GUELPH, Ontario, July 25, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company," or "Canadian Solar"), one of the world's largest solar power companies, today announced the successful completion of a 30 MW rooftop PV installation in China's City of Suzhou under the country's Golden Sun program. The project was historic in its size, complexity and scale. The project spanned 129 buildings, with a total surface area of approximately 500,000 square meters. The rooftops were mixed surfaces, with 200,000 square meters of steel structured rooftops and 300,000 square meters of concrete rooftops. Canadian Solar's CS6P-245P's modules were used.
Construction on the project was completed in June 2013, with full-grid connectivity taking place through July and August. The project's total capacity is 30.2 MWp. The first year's electricity generation is projected to be about 32.3 million KWh, while the accumulated electricity generation is expected to be approximately 728.9 million KWh over the next 25 years. Over the same 25 year period, the project is expected to reduce carbon dioxide emissions by over 726 thousand tons, while reducing over 284 thousand tons of standard coal consumption. The Company expects to transfer ownership of a majority of the projects to the rooftop owners or other investors.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "This is one of the first major successes under China's Golden Sun program. This was an attractive project for us given the location and suitability for grid connection, which we knew would help us secure development partners and investors. Canadian Solar has built a strong position in China given our manufacturing history there and enjoys the support of a number of financial institutions and development partners. We intend to leverage our leadership position, global brand and reputation for quality solar power project development, as the China market continues to develop into one of the world's largest markets for solar power over the next few years."
About Canadian Solar Inc. (NASDAQ: CSIQ)
Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 5GW of premium quality solar modules to customers in over 70 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including but not limited to statements regarding the expected start of construction, date of completion and milestone payment terms, 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 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 in our project markets, including Canada; changes in customer order patterns; 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; utility-scale project approval process; delays in utility-scale project construction; 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 April 26, 2013. 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.
