January 7, 2014
Canadian Solar Inc., (the "Company", or "Canadian Solar") (NASDAQ:CSIQ), one of the world's largest solar power companies, announced it was selected to supply 84,480 solar modules to National Renewable Energy Corporation (NARENCO) for four utility scale solar projects totalling 25.3 MW in Wayne and Duplin counties of North Carolina.
Andrew Giraldo, Chief Financial Officer of NARENCO, commented, "NARENCO is pleased to be working with Canadian Solar on these projects. The Company's excellent reputation and high quality are representative of the types of companies we like to work with. We look forward to building a long-lasting relationship with Canadian Solar."
The installations consist of four separate projects, three being in Wayne County and one located in Duplin County. The Wayne County projects, the first of which is named Wayne Solar I, is located in Mount Olive. This ground installation is 6.48 MW with an anticipated annual output of 9,750 MWh. The remaining pair of Wayne County projects, Wayne Solar II and Wayne Solar III are located in Goldsboro, and are also 6.48 MW in size. Individually, the Wayne Solar Projects will allow 34,276 tons of CO2 offset, equivalent to removing 4,155 vehicles off the road. The fourth project, named Duplin Solar I is located in Kenansville and is 5.83 MW in size, with anticipated annual output of 8,775 MWh.
Canadian Solar's CS6X- 300W max power modules, considered some of the highest performing modules in the industry, are powering all of the ground installation sites.
"We are pleased to be selected by NARENCO to power these latest four projects, as we continue to build upon our global leadership position. We share in NARENCO's commitment to providing cleaner, less expensive and more efficient energy," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
About Canadian Solar
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 manufacturer of solar modules and PV project developer with more than 6 GW of premium quality modules deployed around the world more than a decade, Canadian Solar is one of the most bankable solar companies in the world. Canadian Solar operates in six continents with customers in over 70 countries. Canadian Solar is committed to providing high-quality solar products, solar system solutions and services to customers around the world. For more information about our company, projects and products, please visit www.canadiansolar.com.
National Renewable Energy Corporation (NARENCO) ranks as one of Americas top Engineering, Procurement, and Construction contractors. NARENCO is leading the way in providing businesses, institutions, and utilities with renewable energy solutions. NARENCO's team is comprised of highly qualified electrical, construction, engineering and development professionals dedicated to helping our clients effectively and efficiently harness the sun's energy.
Safe Harbor/Forward Looking Statement
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 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 the Canadian markets; changes in customer order patterns; capacity utilization; pricing pressure and declines in average selling prices; delays in 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 (Jan. 7) date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
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