This annual report on Form 20-F contains forward-looking statements that relate to future events, including our future operating results, our prospects and our future financial performance and condition, results of operations, business strategy and financial needs, all of which are largely based on our current expectations and projections. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these statements by terminology such as “may”, “will”, “expect”, “anticipate”, “future”, “ongoing”, “continue”, “intend”, “plan”, “potential”, “prospect”, “guidance”, “believe”, “estimate”, “is/are likely to” or similar expressions. Forward-looking statements involve inherent risks and uncertainties. These forward-looking statements include, among other things, statements relating to:
| ● | our expectations regarding global electricity demand and the markets for solar power and battery energy storage; |
| ● | our beliefs regarding the rate of adopting solar power and battery energy storage technologies and the continued growth of these markets and industries; |
| ● | our growth strategies and business plans; |
| ● | our future business prospects, results of operations, financial condition, and cash flows; |
| ● | our ability to execute our ongoing transition to a long-term owner and operator of solar and battery energy storage assets, and to expand our project development pipelines in key markets; |
| ● | our beliefs regarding our ability to monetize our portfolio of solar power and battery energy storage projects; |
| ● | our ability to manage significant fluctuations in the supply and pricing of polysilicon, solar wafers, cells and modules; |
| ● | our expectations regarding governmental incentives and policy support schemes for solar power and battery energy storage; |
| ● | the impact of global economic factors, including inflationary pressures and higher interest rates, on our business operations and financing costs; |
| ● | our expectations regarding the timing, costs and returns on investment for our project construction and development activities; |
| ● | our expectations regarding offtake contracts obligations, defaults and related contingencies; |
| ● | the effects of complex and evolving laws, regulations, policies and geopolitical uncertainties across multiple jurisdictions, including tariffs, duties and safeguard measures; |
| ● | our assessment of competitive pressures, including industry-wide capacity, pricing dynamics within the solar and battery energy storage sectors, and competition from other solar power and battery energy storage manufacturers; |
| ● | our expectations regarding the benefits of our supply chain management, vertical integration, manufacturing capacity expansion and operational initiatives; |
| ● | our ability to secure cash to fund manufacturing expansion, project development and construction; |
| ● | our debt obligations and the extent to which our level of indebtedness may affect our financial flexibility and competitive position; |
| ● | our expectations regarding liquidity and our ability to comply with financial and other covenants in our debt instruments; |
| ● | our beliefs regarding our dependence on a limited number of key suppliers and customers, and the continuity of our supply chain; |
| ● | our expectations regarding our ability to develop higher conversion efficiency cells and maintain product quality; |
| ● | our ability to protect and enforce our intellectual property rights, and the risks associated with intellectual property disputes; |
| ● | our ability to comply with environmental, health and safety laws, as well as regulatory actions related to climate change, greenhouse gas emissions, and sustainability; and |
| ● | our beliefs with respect to the outcome of the investigations and litigation to which we are a party. |
Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. See “Item 3. Key Information—D. Risk Factors” for a discussion of some of the risk factors that may affect our business and results of operations. These risks are not exhaustive. Other sections of this annual report may include additional factors that could adversely influence our business and financial performance. Moreover, because we operate in an evolving industry, new risk factors may emerge from time to time. We cannot predict all risk factors, nor can we assess the impact of all or any of these factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those expressed or implied in any forward-looking statement. We do not undertake any obligation to update or revise the forward-looking statements except as required under applicable law.
