GUELPH, Canada, Oct. 26, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that Canadian Solar Infrastructure Fund, Inc. ("CSIF" (Tokyo Stock Exchange: 9284)) priced its initial public offering of 177,800 investment units at 100,000Japanese yen per unit, before underwriting discounts. Of the units included in the offering, Canadian Solar will purchase 25,395 units as the designated purchaser.
The units of CSIF are expected to list on the Tokyo Stock Exchange on October 30, 2017. CSIF plans to use the net proceeds from the offering and anticipated borrowings of JPY 17.7 billion (approximately $156 million) to consummate the acquisition of its initial portfolio. Subsidiaries of Canadian Solar in Japan are contributing 13 solar power projects with a total installed capacity of 72.7 MWp to CSIF as its initial portfolio. Net sale proceeds to Canadian Solar from these assets amounted to JPY 30.4 billion (approximately $270 million). Canadian Solar expects to use a part of the net sale proceeds to immediately reduce its overall debt leverage by JPY 18.7 billion (approximately $165 million) and to further strengthen its liquidity. Canadian Solar Asset Management K.K., a wholly owned subsidiary of the Company, will manage CSIF as its asset manager. Canadian Solar O&M Japan K.K., a wholly owned subsidiary of the Company, will provide operation and maintenance services to CSIF. This announcement is not an offer of securities for sale in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the US will be made by means of a prospectus. About Canadian Solar Inc. 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 a provider of solar energy solutions, Canadian Solar 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 22 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
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Vancouver, Canada / TheNewswire - Legend Power Systems Inc. (TSXV: LPS) (the "Company"), a global leader in voltage reduction and optimization technology, today announced it retained the services of John Skipper, a veteran of Con Edison New York who recently left the Power Utility after 32 years of service. While at Con Edison, Mr. Skipper was responsible for business development activities centered around energy efficiency and demand management. Legend Power is working with Mr. Skipper in a sales capacity to leverage his extensive local network of facility managers, property managers, building owners, and potential distribution partners. Mr. Skipper adds a mature network backed by long-term relationships to aggressively grow Legend's business in the New York region.
"It's a practical reality that when working with someone of John's caliber, doors open quickly," stated Randy Buchamer, President and CEO of Legend Power. "For many influential people in our target market, John was their go-to guy at Con Edison. He's a person of influence and a trusted advisor to the people we want to talk to. The quality of his network is unmatched and his impact was evident from even before we had a formal working relationship. John is a catalyst to achieve rapid sales expansion and revenue growth in New York." John Skipper joins Legend with over 32 years of business development experience in the New York energy efficiency landscape. His newly formed consulting company, Pure Energy LLC, is designed to help companies like Legend introduce proven energy efficiency technologies to a wide audience in New York's five boroughs and its surrounding areas. Mr. Skipper will work in tandem with Frank Maricic to develop a growing sales presence in the Northeastern USA as Legend Power continues its aggressive growth strategy in the United States. Mr. Skipper represents the second member of Legend's growing local sales presence, backed by a Fortune-500 name-brand testimonial account in the area and a massively untapped opportunity for the company's patented solution. About Legend Power Systems Inc. Legend Power Systems Inc. (www.legendpower.com) is changing the way buildings around the world use power. The Company's patented and proprietary technology reduces overvoltage, a natural condition present in power grids around the world. Overvoltage inflates energy costs, damages electrical equipment, and increases the negative impact a building has on the environment. Legend's utility-proven Harmonizer improves the power efficiency of an entire building to reduce total energy consumption and power costs, while maximizing equipment life. The solution provides customers risk free energy savings, improves the value of their physical assets, and enhances their sustainability efforts. As an application with demand side benefits, Legend is also a key contributor toward utility conservation goals. In 2015 Legend was recognized as the top performing cleantech company on the TSX Venture Exchange. OTTAWA, ONTARIO / TheNewswire - Thermal Energy International Inc. ("Thermal Energy" or the "Company") (TSXV: TMG), a global provider of proprietary energy efficiency solutions to the industrial, commercial and institutional sectors, today announced it has hired leading industry expert, Luc Mandeville as a Senior Project Engineer, effective immediately. Luc Mandeville has over 30 years of experience in the energy efficiency sector, with considerable expertise in the areas of condensing heat recovery, direct fired water heaters, boilers, and NOx control. Most recently, Mr. Mandeville was the Chief Technology Officer of Sofame Technologies Inc., a cleantech company that he also co-founded, and which has a number of product offerings similar and complementary to Thermal Energy's business.
