Canadian Solar Announces 81 MW Sales Agreement with Saferay

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May 16, 2011, 06:00 ET

TORONTO, May 16, 2011 /PRNewswire/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced that the Company has signed an agreement to sell 81 MW of solar modules to Saferay GmbH (www.safe-ray.com) at a fixed price for projects in Germany. Canadian Solar is expected to deliver the full 81 MW before the end of the third quarter 2011. Delivery has already commenced.

Berlin-based Saferay was founded in early 2010, as a spin-off from one of Germany's leading solar cell manufacturers, and is a developer, owner and operator of large scale PV power plants. Saferay is one of the industry's fastest growing companies, having constructed 4 solar plants in double-digit MW size in 2010.

Dr. Marko Schulz, CEO of Saferay, commented, "We are proud to be working with Canadian Solar. The company came out on top of our selection criteria, including quality, reliability, customer service and brand attractiveness to customers. Strong partners, like Canadian Solar, are critical to Saferay's continued success and fast growth."

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, said, "We are pleased to be partnering with Saferay. We are both fast growing companies committed to high product quality and customer service. We continue to expand our presence in the largest, most established solar markets, like Germany, while also building our leadership in developing markets. The widely-recognized Canadian Solar brand, along with our commitment to innovation, competitive pricing and service positions us for further growth."

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 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 including statements regarding our expected future shipment volumes, gross and net margins, manufacturing capacities and cell conversion efficiencies, 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; 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 originally 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.