Canadian Solar Sells Panels for Algonquin Ontario Project

Canadian Solar Inc. (CSIQ), a solar-panel maker, agreed to supply Algonquin Power Co. (AQN) with 10 megawatts of panels for a project in Ontario.

Canadian Solar will supply Algonquin with 42,000 panels for the project in Cornwall on which construction is scheduled to begin in the second quarter with completion set for the fourth quarter, the Guelph, Ontario based-company said today in a statement. Financial terms of the deal weren’t disclosed.

The company is expanding its project pipeline in Ontario, Shawn Qu, the company’s chairman and chief executive officer, said in the statement today.

Canadian Solar expects to get half of its revenue this year from selling solar projects after the price of panels has fallen more than 60 percent since November 2010, the company said Dec. 13. On Dec. 28, it said it bought four solar projects from MEMC Electronic Materials Inc.’s SunEdison unit for $37 million.

To contact the reporter on this story: Ehren Goossens in New York at egoossens1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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