North Coast Solar Stocks

August 31, 2009

Chinese Solar Stocks Slide After Big Shanghai Tumble

Filed under: CSIQ, CSUN, JASO, LDK, SOL, STP, YGE — Tags: , , — Jason @ 11:31 am

Posted by Eric Savitz
barrons.com

Shares of China-based solar stocks are down across the board today after the Shanghai stock market fell 6.7% overnight on fears that the country’s economic growth could slow due to a slowdown in lending growth. Acording to Bloomberg, former Morgan Stanley Asian economist Andy Xie said the China market could drop another 25%, on top of a 22% slide in August.

Among the China-based solar names:

* JA Solar (JASO) is down 14 cents, or 3.9%, to $3.48.
* LDK Solar (LDK) is down 32 cents, or 3.5%, to $8.92.
* China Sunergy (CSUN) is down 29 cents, or 6.3%, to $4.29.
* Suntech (STP) is down 78 cents, or 5.2%, to $14.27.
* Canadian Solar (CSIQ) is down 60 cents, or 4%, to $14.59.
* Yingli Green Energy (YGE) is down 46 cents, or 4.2%, to $10.56.
* ReneSola (SOL) is down 9 cents, or 1.6%, to $5.64.

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.”

August 25, 2009

Solar Sector Headed For Price War, Analyst Warns

Filed under: CSIQ, ENER, SPWR — Tags: , , , , — Jason @ 11:11 am

Posted by Eric Savitz
barrons.com

Macquarie Research analyst Kelly Dougherty this morning turned bearish on the solar sector, cutting ratings on Energy Conversion Devices (ENER), Canadian Solar (CSIQ) and SunPower (SPWRA, SPWRB). Dougherty thinks the companies are going to be hurt by an accelerating price war.

“The Chinese manufacturers have turned up the heat and we don’t see much relief in site,” Dougherty writes. “We expect the Chinese to use their competitive cost structure aggressively to grab share and keep their facilities humming.”

Here’s a rundown on Dougherty’s new views on the individual stocks:

* Energy Conversion Devices: To Underperform, from Neutral, cutting target to $9.50, from $13 (Which compares to yesterday’s close at $12.44. The pressure on pricing from the Chinese players “is compounded by the fact that we believe ENER’s visibility remains very limited,” Dougherty writes. “We can’t overlook the significantly negative impact that further production furloughs could have on the company’s cost structure without a significant pick-up in demand, which seems mroe unlikely given increasingly aggressive Chinese pricing.”
* Canadian Solar: To Neutral, from Outperform. Target price: $17.50, a bit above yesterday’s close at $15.30. “Although CSIQ has nade great strides in improving its cost structure,” the analyst writes, “a price war is likely to mitigate much of those benefits.”
* SunPower: To Underperform, from Neutral. Price target now $23.50, below yesterday’s close at $26.75. “While we continue to believe SPWRA can command a steep pricing premium, a hostile pricing environment is good for anyone,” Dougherty writes. “We don’t expect the premium it is able to command will be meaningful enough to mitigate the margin impact associated with a likely Chinese price war.”

In today’s trading:

* ENER is down 17 cents, or 1.4%, to $12.27.
* CSIQ is down 65 cents, or 4.3%, to $14.65.
* SPWRA is down 50 cents, or 1.9%, to $26.25.

August 24, 2009

Analyst: German solar subsidies not sustainable

Filed under: CSIQ, ENER, TSL — Tags: , , , , — Jason @ 12:17 pm

Barclays Capital analyst says generous German solar subsidies not sustainable

Dirk Lammers, AP Energy Writer
Monday August 24, 2009, 12:17 pm EDT

SIOUX FALLS, S.D. (AP) — A Barclays Capital analyst said Tuesday that Germany’s residential rooftop subsidies could be cut by 25 percent because of escalating costs.

Vishal Shah said it’s likely the country will revise its generous subsidy program, especially given that German companies are cutting jobs as Chinese companies add capacity and jobs.

Shah said the value of the German solar subsidy cost burden will likely increase from 6 billion euros in 2006 to 11.3 billion euros in 2010, while the value of the German wind subsidy cost burden could decrease from 3 billion euros to 2 billion euros over the same period.

