Canadian Solar to Supply 18MW of Solar Modules To Hitachi in Japan
GUELPH, Ontario, Feb. 24, 2013
GUELPH, Ontario, Feb. 24, 2013 /PRNewswire-FirstCall/-- 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 18MW of photovoltaic ("PV") modules to Hitachi,
Ltd. ("Hitachi") for a solar power project in Japan. The project is owned by
Eurus Energy Holdings Corporation with Hitachi as its EPC contractor.
"Quality and reliability are key criteria we use to select our partners and
suppliers. After extensive evaluation we are impressed with the quality of
Canadian Solar's PV modules as well as their track record of delivering high
quality solar modules to large scale solar power projects worldwide," said Mr.
Kosho Aikawa, Senior Engineer of Hitachi.
"We are honored to supply our high efficiency modules to Hitachi, a global
leader in the electronics as well as the power systems industry," commented
Dr. Shawn Qu, President, Chairman and CEO of Canadian Solar. "This agreement
reflects our position as a top tier solar module supplier with an industry
leading customer base and our strong position in the Japanese market."
This 18MW solar power project, which is expected to be in operation in March
2015, is located in the boundary between Marumori-machit in Miyagi prefecture
and Soma city in Fukushima prefecture, covering an area of 80 hectares.
Canadian Solar will supply approximately 73,556 pieces of its 60 cell high
efficiency CS6P255P modules with power output of 255Wp for this project.This
solar power plant will power approximately 5,000 homes and is expected to
displace approximately 9,200 tons of carbon dioxide emissions each
year.Electricity to be produced in the next 20 years will be sold to Tohoku
Electric Power Co., Inc.
The quality of Canadian Solar modules is substantiated by one of the highest
PTC ratings out of over 12000 P-type crystalline modules published on the
Go Solar California website. In addition, Canadian Solar modules also
demonstrate higher energy yield of up to 5% compared with products from other
Tier 1 module suppliers, according to PVSYST's system performance
About Hitachi, Ltd.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is a leading global
electronics company with approximately 326,000 employees worldwide.The
company's consolidated revenue for fiscal 2012 (ended March 31, 2013) totaled
9,041 billion yen ($96 billion).Hitachi is focusing more than ever on the
Social Innovation Business, which includes infrastructure systems, information
& telecommunication systems, power systems, construction machinery, high
functional material & components, automotive systems and others. For more
information on Hitachi, please visit the company's website at
About Eurus Energy Holdings Corporation
Eurus Energy Holdings Corporationis aholding companyof theEurus
EnergyGroup, Japan's largestwind power developer. Eurus Energy is owned
jointly byToyota Tsusho CorporationandTokyo Electric Power Company(TEPCO)
and is headquartered inMinato-ku, Tokyo. It is anIndependent Power
Producerinvolved in wind power andphotovoltaic power projects in the United
States, the United Kingdom, Italy, Spain, Norway, Japan, South Korea, and
Austlaria.The total capacity of power plants in operation is 2,214MW.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the
world's largest and foremost solar power companies. As a leading vertically
integrated provider of solar modules, specialized solar products and solar
power plants with operations in North America, South America, Europe, Africa,
the Middle East, Australia and Asia, Canadian Solar has delivered more than
5GW of premium quality solar modules to customers in over 70 countries.
Canadian Solar is committed to improve the environment and dedicated to
provide advanced solar energy products, solutions and services to enable
sustainable development around the world. For more information, please visit
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 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 solar products from consumers and inventory levels of such products
in the supply chain; changes in demand from significant customers; changes in
demand in the Company's project markets, including Canada, the U.S., Japan and
China; changes in customer order patterns; 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; utility-scale
project approval process; delays in utility-scale project construction;
shortage in supply of materials or capacity requirements; availability of
financing; exchange rate fluctuations; litigation and other risks as described
in the Company'sSECfilings, including its annual report on Form 20-F filed
onApril 26, 2013. 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, andCanadian Solarundertakes no duty to update such
information, except as required under applicable law.
The PTC rating is used by the California Energy Commission to compile a
list of solar modules that are eligible to participate in solar incentive
programs in the State of California. The PTC rating is calculated using
 laboratory-tested parameter values and is generally recognized as a more
realistic measure of PV module power output because the test conditions
better reflect "real-world" solar and climatic conditions, compared to the
STC (Standard Test Conditions) rating.
PVSYST is a widely used software for modeling PV energy production or
 yield estimates for all PV systems. Yield simulations can be performed for
sites at any location in the world where meteorological data is available.
Canadian Solar Inc. Contacts
Ed Job, CFA David Pasquale
Director, Investor Relations Global IR Partners
Canadian Solar Inc. email@example.com
firstname.lastname@example.org Tel: +1-914-337-8801
SOURCE Canadian Solar Inc.
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