GUELPH, Ontario, Canada, October 15, 2014 /PRNewswire/– Canadian Solar Inc., (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that it executed a sales contract to supply photovoltaic (PV) modules to two utiliy scale projects totaling 146.4 MWp in Honduras.
These two projects, entitled Project Developer/EPC Solar Power S.A. de C.V. (SOPOSA) and Compana Hondurena de Energia Solar S.A. de C.V. (COHESSA), will be constructed in the southern region of Honduras between December 2014 and March 2015. Each project powers approximately 73.2 MWp, bringing the total to 146.4 MWp. This is equivalent to supplying energy needs to 45,000 homes in Honduras with cost-effective and renewable green energy. These two projects represent a milestone for SOPOSA and COHESSA, whose corporate vision strives to develop solar projects that maintain the highest standards of sustainable development.
“We are pleased to be selected to supply our PV modules to SOPOSA and COHESSA, both world leading developers and EPC providers. I am confident that Canadian Solar’s global experience, proven track record, and consistent product performance will continue to make us a partner of choice in supplying our modules to key solar installations worldwide,” said Dr. Shawn Qu, Chairman and Chief Executive officer of Canadian Solar.
Since 2010, Canadian Solar’s PV modules have consistently been ranked at the top of the PVUSA Test Conditions (PTC) Ratings, maintaining their leadership position in the market. Furthermore, for the fourth year in a row, Canadian Solar has achieved first-rate results on the Potential Induced Degradation (PID) test results. This test assesses how well modules withstand extreme environmental conditions in a test laboratory.
About Canadian Solar Inc.
Founded in 2001 in Ontario, Canada, Canadian Solar is one of the world’s largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has an industry leading and geographically diversified pipeline of utility-scale solar power projects as well as a track record of successful solar deployment boasting over 7 GW of premium quality modules installed in over 70 countries during the past decade. Canadian Solar is committed to providing high-quality solar products and solar energy solutions to customers around the world and is poised to significantly grow its presence in new markets, including in Central and South America. For more information about our company, products and projects please visit www.canadiansolar.com.
About SOPOSA and COHESSA
Founded in 2012 in San Pedro Sula, Honduras, by the Larach Group, SOPOSA and COHESSA were established with the purpose of creating a solution to the high energy demand that Honduras is currently facing. Over the years, the Larach Group has become one of the top developers in the region with 60 MW of hydro projects in operation. Their corporate portfolio has recently expanded to 360 MW of renewable projects including hydro, geothermal, and solar.
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 general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of solar grade silicon; demand for solar 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; trade protectionism in Europe, the U.S. and India; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 28, 2014. 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. Investors 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.