Canadian Solar and S.A.G. Solarstrom Announce 60 MW Supply Contract

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Feb 22, 2011, 06:01 ET

MUNICH, Germany, Feb. 22, 2011 /PRNewswire-Asia-FirstCall/ -- Canadian Solar (NASDAQ: CSIQ), one of the world's largest solar companies, today announced it has entered into a sales contract with S.A.G. Solarstrom AG, based in Freiburg, Germany. Under terms of the contract, shipments will start in March, with Canadian Solar expected to supply 60 MW of PV modules to S.A.G. Solarstrom AG in 2011 for deployment in Germany and Italy, both key solar markets.

"Quality, performance and value are key criteria for our purchase of components and new system partnerships," said Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG. "Canadian Solar's modules have been dominant in every aspect. We are delighted to have found a new partner now whose modules we can use to build photovoltaic systems that meet our high S.A.G. quality standards."

"This is another win in core geographic markets for the solar industry. Besides quality and efficiency, we are committed to sustainability and environmental protection, which are values shared by S.A.G. Solarstrom AG," said Dr. Shawn Qu, CEO of Canadian Solar. "Our modules have essential international certifications and are covered by a six-year product warranty and a 25 year performance warranty. This gives our partners added confidence and assurance in the quality, durability and performance of our solar modules."

About S.A.G. Solarstrom AG

S.A.G. Solarstrom AG (WKN: 702 100, ISIN: DE0007021008), with headquarters in Freiburg, Germany, is an independent supplier of individually customized high quality photovoltaic systems. The group builds efficient system of any size, both nationally and internationally. With its own systems, the company produces sustainable solar power. The portfolio of S.A.G. Solarstrom AG also includes services throughout the entire lifecycle of PV systems, including forecast and energy services, yield assessments, remote maintenance, on-site maintenance, insurance and financial services. This way, the group offers a comprehensive value chain for photovoltaics, from yield assessments to planning, construction, operation, optimization, repowering and retreat. The company was founded in 1998 as is among the pioneers of the solar industry. Approximately 190 specialists work at the four locations in Germany and at the foreign subsidiaries. S.A.G. Solarstrom AG is listed in the General Standard of the Frankfurt Stock Exchange and according to M:access regulations by Munich Stock Exchange. More info at: www.solarstromag.com

About Canadian Solar

Canadian Solar Inc. 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, 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 and internal investigations as well as general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; the availability 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 August 19, 2010. 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.