GUELPH, Ontario, July 1, 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 an exclusive module supply agreement to provide photovoltaic (PV) modules totaling 91MW for Soleq Solar (Thailand) Co. Ltd. (Soleq) power plant projects in Thailand.
"We chose to work with Canadian Solar because of their vast industry experience and track record delivering high quality modules to large scale solar power projects worldwide," said Adam Balin, Soleq. "Canadian Solar understands our requirements for quality and reliability, and is a perfect fit with our focus on maximizing return on investment while generating clean, renewable energy for Thailand."
"We are honored to be selected to supply our modules for Soleq's landmark power plants in Thailand," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We are also pleased with the progress of our market diversification strategy to reduce our exposure to European markets and to minimize policy risk. This module supply agreement underscores our success expanding our global footprint, building new customer relationships, and gaining market share in important growth markets."
The solar power plants will be owned and operated by Soleq. Juwi, one of the world's leading enterprises in the renewable energy sector, will provide engineering, procurement and construction (EPC) services for seven projects with a total capacity of 61MW located in the provinces of Kamphaeng Phet in the northwest and Ubon Ratchathani in the east. Bouygues Construction, a world leader in building, civil engineering, electrical contracting and maintenance, will provide EPC services for three projects in the Tak and Sukhothai provinces of north-east Thailand.
Canadian Solar will supply its CS6X high output modules for the projects. Module deliveries have already commenced and are expected to be completed in the fourth quarter of 2013.
Soleq is an Asian based independent solar power producer. Soleq was founded in April 2012 by the Equis Funds Group and now has a presence in Singapore, Malaysia, Philippines and Thailand. Since its founding, Soleq has acquired and is developing numerous projects across Asia and continues to actively seek more investment opportunities. For more information please visit www.soleq.com.
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 4GW of premium quality solar modules to customers in over 50 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.