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|Canadian Solar Announces a New Distribution and Sales Agreement in Spain|
JIANGSU, CHINA - Jan 3, 2007 - Canadian Solar Inc. ("the Company," or "CSI") (NASDAQ:CSIQ) today announces that it has signed a new distribution and sales agreement with Amur Energy Division ("AED"). Under the agreement, CSI has already commenced delivery of its crystalline photovoltaic panels to AED. The contract is expected to have an estimated value of approximately $40 million to $50 million in 2007.
Shawn Qu, Chairman and CEO of CSI, commented: "Adding another strong distribution partner with such impressive marketing and sales skills will help drive CSI's continued growth in the important Spanish market."
Jesus Linares Gil, Chairman and CEO of AED commented: "This agreement comes at the right moment to take advantage of the consolidation of the Spanish solar power market, and will allow CSI's products to gain a leading position in the Spanish sales of solar modules."
About Canadian Solar Inc.
Founded in 2001, Canadian Solar Inc. (CSI) is a standard solar module and specialty solar module and product company, serving customers located in various markets worldwide. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information visit www.csisolar.com.
About Amur Energy Division
AED was started in 2004 as the Division for Renewable Energy in the HITEA-AMUR engineering and construction group in Spain, which works in global hydraulic projects for irrigation, agricultural development and city water supply. AED specializes in large solar power plants and has consolidated a good position to provide either photovoltaic modules or "turn key" complete plants.
Safe Harbor / Forward-Looking Statements:
Certain statements in this press release including statements regarding expected future financial and industry growth 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 general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future shortage or availability of the supply 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, including customers of our silicon materials sales; 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 price; 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 registration statement on Form F-1 originally filed on October 23, 2006, as amended. 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 and in the attachments is as of December 13, 2006, and CSI undertakes no duty to update such information, except as required under applicable law.