January 30, 2014
Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced that it has shipped a record of 508 MW of solar photovoltaic (PV) modules under its own Canadian Solar brand thus becoming the largest foreign PV module brand in the Japanese market with an estimated 7% market share in 2013.
To take advantage of its strong position in the Japanese solar energy market, Canadian Solar is proud to announce the opening of two additional business operation centers to better serve four geographic regions in Japan. The Tokyo operation center will focus on the central-east region, Fukuoka will serve customers in the south region, while Osaka and Sendai will cover the central-west and north regions, respectively.
In addition to PV module sales, Canadian Solar is also one of the leading brands to supply solar PV module system kit solutions for residential and commercial rooftop applications in the Japanese market. The Company also has made further acquisitions of utility-scale PV project permits to bring its total late-stage utility scale project pipeline in Japan to 330MW, up from 278MW at the end of the third quarter of 2013.
"Japan has been a key market for us since 2009, when we initiated our market diversification strategy. We are proud of our progress and our accomplishments in the space of 5 years, as we built our team to over 100 employees, and expanded our business scope from residential and commercial PV system sales to include module sales and utility-scale solar project development. We are also delighted that as a result of our hard work and commitment we are able to establish Canadian Solar as the top foreign brand in this important growth market," commented by Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
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 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 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 (January 30) date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
For more information:
Canadian Solar Inc.
545 Speedvale Avenue
West Guelph, Ontario
Canada, N1K 1E6