SAN RAMON, Calif., Sept. 21, 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 it has been awarded a contract to provide solar panels for a new 2.1 megawatt solar power installation at St. Peter's University Hospital in New Brunswick, New Jersey. The project is scheduled to begin construction in October, 2011.
The hospital will invest $9M in the project, and will realize substantial savings in its energy cost over the next several decades. Economic benefits from the project include revenue from New Jersey's unique solar renewable energy credit program, a federal tax credit and substantially reduced electricity costs. Public Service Electric and Gas Company (PSE&G), the local utility, has helped finance the project through its solar loan program. By generating its own solar power, the hospital can control its energy costs and insulate itself from increasing utility rates.
"This solar project is one of the largest and most advanced in the state", said Mark Warner, CEO of Sun Farm Network, the company that will design, build, and maintain the system. "This is a world class health care facility with demanding requirements, and St. Peters Hospital is leading the market through their use of parking lot canopies to produce clean, renewable power. We considered several suppliers for this project, but Canadian Solar was the clear winner based on a combination of excellent product and strong business support. Projects of this scale and complexity are best served through a partnership between global leaders such as Canadian Solar, and local experts like the Sun Farm Network. We are proud to be working with Canadian Solar to make this inspiring project a reality for St. Peter's Hospital".
Comprised of nearly 10,000 Canadian Solar 6P 240P solar panels, the installation will produce roughly 2.3 million kilowatt hours of clean, renewable energy per year and is expected to eliminate 78 million pounds from the hospital's carbon footprint over a 20-year span. The installation will consist of six separate solar arrays: two rooftop arrays, three parking lot solar canopies and a further solar canopy on the top deck of a multi-floor parking structure. In addition to supplying the hospital with cost effective renewable energy and helping reduce pollution in New Jersey, the canopies will also provide shade for patients' cars while they seek treatment.
"Hospitals are often energy-intensive facilities, and we are pleased to work with Sun Farm Network to provide technology that will help St. Peter's Hospital deliver excellent care to New Jersey residents while significantly reducing its carbon footprint and reliance on traditional energy sources," said Dr. Shawn Qu, CEO of Canadian Solar, Inc. "Sun Farm Network has a decade of experience delivering market leading projects of this type, and we welcome the opportunity to partner with one of the leading companies in the state on such a sophisticated project. This partnership exemplifies Canadian Solar's commitment to expanding our U.S. operations and to making quality solar products available to customers in the Northeast."
About Sun Farm Network
Sun Farm Network is one of the largest and most active Solar Photovoltaic (PV) Project Development companies in the Mid-Atlantic region. Its Full Service Solar solution is based on in-house expertise for engineering, project management, construction, financial engineering, and long term system maintenance and customer support functions. As a founding member of NJ's solar industry, the company has nearly a decade of experience delivering complex solar projects successfully. Sun Farm Network serves a diverse array of solar customers including commercial, industrial, agricultural, and not-for-profit organizations. For more information go to www.SunFarmNetwork.com, or contact Media Relations at 908 782 4172.
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.
U.S. offices: 12657 Alcosta Blvd, Suite 130, San Ramon, CA 94583 Telephone: 1-925-866-2700 Fax: 1-925-866-2704
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.