Sky Solar Holdings, Ltd. is continuing its success in Ontario’s LRP I (Sky One project) and intended
Sky Solar Holdings, Ltd. (NASDAQ:SKYS) (“Sky Solar” or the “Company”), a global developer, owner and operator of solar parks is pleased to announce the approval of a 12MW Solar Farm Contract in Ontario, Canada. The project is being developed by Sky Solar (Canada) Ltd., a subsidiary fully owned by Sky Solar Holdings, Ltd., under Ontario’s Independent Electricity System Provider (“IESO”)’s, Large Renewable Procurement (“LRP I”). Following its success, Sky Solar Canada is intended to participate in LRP II program, the largest renewable procurement round in Canada’s history. Sky Solar Canada is seeking to qualify for the development of up to 220 MW of large renewable projects. Sky Solar Holdings, Ltd, has agreed, in principle, to support Sky Solar Canada’s application and provide the following confirmation from officer of the Company.
Confirmation from officer
Since the date of the latest financial statements released for 2016 Q1, no facts or circumstances have arisen that are reasonably expected to materially adversely affect the Sky Solar Holdings, Ltd.’s financial condition as set out in the financial statements submitted in response to this requirement. Without limiting the generality of the foregoing and for purposes of the LRP II program, facts and circumstances that, estimated reasonably and in accordance with IFRS, result in a reduction in Tangible Net Worth below the minimum Tangible Net Worth required by the LRP II program shall be deemed to materially adversely affect the Designated Equity Provider’s financial condition.
About Sky Solar Holdings, Ltd.
Sky Solar is a global independent power producer (“IPP”) that develops, owns and operates solar parks and generates revenue primarily by selling electricity. Since its inception, Sky Solar has focused on the downstream solar market and has developed projects in Asia, South America, Europe, North America and Africa. The Company's broad geographic reach and established presence across key solar markets are significant differentiators that provide global opportunities and mitigate country-specific risks. Sky Solar aims to establish operations in select geographies with highly attractive solar radiation, regulatory environments, power pricing, land availability, financial access and overall power market trends. As a result of its focus on the downstream photovoltaic segment, Sky Solar is technology agnostic and is able to customize its solar parks based on local environmental and regulatory requirements. As of March 31, 2016, the Company had developed 276 solar parks with an aggregate capacity of 259.1 MW and owned and operated 133.1 MW of solar parks.
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company's operations and business outlook contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, but are not limited to the following: the reduction, modification or elimination of government subsidies and economic incentives; global and local risks related to economic, regulatory, social and political uncertainties; resources we may need to familiarize ourselves with the regulatory regimes, business practices, governmental requirements and industry conditions as we enter into new markets, global liquidity and the availability of additional funding options; the delay between making significant upfront investments in the Company's solar parks and receiving revenue; expansion of the Company's business into the U.S. and China; risk associated with the Company's limited operating history, especially with large-scale IPP solar parks; risk associated with development or acquisition of additional attractive IPP solar parks to grow the Company's project portfolio; and competition. Further information regarding these and other risks is included in Sky Solar's filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For investor and mediainquiries, please contact:
Sky Solar: IR@skysolarholding.com SKYS Investor Relations: ICR, LLC Vera Tang (646) 277-1215 Vera.firstname.lastname@example.org