Canadian Solar FITs the Town of Kitchener with First OPA Approved microFIT Solar Installation

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Mar 01, 2010, 09:51 ET

ONTARIO, Canada, March 1 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. ("the Company," "Canadian Solar" or "we") (Nasdaq: CSIQ) today announced its headquarters, located at 650 Riverbend Dr., is home to Kitchener's first Ontario Power Authority (OPA) approved microFIT (Feed-In-Tariff) solar installation. The 3.2 kW DC Canadian Solar system was installed on Canada's first C-2000 designated,Green on the Grand, office building using less than 50 percent energy and water normally used for a commercial building.

"I am very proud to see the first OPA approved microFIT solar installation on Canadian Solar's head office in Kitchener, Ontario. Up to date, close to 700 MWs of Canadian Solar's modules have been installed in over 30 countries, contributing to global efforts in fighting against the climate change. We will continue our effort to bring more solar energy to Ontario, our home province," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar Inc.

Carl Zehr, Mayor from the City of Kitchener, said, "At last year's State of the City Address, I encouraged city residents to imagine a city of LEED certified neighbourhoods with zero footprint. I am very pleased that the City of Kitchener and Canadian Solar could bring an inspiring project together that has long-term financial, social and environmental benefits."

Ian Cook, the solar installation system owner from Ian Cook Construction said, "It is with great pride that we announce this milestone event. The Canadian Solar installation compliments the efficiency and environmental responsibility Green on the Grand represents".

Chuck Mantel, owner and president of CMS Electric added, "Working with Canadian Solar representatives and products made the installation seamless for an installer. Working as a solar installer, I can attest that Canadian Solar's turnkey solutions make solar generation easy for consumers. Whether in the residential, commercial or solar farm market, Canadian Solar offers everything from financing to solar installation systems unique to individual's rooftop's needs."

The microFIT program is flexible and offers different participation opportunities for residential and small commercial business owners. Under the program, system owners will be paid a guaranteed price over a 20-year term for all the electricity produced and delivered to the province's electricity grid.

About Canadian Solar Inc. (NASDAQ: CSIQ)

Canadian Solar Inc. is 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 systems for on- grid and off-grid use to customers worldwide. Canadian Solar is one of the world's largest solar module producers by manufacturing capacity. 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 on Canadian Solar Inc., visit http://www.canadiansolar.com . Canadian Solar Solutions Inc. is a wholly owned subsidiary of Canadian Solar Inc. For more information on Canadian Solar Solutions, visit http://www.canadian-solar.ca .

Safe Harbor/Forward-Looking Statements:

Certain statements in this press release including statements 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.