May 27, 2014
Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ),one of the world's largest solar power companies, announced that it was selected to power South Carolina's first solar farm. The Colleton Solar Farm, located near Walterboro, South Carolina is owned and operated by TIG Energy I, LLC, a member of The InterTech Group, Inc.
The Colleton Solar Farm utilizes 10,010 Canadian Solar CS6X-300P "Max Power" modules producing a 2.5 MW (AC) output capability. The Solar Farm is expected to produce 4,556,000 kWH annually, which would be enough to power 300 residences. Construction began on October 25, 2013 with commercial operation commencing on December 20, 2013.
The Colleton Solar Farm continues a commitment by Santee Cooper and the electric cooperatives to develop renewable electricity sources across South Carolina, a commitment that dates to 2001 when they dedicated the first Green Power Generating Station in Horry County. Today, they work together to deliver more than 681 MWs of electricity generated from renewable resources including hydro, biomass and landfill biogas, solar and wind.
"All parties came together to help make this project a success and a showcase for what we hope will be other projects in South Carolina. Our development team, Santee Cooper and the local electric cooperative executed a very compressed construction schedule on time and on budget. The solar farm was designed to provide extensive data on its performance to aid in future solar designs and allow the utilities to gain operational experience. We are pleased to report everything has performed as expected since we brought the Colleton Solar Farm online. Canadian Solar met our expedited schedule while ensuring the high quality and reliability that led us to originally select the company," said Grant Reeves, Senior Vice-President of the Intertech Group.
Canadian Solar, the largest PV Module Manufacturer in North America, is considered a global leader in PV technology. The Company boasts the highest PTC Ratings in the industry. PTC Rating, established by the California Energy Commission (CEC), are the universally accepted indicator of real-word PV module performance.
"We are pleased to be selected to power South Carolina's first solar farm. This was great project from the design, which optimized space, best practices and both fixed-tilt and single axis tracking panels, through the accelerated construction schedule. We fully appreciate the longer-term, strategic importance a project like this can have to serve as a catalyst for growth of the local market. Canadian Solar's global leadership, proven track record, and well-known brand name continue to make us a partner of choice in powering key solar installations worldwide," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
About TIG Sun Energy I, LLC
TIG Sun Energy I, LLC was formed to develop solar energy projects in South Carolina by The InterTech Group, Inc. of North Charleston, S.C. The InterTech Group, a diversified global company with wholly owned operations and investments in multiple industry sectors, was South Carolina Solar Council Corporation of the Year in 2013 and recipient of their 2014 Team Award for the Colleton Solar Farm project.
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.
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 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 28, 2014. 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 (May 27th) date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
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