GUELPH, Ontario, June 18, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, has entered into a master supply agreement for 17 MW of solar photovoltaic (PV) modules with Potentia Solar Inc. ("Potentia"), an Independent Power Producer in Ontario. Potentia will use the solar modules to power a number of commercial rooftop solar systems to be installed in major urban areas in Ontario.
Under the terms of the agreement, Canadian Solar will provide modules for the development of more than one hundred rooftop solar projects. The projects will be constructed on commercial, industrial and institutional buildings by Potentia. Canadian Solar will deliver the solar modules to Potentia on a per project basis, with all projects scheduled for completion in 2013.
"Potentia is committed to becoming a leading independent solar power producer in Ontario and delivering the best quality, high-performing solar systems," said Chris Asimakis, president & COO of Potentia. "We are excited to work with Canadian Solar, a company with a sterling reputation for producing some of the most cost-effective and highest energy efficiency solar PV modules in the industry."
When completed, enough electricity will be generated to meet the annual needs of approximately 1,700 homes with clean, renewable solar power. Development of the 17 MW of solar power is expected to create approximately 260 skilled manufacturing, engineering, construction and maintenance jobs.
"We are proud of our continuing leadership role in building Ontario's alternative energy presence," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. "Through this new master supply agreement, together Canadian Solar and Potentia are bringing more clean power, jobs and investment to the province."
Canadian Solar is focused on delivering the best value in solar with recognized high-performance modules and a backstop warranty. Potentia Solar will purchase Canadian Solar's best-selling module, the CS6P. Canadian Solar's meticulous design and production techniques ensure a high-yield, long-term performance for every module produced, earning the CS6P one of the top PVUSA (PTC) ratings in California for higher energy production.
About Canadian Solar
Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest solar companies. As 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 system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe, Australia and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, please visit canadiansolar.com.
About Potentia Solar Inc.
Potentia Solar is an Independent Power Producer in Ontario, generating electricity through its own 100% solar-powered energy systems. Potentia Solar is supported by respected and well capitalized Canadian companies, including Power Energy Corporation, a wholly owned subsidiary of Power Corporation of Canada, Conundrum Capital Group and MKB Solar Rooftops Inc., an affiliate of MacKinnon, Bennett & Company Inc. For more information, please visit potentiasolar.com.
Safe Harbor/Forward-Looking Statements:
Certain statements in this press release including statements regarding our expected timing of delivery of solar modules by Canadian Solar; timing of completion of the Potentia projects, number of jobs created and amount of resulting new investments 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; 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; 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.