"We are pleased to welcome Luc Mandeville to our team as our new Senior Project Engineer," said William Crossland, CEO of Thermal Energy. "Luc brings extensive experience developing and implementing a large number of energy efficiency projects in a wide variety of sectors. In addition to numerous projects with food and beverage, consumer products, pharmaceutical and energy companies, he has also completed projects at a number of major hospitals, including McGill University Heath Centre and the Centre hospitalier de l'Universite de Montreal, as well as a number of universities including Princeton and Rutgers. While much of Luc's experience is similar to our existing business, much more is complementary in terms of both product and application expansion. In this regard we are excited about both the depth and breadth Luc adds to our growing engineering and project development capabilities." Under Mr. Mandeville's leadership, Sofame Technologies Inc., designed, engineered and manufactured a variety of heat recovery, industrial water heating and NOx control systems. He served as Sofame's President for over 20 years and has developed markets in North America and Europe for Sofame's products since the company's founding in 1984. Prior to starting Sofame, he worked in the water treatment field for ten years with Degremont Limited. Luc Mandeville is an industrial engineering graduate from Ecole Polytechnique of Montreal. About Thermal Energy International Inc. Thermal Energy International Inc. is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include a large number of Fortune 500 and other leading multinational companies across a wide range of industry sectors. Thermal Energy's proprietary products include; GEMTM - Steam traps, FLU-ACE(R) - Direct contact condensing heat recovery, and Dry-Rex(R) - Low temperature biomass drying systems. Thermal Energy International Inc. has offices in Ottawa, Canada as well as Bristol, U.K., United States, Germany, Italy and China. The Company's common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG. For more information, visit the Company's website at www.thermalenergy.com and follow @GoThermalEnergy on Twitter at http://twitter.com/GoThermalEnergy.
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OTTAWA, ONTARIO – October 23, 2017 – Thermal Energy International Inc. (“Thermal Energy” or the “Company”) (TSXV: TMG), a global provider of proprietary energy efficiency solutions to the industrial, commercial and institutional sectors, today announced its financial results for the three-month period ended August 31, 2017. All figures are in Canadian dollars. “Following our record revenue for all of fiscal year 2017, we achieved record revenue again for the first quarter of fiscal 2018 with growth of 45.1%,” said William Crossland, CEO of Thermal Energy. “Four hospital projects and the early stages of a project for our leading Fortune 500 food and beverage customer contributed to a strong increase in heat recovery revenue during the quarter. Also of significance during the quarter, we announced a $1.46 million ‘Super-Efficient Cogeneration™’ heat recovery project with the same Fortune 500 food and beverage customer. Our order backlog remains strong at $7.8 million, and we remain focused on executing our business plan, growing the company and capitalizing on the positive market outlook for industrial energy efficiency and emissions reduction solutions worldwide.” Q1 2018 Financial Review: Revenue for the quarter increased 45.1% to $3.1 million compared to $2.1 million for the first quarter of last year. The increase was due to higher heat recovery systems revenue, which was up 168.6% for the quarter, and included the partial delivery of a system to a leading producer of industrial and fuel alcohols (announced September 28, 2016); the substantial completion of installations at four major hospitals; and the early stages of a project at a sixth site of a leading Fortune 500 food and beverage producer (announced July 6, 2017). While GEM revenue was down 19.0% for the quarter, it still represented the second best first quarter GEM revenue in the Company’s history following last year’s exceptionally strong first quarter during which GEM sales were up 57% over the prior year. GEM revenue for the most recent quarter included further orders from a leading performance materials company as well as the conversion of a site of a major pharmaceutical company. Gross profit for the quarter increased 4.3% to just over 1.5 million. However, with