North Coast Solar Stocks

August 26, 2009

Canadian Solar Obtained Development Rights for a 500 MW Project in China

Filed under: CSIQ — Tags: , , , — Jason @ 7:00 am

Wednesday August 26, 2009, 7:00 am EDT

ONTARIO, Canada, Aug. 26 /PRNewswire-Asia-FirstCall/ — Canadian Solar Inc. (“the Company”, “Canadian Solar” or “we”) (CSIQ) today announced it obtained rights to design, install, operate, and maintain a 500 MW solar power plant system. Under a letter of intent with the Administration Committee of Baotou National Rare Earth Hi-Tech Industrial Development Zone (“CPT”) in Baotou, Inner Mongolia, the solar power plant will be located in CPT.

The project is subject to a feasibility study and government approvals and is divided into three phases. The first phase, expected to run from September 2009 to December 2011, calls for the installation of a 100 MW PV system. The second and third phases each call for the installation of 200 MW PV systems. There are no binding commitments until the feasibility study is completed and approvals are obtained.

Mr. Fu Ren, the director of the Administration Committee of Baotou National Rare Earth Hi-Tech Industrial Development Zone, remarked, “I am very pleased to have Canadian Solar, a well-known provider of quality PV products, agree to develop a signature solar project in our city. To have a solar project of such magnitude in Baotou demonstrates our determination to develop the PV end-user market in China, as well as our commitment to cleaner and more sustainable economic development in Baotou. This project also reflects our city’s importance as a center of commerce and commitment to further growth.”

Dr. Shawn Qu, the Chairman and CEO of Canadian Solar, commented, “We are honored and proud that Canadian Solar has been chosen to design, install, operate and maintain this showcase 500 MW Solar power plant in the City of Baotou. This project clearly shows the Chinese government’s determination to develop its domestic PV market. Our successful track record of providing high quality modules to many solar power projects around the world helped us to win the development rights for this major project.”

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