Canadian Solar to Deliver 60MW Solar modules for Projects in Spain
JIANGSU, China, Nov. 16 /Xinhua-PRNewswire/ -- Canadian Solar Inc. ("the Company'', or ''CSI'') (Nasdaq: CSIQ) announced that it has signed a new contract with German City Solar Group to deliver 60MW of solar modules for a series of solar power station projects in Spain. Shipment will start immediately. Installations are expected to be completed by the Summer of 2008.
CSI has recently completed the delivery of 11.7 MW solar modules to City Solar for three large-scale solar power projects in Germany. The new 60 MW contract will expand the collaborations between the two companies from Germany to Spain, one of the fastest growing and strategically most important solar markets in the world.
CSI expects to introduce its PC200 new module type with City Solar. This new module product is capable of delivering 200-240W of output per unit and is specially designed to promote the maximum performance of City Solar's state- of-arts solar tracker systems.
Dr. Shawn Qu, CEO of CSI, commented, ''The expansion of our collaboration with City Solar is the latest example of the repeat orders we are winning from key customers in an important market segment. The combination of CSI's high- performance modules in City Solar system designs and project management has quickly gained market recognition for our two companies as one of the top- notch one-stop shopping solutions for high performance solar power plants.''
Mr. Steffen Kammler, CEO of City Solar, AG, commented, ''City Solar is one of the leading solar plant project management companies in Europe. City Solar's vast experience in large-scale solar plant project development, planning, implementation and financing arrangement has brought turn-key solutions to commercial renewable energy investors. We have developed unique solar tracking technologies to maximize solar module performance. We have so far implemented several solar farm projects in Germany using CSI modules and we are much impressed by CSI's superior module quality, after service technical support and its highly efficient and effective management team. We will continue to work closely with Canadian Solar for our future projects.''
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 built the world's largest PV power plant with a nominal power of 20 MW completed in September 2007. Moreover in October City Solar received the ''German Solar Award 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 annual report on Form 20-F originally filed on May 29, 2007. 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.
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: firstname.lastname@example.org For Canadian Solar Inc. In the U.S. David Pasquale The Ruth Group Tel: +1-646-536-7006 Email: email@example.com For City Solar, AG Stephan Brust, Head of Public Relations Tel: +49-671-88909-17 Email: firstname.lastname@example.org
SOURCE Canadian Solar Inc. -0- 11/16/2007 /CONTACT: In Jiangsu, P.R. China, Bing Zhu, Chief Financial Officer of Canadian Solar Inc., +86-512-6269-6755, or email@example.com; or in the U.S., David Pasquale of The Ruth Group, +1-646-536-7006, or firstname.lastname@example.org, for CSIQ; or Stephan Brust, Head of Public Relations of City Solar, AG, +49-671-88909-17, or email@example.com / /Web Site: http://www.citysolar.de http://www.csisolar.com / (CSIQ) CO: Canadian Solar Inc.; City Solar, AG ST: China, Spain IN: CPR ENV OIL UTI FIN SU: ASI CON LG -- CNF026 -- 2408 11/16/2007 07:48 EST http://www.prnewswire.com