ONTARIO, Canada, January 5, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, and the Ningxia Electric Power Group (the "Ningxia Power Group") today announced the successful completion and grid-connection of a 10 MW ground mounted solar project, a part of a 50MW solar plant, in Hongsibao, Ningxia, in northwest China at the end of 2011.
This 10 MW project consists of an 8 MW fixed system and a 2 MW tracking system. The 10 MW project is expected to generate approximately 13,511,167 KWh and will reduce CO2 emissions by 18,900 tons annually -- the equivalent of saving 5,200 tons of standard coal. Ningxia Power Group funded and constructed the project, with Canadian Solar's JV Gaochuangte New Energy serving as the EPC contractor.
Mr. Yingkuan Liu, Chairman of Ningxia Power Group, commented, "This is the first step of a strategic collaboration between Canadian Solar and Ningxia Power Group. Canadian Solar's global technology and finance experience in solar power plant EPC will definitely help the development of solar power plants in China."
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, said, "We are pleased with the successful collaboration with Ningxia Power Group. The success of our EPC project reflects our shared vision for cost-effective, environmentally friendly solar energy solutions. Canadian Solar has built a strong track record of EPC project development and execution in top solar markets worldwide. We are actively working to build on this momentum in China and worldwide, including recent news of Canadian Solar's agreement to sell 9 solar projects in Canada valued at approximately $470 million Canadian dollars. As China continues to evolve into a major PV power market over the next few years, Canadian Solar plans to be a major player in driving such growth."
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, 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.
