Thermal Energy Receives $1.7 Million Heat Recovery Order from Major Hospital Group
OTTAWA, ONTARIO – March 30, 2017 – Thermal Energy International Inc. (“Thermal Energy” or the “Company”) (TSX-V: TMG), a global provider of proprietary energy efficiency solutions to the industrial, commercial and institutional sectors, has received a $1.7 million order from a major hospital group for one of the Company’s proprietary FLU-ACE® heat recovery systems. The project is expected to be completed and revenue earned over the next six months.
“This is the third heat recovery order received from this customer since they signed a corporate level supply agreement with Thermal Energy in July of 2015. This customer has a number of other hospitals and healthcare facilities that could benefit from our products. And, as this customer and our other hospital customers are aware, the savings that can be realized using our proven energy efficiency technologies are substantial. In addition to freeing up funds that can be reallocated to other critical areas, our products also make hospitals more environmentally friendly by reducing their carbon emissions significantly.” - William Crossland, CEO of Thermal Energy.
This latest heat recovery project is expected to provide this particular hospital with annual energy savings of approximately $403 thousand, resulting in a simple payback of approximately four years.
The Ottawa-based cleantech company has several case studies available on their website at www.thermalenergy.com/hospitals.html.
Canadian Solar Secures JPY4 Billion Credit Facility with Sumitomo Mitsui Finance and Leasing Company Limited
GUELPH, Ontario, March 30, 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 Canadian Solar Projects K.K. has entered into a 3-year credit agreement for JPY4 billion (US$35 million) with 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 received commitments from five finance leasing institutions. The Company intends to use proceeds from the facility to expand the development of solar energy projects in Japan.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, "We are pleased to secure strong support from a leading group of finance leasing institutions. We value our partnership with SMFL. This is our second financing with the broader Sumitomo Mitsui Financial Group. We have successfully raised in excess of JPY13 billion of credit lines with them. We look forward to expanding our banking relationship in Japan and other important markets."
Company's installed capacity to surpass 400MW in Australia
SYDNEY--(BUSINESS WIRE)-- First Solar, Inc. (Nasdaq: FSLR) today announced that financial close has been reached for the Manildra Solar Farm in New South Wales (NSW), Australia. First Solar will leverage its expertise in utility-scale solar development to deliver the 48.5 megawatt (MW)AC project, which will utilize approximately 466,000 First Solar thin-film photovoltaic (PV) modules and single-axis tracking technology expected to produce more than 120,000 megawatt-hours of electricity in its first year of operation. The Manildra Solar Farm will take First Solar's installed capacity in Australia to more than 400MWAC when it is complete in 2018.
The Manildra Solar Farm is supported by AUD$9.8 million of grant funding from the Australian Renewable Energy Agency (ARENA). First Solar has entered into a 13-year power purchase agreement with EnergyAustralia for the generated electricity and large-scale generation certificates.
"Today's milestone is a testament to the ability and experience of First Solar's development and delivery team, and we congratulate ARENA and EnergyAustralia on their commitment to commercially viable projects," said Jack Curtis, First Solar's Regional Manager of Asia Pacific.
"We have witnessed unprecedented cost reductions in large-scale solar in recent years. As the appetite for this asset class continues to grow, timely and reliable project delivery will be the strongest driver of future cost reductions, cementing solar as a competitive energy source in Australia." Jack Curtis, Regional Manager.
Located one kilometer east of Manildra in regional NSW, the Manildra Solar Farm will benefit directly from existing solar supply chains, and operations and maintenance hubs. It will also provide significant economic benefits to the region, through the creation of direct and indirect jobs, supporting small business and developing regional skills in a growing industry.
"Customers rightly expect access to reliable, affordable and cleaner supplies of energy, which means the industry needs to evolve," said EnergyAustralia Managing Director Catherine Tanna. "The Manildra Solar Farm is a great example of the projects that will underpin the future of energy in Australia, and we're proud to be partnering with First Solar to bring it to market."
