Canadian Solar Announces 32MW Solar PV Module Supply Agreement in China
GUELPH, Ontario -- 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 China Perfect Machinery Industry Corp. with 32 MW of solar photovoltaic ('PV') modules for a solar power plant project in China.
"We have been very selective about our module suppliers and we have chosen to work with Canadian Solar as we believe in its rich industry experience and reputation as a reliable partner," commented Chen Wei, General Manager of Operation Department, China Perfect Machinery Industry Corp.
"Our agreement with China Perfect Machinery Industry is another major step in our effort to expand our market presence inChina," said Dr. Shawn Qu, President, Chairman and Chief Executive Officer of Canadian Solar. "Clearly, demand for solar modules in China is picking up nicely in the fourth quarter of 2013, with improving pricing and more attractive payment terms and we remain optimistic China will be the largest solar PV market this year and in the foreseeable future. Canadian Solar is well positioned with a strong brand, a solid track record of execution and the industry's leading module warranty backed by third party insurance to participate in the growth of this important emerging market."
Canadian Solar will supply its CS6X-P modules with power output of 295 and 300Wp for the project. CS6X-P modules outperform competing 72 polycrystalline cell module brands in the market, producing over 4% more power annually according to PVsyst PV system simulation. In addition, all Canadian Solar modules come with a 10 year material warranty and a 25 year linear power output performance guarantee backed by a third-party insurance policy under-written by leading insurance companies. Module delivery is expected to be completed in November 2013.