GUELPH and ALYMER, Ontario, Jan. 22, 2014 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced that its subsidiary, Canadian Solar Solutions Inc., has signed a 10 MWac Module Supply Agreement with Silvercreek Solar Park Inc. ("Silvercreek"), to provide Ontario-made Canadian Solar modules for a ground-mounted utility-scale solar power plant in Canada. This is Silvercreek's first utility scale solar power project in Ontario.
Dave Moerman, President of Silvercreek Solar Park Inc, commented, "This is our first project in Ontario and selecting Canadian Solar as our partner was an important decision. We are pleased with our decision. Canadian Solar is the largest solar manufacturer in Canada, known for manufacturing high performance solar modules. Both companies share in our commitment to the Ontario solar industry and are pleased to bring this showcase project online."
The 10 MWac solar power plant, which is located in Elgin County, south of the Town of Alymer, Ontario, is scheduled to be completed and connected to the Ontario grid in July 2014. It is projected to generate over 17,500,000 kilowatt-hours per year. The Silvercreek solar power plant is powered by 48,384 Canadian Solar high performance CS6X modules that have been formally tested and awarded international certifications. Once connected to the grid, the plant is expected to power approximately 1,699 houses annually and is expected to displace approximately 246,940 metric tons of carbon dioxide emissions over its 20-year operational period. This project is being developed as part of the Ontario Power Authority ("OPA") Feed-in Tariff contract.
"We take the utmost pride and bring the same high level of expertise and quality to every solar project we are involved with. As a result, our impressive track record of success worldwide, expanding global leadership and strong local manufacturing facilities in Canada made Canadian Solar an ideal partner. We are excited to be working with Silvercreek Solar Park on its first solar project in Canada and look forward to further expanding our relationship in the future as opportunities become available," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
The Silvercreek solar farm will mark a milestone for the community, as Elgin County's first solar farm to be built and connected in the county. The solar farm, which will cover approximately 88 acres of land, is expected to create more than 150 new jobs throughout the development and construction phase of the project.
Canadian Solar modules are covered by a 10-year warranty on materials and workmanship, along with a 25 year linear power output performance guarantee. In addition, Canadian Solar's product and performance warranty are backed by a third-party insurance policy that is underwritten by investment grade insurance companies.
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 6GW 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 date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
SOURCE Canadian Solar Inc.