Canadian Solar Modules to Power 44 MW North Carolina Solar Farms
Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced that the Company executed a 44 MWp module sales agreement with affiliates of Entropy Investment Management, LLC and Entropy Solar Integrators, LLC ("Entropy"). Entropy will construct seven solar farms in North Carolina in 2014 by using high efficient Canadian Solar CS6X-P PV module series.
Over the next twenty years, the projects are anticipated to generate more than 1.1 Mio. kWh of clean, renewable, solar energy. This is equivalent to taking the CO2 emission of more than 94,000 automobiles off the road or powering more than 130,000 homes.
"Entropy has a strong partnership with Canadian Solar, and this is our second major order with them for projects that will enter service this year. We are particularly pleased that we were able to consummate this deal at a fair price even after the imposition of new duties on solar products. Continued commitment to the US market by low cost manufacturers such as Canadian Solar in spite of the challenges is encouraging and ultimately essential for the continued deployment of low cost solar energy in the United States," said Lewis Reynolds, Managing Partner of Entropy Investment Management, LLC.
Canadian Solar, North America's largest manufacturer of solar products, continues to grow its activities and customer base in the United States.
Additionally, Canadian Solar modules are covered by a 10-year warranty on materials and workmanship, along with a 25 year linear power output performance guarantee - backed by a third-party insurance policy that is underwritten by investment grade insurance companies.
"We are privileged to be a part of North Carolina's solar success story, as North American companies continue to invest in sustainable development. Partnerships with organizations such as Entropy showcase Canadian Solar's ability to continue serving the booming US market. Generating local jobs to design, construct and finance these PV projects while increasing the use of clean and renewable energies is part of our dedication to making a solar-powered America a reality," said Thomas Koerner, General Manager of CSI's Americas Operation.
About Canadian Solar Inc.
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.
About Entropy Solar Integrators LLC
Entropy Solar Integrators is a full service solar development and finance firm that provides cost-effective, quality, and innovative solar energy. Built on the backbone of over 200 solar photovoltaic solar projects installed in the eastern US since 1999, today's Entropy is one of best capitalized and fastest growing renewable energy companies in the world. For more information please visit www.entropysolar.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 (August 12) 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
Contact person:David Pasquale
Global IR Partners
Contact person:Naveed Hasan
Canadian Solar Inc.
Contact person:Ed Job, CFA, Director, Investor Relations
Canadian Solar Inc.