April 16, 2014
Canadian Solar Inc.(the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced the completion of the first diesel hybrid PV system in the remote microgrids in northern Ontario, Canada. The 152kW rooftop solar array on the Deer Lake First Nation Elementary School, completed by Canadian Solar with its supplier partners, is the first project under the strategic partnership with NCC Development, LP ("NCC"), a First Nation renewable energy management company, in a commitment to use renewable energy (RE) microgrid solutions to assist the energy needs of off-grid First Nations and remote communities.
Serving the First Nations of Deer Lake, Fort Severn, Keewaywin, North Spirit Lake, Poplar Hill and McDowell Lake located in northern Ontario, NCC has identified more than 80 First Nations and remote communities for potential RE microgrid solution deployment, in an effort to promote photovoltaic services and projects to areas heavily reliant on diesel and challenged by limited access to electricity.
"NCC is optimistic in moving forward with our partner Canadian Solar, as we continue to build strategic collaborative efforts with leaders in the solar and renewable energy industry to foster sustainable development of Canada's indigenous communities. As North America's largest producer of solar power solutions, Canadian Solar's industry leading experience and expertise will greatly contribute to our efforts," said Geordi Kakepetum, Chief Executive Officer of NCC Development LP.
"Our partnership with NCC started 3 years ago. It underscores our strong commitment to Canada, helping to bring solar power to areas previously unable to get connected to the grid. Solar is a green, flexible, low-cost, and sustainable energy solution for these underserved First Nations and other rural areas. We are proud of our involvement in this important effort and the direct impact we will have on so many deserving families," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
"To reduce peak load and connect five more homes, we developed a three-part plan, including conservation, load shifting, and installing a PV solar system. This is important not only for the families who are waiting to move into these new houses, but for all of Deer Lake," said Chief Royale Meekis, the leader of Deer Lake First Nation during a ribbon cutting ceremony. Deer Lake First Nation aims to eventually replace 50% of their diesel consumption with the RE microgrid retrofit solution. The focus of the partners in developing RE microgrid solutions is also to help to build much needed additional clean energy capacity, and to support future economic development in the communities.
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 6 GW 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.
About NCC Development LP
Formed in 2012 with the investment of six First Nations, NCC Development LP has, in a short period of time, become a significant First Nation renewable energy management company specialized in serving the renewable energy needs of First Nations and remote communities, starting in northern Ontario, and in facilitating the participation of First Nations in building locally owned renewable energy assets. NCC has collaborated with Canadian Solar to pursue First Nations projects across northern Canada, including in First Nations communities and for resource extraction industries operating on First Nation territories.
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 milestone payment terms, period of service, power production and environmental impact 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 and the Province of Ontario; 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 (April 16th) date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
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