ONTARIO, Canada, Jan. 26, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced an agreement with the Al Fahad Group, a diversified conglomerate with expertise in Defense & Intelligence, Homeland Security, Networking & Communications and Power.
Under the agreement, Canadian Solar will supply more than 1.5 MW of its solar modules to the Al Fahad Group, which is spearheading one of the largest solar PV projects in Abu Dhabi, considered one of the pioneers for renewable energies in the Middle East. This will be a governmental venture, which was agreed upon during the recent World Future Energy Summit (WFES) held in Abu Dhabi.
Canadian Solar's CS5A-M solar modules will be used for the project, as they are ideally settled for the local environmental conditions. "What convinced us to choose Canadian Solar was its proven performance and reliability, high quality and commitment to excellence. High performance under our challenging local climate parameters was at the forefront of our selection process," explained Khaled Obaid Al Othman Al Ali, CEO of AL Fahad Group. "Additionally, we focus on long-term relationships with trustworthy partners. To these belong companies with experience, an extended track record and a very good customer service. With Canadian Solar all these requirements are met."
Fostering renewable energies in the United Arab Emirates
Al Fahad Group offers comprehensive energy solutions for the United Arab Emirates and the GCC (Gulf Cooperation Council) Area for a broad variety of fields of implementation. The Group emphasizes secure and high-quality systems. It is one of the world's thought-leaders of renewable energies.
"We are very proud about our agreement with Al Fahad Group, one of the most important companies for renewable energies in the Emirates, and excited to further build our presence together in the important Middle East market for high value, sustainable energy solutions. Our leadership, quality and cost benefits enable us to work with the best partners in key markets worldwide," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. "The solar markets in the Middle East and especially in the United Arab Emirates have a great potential for development given commitment of the government and financial system, and forward thinking of key proponents, like the Al Fahad Group."
About Al Fahad
Al Fahad Group is a diversified conglomerate with expertise in Defense & Intelligence, Homeland Security, Networking & Communications and Power. Al Fahad specializes in delivering highly tailored, end-to-end solutions to demanding customers across a broad range of industries and government agencies. For more information, please visit www.fssys.ae.
About Canadian Solar
Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest solar companies. As a leading vertically integrated provider of ingot, wafer, solar cell, solar module 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, Australia and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, please 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 investigation 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 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.
Ed Job, CFA, Director, Investor Relations, Canadian Solar Inc., email@example.com, or David Pasquale, Global IR Partners, +1-914-337-8801, firstname.lastname@example.org, or Daniel Heck, Director, EMEA Marketing, Canadian Solar Inc., email@example.com, or Mohammad Juma, Director sales and marketing, Al Fahad Group, firstname.lastname@example.org