a much higher proportion of revenue coming from heat recovery systems, gross profit as a percentage of sales fell to 49.0% from 68.2% for the same quarter a year ago. Operating expenses for the quarter were $1.7 million versus $1.5 million for the same period last year. Approximately half of the increase relates to new sales and technical staff. Other factors contributing to the increase included, higher commissions payable due to the higher revenue; costs related to strategic growth initiatives; and, lower foreign exchange gains experienced in the quarter, due to a weaker pound sterling against the dollar. Despite these factors, operating expenses as a percentage of revenue fell to 56% for the quarter compared to 70% for the same period last year. EBITDAS for the quarter was negative $186 thousand, compared with EBITDAS of $3 thousand in the first quarter of last year. The Company incurred a net loss of $181 thousand for the quarter versus a loss of $80 a year earlier. Order and Backlog Summary During the quarter, the Company received orders totaling $3.28 million from a leading Fortune 500 food and beverage customer, including a $1.82 million heat recovery order (announced July 6, 2017) and a $1.46 million “Super-Efficient Cogeneration™” project (announced August 31, 2017). While the Company received revenue during the first quarter for the early stages of the July 6th heat recovery order, the remainder of the revenue for these two projects is expected to be earned during the current fiscal year. Subsequent to quarter end, on October 12, 2017, the Company announced that it had received a $1.32 million heat recovery order from an existing hospital group customer. The revenue from this project is also expected to be earned during the current fiscal year. The following notable GEM orders were also received during the quarter or subsequent to quarter end:
Including the above mentioned orders, the Company had an order backlog of approximately $7.8 million as at October 19, 2017, compared to $7.8 million at the same time last year. The Company includes in “order backlog” the value of projects in respect of which purchase orders have been received but have not yet been reflected as revenue in the Company’s published quarterly financial statements.
About Thermal Energy International Inc.
Thermal Energy International Inc. is an established global supplier of proprietary, proven energy efficiency and emissions reduction solutions to the industrial and institutional sectors. We save our customers money and improve their bottom line by reducing their fuel use and cutting their carbon emissions. Our customers include a large number of Fortune 500 and other leading multinational companies across a wide range of industry sectors. Thermal Energy is also a fully accredited professional engineering firm and by providing a unique mix of proprietary products together with process, energy and, environmental engineering expertise, Thermal Energy is able to deliver unique turnkey projects with significant financial and environmental benefits for our customers. Thermal Energy's proprietary products include; GEMTM - Steam traps, FLU-ACE® - Direct contact condensing heat recovery, and Dry-Rex® - Low temperature biomass drying systems. Thermal Energy International Inc. has offices in Ottawa, Canada as well as Bristol, U.K., United States, Germany, Italy and China. The Company’s common shares are traded on the TSX Venture Exchange (TSX-V) under the symbol TMG. For more information, visit the Company's website at www.thermalenergy.com and follow them on Twitter at http://twitter.com/GoThermalEnergy.
GUELPH, Ontario, Oct. 23, 2017 /PRNewswire/ -- Recurrent Energy, a wholly owned subsidiary of Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), today announced the commercial operation of the 71 MWac/92 MWp IS-42 solar photovoltaic project, located in Cumberland County, North Carolina. "The completion of the IS-42 project is an important milestone in our ongoing commitment to deliver cost-effective solar power to markets across the U.S.," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "This is Recurrent Energy's first completed project in North Carolina, and we continue to see great potential in the state." The project has a long-term ...
via Canadian Solar Inc. Press Releases http://ift.tt/2z0T8fX COPENHAGEN, (Reuters) - Swedish state-owned Vattenfall said on Friday it had started construction on Denmark’s largest offshore wind farm in the North Sea, able to power 425,000 households.
