North Coast Solar Stocks

April 28, 2009

Canadian Solar Announces Funding Agreement with New District, City of Suzhou for Local Solar Projects

Filed under: CSIQ — Tags: , , , , , — Jason @ 8:34 am

Tuesday April 28, 2009, 8:34 am

TORONTO, April 28 /PRNewswire-Asia/ — Canadian Solar Inc. (“the Company”, “Canadian Solar” or “we”) (CSIQ) today announced that it has signed an agreement with the Suzhou New District, Suzhou Municipal Government to fund local solar projects. The Suzhou New District Government has agreed to provide RMB 7.5 million in matching funds in conjunction with the subsidies provided by China’s Ministry of Finance and Ministry of Constructions for building PV installations. These monies will be used to exclusively support solar projects undertaken by Canadian Solar in Suzhou New District. Other sources of project debt or equity will be arranged by the Company or by the project owners.

Dr. Qu, Chairman and CEO said: “Canadian Solar is proud to announce, in cooperation with the Suzhou New District, that we are the first to jointly develop a municipal PV program using the renewable energy stimulus funds in China. These funds will be used to capitalize commercial rooftop and BIPV projects in the region of the municipality. While this first step is a modest one, it is important for local market development. This will give the City and the Company a chance to raise awareness of the potential of solar power and to set up a model mechanism that may be duplicated elsewhere, or repeated in the future. We would like to thank the City for considering us as their partner in this venture and we look forward to its success.”

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