LONDON, October 3, 2011 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar companies, today announced that 22,000 of its high quality and high performance solar modules were used by its partner and EPC project supplier, Isolux Corsan, to build the UK's three largest photovoltaic solar power plants. Under the euro 40 million project, three new 5 MW solar power plants were built in Langford, Churchtown and Manor based in Cornwall, for a total of 15 MW installed capacity.
According to a September report from energy consultancy AEA, Cornwall generates the most solar photovoltaic power in the UK. Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, "We are proud that Canadian Solar was selected for this showcase project. Isolux Corsan is a great partner and we are very pleased to be working together and hope to expand our relationship further in the future. Customers and partners continue to seek Canadian Solar due to our experience in the project area, backed by our impressive module performance, quality and value. Solar panels continue to be the most popular of the renewable energy sources in the UK and we are really encouraged by the growth we are seeing in our UK business. The impressive scale of this milestone UK solar project is proof of Isolux Corsan's excellence and we look forward to continuing to work with customers, such as Isolux Corsan, to promote the expansion of solar power in the UK."
"It has been a major challenge for Isolux Corsan to build these three plants, 15 MW of power plants, in just 10 weeks. On top of that, we had the difficulties of operating in a country for the first time. The project met all the deadlines thanks to the excellent coordination between all the departments from within our organization and also the involvement of external suppliers. Canadian Solar has understood the way we work perfectly and they have adapted to it as if they were just another member of the team. I would like to take this opportunity to thank them for their close cooperation all along the line," states Jesus Rubio, head of the Isolux Corsan Photovoltaic Solar Team.
This project also marks Isolux Corsan's first photovoltaic venture in the UK. Development and investment was arranged by Banco Santander and a local partner.
About Isolux Corsan
Isolux Corsan is a benchmark in the engineering, construction and operation of large infrastructure projects under concession worldwide. It operates in over 30 countries on four continents. It also has long-standing experience in the construction and maintenance of major infrastructure projects: toll roads; railways; airports, civil-engineering, hydraulic and maritime engineering works and residential and non-residential buildings. In the power industry, Isolux Corsan is one of the largest construction companies world-wide for EPC (engineering, procurement & construction) projects in the photovoltaic sector, with over 267 MW under operation in 2010. It is a key player amongst the largest companies involved in building EPC power plants, with 1,500 MW under construction. It is also involved in industrial processes, with turnkey projects in the oil & gas industry and biofuel plants. In the concessions industry, apart from the concessions operated by Isolux Infrastructure, the Group constructs and operates over 21,000 car-parking spaces. In 2010, the company reported over euro 3.24 bn in revenues, an EBITDA of euro 311m and a backlog of euro 30.18 billion. For further information: www.isoluxcorsan.com.
About Canadian Solar
Canadian Solar Inc. (NASDAQ: CSIQ) 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, Australia and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, please 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.
