June 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 recently signed a sales contract to supply 12.6MW of photovoltaic ("PV") modules to Kayseri Organized Industry Zone (KOIZ) and a consortium of companies in KOIZ, (BESLER Tekstil San. ve Tic. A.S and HASCELIK Group of companies- Hascelik Cable, Coreal Cable and Metal Matris) for a solar power project located in Kayseri, Turkey.
"We are very proud to announce this 12.6MW module supply agreement which is our largest deal ever in Turkey, making it a new milestone in this important emerging market. It is the second deal we made with the aforementioned customers to whom we supplied 2.2MW of solar modules at the end of last year," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "By signing this agreement, we are expanding our presence and solidifying our competitive position in Turkey, which underscores our global leading position as a tier 1 solar module supplier with a track record of providing quality and reliable solar modules to solar power projects across the globe."
Canadian Solar will supply its high efficiency 60 cell CS6P255P and CS6P260P modules with power output respectively of 255Wp and 260Wp for the project. The Company's 255Wp and 260Wp CS6P-P modules outperform competing 60 polycrystalline cell module brands in the market, producing close to 5% more power annually according to PVsyst PV system simulation. In addition, all Canadian Solar modules come with a 10-year material warranty and a 25-year linear power output performance guarantee backed by a third-party insurance policy under-written by leading insurance companies.
About KAYSERI ORGANIZED INDUSTRY ZONE (KOIZ)
KAYSERI ORGANIZED INDUSTRY ZONE (KOIZ) is one of the largest Industrial Zones (area of 24 million sq.mt) in Turkey which has been active since 1986 in the city of Kayseri-Turkey. There are over 950 companies actively working in the zone with 12 of them are in the list of Turkey's largest 500 companies. The management has been working on the implementation of the Solar power for the last 2 years to reduce the zone's 86 million kwH/month electricity consumption.
About BESLER Tekstil San. ve Tic. A.S
BESLER Tekstil San.ve Tic.A.?. is one of the leading producers and exporters of 100% cotton carded and combed RING yarn, with 25 tons of daily production capacity, since 1998. BESLER Tekstil is carrying out its activities on 16,000 sq. meters of covered area with 260 experienced employees. For the importance of Renewable Energy and saving energy purposes, also completed another investment for ROCKWOOL production line named RAVABER Company, which produces 60.000 tons/year capacity of isolation & construction materials on 80000 sq. Meters, with 150 employees since 2007.
About HASCELIK Group:
Hascelik Group, one of the leading and largest Turkish Steel and Aluminium manufacturers has been producing following products since 1989 with below facilities: HASCELIK CABLE, HAS CELIK STEEL WIRE ROPE, COREAL CABLE, METAL MATRIS. With modern facilities, equipment and technologies, plus engineers with many years of experience in production, Hasçelik is producing steel and aluminium products in accordance with world standards such as EN, ASTM, BS, GOST, DIN, UNE, IEC, IEEE, and NFC. Along with the quality product Hascelik is dedicated to providing service required by costumer throughout the world. From meeting specific costumer requirement to dependable on time deliveries, Hascelik has proven itself to costumer in Europe, USA, The Middle East, Asia and Africa.
About Canadian Solar
Founded in 2001 in Ontario, Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has an industry leading and geographically diversified pipeline of utility-scale solar power projects as well as a track record of successful solar deployment boasting over 7 GW of premium quality modules installed in over 70 countries during the past decade. Canadian Solar is committed to providing high-quality solar products and solar energy solutions to customers around the world. For more information about our company, products and projects 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 solar grade silicon; demand for solar 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, the U.S., Japan and China; 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; trade protectionism in Europe, the U.S. and India; 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 its forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date (June 30th), unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
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