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|Canadian Solar Announces 15 MW Sales Agreement with Isolux for Three UK Solar Farms|
TORONTO, May 26, 2011 /PRNewswire via COMTEX/ --
Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced a further expansion of its activities in the UK solar market. Under the agreement, Canadian Solar will supply 15 MW of solar modules for three UK solar farms, constructed by Spanish renewable energy project company Isolux. These three PV systems, over 15 MW in total, are located in Churchtown, East Langford and Manor Farm, and use Canadian Solar's high quality and high-performing CS6P solar modules. The projects are expected to be completed this June.
"Canadian Solar's global leadership and long track record in the UK market made it the powerful solar module partner we needed to help grow our business together in the UK. Canadian Solar's solar modules have an attractive cost-performance-ratio, high reliability and top quality, along with a 25 year, non-cancellable warranty backed by AM best rated insurance companies in Europe and the U.S. Canadian Solar's leadership and warranty insurance policy definitely helped our project finance on the bank side. This way, we can guarantee our systems' high performance," explained Manuel Codes Diaz, CEO of Isolux.
"Canadian Solar is a dominant presence in the UK alternative energy market. We have been committed to the UK market since founding the Company given our broader penetration of the EU market. We have built out a strong partner, distributor and support network across all market EU markets. As a result, we are in an ideal position to work and further grow with partners, like Isolux. We find time and again that Canadian Solar's quality and innovation leadership set us apart. By adding on the security of a standard module warranty we make the decision to partner with Canadian Solar an easy one," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
About Isolux Corsan
Isolux Corsan is a global benchmark in the areas of construction, concessions, engineering, Industrial Services, and finally, Renewable Energies. The company places references in Solar Photovoltaic Energy under EPC up to 269 MW. From 2007 onwards and taking advantage of the references gained, Isolux focused its interests outside Spain. Related to this issue, in 2010 Isolux has been awarded with the construction of the Biggest Solar Plant in Europe (70.56 MW) in Rovigo (Veneto Region), in addition to Campania PV plant (20.40 MW) in Napoli (Campania Region). For more information, visit www.isolux.es.
About Canadian Solar
Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest solar companies. As a leading vertically integrated provider of ingots, wafers, solar cells, solar modules and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe and Asia, Canadian Solar provides premium quality, cost-effective and environmentally friendly solar solutions to support global, sustainable development. For more information, visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the risks regarding the previously disclosed SEC and internal investigations as well as general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F originally filed on May 17, 2011. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
SOURCE Canadian Solar Inc.