Canadian Solar and Fire Energy Announce 60MW Contract

Jan 27, 2010, 09:09 ET from Canadian Solar Inc.

ONTARIO, Canada, Jan. 27 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. ("the Company", "Canadian Solar" or "we") (Nasdaq: CSIQ) today announced that that it has entered into a sales contract with Fire Energy Group ("F.E."). Under terms of the contract, shipments started in January, with Canadian Solar expected to supply 60MW of PV modules to Fire Energy in 2010.

Fire Energy Group is a system integrator that provides project management and distribution services. Fire Energy Group will use its global reach to promote Canadian Solar's PV products in Spain, Germany, Italy, the U.S., the Czech Republic, Morocco and China.

Mr. John Liu, Chairman and CEO of Fire Energy Group commented, "This cooperation is an important step in meeting our customer needs. This agreement secures high-quality solar modules from Canadian Solar, one of the world's most respected and proven producers. We view this as a win-win cooperation where we can grow together with our new partner. Our shared philosophy is to offer the best service and the best quality at a reasonable price."

Shawn Qu, Chairman and CEO of Canadian Solar, said, "We are pleased to work with Fire Energy Group, one of the largest PV system integrators in Europe. Canadian Solar's global leadership, scale, cost leverage and proven quality record put us in the enviable position of being able to work with the best partners in each local market. In the case of Fire Energy, the contract calls for a 60MW purchase commitment, which we are confident we will deliver to Fire Energy based on their existing orders and customer growth indications."

About Canadian Solar Inc. (NASDAQ: CSIQ)

Canadian Solar Inc. is a leading vertically integrated provider of ingot, wafer, solar cell, solar module and other solar applications. Canadian Solar designs, manufactures and delivers solar products and solar systems for on- grid and off-grid use to customers worldwide. Canadian Solar is one of the world's largest solar module producers by manufacturing capacity. 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 http://www.canadiansolar.com .

Safe Harbor/Forward-Looking Statements

Certain statements in this press release including statements regarding expected future financial and industry growth 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 general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future shortage or availability of the supply 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, including customers of our silicon materials sales; 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 originally filed on June 8, 2009. 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.



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