Canadian Solar Supplies 8.7 MW of Solar Modules for EOSOL MEXICO Project in Durango, Mexico
SAN RAMON, Calif., Dec. 9, 2013 /PRNewswire/ -- Canadian Solar Inc., (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced it is the supplier of 8.7 MW of its MaxPower CS6X Solar Modules to EOSOL Mexico. The ground mounted solar project is located in Durango, Mexico and represents Mexico's second largest Photovoltaic project to date. The formal ribbon cutting celebration is scheduled for an unannounced date in first quarter of 2014.
EOSOL MEXICO, one of Mexico's most recognizable names in renewable energy project development and investment, is part of the EOSOL Group, which previously collaborated with Canadian Solar on other solar projects in France and Spain. According to Carlos Ludlow, CEO of EOSOL Mexico, this installation in Durango is the first phase of an EOSOL mega-project, which will generate up to more than 200 MW over the next two years.
"We are very excited to be a part of this important project in such an attractive emerging market. To put the 8.7 MW size in perspective, the entire installed Mexican PV market was approximately 30 MW in 2012. We are thankful for the hard work and high quality of our partner EOSOL EM and its team. This is another example of Canadian Solar working closely with strong partners in local markets in order to maximize the potential opportunities we can successfully pursue," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
"Canadian Solar has proven to be an excellent partner with its high-quality modules and its superior customer service for our previous projects in France and Spain. That is why we selected them to become our partner for this important and strategic first project in Durango, Mexico. We plan on further expanding our partnership with Canadian Solar in the future, as we spearhead the development of Mexico's Solar Industry," said M. Bruno Bernal, President of the EOSOL Group.
M. Oscar Bernal, Development Director of EOSOL Group added, "I am honored that we have had the full support of the State Governor, the Honorable Jorge Herrera Caldera, which has made our Durango project a success. Canadian Solar has once again proven to be a trusted companion on our first project in Mexico and will remain an example to follow. We look forward to working together with all of our partners to further stimulate growth of the solar industry and job creation in Mexico."
Installed by TSK Electronica y Electricidad S.A., the project known as "TAI-I" will power approximately 8,000 Mexican homes, while energizing the local economy through job creation and the introduction of a new, opportunity-filled industry to the region. In addition to leading plant Engineering and Construction, TSK is also providing the financing from project initiation through grid connection. With this project, TSK becomes one of the main EPC companies in the region, having installed more than 27 MW of photovoltaic projects in Puerto Rico and with 90 MW of other energy sources in Nicaragua, Mexico, Honduras and Colombia.
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.
About EOSOL Group
EOSOL Energy de Mexico is a major player in the development, investment and production of energy from natural resources. Specializing in solar, EOSOL EM benefits from the confidence of the NAFIN for the financing of their projects and has worked with the best partners in the industry (TSK, Ingeteam...) to strengthen its expertise. EOSOL Energy de Mexico is a young company, and it's directed by Ing. Carlos Ludlow Saldivar and 50% of capital is set by local partners with more than EUR 20M in assets, presents itself as the leading regional in the state of Durango producer of electricity from ground-mounted solar energy. For more information, please visit www.eosol.net.
About TSK Electronica y Electricidad S.A.
TSK was established and launched as a public limited company in 1986. At TSK, we have pursued a clear objective since our foundation: to build a leading business group in engineering development and the supply of facilities of the highest quality. Our priority is to meet the needs of our customer, offering them all the technical and human resources necessary every step of the way. TSK has a turnover of more than €450 million, with over 750 professionals and an international presence in more than 35 countries. Our achievements and the professional drive of our entire human team are the highest guarantee for continuing to fulfill our commitment: Service excellence.
Safe Harbor/Forward Looking Statement
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 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 the Canadian markets; changes in customer order patterns; capacity utilization; pricing pressure and declines in average selling prices; delays in 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.