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Canadian Solar Announces Agreement with China Sunergy

2007-11-19 21:47 916

JIANGSU, China, Nov. 19 /Xinhua-PRNewswire/ -- Canadian Solar Inc. (“the Company”, or “CSI”) (Nasdaq: CSIQ) today announced that it had entered into various purchase agreements (the “Agreements”) last week with China Sunergy Co., Ltd. (“China Sunergy”).

The Agreements with China Sunergy are for a total volume of 25MW of solar cells for 2008. Under the Agreements, China Sunergy will supply approximately 12MW and 13MW of solar cells to Canadian Solar in the first and second half of the year respectively. The Agreements will be denominated in both Chinese Yuan and US dollars, with approximately 24% of the volume being based on fixed pricing terms and the remainder being determined on a quarterly basis.

Commenting on the Agreements, Dr. Shawn Qu, CEO of Canadian Solar, said: "We are pleased to have added China Sunergy to our list of partners, thus continuing to demonstrate the ability of CSI to establish win-win relationships with companies in the solar value chain. This announcement provides further visibility to the supply contracts we already had in place in support of our 2008 business plan. We look forward to working closely with China Sunergy as a part of our long-term supply chain strategy, which includes continued direct purchasing from a selected number of long-term strategic cell suppliers in addition to our internal solar cell production."

Commenting further, Allen Wang, CEO of China Sunergy, added: "Following on from this and the recent agreement with aleo solar of Germany, I am very pleased with our ability to expand sales both domestically and abroad. This latest agreement signifies a substantial development in our relationship with Canadian Solar, one of the leading China-based module manufacturing companies, and is a positive example of how we are developing our high quality global customer base while further enhancing our brand recognition within the industry."

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 annual report on Form 20-F originally filed on May 29, 2007. 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.

For more information, please contact:

For Canadian Solar Inc.

In Jiangsu, P.R. China

Bing Zhu, Chief Financial Officer

Canadian Solar Inc.

Tel: +86-512-6269-6755

Email: ir@csisolar.com

For Canadian Solar Inc.

In the U.S.

David Pasquale

The Ruth Group

Tel: +1-646-536-7006

Email: dpasquale@theruthgroup.com

Source: Canadian Solar Inc.
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