GUELPH, Ontario, Oct. 21, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced that it has been awarded a contract to supply 1.78MW to Saudi Aramco's KAPSARC ("King Abdullah Petroleum Studies and Research Center") solar power project in Saudi Arabia.
Following a very detailed and intense selection process Saudi Arabian Oil Company ("Saudi ARAMCO), the world's largest crude oil producer, has awarded Canadian Solar a contract to supply 1.78MW of its high quality solar panels to the extension of the KAPSARC Solar Power Project which, once completed, will be largest ground mounted solar photovoltaic ("PV") power plant in Saudi Arabia.
"After a long and detailed testing and registration process we are honored to become a certified supplier to Saudi ARAMCO as well as to be the first solar PV panel manufacturer to supply panels directly to Saudi ARAMCO for the prestigious KAPSARC project. Our high quality CS6X series solar panels will be used for the implementation of this project on the grounds of KAPSARC in Riyadh. We believe that this flagship project will also be a determining factor to select and qualify technology partners with bankable solar power solutions and proven track record to ensure the successful execution of Saudi Arabia's ambitious 16GW solar PV energy development program," commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
This contract win represents another step in Canadian Solar's successful efforts to expand its global footprint and industry leading customer base in emerging new markets, and follows previous contract wins in the gulf region, underlying the trust of Middle-Eastern customers in the Company's solar products.
The Company's solar panels have undergone rigorous formal inspections and testing, and have received prominent international quality certificates, including "Desert Proof certificate-Blowing Sand Test". In addition, Canadian Solar panels are covered by a 10-year warranty on materials and workmanship, along with a 25-year linear power output performance guarantee. The Company's product and performance warranty is further backed by a third-party insurance policy that is underwritten by investment grade insurance companies, ensuring a safe investment for developers, investors and project owners.
Canadian Solar welcomes visitors during WFES-14 in 20-22 January 2014 to our booth (stand-7430) and to our Abu-Dhabi Office afterwards.
For commercial inquiries, please contact:
Canadian Solar Middle East Ltd.
Eren Engur, General Manager
Phone: +90 532 664 8245 or +971 506 164 181
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 5GW 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.
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 26, 2013. 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, firstname.lastname@example.org, +1-914-337-8801