First Solar is pleased to confirm the appointment of RCR O'Donnell Griffin Pty Ltd for the engineering, procurement and construction of the project. Construction is scheduled to commence in the first half of 2017.
Once complete, the project is expected to produce enough solar energy to serve the needs of approximately 14,000 average NSW homes and displace more than 91,000 metric tons of carbon dioxide emissions per year - the equivalent of taking about 24,000 cars off the road.
ARENA CEO Ivor Frischknecht said the Manildra Solar Farm had reached financial close through ARENA's groundbreaking large-scale solar competitive round, which was driving down costs and boosting investment.
"Construction will soon begin at the site, creating new economic opportunities for Australian businesses and families in the local region," Frischknecht said. "By supporting innovators like First Solar, ARENA has fast-tracked the development of substantial new Australian industries like the large-scale solar sector, which is now on the cusp of being commercial."
First Solar is committed to the communities in which it operates and thanks the local community in Manildra and the broader region for its ongoing support.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company's integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar's renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, among other things, concerning: effects resulting from certain module manufacturing changes and associated restructuring activities; our business strategy, including anticipated trends and developments in and management plans for our business and the markets in which we operate; future financial results, operating results, revenues, gross margin, operating expenses, products, projected costs (including estimated future module collection and recycling costs), warranties, solar module technology and cost reduction roadmaps, restructuring, product reliability, investments in unconsolidated affiliates and capital expenditures; our ability to continue to reduce the cost per watt of our solar modules; our ability to reduce the costs to construct PV solar power systems; research and development programs and our ability to improve the conversion efficiency of our solar modules; our ability to expand manufacturing capacity worldwide; sales and marketing initiatives; and competition. These forward-looking statements are often characterized by the use of words such as "estimate," "expect," "anticipate," "project," "plan," "intend," "seek," "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "will," "could," "predict," "continue" and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed in Item 1A: "Risk Factors," of our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission.
GUELPH, Ontario, March 21, 2017 /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 fourth quarter and full year ended December 31, 2016.
Fourth Quarter 2016 Highlights
Full Year 2016 Results
"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. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
View this news release in its entirety on the Canadian Solar website.
MOAPA, Nev.--(BUSINESS WIRE)-- First Solar, Inc. (Nasdaq: FSLR) and the Moapa Band of Paiutes joined Sen. Dean Heller, Sen. Catherine Cortez Masto, Nevada State Energy Office Director Angela Dykema, Clark County Commissioner Marilyn Kirkpatrick, executives from the Los Angeles Department of Water and Power (LADWP) and other community and energy industry leaders to celebrate the commissioning of the Moapa Southern Paiute Solar Project. Officials from the U.S. Department of Energy, the Bureau of Land Management and the Bureau of Indian Affairs also participated in this event.
The Moapa Southern Paiute Solar Project is a 250 Megawatt (MW) AC solar energy project capable of generating enough clean energy to power an estimated 111,000 homes. Located on the Moapa River Indian reservation approximately 30 miles north of Las Vegas, this facility is the first-ever utility-scale solar power plant to be built on tribal land and has a long-term power purchase agreement (PPA) with LADWP to bring clean, renewable energy to Los Angeles residents.
"We look forward to doing more projects like this in Nevada," said Georges Antoun, Chief Commercial Officer for First Solar. "Our PV technology is setting the standard for affordable, clean renewable energy. By continuously innovating, we are driving down the cost of solar electricity and providing a solution that addresses energy security and water scarcity. We are delivering on our commitment to build a more sustainable energy future."
For the Moapa Band of Paiutes, this solar energy project has proven to be an ideal economic development opportunity, providing lease revenues over the lifetime of the project and about 115 construction jobs for tribal members and other Native Americans, while also preserving their land and cultural heritage.
The Moapa Southern Paiute Solar Project, constructed and operated by First Solar, features more than 3.2 million advanced First Solar thin film photovoltaic (PV) solar panels. This equates to more than 25 million square feet of solar panels, or enough to cover more than 450 NFL football fields. The energy will serve LADWP under a 25-year PPA.
