ONTARIO, Canada, Jan. 14 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. ("the Company", "Canadian Solar" or "we") (Nasdaq: CSIQ) today announced a joint venture and an 18 MW distribution deal with West Holding Ltd of Japan.
The agreement stipulates a transfer of 14% of the shares in Canadian Solar Japan, which is the Japanese subsidiary of Canadian Solar Inc., to West Holding Ltd. Canadian Solar retains the remaining 86%. West Holding Ltd will distribute and sell solar residential rooftop systems designed by Canadian Solar Japan. The sales target for 2010 is approximately 18 MW. Deliveries began in December 2009.
Shawn Qu, Chairman and CEO, said, "West Holding is a leading independent distributor of residential solar systems in Japan and is very experienced in distributing, marketing and selling imported PV modules. This was a key criterion in our selection of this company as one of our partners in Japan. Our high-powered, cost effective modules coupled with their strength as a distributor and local understanding of marketing and sales will help make both companies successful in Japan."
Takashi Kikawa, CEO of WHD said, "We are very pleased to work with global leader Canadian Solar. The cooperation between our companies will allow us to continue to develop the Japanese market for their PV modules and accelerate our green energy business."
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 .
West Holdings Corporation and its subsidiaries work to develop positive environmental businesses, such as photovoltaic systems, all electric housing, and heat reflective paints with the key concepts of "Environment, health, price, peace of mind and safety" in Japan and overseas.
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.