GUELPH, Ontario, Feb. 24, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has been awarded a module supply agreement to provide 18MW of photovoltaic ("PV") modules to Hitachi, Ltd. ("Hitachi") for a solar power project in Japan. The project is owned by Eurus Energy Holdings Corporation with Hitachi as its EPC contractor.
"Quality and reliability are key criteria we use to select our partners and suppliers. After extensive evaluation we are impressed with the quality of Canadian Solar's PV modules as well as their track record of delivering high quality solar modules to large scale solar power projects worldwide," said Mr. Kosho Aikawa, Senior Engineer of Hitachi.
"We are honored to supply our high efficiency modules to Hitachi, a global leader in the electronics as well as the power systems industry," commented Dr. Shawn Qu, President, Chairman and CEO of Canadian Solar. "This agreement reflects our position as a top tier solar module supplier with an industry leading customer base and our strong position in the Japanese market."
This 18MW solar power project, which is expected to be in operation in March 2015, is located in the boundary between Marumori-machit in Miyagi prefecture and Soma city in Fukushima prefecture, covering an area of 80 hectares. Canadian Solar will supply approximately 73,556 pieces of its 60 cell high efficiency CS6P255P modules with power output of 255Wp for this project. This solar power plant will power approximately 5,000 homes and is expected to displace approximately 9,200 tons of carbon dioxide emissions each year. Electricity to be produced in the next 20 years will be sold to Tohoku Electric Power Co., Inc.
The quality of Canadian Solar modules is substantiated by one of the highest PTC ratings out of over 12000 P-type crystalline modules published on the Go Solar California website. In addition, Canadian Solar modules also demonstrate higher energy yield of up to 5% compared with products from other Tier 1 module suppliers, according to PVSYST's system performance simulation.
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is a leading global electronics company with approximately 326,000 employees worldwide. The company's consolidated revenue for fiscal 2012 (ended March 31, 2013) totaled 9,041 billion yen ($96 billion). Hitachi is focusing more than ever on the Social Innovation Business, which includes infrastructure systems, information & telecommunication systems, power systems, construction machinery, high functional material & components, automotive systems and others. For more information on Hitachi, please visit the company's website at http://www.hitachi.com.
About Eurus Energy Holdings Corporation
Eurus Energy Holdings Corporation is a holding company of the Eurus Energy Group, Japan's largest wind power developer. Eurus Energy is owned jointly by Toyota Tsusho Corporation and Tokyo Electric Power Company (TEPCO) and is headquartered in Minato-ku, Tokyo. It is an Independent Power Producer involved in wind power and photovoltaic power projects in the United States, the United Kingdom, Italy, Spain, Norway, Japan, South Korea, and Austlaria. The total capacity of power plants in operation is 2,214 MW.
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 solar products from consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand in the Company's project markets, including Canada, the U.S., Japan and China; 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.
The PTC rating is used by the California Energy Commission to compile a list of solar modules that are eligible to participate in solar incentive programs in the State of California. The PTC rating is calculated using laboratory-tested parameter values and is generally recognized as a more realistic measure of PV module power output because the test conditions better reflect "real-world" solar and climatic conditions, compared to the STC (Standard Test Conditions) rating.
PVSYST is a widely used software for modeling PV energy production or yield estimates for all PV systems. Yield simulations can be performed for sites at any location in the world where meteorological data is available.
Canadian Solar Inc. Contacts
SOURCE Canadian Solar Inc.