Canadian Solar and GP Joule Announce 97 MW Solar Module Supply Agreement

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Apr 21, 2011, 06:00 ET

MUNICH, Germany, April 21, 2011 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, and GP Joule today announced a 97 MW supply agreement. Under the agreement, Canadian Solar will supply its high performance solar modules to GP Joule, with all deliveries under the 97 MW supply agreement to occur before December 31, 2011. The companies have worked together since 2009.

GP Joule operates four offices in the North and South of Germany and has joint ventures in North America and France. In the PV sector, the company mostly focuses on implementing ground mounted large solar power plants.

"With Canadian Solar, we know we've got a proven partner at our side capable of delivering high performance, high value modules, able to support large scale projects," said Ove Petersen, CEO of GP Joule. "Canadian Solar's modules set the standard and excel by their versatile use in particular, and they will be mostly deployed in Germany, but also all over Europe."

Shawn Qu, Chairman and CEO of Canadian Solar, said, "Germany has always set the model for the solar industry as one of the most attractive and efficient solar markets. This latest agreement will help Canadian Solar further expand our brand and footprint in Europe, as we leverage the full support of GP Joule, a proven local partner able to handle large scale projects."

About Canadian Solar:

Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest solar companies. As 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 system solutions for on-grid and off-grid use to customers worldwide. 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, 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 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, including customers of our silicon materials sales; changes in demand from major markets such as Germany and Canada; risks associated with building our new Ontario facility; 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, as amended by its report on Form 20-F/A filed on October 14, 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.