GUELPH, Ontario, Dec. 10, 2019 /PVTIME/ — Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that its Board of Directors has authorized a $150 million share repurchase program for a six month period beginning December 9th, 2019 and ending June 8th, 2020. The exact timing and amount of any repurchase will be determined by the Company’s management, based on market conditions, share price and other factors, and will be subject to the restrictions relating to volume, price and timing under applicable law, including Rule 10b-18 under the Securities Exchange Act of 1934.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, “The share repurchase program further reinforces our commitment to our shareholders. We have confidence in the Company’s long-term business plan and prospects and believe there is considerable value in investing in Canadian Solar shares, which are trading below book value and significantly below intrinsic value. We focus our disciplined and balanced capital allocation strategy on driving profitable growth, strengthening our balance sheet and creating sustainable value for our shareholders.”
Dr. Huifeng Chang, Chief Financial Officer commented, “Over the past 18 years, we have built Canadian Solar into one of the world’s largest solar energy companies, with a dominant, fully-integrated module manufacturing and energy business. Globally, we have a 4 GWp pipeline of late-stage, utility-scale solar power projects, with another 415 MWp in construction. In addition, our module manufacturing business, which has been rated the Number 1 Bankable Module Supplier by Bloomberg New Energy Finance survey respondents for three consecutive years, continues to deliver industry leading profitability by commanding a premium for products due to our innovative technology, industry leading quality and reliability.”
SOURCE: Canadian Solar Inc.