SAN RAMON, Calif., Aug. 29, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar, Inc., (the "Company," "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, announced that it has supplied more than 8 MW of solar modules to groSolar for three utility and commercial photovoltaic (PV) projects in the United States.
The largest installation is a 6 MW plant currently under construction in Lancaster County, Pennsylvania. Canadian Solar was the exclusive provider of high-performance solar modules for the plant, which will supply around 7.5 million kilowatt hours (kWh) of solar energy per year under a 15-year power purchase agreement (PPA). The installation was designed to support both farmland preservation and agricultural soil restoration in Lancaster. When completed, it will be the largest solar installation in the state of Pennsylvania.
Two of the PV projects have recently been completed. groSolar selected Canadian Solar's monocrystalline PV modules for the 1.8 MW solar project, located at the Camden County Municipal Utility Authority's (CCMUA) wastewater treatment plant in Camden, N.J. The system was designed and built to span open wastewater treatment tanks, with the solar generated electricity sold by the third party owner to CCMUA, the project host, in the form of a PPA. Lastly, Canadian Solar supplied modules for the construction of the 1.5 MW PV system at Longwood Gardens in Kennett Square, Pa. The combined production of both plants is expected to produce approximately 4.95 million kWh of clean solar energy and offset approximately 3,712 tons of carbon emissions per year, the equivalent of planting 18,562 trees.
"Canadian Solar is committed to supporting its valued partners and customers," said Shawn Qu, CEO of Canadian Solar. "We are pleased to be selected as module provider of choice by groSolar's experienced team as we continue to expand in the U.S. market."
"When working on challenging projects, we know we can depend on Canadian Solar as a partner. They are a trusted supplier that we have successfully worked with on many projects and look forward to collaborating with them on many more in the future," said Jamie Resor, CEO of groSolar.
All three groSolar projects were built using Canadian Solar's workhorse module, the CS6P. Canadian Solar's meticulous design and production techniques ensure high-yield, long-term performance for every module produced, giving the CS6P one of the top ranked PVUSA (PTC) ratings in California for higher energy production. In addition, Canadian Solar's high-performance modules are covered by an industry-leading 25-year warranty as well as matching warranty insurance underwritten by A.M. Best-rated insurance carriers.
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.
groSolar is a leading provider of solar energy solutions for commercial and utility applications. groSolar serves the 1 to 20 MW commercial and utility markets with complete EPC, financing, and development support, while serving the residential and commercial markets exclusively through its nationwide procurement and distribution division. Founded in 1998, groSolar brings leading knowledge to the industry and integrates components from top solar manufacturers into robust solar energy solutions, which generate clean, reliable energy for decades. groSolar is dedicated to providing high quality solar energy systems. Learn more at groSolar.com or call 800.374.4494.
Canadian Solar U.S. Offices:
West Coast: 12657 Alcosta Blvd, Suite 130, San Ramon, CA 94583; Phone: 925-866-2700
East Coast: 945 Concord Street, Framingham, MA 01701; Phone: 508-620-4743
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 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 27, 2012. 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.