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Canadian Solar Announces Completion of Vineyard Solar Project in Italy

2008-12-24 02:01 865

TORONTO, Dec. 24 /PRNewswire-Asia/ -- Canadian Solar Inc. ("the Company", "CSI" or "we") (Nasdaq: CSIQ) today announced that one of its Italian customers, Arco Energy, has completed its first project with CSI modules. The 700 kW project is located in the Barlo Vineyard in Asti, Italy.

Shawn Qu, Chairman and CEO remarked: "This is the first of a series of projects in Italy which we expect to implement with Arco Energy. It is particularly remarkable as the project was financed and completed despite the current global credit climate. It demonstrates that solar is a relatively safe investment for investors and banks."

Marco Pulitano, CEO of Arco commented: "We are pleased to have Canadian Solar as a supplier that we can depend on for stability and quality in the months and years to come. In addition, we like the fact that Canadian Solar has a strong balance sheet and cash position in order to fulfill its long-term commitments to customers. This finished project is an important milestone in the relationship, which we hope will bring many more projects as time goes by."

About Canadian Solar Inc. (NASDAQ: CSIQ)

Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of ingot and wafer, solar cell, solar module and custom-designed solar application products serving customers worldwide. Canadian Solar 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, Canadian Solar 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 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.

Source: Canadian Solar Inc.
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