Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, announced that its subsidiary, Canadian Solar Solutions Inc. and Horizon Energy Solutions Inc., have entered into an Engineering, Procurement and Construction (EPC) agreement to construct commercial rooftop solar electricity generating facilities. The initial projects under this agreement are expected to commence construction by July 2012 under Ontario's Feed-In-Tariff Program.
With the largest Solar Panel production facility in Ontario, Canadian Solar provides bankable photovoltaic modules and complete turnkey solutions to its customers.
Horizon Energy Solutions Inc. is a highly successful developer of renewable energy projects and provider of a suite of energy management, metering and conservation services to commercial clients and local distribution companies (LDCs). Horizon Energy Solutions Inc.'s significant investment in Ontario's renewable power infrastructure will create jobs consistent with the objectives of the Green Energy Act and the clean energy produced will benefit the environment.
"We are committed to developing sustainable energy solutions that provide long-term benefits using the best equipment available. Canadian Solar is a respected and acknowledged leader in this field and we are excited to enter into this agreement," said Scott Knapman, Vice President, Horizon Energy Solutions Inc.
Dr. Shawn Qu, the Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to be partnering with Horizon Energy Solutions, given its experience and success in developing renewable energy projects. This latest agreement builds on the considerable momentum we have in Canada and the broader global solar energy market. We continue to leverage Canadian Solar's global brand, proven track record and cost effective quality solar solutions as we pursue new growth opportunities in Canada and worldwide."
About Horizon Energy Solutions Inc.
Horizon Energy Solutions Inc. is dedicated to providing commercial and LDC customers across Ontario with utility grade renewable energy solutions, a complete range of metering services for generators, residential, commercial/industrial, utilities and wholesale customers, and energy management and conservation services that create benefits for customers and the environment. Horizon Energy Solutions Inc. is wholly owned by Horizon Holdings Inc., an investment company owned by Hamilton Utilities Corporation and St. Catharines Hydro Inc. Horizon Holdings also owns Horizon Utilities Corporation, a local electric distribution utility serving 237,000 customers. For more information, please visit www.horizonenergysolutionsinc.com .
About Canadian Solar Inc.
Canadian Solar Inc. is one of the world's largest solar companies. As a leading vertically integrated provider of ingots, wafers, solar cells, solar modules 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, visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements:
Certain statements in this press release, including statements regarding our expected future shipment volumes, gross margins, supply cost, manufacturing capacities, and cell conversion efficiencies, 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; delays in utility-scale project approval process; delays in utility-scale project construction; 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 27, 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.