ONTARIO, Canada, Aug. 26 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc.
("the Company", "Canadian Solar" or "we") (Nasdaq: CSIQ) today announced it
obtained rights to design, install, operate, and maintain a 500 MW solar power
plant system. Under a letter of intent with the Administration Committee of
Baotou National Rare Earth Hi-Tech Industrial Development Zone ("CPT") in
Baotou, Inner Mongolia, the solar power plant will be located in CPT.
The project is subject to a feasibility study and government approvals and
is divided into three phases. The first phase, expected to run from September
2009 to December 2011, calls for the installation of a 100 MW PV system. The
second and third phases each call for the installation of 200 MW PV systems.
There are no binding commitments until the feasibility study is completed and
approvals are obtained.
Mr. Fu Ren, the director of the Administration Committee of Baotou
National Rare Earth Hi-Tech Industrial Development Zone, remarked, "I am very
pleased to have Canadian Solar, a well-known provider of quality PV products,
agree to develop a signature solar project in our city. To have a solar
project of such magnitude in Baotou demonstrates our determination to develop
the PV end-user market in China, as well as our commitment to cleaner and more
sustainable economic development in Baotou. This project also reflects our
city's importance as a center of commerce and commitment to further growth."
Dr. Shawn Qu, the Chairman and CEO of Canadian Solar, commented, "We are
honored and proud that Canadian Solar has been chosen to design, install,
operate and maintain this showcase 500 MW Solar power plant in the City of
Baotou. This project clearly shows the Chinese government's determination to
develop its domestic PV market. Our successful track record of providing high
quality modules to many solar power projects around the world helped us to win
the development rights for this major project."
About Canadian Solar Inc. (Nasdaq: CSIQ)
Canadian Solar Inc. is a leading vertically integrated provider of ingot,
wafer, solar cell, solar module and other solar applications. Canadian Solar
designs, manufactures and delivers solar products and solar systems for on-
grid and off-grid use to customers worldwide. Canadian Solar is one of the
world's largest solar module producers by manufacturing capacity. With
operations in North America, Europe and Asia, Canadian Solar provides premium
quality, cost-effective and environmentally-friendly solar solutions to
support global sustainable development. For more information, visit
http://www.canadian-solar.com .
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 prices; 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 June 8, 2009.
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.
In Canada, Alex Taylor, IR Director of Canadian Solar Inc., +1-519-954-2057, fax +1-519-954-2597, ir@canadian-solar.com; In the U.S., David Pasquale of Global IR Partners, +1-914-337-8801, csiq@globalirpartners.com
