GUELPH, Ontario, April 22, 2014 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has been awarded a module supply agreement to provide 43MW of photovoltaic ("PV") modules to the second largest solar power plant project in Japan.
"We are proud to announce this large module supply agreement to provide our high efficiency modules to the second largest solar power plant in Japan, which is another significant milestone for Canadian Solar in this important market," commented Dr. Shawn Qu, Chairman, President and CEO of Canadian Solar, "This win further demonstrates our strong position as a global tier 1 solar module supplier with proven track record of delivery high efficiency and quality modules to large solar power projects across the globe."
Canadian Solar will supply approximately 168,300 pieces of its 60 cell high efficiency CS6P255P modules with power output of 255Wp for this project. Module delivery is expected to start from May 2014 and to be completed in February 2015.
The quality of Canadian Solar modules is substantiated by one of the highest PTC ratings[1] out of over 12000 P-type crystalline modules published on the Go Solar California website. In addition, Canadian Solar modules also demonstrate higher energy yield of up to 5% compared with products from other Tier 1 module suppliers, according to PVSYST's system performance simulation.[2]
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
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 from management's current expectations. 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- products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand in our project markets, including Canada, the U.S., Japan and China; changes in customer order patterns; 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; 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 its 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.
[1] The PTC rating is used by the California Energy Commission to compile a list of solar modules that are eligible to participate in solar incentive programs in the State of California. The PTC rating is calculated using laboratory-tested parameter values and is generally recognized as a more realistic measure of PV module power output because the test conditions better reflect "real-world" solar and climatic conditions, compared to the STC (Standard Test Conditions) rating.
[2] PVSYST is a widely used software for modeling PV energy production or yield estimates for all PV systems. Yield simulations can be performed for sites at any location in the world where meteorological data is available.
Source: Canadian Solar Inc.