TORONTO: Canadian Solar Inc. (the "Company", "we" or "Canadian Solar"), one of the world's largest solar companies, today announced that it has signed a photovoltaic ("PV") solar module sales agreement with Cirus Solar Systems Private Limited ("Cirus"), a solar engineering, procurement and construction ("EPC") company based in Hyderabad, India.
Under the terms of the agreement, Canadian Solar is expected to deliver 33 MW of solar modules in the third and fourth quarters of 2011 at agreed prices denominated in U.S. dollars. The modules are expected to be utilized for solar PV projects that are designed, installed and commissioned by Cirus on behalf of two prominent Indian conglomerates. Initial shipments have already commenced.
Cirus provides turnkey solutions for solar power projects. In partnerships with global leaders having rich experience in solar industry, Cirus addresses both off-grid and utility scale solar power projects worldwide. Cirus has strong corporate backing from Hyderabad based Indu Group, which has its own expertise in setting up conventional power projects and infrastructure developments combined with a very solid balance sheet. The unique expertise of the Indu Group in optimized power systems design, its loyal equipment vendor base and the execution capability in distributed networks give Cirus the edge over its competition.
Dr. Shawn Qu, Canadian Solar's Chairman and CEO said: "We are very pleased to initiate a business relationship with Cirus Solar Systems to participate in the development of the solar energy market in India. At Canadian Solar, we are relentless in our commitment to making solar power more competitive with other sources of energy through technology innovation as well as continuous focus on manufacturing efficiencies. We believe India has the potential to become one of the largest solar markets in the world and we expect it will make a meaningful contribution to the growth of our business in the quarters ahead."
Mr. I. Syam Prasad Reddy, Chairman and Managing Director of Indu Group, said: "We have selected Canadian Solar products because of their high quality, reliable delivery and strong commitment to customer service. We will be using Canadian Solar's 60-cell CS6P for ground-mounted applications, including a single large 20 MW plant as well as two smaller 8 MW and 5 MW plants coming up in the government sponsored solar park in Gujarat, India. These projects are expected to be completed by December 2011. We look forward to working with Canadian Solar to develop awareness and to drive adoption of solar power in India."
About Canadian Solar Inc. (NASDAQ: CSIQ)
Canadian Solar Inc. 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 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 investigation 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 filed on May 17, 2011. 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.
