Canadian Solar Supplies 70 MW of Solar Modules for Germany's Largest Project; Built by Leading EPC Company GP JOULE
MUNICH, Sept. 2, 2011, /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced that the Company supplied its high quality solar modules for Germany's largest solar power plant. Built by GP JOULE GmbH ("GP JOULE") the open-space solar power plant has a specified output of 70 MW and occupies a 152 hectare surface in the Southern Brandenburg region of Eastern Germany.
GP JOULE, is a leading international engineering, procurement and construction ("EPC") and project development company, with four locations in Northern and Southern Germany as well as international offices in North America, France and Italy. For this project, GP JOULE installed approximately 306,000 solar modules on four fields located in a former lignite mining strip in the East German city of Meuro near Senftenberg. In total, the plant will power 17,500 households with green energy. The financing partners for this project were HSH Nordbank, Unlimited Energy and Luxcara.
"We selected Canadian Solar's photovoltaic ('PV') modules because of their high quality, performance and reliability -- all critical for successfully implementing and running large projects. Canadian Solar continues to set industry benchmarks in the development of innovative PV modules, which also represent excellent value for money," said Ove Petersen, founder and CEO of GP JOULE. "Service, flexibility and trust are of particular importance for large solar parks, like our current 70 MW project. Canadian Solar has it all."
Canadian Solar and GP JOULE have cooperated since 2009, with the most recent supply agreement for 97 MW concluded in April. The successfully completed Meuro solar park reinforces this partnership and further strengthens Canadian Solar's position in the German energy market.
"We are proud to see our modules selected for this prestigious landmark project. With this solar power plant, GP JOULE is demonstrating on a high quality standard the true large scale potential of solar energy in meeting energy demands worldwide," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. "This project also significantly increases our presence and brand awareness in Germany, consistently the world's top solar market. We look forward to continuing our successful cooperation with GP JOULE."
About GP JOULE GmbH
GP JOULE supports its customers throughout all phases of a project, from the original idea to its realisation, and also looks after completed plants by providing professional operational management once they are up and running. Besides the business fields of solar, wind and biomass, with their future strategies division GP JOULE have established a knowledge pool that brings together the know-how from all their specialist departments and allows GP JOULE to create comprehensive energy solutions. Investors see GP JOULE as a competent partner that offers them attractive, bespoke investment opportunities. For more information, visit www.gp-joule.de.
About Canadian Solar Inc. (NASDAQ: CSIQ)
Canadian Solar Inc. 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 and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, 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 May 17, 2011. 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.