Canadian Solar Wins a Bid to a Rural Electrification Project in China
TORONTO, Apr 6, 2009 - PRNewswire-Asia
Canadian Solar Inc. ("the Company", "Canadian Solar" or "we") (Nasdaq: CSIQ) today announced that we were recently selected in a competitive bidding process to supply solar panels for 80,000 solar home systems for rural households in Sichuan province of China. The total order size is 1.6 MW. This project was initiated and financed by China's Ministry of Agriculture and the Sichuan Provincial Government. The solar home systems are rated for a peak capacity of 20 Watts each. A system of this size can power two lights and a small TV. The delivery of the 80,000 units will be completed by April.
Dr. Shawn Qu, President and CEO of Canadian Solar said, "We were very pleased to win this bid. A solar home system makes a real impact on the lives of these rural households. In many cases it will be the first electrical power source these rural families have ever had. We are very proud to be part of this project. Canadian Solar has a business division devoted to the designing, manufacturing and installing solar home and solar village systems for rural electrification and has been actively involved in rural electrification projects in China since 2004."
About Canadian Solar Inc. (NASDAQ: CSIQ)
Canadian Solar Inc. is a vertically-integrated manufacturer of silicon, ingots, wafers, cells, solar modules (panels) and custom-designed solar power applications. Canadian Solar delivers solar power products of uncompromising quality to customers worldwide. Canadian Solar's world-class team of professionals works closely with our customers to provide them with solutions for all their solar needs.
Canadian Solar was founded in Canada in 2001 and was successfully listed on NASDAQ Exchange (symbol: CSIQ) in November 2006. To date, Canadian Solar has successfully established seven wholly-owned manufacturing subsidiaries in China, with a total combined facility space of close to 156,000 sqm and a module capacity of over 600MW. The total revenue for 2008 is $709 million, a 134% growth in revenue over 2007. Canadian Solar has become one of the major players in the solar industry.
For more information, please visit http://www.canadian-solar.com.
Safe Harbor/Forward-Looking Statements for Canadian Solar
Certain statements in this press release including statements regarding expected future financial and industry growth 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 shortage or availability of the supply 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; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling price; 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 3, 2008. 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.