JIANGSU, China, July 19 /Xinhua-PRNewswire/ -- Canadian Solar Inc. (“the Company”, or “CSI”) (Nasdaq: CSIQ) announced today that it has signed an aggregate US$50 million syndicated loan agreement with Industrial and Commercial Bank of China (ICBC) and Communication Bank of China. The majority of this loan will be used for the expansion of CSI’s solar cell manufacturing facilities in the Suzhou New District. This new loan agreement, together with other existing banking arrangements, provides CSI with approximately US$90 million in available credit lines. CSI also signed strategic partnership agreements with both banks, which pledged continuous support to CSI’s five-year growth plan.
Dr. Shawn Qu, Chairman and Chief Executive Officer of CSI, together with other representatives from CSI and the bank syndicate were present at the signing ceremony held in Jiangsu, China.
Dr. Shawn Qu, Chairman and CEO of CSI, said, “We appreciate the support of our local banks as they continue to be supportive, long-term strategic partners. This credit agreement is very positive for CSI, as it enables us to execute our long-term growth plan without causing any dilution to shareholders. We have already completed our second 25MW cell line, currently in test run. We expect this second line to be at full production in August. We continue to expect lines three and four to be completed for full production in the fourth quarter. By then, CSI will have 100MW of annual cell manufacturing capacity. CSI remains well-positioned for continued fast growth given our global customer base, reputation for high quality modules, and the financial strength to support the increased customer demand levels.”
About Canadian Solar Inc. (Nasdaq: CSIQ)
Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and customer-designed solar application products serving worldwide customers. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information, please visit http://www.csisolar.com .
Safe Harbor/Forward-Looking Statements
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 registration statement on Form F-1 originally filed on October 23, 2006, as amended. 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
CSI undertakes no duty to update such information, except as required under applicable law.
