Canadian Solar and saferay Implement 8.5 MW Solar Power Plant in Mecklenburg-Vorpommern, Germany

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Nov 29, 2011, 05:00 ET

MUNICH, Germany, Nov. 29, 2011 /PRNewswire-Asia-FirstCall/ -- Canadian Solar, (the "Company," "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced that it has supplied solar modules for an 8.5 MW power plant in Lindenhof near Neubrandenburg in the German state of Mecklenburg-Vorpommern. Berlin-based saferay expects to complete the project next month.

With this cooperation to build the Lindenhof solar power plant Canadian Solar further extends its successful collaboration with project company saferay. The PV system uses a total of 36,000 CS6P-P solar modules manufactured by Canadian Solar. These modules are particularly powerful with high quality, reliability and good energy yield. "We continue to rely on Canadian Solar modules in our projects due to their outstanding quality and performance, and excellent customer service. This makes Canadian Solar a strong partner for us," said Dr. Marko Schulz, managing director of saferay. "Thanks to favorable weather conditions, we are on track to complete the solar park installation so the power plant will be turnkey ready in December. So far, we have completed 5.5 MW."

Successful partnership for large-scale projects

The solar park is the second large-scale project delivered by Canadian Solar and project development company saferay. In September 2011, saferay completed the Senftenberg II/III 78 MW partial complex in Brandenburg, part of the world's largest solar power plant (166 MW) using Canadian Solar modules. "This is a showcase partnership for us, where we are able to work with a strong local partner on large scale projects in a strategic geographic market. We look forward to continuing to work with saferay in the future and to providing the high efficiency, high performance modules essential for any successful project," said Dr Shawn Qu, Chairman and CEO of Canadian Solar. "The project makes an important contribution toward the development of Mecklenburg-Vorpommern. Solar energy generates green energy and is a driver for the creation of qualified jobs in German cities and communities. Wherever PV plants are built, the local economy will also benefit."

About saferay

Berlin, Germany-based saferay is a leader in the field of efficient and fast installations of large-scale photovoltaic power plants. Saferay realizes and finances plants primarily for its own asset base, in order to shape future energy concepts in the world's leading energy markets. The company has experience from over 350 MW installed PV capacity. For more information, visit www.safe-ray.com.

About Canadian Solar

Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest solar companies. As a leading vertically integrated provider of ingots, wafers, solar cells, solar modules 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, Australia and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, 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 the previously disclosed SEC investigation as well as 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 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 filed on May 17, 2011. 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.