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