SAN RAMON, Calif., Oct. 7, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc., (the "Company," or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest and foremost solar power companies, today launched the Canadian Solar Residential Financing Program, which targets the fast growing U.S. residential solar market. The new program is designed to make it even easier for residential solar installers and developers to bring more solar projects to completion in the U.S. market. The program is being launched in partnership with Boston, MA based, privately held Admirals Bank ("Admirals Bank," the "Bank," or "Admirals").
"We believe there is a great opportunity to leverage our scale to help customers in the U.S. residential market to more easily gain access to necessary financing at attractive rates," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "We have a very qualified partner in Admirals Bank, as we work to streamline the process for both residential customers and installers. This latest program will further build on Canadian Solar's global leadership in renewable energy as we continue to deliver high-value, high-quality solar energy solutions."
The Canadian Solar Residential Financing Program powered by Admirals Bank delivers great value to residential solar installers. By working with Canadian Solar to access the Admirals Bank financing solution and source high quality solar modules, customers will be able to reduce project complexity and streamline procurement and financing activities. There are no fees to installers, no constraints on system design, and customers have ability to borrow up to $40,000 for a residential solar installation subject to credit approval. Installers will be able to receive payment quicker because the loans are funded directly to the homeowner before the work begins. Additionally, the Canadian Solar Residential Financing Program gives customers access to a powerful "Step Down" feature, which allows customers to monetize the solar tax credits, rebates and other incentives associated with ownership of their system. They can then pay that amount into the principal balance, and then re-amortize the loan, which can potentially dramatically reduce their remaining monthly mortgage payments.
"Our program provides homeowners with an easy way to finance solar installations that lower energy bills and allows them to reap the benefits of ownership through tax credits, rebates, and other incentives. We have developed a turnkey solution for homeowners to obtain financing by creating a suite of user friendly web-based tools, streamlining back end operations, putting an emphasis on customer service and educating homeowners on the advantages of direct ownership. Our division includes a dedicated team of solar finance experts ranging from experienced loan servicing professionals to frontline individuals on hand to educate installers and consumers and answer any questions they may have. We are excited to partner with Canadian Solar, an innovative global leader, as we work together to facilitate the adoption of clean energy and reduce the cost of power for homeowners across the United States," said Nicholas P. Lazares, Vice President and Director of Strategic Partnerships at Admirals Alternatives, a division of Admirals Bank.
To learn more about the Canadian Solar Residential Financing Solution Program, please email Tara Andrade at tandrade@admiralsbank.com or Steve Pickens at Steve.pickens@canadiansolar.com or visit www.admiralsbank.com/renewable-energy-lending
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 5.0 GW 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
About Admirals Bank
Admirals Bank is a federally- chartered financial institution headquartered in Boston, MA with a Regional Banking Center in Providence, RI, and a Renewable Energy Lending Business Development Center in San Francisco, CA. Since 2012, Admirals Back has focused its home improvement lending efforts in the residential solar and renewable energy industry, opening Admirals Alternatives, the Renewable Energy Lending division of Admirals Bank in April 2013. Admirals Bank also remains a leading national provider of the Title I Home Improvement Loan for a variety of other home improvements. Admirals also offer customers additional borrowing solutions such as Residential Mortgages and Personal Loans. Additionally, Admirals Bank is an active acquirer of commercial real estate loans in the secondary market. Admirals introduced Bespoke Banking to the financial industry, which is individually tailored, highly customized, relationship banking, and provides customers with classic banking options such as checking, savings and money market accounts, which can be conveniently opened and maintained online or via a mobile device. Admirals Bank is an Equal Housing Lender and Member of FDIC. For more information, please visit www.admiralsbank.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 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 the Canadian markets; changes in customer order patterns; capacity utilization; pricing pressure and declines in average selling prices; delays in 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.
Canadian Solar Inc. Contact: Investor Relations: Ed Job, CFA , Director, Investor Relations, ir@canadiansolar.com, Global IR Partners David Pasquale, P: (+1) 914-337-8801, csiq@globalirpartners.com, Media Contact: Canadian Solar Inc., Songul Atacan, Songul.atacan@canadiansolar.com, Admirals Bank Contact: Nicholas P. Lazares, Vice President and Director of Strategic Partnerships, Phone: 617-717-6160, Email: nplazares@admiralsbank.com
