North Coast Solar Stocks

December 3, 2009

Canadian Solar Announces Intention to Build Solar Panel Manufacturing Facility in Ontario

Filed under: CSIQ — Tags: , , , , — Jason @ 7:30 am

Two year, C$24 million investment in the province is expected to result in 500 new direct manufacturing jobs and annual capacity to supply electricity to 60,000 homes

7:30 am EST, Thursday December 3, 2009

KITCHENER, Canada, Dec. 3 /PRNewswire-Asia-FirstCall/ — Canadian Solar Inc. (CSIQ), a leading vertically integrated provider of solar cells, solar module, custom-designed solar application products and turnkey solutions for the residential, commercial and solar farm markets, today announced that it is commencing the site selection and approvals process to establish a 200 megawatt (MW) module manufacturing facility in Ontario.

Canadian Solar has recently submitted a significant number of FIT applications to Ontario Power Authority and has also received considerable customer interest for “Made in Ontario” solar systems. Canadian Solar expects to make definite decisions about the plant site, cost and ultimate size in Q1 2010.

The new facility is expected to result in 500 new direct manufacturing jobs in Ontario and sufficient capacity to supply electricity to 60,000 homes per year. The estimated cost of the plant will be C$24 million, and once completed, it will be one of the largest solar panel manufacturing facilities in North America, further strengthening Canadian Solar’s position as the country’s leading, Canadian-owned manufacturer of solar modules. The plant will be completed in stages, with the first phase of operations expected to commence in 2010.

Canadian Solar’s manufacturing facility is expected to help drive Ontario’s emerging solar industry, which is growing rapidly as a result of the provincial government’s recently launched feed-in-tariff (FIT) program. “Our new facility will help expand “green” skilled jobs and investment in Ontario as well as the rest of Canada,” said Dr. Shawn Qu, Chairman and CEO of Canadian Solar Inc. “Additionally, with this facility, our leading-edge photovoltaic technology will be manufactured and readily available in Ontario for those who are ready to take advantage of the FIT programs.”

Canadian Solar will be exploring federal and provincial programs that can help us build an Ontario based manufacturing facility. “When considering Ontario for our next investment in manufacturing, we looked at the strength of R&D and the governments’ commitment to investing in a low carbon economy. We are looking forward to working with government representatives in creating jobs and a viable solar market in Ontario and across Canada,” said Milfred Hammerbacher, President of the subsidiary, Canadian Solar Solutions Inc.

Canadian Solar designs complete, turnkey solution packages for the residential, commercial and solar farm markets in Ontario. The solutions enable the installations to take place rapidly, at a lower cost and at a higher level of quality and reliability. Canadian Solar panels are silicon-based, have a 25-year warranty backed by one of the most reputable brands in the industry. They have been installed and tested amid extreme weather conditions around the world with outstanding results in terms of performance, resistance and reliability. Canadian Solar is compliant with FIT commercial rooftop solar and microFIT 10 kilowatt solar Ontario content requirements.

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