SAN RAMON, Calif., July 9, 2013 /PRNewswire-FirstCall/ -- Canadian Solar, Inc., (the "Company," or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest and foremost solar power companies, today announced that it has completed construction on two utility-scale solar power projects in North Carolina, with a third expected to be completed in mid -July. The projects, named "Lenoir 1, Lenoir 2 and Wilson 1," total 18 MW and are part of a 15-project portfolio totaling 85MW, being jointly developed with Strata Solar announced earlier this year.
In total, the latest three solar power projects use approximately 40,608 Canadian Solar CS6P-P 245 and 19,896 CS6P-P 250 Watt solar modules. Once connected to the grid, they are together expected to create enough renewable energy to power 2,500 homes and will divert 13,250 metric tons of CO2 per year, the equivalent of removing 3,944 cars from the road. The first Canadian Solar and Strata Solar joint solar power plant commissioned was Fuquay Farm, a 6.4MW DC project located in Middle Creek, Willow Springs in Wake County, North Carolina. The project broke ground in November 2012 and was connected to the grid March 2013.
"Strata Solar has proven to be a reliable, trusted partner, committed to bringing clean, renewable energy to North Carolina," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We are pleased with the speed at which our first four projects have come online and look forward to working closely with Strata Solar on the rest of our portfolio of projects in North Carolina."
"The Lenoir farms and the first of two Wilson projects complete the next chapter in our journey through the Strata and Canadian Solar portfolio," said Markus Wilhelm, Chief Executive Officer of Strata Solar. "We are thrilled to be partnered with Canadian Solar to further bolster our long term employment record in the state while fostering environmental responsibility and bringing even more clean energy to North Carolina."
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 5.0 GW of premium quality solar modules to customers in over 70 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com.
About Strata Solar
Strata Solar LLC is a leading provider of complete solar energy systems and installations. In addition to turnkey services for the complete design, construction and installation of utility and commercial photovoltaic and solar thermal systems, Strata Solar provides a full array of engineering, procurement and construction, and O&M services, separately, as needed, to solar developers and companies. Headquartered in its LEED Silver certified office and showroom in Chapel Hill and expansive warehouse nearby, Strata Solar also has operations in California. Visit www.stratasolar.com for more information.
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 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 in our project markets, including Canada; changes in customer order patterns; 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; utility-scale project approval process; delays in utility-scale project construction; 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 filed on April 27, 2012. 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.
Canadian Solar Inc. Contacts - Investors: Ed Job, CFA, Director, Investor Relations, Canadian Solar Inc., firstname.lastname@example.org; David Pasquale, Global IR Partners, Tel: +1-914-337-8801, email@example.com; Media: Canadian Solar, Songul Atacan, Songul.firstname.lastname@example.org; Strata Solar, Blair Schooff, email@example.com