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 expanded its relationship with Penn Energy Renewables Ltd. ("Penn Energy") with an additional 10MW (AC) turnkey engineering, procurement and construction ("EPC") contract and operations and maintenance ("OM") agreement for the construction and operation of a solar power project in Ontario by Canadian Solar for Penn Energy. This latest agreement brings the total EPC and OM agreement between the two companies to 28.7MW (AC). Construction of the newest solar power plant will begin in the fourth quarter of 2012, with the facility expected to be fully operational by the third quarter of 2013. Construction on the previously announced solar power projects, representing 18.7MW (AC), is underway and expected to be fully operational by the summer of 2013.
"Our mission is to provide homes, businesses and schools with solar power that connects directly to existing electrical distribution lines. It is critical to our success that we have a strong EPC partner, which we have found with Canadian Solar," said Sean McCloskey, Penn Energy Renewables Ltd.
"Penn Energy has a very forward looking vision for solar power and this utility-scale solar installation is notably the third project of our successful partnership," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. "These projects will significantly contribute to the growth of solar powered energy and job creation in the Ontario market, and extend our position as a leading provider of solar energy solutions in Canada."
The latest utility-scale solar power project will power approximately 1,462 homes and is expected to prevent approximately 234,440 metric tons of carbon dioxide emissions over the 20-year period. In addition, the installation will include approximately 46,000 Canadian Solar CS6P high-performance modules, which have been formally tested and awarded international certifications validating the quality of the Company's products. The solar power plant is expected to create more than 100 new jobs during the development and construction phases of the project.