Canadian Solar Announces 100MW Module Supply Agreement with Three Gorges New Energy in China

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Nov 01, 2013, 07:02 ET

GUELPH, Ontario, Nov. 1, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has been awarded a module supply agreement to provide China Three Gorges New Energy Co., Ltd. ("Three Gorges New Energy") with photovoltaic ("PV") modules totaling 100MW for a solar power project located in Guazhou County, in the Gansu Province of China.

"We feel honored to be awarded this module supply agreement by Three Gorges New Energy, a rapidly growing renewable energy project developer in China," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "This agreement underscores that Canadian Solar's brand is well recognized in the Chinese market and that we remain on track with our market diversification strategy to expand our global footprint and gain market share in important growth markets," added Dr. Qu.

"The feedback we receive from our customers is that they are very pleased to work with Canadian Solar as a module supplier for their solar power projects in China because of our track record delivering high quality solar modules to large-scale solar power projects worldwide," continued Dr. Qu. "Clearly this agreement is an important milestone for our cooperation with China Three Gorges New Energy in the Chinese market."

Canadian Solar will supply its high efficiency 60 cell CS6P250P and CS6P-255P modules with power output of 250Wp and 255Wp for the project. The Company's 250Wp and 255Wp CS6P-P modules outperform competing 60 polycrystalline cell module brands in the market, producing over 6% more power annually according to PVsyst PV system simulation. In addition, all Canadian Solar modules come with a 10-year material warranty and a 25-year linear power output performance guarantee backed by a third-party insurance policy underwritten by leading insurance companies. Module delivery has already commenced and is expected to be completed in December 2013.

About China Three Gorges New Energy Co., Ltd.

China Three Gorges New Energy is a wholly-owned subsidiary of China Three Gorges Corporation, which is one of the first state owned enterprises to enter the field of wind power. Three Gorges New Energy actively explores opportunities in renewable energy including wind, solar, and hydropower as well as other clean energy technologies. Three Gorges New Energy specializes in large-scaled renewable energy development and operations.

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 5GW 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

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 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 our project markets, including Canada; changes in customer order patterns; 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; 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.