Canadian Solar Announces 2.3MW Solar Module Supply Agreement in Turkey

GUELPH, Ontario, Nov. 12, 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 it has recently completed a delivery of 2.3MW of photovoltaic ("PV") modules to a consortium of companies in Kayseri Organized Industry Area,  (BESLER Tekstil San. ve Tic. A.S and HASCELIK ve Halat San. ve Tic. A.S.) for a solar power project located in Kayseri, Turkey.

"Considering that the cumulative installed PV capacity in Turkey since 1996 is just 6 to 7 MW it is clear that with these two sales contracts, Canadian Solar has reached a milestone in this important emerging market. Combined with our previous success stories, including the first solar PV project to be connected to the grid, we continue to build our momentum in Turkey," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

"Before deciding on the appropriate panel supplier for this project, the consortium visited several panel manufacturers in Europe and Asia, and decided to use Canadian Solar panels because of our track record of quality and reliability as well as superior customer service," added Dr. Qu.

Canadian Solar will supply its high efficiency 60 cell CS6P250P modules with power output of 250Wp for the project. The Company's 250Wp CS6P-P modules outperform competing 60 polycrystalline cell module brands in the market, producing close to 5% more power annually according to PVsyst PV system simulation. In addition, all Canadian Solar modules come with a 10-year material warranty and a 25-year linear power output performance guarantee backed by a third-party insurance policy under-written by leading insurance companies.

For commercial inquiries please contact:

Eren Engur, General Manager
Canadian Solar Middle East Ltd.
Phone: +90-532-664-8245 or +971-506-164-181
Email: [email protected]

About BESLER Tekstil San. ve Tic. A.S

BESLER Tekstil San.ve Tic.A.S. is one of the leading producers and exporters of 100% cotton carded and combed RING yarn, with 25 tons of daily production capacity, since 1998.  BESLER Tekstil is carrying out its activities on 16,000 sq. meters of covered area with 260 experienced employees. For the importance of Renewable Energy and saving energy purposes, also completed another investment for ROCKWOOL production line named RAVABER Company, which produces 60,000 tons/year capacity of isolation & construction materials.

About HASCELIK ve Halat San. ve Tic. A.S.

HASCELIK ve Halat San. ve Tic. A.S. (HASCELIK) was established in Kayseri, TURKEY in 1989, mainly engaged in production of steel strand for cable sector.  Along with the modernizing of machines and thanks to new additional investments, HASCELIK expanded its product range according to World Standarts EN, ASTM, API etc. HASCELIK's high service quality has been proved by such certificates as TSE ISO 9000 Quality Certificate, TUV SUD certificate for elevator ropes, TSE-ISO-14000 verifying the sensitivity to environment, and many international quality-process certificates especially for some products showing the proved service quality by domestic and foreign foundations.

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.