The 406 MW Horns Rev 3 wind farm will consist of 49 8.3 MW-turbines delivered by MHI Vestas, a joint venture between Vestas and Mitsubishi Heavy Industries. “Horns Rev 3 is the first of three offshore farms that Vattenfall will construct in Denmark in the coming years,” said head of Vattenfall’s wind division Gunnar Groebler. The construction work will take place in North Sea, 34 km off Denmark’s west coast and will stretch over 88 square kilometers. Vattenfall won the Horns Rev 3-contract in 2015 with a bid to produce electricity for 103 euros ($121.57) per megawatt hour (MWh) but prices have more than halved since then. It won the Kriegers Flak project off Denmark’s coast with a bid of 49.9 euros/MWh in November 2016. SunPower To Supply 505 Megawatts In First & Second Round Of French Tenders For Solar Projects10/18/2017 PARIS, Oct. 18, 2017 /PRNewswire/ -- SunPower (NASDAQ: SPWR), a majority-owned subsidiary of Total SA, announced today that it will supply 291 megawatts of its high-efficiency solar panels to projects awarded in the second round of France's CRE tender process, which includes ground mount, carport and roof top projects in continental France and storage and self-consumption in the country's ZNI (non-interconnected zones).
"With these awards, the total capacity of SunPower® solar panels supplied to ground, carport and rooftop, and ZNI projects awarded in this year's first and second round tender process is 505 megawatts, more than any other solar panel brand," said SunPower Executive Vice President Peter Aschenbrenner. "SunPower solar panels deliver cost-competitive power and proven long-term reliability, and we are proud to play a significant role in serving France's goals for clean, renewable solar power." Compared to conventional panels, E-Series solar panels produce 30 percent more energy in the same space over the first 25 years. SunPower's direct current E-Series solar panels, as well as its X-Series solar panels, are Cradle to Cradle Certified™ Silver. SunPower is the only solar panel manufacturer in the world to achieve this designation, which demonstrates a product's quality based on rankings in five categories: material health, material reutilization, renewable energy use, water stewardship, and social fairness. About SunPower As one of the world's most innovative and sustainable energy companies, SunPower Corporation (NASDAQ: SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower's more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower has dedicated, customer-focused employees in Africa, Asia, Australia, Europe, North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com. Canadian Solar Partners with Menora Mivtachim to Invest in Solar Power Projects in Israel10/17/2017
GUELPH, Ontario, Oct. 17, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that a wholly owned subsidiary of the Company and a few subsidiaries of Menora Mivtachim Holdings Ltd. ("Menora Mivtachim"), one of Israel's five largest insurance and finance groups, entered into a joint venture agreement with the aim to invest in the development, financing, construction and ownership of solar power projects in Israel. A total of US$60 million is expected to be raised from Menora Mivtachim and Canadian Solar, with each party contributing an equal investment amount. The joint venture will f...
via Canadian Solar Inc. Press Releases http://ift.tt/2xMESqD
GUELPH, Ontario, Oct. 16, 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 entered into binding contracts to sell interests in three solar farms in Queensland, Australia, with an aggregate 117 MWp of capacity to Foresight Solar Fund Limited ("FSFL"). The portfolio consists of Longreach Solar Farm (17 MWp), Oakey 1 Solar Farm (30 MWp) and Oakey 2 Solar Farm (70 MWp) with FSFL acquiring 49% interests in each of Longreach and Oakey 1, and a 100% interest in Oakey 2. Two of the three solar farms (Oakey 1 and Longreach) hold 20-year offtake agreements with the Queenslan...
via Canadian Solar Inc. Press Releases http://ift.tt/2xJCbWQ
GUELPH, Ontario, Oct. 16, 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 Thursday, November 9, 2017 at 8:00 a.m. U.S. Eastern Standard Time (9:00 p.m., November 9, 2017 in Hong Kong) to discuss the Company's third quarter 2017 results and business outlook. Recurrent Energy, a wholly-owned subsidiary of the Company in the U.S., has recently entered into agreements to sell to two separate buyers its interests in a total of six utility-scale solar power plants in the U.S. Both deals are currently going through government approval process. During...
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