Canadian Solar Signs Agreement to Build 300KW 'Suzhou Solar Demonstration Park'
JIANGSU, China, Sept. 24 /Xinhua-PRNewswire/ -- Canadian Solar Inc. ("the Company,'' ''CSI,'' or ''we'') (Nasdaq: CSIQ) today announced that it has signed an agreement with the government of Suzhou New District to build the ''Suzhou Solar Demonstration Park,'' a project that converts a deserted area into a municipality recreation site featuring a 300KW grid-connected solar power system. The park will also serve as a long-term outdoor reliability testing and demonstration ground for CSI modules using various new technologies.
This is one of the first solar power plant projects initiated after China adopted its Renewable Energy Law in January 2006. The Renewable Energy Law makes it mandatory for the State Electric Grid to connect to solar power and pay favorable feed-in tariffs. The execution procedure, however, is yet to be released. In August 2007, China's National Development & Reform Commission (NDRC) also published its national development strategy for renewable energy. According to this strategy, China targets to install 300 MW cumulative solar generation capacity by 2010 and 1.8 GW by 2020.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar Inc. commented: ''We are very pleased to be selected to work together with the government of Suzhou New High-tech Development District (SND) to build this demo solar project. Solar power is quickly gaining recognition among policy makers in China. This site will become a live 'Showroom' to demonstrate to our customers the reliability and the superior engineering work competence of CSI products. This demo project will serve as a concrete example for government officials in other provinces and municipalities in their efforts to fulfill the targeted solar power capacity set by the NDRC. With China on its way towards a major solar market, this project will help us to gain first-mover advantage in this high- potential region.''
Ms. Wang Yaoshan, Director of Administrative Committee of Suzhou New High- tech Development District, said: ''We initiated this project in an effort to reduce the use of fossil energy and to combat the global climate change. We seek a balance between economic development and environmental protection, as we work together with our central government to reach its goal of 1.8 GW solar power by 2020. CSI's expertise in solar power stations has convinced us that CSI is the best partner to work with for our first solar project.''
About Canadian Solar Inc.
Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and custom-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 Suzhou New High-tech Development District (SND)
In 1992, Suzhou New High-tech Development District (SND) was formed and became a special economic development zone in China approved by the State Council of China. Now it has a population of 470 thousand and GDP of $6.2 billion US for 2006. At the moment, it has attracted 53 Fortune 500 companies with over 1600 direct foreign investment projects, reaching a total value of $20 billion US.
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 annual report on Form 20-F originally filed on May 29, 2007 and 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: In Jiangsu, P.R. China Bing Zhu, Chief Financial Officer Canadian Solar Inc. Tel: +86-512-6269-6755 Email: firstname.lastname@example.org In the U.S. David Pasquale The Ruth Group Tel: +1-646-536-7006 Email: email@example.com
SOURCE Canadian Solar Inc. -0- 09/24/2007 /CONTACT: Bing Zhu, Chief Financial Officer of Canadian Solar Inc., +86- 512-6269-6755, or firstname.lastname@example.org; or in the U.S., David Pasquale of The Ruth Group, +1-646-536-7006, or email@example.com / /Web Site: http://www.csisolar.com / (CSIQ) CO: Canadian Solar Inc. ST: China IN: OIL UTI SU: ASI LIC LG -- CNM028 -- 5139 09/24/2007 08:07 EDT http://www.prnewswire.com