Construction and Interconnection of Rovigo Project Completed in Nine-Months.
Canadian Solar Inc. (the “Company”, “we” or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar companies, today announced that the company was one of the module suppliers to Europe‘s largest capacity PV solar power plant, constructed by SunEdison, a worldwide leading solar energy services provider and a subsidiary of MEMC Electronic Materials. SunEdison successfully interconnected a 70 megawatt (MW) photovoltaic (PV) power plant in Northeast Italy, near the town of Rovigo, which is now the largest capacity single-operating PV solar power plant in Europe, with interconnection completed in just nine-months.
The Rovigo solar plant will create significant environmental benefits over its lifetime. In its first year of operation alone, the system is expected to generate enough energy to power more than 16,500 homes and prevent the emission of more than 40,000 tons of CO2, equivalent to the removal of 8,000 cars from the road.
“The impressive scale of this milestone European PV project is a direct testament to the high quality work by SunEdison and its partners, including Canadian Solar. We are proud that Canadian Solar’s modules were selected to be a part of this major project due to our proven track record of high quality and reliability,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “Canadian Solar has already deployed over 1 GW of modules around the world in the last 8 years. We look forward to continuing to work with our customers, such as SunEdison, to promote the expansion of solar energy worldwide.”
The Rovigo solar power plant was acquired by First Reserve through a previously announced joint venture between First Reserve Corporation and SunEdison. Investment programs managed or advised by Partners Group AG and Perennius Capital Partners SGR have invested in the project with the First Reserve joint venture. First Reserve recently announced the execution of a euro 276M project finance facility for the project with some of the leading European banks, including Banco Santander, Unicredit Corporate Banking, Dexia Crediop, Natixis, Societe Generale and Credit Agricole.
SunEdison is a global provider of solar-energy services. The company develops, finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. In 2009, SunEdison delivered more kilowatt hours (kWh) of energy than any other solar services provider in North America. For more information about SunEdison, please visit www.sunedison.com.
About Canadian Solar
Canadian Solar Inc. 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 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.
Safe Harbor/Forward-Looking Statements:
Certain statements in this press release including but not limited to statements regarding our expected project capacity, projected construction commencement and completion date, grid parity, , 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 and internal investigations as well as general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; the availability 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 from major markets such as Germany; changes in customer order patterns; changes in product mix; 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; 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 August 19, 2010. 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.