GUELPH, Ontario, Canada, Jan. 14, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced that its subsidiary, Canadian Solar Solutions Inc., has signed a 10 MW AC Module Supply Agreement with Algonquin Power Co. ("APCo"), to provide Canadian Solar modules for a utility-scale solar power project in Cornwall, Ontario. Construction is scheduled to begin in the second quarter of 2013, with the project expected to be fully operational by the fourth quarter of 2013.
"Algonquin Power is known for building sustainable, long-term renewable energy projects. We are proud that they chose to build their latest project with Canadian Solar modules," said Shawn Qu, CEO of Canadian Solar. "Importantly, this further demonstrates Canadian Solar's strength and commitment to the Ontario solar market, as we continue to expand our own large and growing project pipeline."
"Algonquin Power relies on trusted partners to help support our expanding pipeline of renewable energy development projects," said Mike Snow, President of APCo. "We chose Canadian Solar as the module provider for this project because the Company has a track record of high quality and reliability with modules backed by a powerful warranty. We are pleased to be working together and demonstrating a commitment to sustainable alternative energy solutions."
The utility-scale solar plant is expected to include approximately 42,000 Canadian Solar CS6X high performance modules, which have been awarded key international certifications attesting to the rigors of their formal quality control inspections and testing.
Canadian Solar modules are covered by a 10-year warranty on materials and workmanship, along with a 25-year linear power output performance guarantee. In addition, the terms of Canadian Solar's product and performance warranty are backed by a third-party insurance policy that is underwritten by investment grade insurance companies, ensuring a safe investment for developers, investors, and project owners.
About Canadian Solar Inc.
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, Australia, Africa 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.
About Algonquin Power Co.
Algonquin Power Co. generates and sells electrical energy through a diverse portfolio of renewable power generation and clean thermal power generation facilities across North America. Algonquin Power Co. delivers continuing growth through the development of greenfield power generation projects, accretive acquisitions of electrical energy generation facilities as well as development of expansion opportunities within the existing portfolio of hydroelectric, wind, and thermal generating facilities. Visit Algonquin Power Co at www.algonquinpowercompany.com
Safe Harbor 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 the risks regarding the previously disclosed SEC investigation regarding the Company; general business and economic conditions; 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 processes; 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.