 100 MWac/134 MWp Mustang solar power project in Kings County, California. The Company will hold a conference call on Monday, November 21, 2016 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m., November 21, 2016 in Hong Kong) to discuss the Company's third quarter 2016 results and business outlook. The dial-in phone number for the live audio call is +1 866 519 4004 (toll-free from the U.S.), +852 3018 6771 (local dial-in from HK) or +1 845 675 0437 from international locations. The passcode for the call is 98890711. A live webcast of the conference call will also be available on Canadian Solar's website at www.canadiansolar.com. A replay of the call will be available 4 hours after the conclusion of the call until 9:00 a.m. on Tuesday, November 29, 2016, U.S. Eastern Standard Time (10:00 p.m., November 29, 2016 in Hong Kong) and the replay can be accessed by dialing +1 855 452 5696 (toll-free from the U.S.), +852 3051 2780 (local dial-in from HK) or +1 646 254 3697 from international locations, with passcode 98890711. A webcast replay will also be available at www.canadiansolar.com. Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 15 years, Canadian Solar has successfully delivered over 17 GW of premium quality modules to over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com. Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 20, 2016. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/canadian-solar-reports-third-quarter-2016-results-300366451.html


News Article | February 15, 2017
Site: news.yahoo.com

Francisco da Silva Vale, 61, cleans solar panels which power ice machines at Vila Nova do Amana community in the Sustainable Development Reserve, in Amazonas state, Brazil, September 22, 2015. REUTERS/Bruno Kelly SAO PAULO (Reuters) - A government plan to spur the construction of solar energy farms in Brazil is faltering because of high costs, strict rules requiring local components and low-priced competition from Chinese suppliers, say regulators and power sector executives. Developers had been excited about solar power's potential in a continent-sized country with 200 million consumers and plentiful sunlight. But many have grown discouraged, and the government's three-year-old program is moving so slowly that the national development bank is taking another look at rules that require a minimum amount of locally made components in projects. "Investors are disheartened," says Armando Abreu, director of Braselco, an energy consultancy in the northeastern city of Fortaleza. "Many of these projects, in my opinion and that of many others, probably won't get off the drawing board." Even if the current program were successful, more than doubling the current supply of solar-generated power, it would still amount to only about 2 percent of Brazil's total electricity matrix. That would hardly revolutionize energy in Latin America's biggest country, powered mostly by hydroelectric dams. So far, the government has held three licensing rounds for companies to build and operate solar generating facilities. Out of 3 gigawatts in projects awarded, most in Brazil's arid northeast, only 19 of 111 solar parks started construction. According to an inspection report by electricity regulator ANEEL, 24 of the approved plants face "difficulties in the project's economic viability." Meanwhile, only one new factory to build crucial local supplies for the projects has started production. That solar panel factory began operating in December and is already struggling with the notoriously high taxes and production costs that have long crippled Brazilian manufacturers. Its panels are 40 percent more expensive than Chinese imports, according to executives at its operator, Canadian Solar Inc. Then there is the question of financing. The national development bank is the only affordable long-term source for funding the sector. Brazil's historically high interest rates make long-term commercial loans for big energy projects prohibitive, and power sector officials say foreign lenders are wary of exchange-rate risks, especially during Brazil's worst recession on record. Most solar developers that received licenses in the ongoing program expected funding from Brazil's development bank, known as BNDES. It finances most major infrastructure, power and industrial projects in Brazil with subsidized loans. Under current rules, however, BNDES loans are only available to companies that commit to using locally produced equipment. Because so few local manufacturers exist, solar park developers have few options to satisfy those rules. "Everybody was betting on BNDES financing," says João Victor Ferraz, an energy specialist at consulting firm E&Y. "Now they are all desperate." Companies including Grupo Cobra, Fotowatio, Renova Energia SA and Rio Alto Energia are negotiating with the government to cancel their licenses and avoid fines for delays. While local supplies are scarce, these companies argued in a 2016 letter to ANEEL that the devaluation in Brazil's currency, the real, has made imports too expensive. None of the companies responded to Reuters requests for comment. BNDES officials acknowledge the problems. Carla Primavera, who oversees financing for the Brazilian power sector, said BNDES hopes to attract other solar panel manufacturers. She said the bank also is rethinking existing rules that will raise content requirements for photovoltaic systems to a minimum of 76 percent locally produced components in 2020 from 56 percent now. "We are looking at possible changes, also taking into consideration future power demand," she said, without specifying potential changes. Another complication: Brazil's energy consumption has actually dropped since the drive to develop the sector began. The government actually canceled a licensing round for solar and wind projects late last year, a move that drew criticism. "It was a bad signal," said Abreu, the consultant in Fortaleza. "For equipment producers, there has to be a market. Investors will lack the confidence to build plants here." And suppliers, undercut by Chinese producers, need to find ways to outmaneuver low-cost imports. Canadian Solar, whose plant is based in the state of São Paulo, says it was trying to become more competitive. "We hope to bring down those costs in the mid-term," said Hugo Albuquerque, the company's sales director for South America.


GUELPH, Ontario, Dec. 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 it has closed JPY14.9 billion (US$141.5 million) senior and subordinate non-recourse term loan...


News Article | November 29, 2016
Site: www.prnewswire.com

GUELPH, Ontario, Nov. 29, 2016 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: 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...


News Article | November 21, 2016
Site: www.prnewswire.com

GUELPH, Ontario, Nov. 21, 2016 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its financial results for the third quarter ended September 30, 2016. Third Quarter 2016...


News Article | November 8, 2016
Site: www.prnewswire.com

GUELPH, Ontario, Nov. 8, 2016 /PRNewswire/ -- Canadian Solar Inc. ("the Company", "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it will hold a conference call on Monday, November 21, 2016 at 8:00 a.m. U.S. Eastern Standard Time...


News Article | November 17, 2016
Site: en.prnasia.com

GUELPH, Ontario, Nov 17, 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 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." Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 15 years, Canadian Solar has successfully delivered over 16 GW of premium quality modules to over 90 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com. Certain statements in this press release regarding the Company's expected future shipment volumes, gross margins, business prospects and future quarterly or annual results, particularly the management quotations and the statements in the "Business Outlook" section, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India and China; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; cancelation of utility-scale feed-in-tariff contracts in Japan; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 20, 2016. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/canadian-solar-energises-a-24mwp-solar-power-plant-in-japan-300364975.html

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