Click here for full news release.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy systems protect and enhance the environment. www.firstsolar.com
Canadian Solar Signs PPAs with Solar Energy Corporation of India (SECI) to Develop 80 MWac Solar Power Projects in Maharashtra India
GUELPH, Ontario, March 14, 2017 /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 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.
About Canadian Solar
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 16 years, Canadian Solar has successfully delivered over 18 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.
The U.S. solar market installed nearly 15 gigawatts of new solar capacity in 2016, nearly doubling the previous year’s capacity installations and becoming the leading source of new electric generating capacity in the U.S. Moreover, analysts are expecting the market to triple in size over the next five years.
According to the latest figures published this week by GTM Research and the Solar Energy Industries Association (SEIA), the U.S. solar market installed a total of 14,762 megawatts (MW) of solar PV in 2016, up from 7,501 MW installed in 2015. The new U.S. Solar Market Insight 2016 Year-in-Review report shows that the 2016 growth was driven primarily by the sector’s utility PV segment, which installed more capacity in 2016 than the entire sector installed in 2015, with 10,593 MW.
For the first time ever, solar represented the largest new source of electricity generating capacity brought online in 2016, with 39% of the total share of new capacity.
TORONTO, March 9, 2017 /CNW/ - Kontrol Energy Corp. (CSE: KNR) (the "Company") announced that it has closed the previously announced non-brokered private placement (the "Offering") oversubscribed for aggregate gross proceeds of $555,000. Pursuant to the Offering, the Company issued 792,857 units (each a "Unit") at a price of $0.70 per Unit, with each Unit consisting of one common share and one common share purchase warrant. Each warrant will be exercisable to acquire one common share of the Company at a price of $0.85 for a period of one (1) year.
One director of the Company (the "Interested Person") subscribed for an aggregate of 72,857 Units under the Offering for aggregate cash consideration of $51,000. The participation of these parties in the offering constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the formal valuation and minority approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of securities being issued to the Interested Person nor the consideration being paid by the Interested Person will exceed 25% of the Company's market capitalization. The Interested Person have no knowledge of any material information concerning the Company or its securities that has not generally been disclosed. Following the Offering, the combined direct and indirect voting interest of the Interested Person is 60%.
Proceeds from the Offering will be used for acquisition deposits and general working capital. All securities purchased under this Offering will be subject to a four month and one day hold period. Finders' fees may be payable on a portion of the Offering in accordance with the policies of the CSE. Completion of the Offering is subject to the acceptance of the CSE.
For more details, read the full news release here.
About Kontrol Energy Corp.
Kontrol Energy Corp. is a leader in energy efficiency solutions and technology. Through a disciplined mergers and acquisition strategy, combined with organic growth, Kontrol Energy Corp. provides market-based energy solutions to our customers designed to reduce their overall cost of energy while providing a corresponding reduction in Green House Gas (GHG) emissions.
Additional information about Kontrol Energy Corp. can be found on its website at www.kontrolenergy.com and by reviewing its profile on SEDAR at www.sedar.com
Canadian Solar Schedules Fourth Quarter and Full Year 2016 Earnings Conference Call on March 21
GUELPH, Ontario, March 8, 2017 /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 Tuesday, March 21, 2017 at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., March 21, 2017 in Hong Kong) to discuss the Company's fourth quarter and full year 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 78404635. A live webcast of the conference call will also be available on Canadian Solar's website at www.canadiansolar.com, or by clicking the following hyperlink: http://edge.media-server.com/m/p/ktok9e7p
A replay of the call will be available 4 hours after the conclusion of the call until 9:00 a.m. on Wednesday March 29, 2017, U.S. Eastern Daylight Time (9:00 p.m., March 29, 2017 in Hong Kong) and 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 78404635. A webcast replay will also be available at www.canadiansolar.com.
Thermal Energy International's CEO, William Crossland, Provides a Review of the Second Quarter of Fiscal 2017