Canadian Solar Announces 32MW Solar PV Module Supply Agreement in China

GUELPH, Ontario, Nov. 12, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has been awarded a module supply agreement to provide China Perfect Machinery Industry Corp. with 32 MW of solar photovoltaic ('PV') modules for a solar power plant project in China.

"We have been very selective about our module suppliers and we have chosen to work with Canadian Solar as we believe in its rich industry experience and reputation as a reliable partner," commented Chen Wei, General Manager of Operation Department, China Perfect Machinery Industry Corp.

"Our agreement with China Perfect Machinery Industry is another major step in our effort to expand our market presence in China," said Dr. Shawn Qu, President, Chairman and Chief Executive Officer of Canadian Solar. "Clearly, demand for solar modules in China is picking up nicely in the fourth quarter of 2013, with improving pricing and more attractive payment terms and we remain optimistic China will be the largest solar PV market this year and in the foreseeable future. Canadian Solar is well positioned with a strong brand, a solid track record of execution and the industry's leading module warranty backed by third party insurance to participate in the growth of this important emerging market."

Canadian Solar will supply its CS6X-P modules with power output of 295 and 300Wp for the project. CS6X-P modules outperform competing 72 polycrystalline cell module brands in the market, producing over 4% 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. Module delivery is expected to be completed in November 2013.

About China Perfect Machinery Industry Corp.

China Perfect Machinery Industry Corp ("CPMIC") is a company that focuses on domestic and international trade, real estate development, and project contracting. Headquartered in Shanghai, CPMIC owns 14 majority holding companies, with nearly 500 employees. CPMIC has taken engineering general contracting and project management services as the strategic business, and actively explores its EPC capabilities in order to effectively respond to market opportunities. 

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 5GW 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.



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