SAN RAMON, Calif., Dec. 16, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc., (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced its modules were selected for the Clovis Unified School District solar installation ("Clovis Project") in Clovis, California.
The Clovis Project, which includes 21 solar power systems, is scheduled for completion in January 2014, and is projected to generate 8.4 million kilowatt-hours (kWh) per year. Nearly 38,000 Californian students will immediately benefit as the school district reduces its annual energy costs, while using clean, renewable energy. Construction commenced in 2012 after funding for the $25 million project was secured through a voter approved bond issuance. The Clovis Project is expected to save the school district $2.7 million annually from its $7.5 million energy bill for the next [35 to 40] years.
"Early indicators tell us that our solar power system will produce enough energy to save an anticipated $2.7 million dollars. We specified high quality materials for the system like the Canadian Solar panels, which contributed to the quality of project, "said Don Ulrich, Assistant Superintendent, and Facility Services at the Clovis Unified School District.
Independent energy advisor TerraVerde Renewable Partners managed the solar project, while Cupertino Electric designed and constructed the project to maximize power output for the public school district's investment. The solar system utilizes Canadian Solar "CS6P" Monocrystalline modules, which are recognized as one of the highest performing solar panels in the industry. "The voters of Clovis USD had the foresight to authorize the financing for a 5.86 MW solar project that will provide immediate energy costs savings to support the District's core mission, educating children. To produce those savings, TerraVerde implemented a rigorous competitive bid process on behalf of the District, who then selected Cupertino Electric to build the project, and Cupertino selected Canadian Solar modules to meet TerraVerde's clearly defined project performance specifications," said Rick Brown PhD, President of Terraverde Renewable Partners.
"The ambitious Clovis Project exemplifies the school district's foresight to reduce energy costs. With education budgets tight across the U.S., this significant savings can be redeployed, directly benefiting students for generations to come. Our team is always proud to provide affordable, high-quality solar energy solutions for educational institutions, as we share in our commitment to helping to create a sustainable and brighter future for children," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
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.
TerraVerde is an independent energy advisor with expertise in solar design, energy conservation, public and private finance, engineering, construction oversight and public construction procurement . Its comprehensive approach to planning and implementing programs in solar electricity generation, energy efficiency upgrades and demand management, provides its clients smart ways to reduce energy costs. About Clovis Unified School District
Located halfway between Los Angeles and San Francisco, Clovis Unified School District is a K-12 public school system that serves the cities of Clovis and Fresno, some unincorporated areas of Fresno County, and the rural community of Friant. The District covers approximately 198-square miles, and has a student population exceeding 40,000. Clovis Unified emphasizes developing students to their full potential in mind, body and spirit. Services to students include a rigorous curriculum; access to a wide variety of athletic, academic and performing arts opportunities; and an emphasis on the development of good character.
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.