Canadian Solar Selects ABB and Bondfield to Build 100 MW Power Plant in Ontario
GUELPH, Ontario, Nov. 5, 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 its wholly owned subsidiary, Canadian Solar Solutions Inc. ("Canadian Solar Solutions"), has selected ABB Inc. ("ABB"), a world leader in power and automation technologies, and its consortium partner Bondfield Construction Company Limited ("Bondfield"), a leading full-service construction company, to supply a 100 megawatt (MW) turnkey solar photovoltaic ("PV") power plant for the previously announced Grand Renewable Energy Project in cooperation with Samsung Renewable Energy Inc. ("Samsung") and Connor Clark & Lunn Infrastructure.
The 100MW utility-scale solar farm will be Canada's largest photovoltaic project. Canadian Solar Solutions is the engineering, procurement and construction contractor for the solar project.
"The selection of ABB and Bondfield is the culmination of an extensive evaluation process, whereby we considered parties based on numerous criteria, including direct operating experience in Canada, total solution offerings, and examples of prior turnkey construction work on this larger scale. This is a major project for all parties involved, with ideal partners in Samsung and Connor Clark & Lunn Infrastructure. We are pleased to be moving forward on schedule and are fully intent on hitting all coming milestones on or ahead of plan," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
"We are delighted to work with Canadian Solar Solutions on what will be Canada's largest solar PV plant and to support Samsung's visionary renewable energy initiative," said ABB CEO Ulrich Spiesshofer. "Our range of solar product and system offerings combined with an extensive track record in efficiently executing optimized utility-scale PV plants around the world will enable us to deliver a best-in-class solution."
ABB will provide a balance of system solution comprising of a broad range of power and automation products. In addition, ABB is also responsible for engineering, electrical installation, commissioning, and performance testing of the plant. Ontario-based Bondfield will be responsible for all aspects of the civil works, including the foundation design and installation, along with all mechanical installation and assembly.
"The Grand Renewable Solar Project represents a significant milestone in the province's goal of increasing the percentage of renewables in the energy supply mix. We are excited to be a part of this project and look forward to bringing our more than 40 years of construction experience to this world class team," said John Aquino, Vice President and General Manager of Bondfield.
When fully operational in 2015, the PV power plant is expected to produce approximately 165,000 megawatt-hours of emission-free electricity a year, which is enough to power 13,750 Canadian homes for an entire year. It will also contribute to a cleaner environment by displacing 162,000 metric tons of carbon dioxide emissions annually.
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs approximately 150,000 people.
For 40 years, Bondfield (www.bondfield.com) has consistently proven itself as one of Ontario's leading full-service construction companies with a renowned reputation for delivering innovative, quality, cost efficient projects on time and on budget. Bondfield's extensive award-winning portfolio showcases the depth of its knowledge and skill in the industry, spanning projects large and small in the health care, education, commercial, industrial, athletic, retail and residential sectors. With specialized expertise in LEED, renewable energy and P3 construction.
About Samsung Renewable Energy Inc.
Samsung Renewable Energy is creating clean, renewable energy for generations to come. Together with our partners, Samsung is making a $5-billion investment in Ontario to create the world's largest cluster of wind and solar power. Our investments will create 900 direct renewable energy manufacturing jobs and 9,000 high-skilled jobs in Ontario. Built on Samsung C&T's commercial and technical expertise and the success of its renewable energy projects in several countries – including the United States and Europe – Samsung is creating real jobs, through real investment, benefitting real people. For more information, please visit www.samsungrenewableenergy.ca.
About Connor, Clark & Lunn Infrastructure
Connor, Clark & Lunn Infrastructure invests in middle-market infrastructure and infrastructure-like assets with highly attractive risk-return characteristics, long lives and the potential to generate stable cash flow. Connor, Clark & Lunn Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm who affiliates collectively manage over $46 billion in assets. For more information, please visit www.cclgroup.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 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.