ONTARIO, Canada, May 3, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced its further strategic expansion into South-East Europe by supplying 3.3 MW of solar modules for a PV project in Bulgaria. The solar power plant was built in Plovdiv, Bulgaria's second largest city, on the grounds of the leading Bulgarian food and beverage company Philicon 97 SA and was connected to the grid in February.
The solar project benefits from a feed-in tariff of 0.25 euros per kWh and supports Philicon 97 SA with its strategy of investing in the future of the company through the expansion of renewable energy. Canadian Solar supplied its CS6P-P modules for the PV system.
"We have compared the offers from various module manufacturers and at the end opted for Canadian Solar and EPC company Solarpro. The excellent customer service and high product quality were critical for our success," said Ivan Kalibatsev, project manager at Philicon 97 SA and responsible for the installation of the solar park. "We are very pleased with the result and our expectations have been exceeded. Already in the first month, the power output of the solar system was 15 percent higher than expected."
Strategic growth market for South-East Europe
"The project in Plovdiv is an important milestone for our growth strategy in South-East Europe. Our leading position in the market and our high quality and cost advantages allow us to cooperate with the best partners in the respective target market and to offer them tailor-made solutions for their region," explained Dr. Shawn Qu, Chairman and CEO of Canadian Solar. "South-East Europe and in particular Bulgaria offer great potential for development, as high radiation levels and the feed-in tariff that are guaranteed for a period of 20 years offer attractive returns for investors."
About Canadian Solar
Canadian Solar Inc. (NASDAQ: CSIQ) 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, Australia and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. 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. 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 as well as 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-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 April 28, 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.