Canadian Solar Expands into Puerto Rico with Planned 26 MW Solar Power Plant Installation

ONTARIO, Canada, Oct. 2, 2012 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced the delivery 26 MW of its high quality and high-performing CS6P-P solar power modules to EPC Contractor TSK Solar for the "San Fermin" solar power plant installation in Puerto Rico, co-developed by firms Uriel Renewables inc. and Coqui Power LLC. The solar power plant is located in the North Eastern town of Loiza, a region that regularly faces adverse weather conditions such as hurricanes, tropical storms and flooding. Due to the specific nature of the project and its location, the project's electrical equipment were installed on structures that elevated them two to four meters above ground, and have also been designed to withstand winds of up to 260 kilometers per hour.

The solar power system is expected to be completed and connected to the national grid in December 2012, making it the first photovoltaic project in Puerto Rico to meet the technical requirements of the Puerto Rico Electric Power Authority (PREPA) by enabling both active and reactive power regulation. Moreover, the electrical frequency will be adjustable and the voltage can be modulated at the grid connection point to accommodate any sudden fluctuations in solar intensity. The PV installation also has a very unique feature with its own predictive weather station to prepare the solar power plant for sudden increases or reductions of sunlight.

"This PV project has proven to have an extra degree of complexity, as we needed to plan, design and engineer for weather conditions particular to the Caribbean region ranging from hurricanes and flooding to a variety of soil types.  The solar plant was also designed to operate in a challenging electrical environment, with 40% overcurrent, voltage control issues and the need for a back-up energy storage system. Given this highly demanding environment, the high-quality and durability of Canadian Solar's modules was essential in meeting the strict requirements for us and our development partner, Uriel," stated Roberto Montes, General Manager of TSK Solar. "Thanks to the robustness of our PV components, the new installation will help further stabilize Puerto Rico's electrical grid." 

"The joint efforts, focus and cooperation of all stakeholders involved in this project have helped keep the installation on its planned schedule," said Fernando Metcalf, President of Uriel Renewables. "Canadian Solar's experience, module reliability and high quality has proven to be the right choice for the San Fermin project. We look forward to continue developing the relationship as we deploy our solar PV pipeline in the region".

Canadian Solar's CS6P-P solar modules, which were selected for the Loiza project, recently received the highest PV USA (PTC) ratings – a universally recognized indicator of a solar system's real performance and power output.

"We continue to expand our global presence in markets that are attractive from a financial perspective and where we can work with strong local partners to ensure success," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. "We are excited to be involved with innovative solar power plants, like the one in Loiza, as they showcase solar an option for a much wider range of markets with challenging energy needs."

About Canadian Solar

Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest solar companies. As a leading vertically integrated provider of ingots, wafers, solar cells, solar modules and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe, Africa, Australia, Asia and Africa, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. 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 the previously disclosed SEC investigation as well as 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 from major markets such as Germany; changes in customer order patterns; changes in product mix; 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; 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 27, 2012. 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.