Canadian Solar and City Solar AG Partner on Large-Scale Solar Farm Projects in Germany and Spain
JIANGSU, China, June 4 /Xinhua-PRNewswire/ -¨C Canadian Solar Inc. ("the Company", or "CSI") (Nasdaq: CSIQ) has commenced delivery of solar modules to City Solar AG, Germany for a series of large-scale, ground-mounted solar farm projects. The deliveries are part of an annual project sales contract CSI signed with City Solar in January, 2007 to supply approximately 31 MW of solar modules to 7 specific projects in Germany and Spain. About half of the projects are expected to be completed before December 31, 2007. The contract is worth approximately 80 to 90 million Euro. CSI expects to deliver 4.2MW solar modules by July 2007 for the first project in Germany. Deliveries for the other projects are expected to start in June and July, 2007.
Dr. Shawn Qu, CEO of CSI, commented, "We continue to execute our two-leg strategy in sales, which emphasizes long-term partnerships with both tier-one regular distributors and top-notch project-based companies. Our collaboration with City Solar clearly demonstrates the success of this strategy. Project-based channel sales like this one allow us to plan our production several quarters ahead, in order to provide stability to both CSI and its customers."
Mr. Steffen Kammler, CEO of City Solar, AG, commented, "City Solar's vast experience in multi-MW scale solar project development, planning and implementation, brings turn-key solutions to commercial renewable energy investors. We have developed unique mounting and panel matching technologies. Combining our expertise with the outstanding quality of CSI modules will help us to provide the best-performing and the most cost-effective solar systems to the market place."
About Canadian Solar Inc. (Nasdaq: CSIQ)
Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and customer-designed solar application products serving worldwide customers. 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, please visit http://www.csisolar.com .
About City Solar, AG
City Solar AG is a leading player in the field of industrial scale photovoltaic power plants. The company was founded in 2003 and has its headquarters in Bad Kreuznach, Germany. City Solar¡äs core business is the design, construction, and operation of solar power plants. In addition to activities in Germany, City Solar is becoming increasingly involved in Europe -- particularly in Spain, Italy and Greece. In Beneixama, Spain, the company is currently building the world's largest PV power plant with a nominal power of 20 MW which will be completed in August 2007. The company directs a great part of its efforts to its own R+D activities. This department has developed and patented a new process to produce solar grade silicon. For more information, please visit http://www.citysolar.de .
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 is as of today's date, unless otherwise stated, and CSI undertakes no duty to update such information, except as required under applicable law.
For more information, please contact: For Canadian Solar Inc. In Jiangsu, P.R. China Bing Zhu, Chief Financial Officer Canadian Solar Inc. Tel: +86-512-6269-6755 Email: email@example.com In the U.S. David Pasquale The Ruth Group Tel: +1-646-536-7006 Email: firstname.lastname@example.org For City Solar AGStephan Brust Head of Public Relations Tel: +49-671-889-0917 Email: email@example.com
SOURCE Canadian Solar Inc. -0- 06/04/2007 /CONTACT: Bing Zhu, Chief Financial Officer for Canadian Solar Inc., Jiangsu, P.R. China, +86-512-6269-6755, or firstname.lastname@example.org; David Pasquale of The Ruth Group, U.S., +1-646-536-7006, or email@example.com, both for Canadian Solar Inc.; AGStephan Brust, Head of Public Relations, City Solar, +49-671-88909-17, or firstname.lastname@example.org, for City Solar/ (CSIQ) CO: Canadian Solar; City Solar AG ST: China, Spain, Germany IN: ENV OIL UTI CPR SU: ASI LIC ZM -- CNM012 -- 3890 06/04/2007 08:00 EDT http://www.prnewswire.com