“Bottom line: German solar subsidy costs are escalating and the current trend is not sustainable,” Shah wrote in a client note.

Shah said Barclays’ analysis of California Solar Initiative data suggests that the industry would have to have significantly lower industry pricing to maintain the current growth rate in California.

“We maintain our near-term cautious stance on solar stocks as we believe despite the recent sell-off, expectations are high and potential for downside risk to shipments/margin guidance exists for several stocks,” he wrote.

Shah said that relative to the year’s bump in the S&P 500, the best performing solar stocks include Trina Solar Ltd. (TSL), up 179 percent on the year and 199 percent since the introduction of Chinese incentives in March, and Canadian Solar Inc. (CSIQ), up 147 percent year-to-date and 231 percent since the incentives.

Trina Solar gained 79 cents, or 3 percent, to $26.72 in midday trading, while Canadian Solar shares fell 5 cents to $15.93.

Shah said underperformers include Energy Conversion Devices Inc. (ENER), down 51 percent on the year and 15 percent since the incentives were introduced.

That stock added rose 20 cents to $12.56.

August 13, 2009

Why the Gloom on Solar-Energy Stocks?

Filed under: CSIQ, FSLR, JASO, LDK, SOL, SPWR, STP, TSL, YGE — Tags: , , , , , , — Jason @ 8:28 pm

Solar-power equipment makers’ profits have been hit by the credit crunch and the glut of a key raw material

By David Bogoslaw

The global credit freeze and a supply glut of polysilicon—the key raw material used in photovoltaic solar panels—have hurt solar-power equipment manufacturers’ earnings this year. Over the long run, some analysts are hopeful the lower prices will make the technology more competitive with conventionally generated power and make these companies more compelling plays in the eyes of investors. But the road to solar riches remains bumpy.

Case in point: On Aug. 12, China-based LDK Solar (LDK) reported a second-quarter loss of $2.03 per American Depository Share (ADS) on a 48% drop in revenue, to $228.3 million, compared with a profit of $1.29 per ADS a year ago on $441.7 million in revenue. A writedown of $176.3 million on a plunge in value of its inventories accounted for most of the $216.9 million quarterly loss.

LDK, which makes multicrystalline wafers used in solar panels, also issued a third-quarter revenue outlook well below Wall Street expectations, sending its ADSs down 18% on Aug. 13.

Major Shifts in Market Share

LDK’s results came on the heels of two other Chinese solar companies that disappointed the market on Aug. 12. Wafer producer ReneSola (SOL) posted a loss of 3¢ per ADS, vs. earnings of 19¢ a year ago, on a 52% drop in revenue, to $82.6 million. The company’s bottom-line results beat the market’s consensus estimate of a 6¢ loss but missed analysts’ forecast of $90 million in revenue.

Meanwhile, solar-cell maker JA Solar (JASO) recorded a loss of 18¢ per ADS, missing analysts’ estimates by 12¢. That compared with a 1¢ loss in the second quarter of 2008, while revenue fell more than 51%, to $88 million. The latest loss included charges related to stock-based compensation and a hedging loss.

The move from shortage to oversupply of polysilicon in just around 18 months has caused a major shift in business models and market share. Panel manufacturers that locked in fixed-price contracts for polysilicon, which gave them an edge over producers that had to pay much higher prices in the spot market, now have to scramble to renegotiate contracts at lower prices or write down the value of their inventories.

(more…)

Solar: More Trouble Looms Ahead, Barclays Warns

Filed under: CSIQ, FSLR, JASO, LDK, SOL, SPWR, STP, WFR, YGE — Tags: , , , , , — Jason @ 11:22 am

Posted by Eric Savitz
barrons.com

The troubles for the solar sector are far from over, Barclays Capital analyst Vishal Shah warned this morning.

Formerly bullish on the group as a whole, Shah today reduced his sector rating on solar to Neutral. Shah says the Q2 weakness in solar company results represents a “secular, not seasonal decline.”

Pricing pressure, he contends, is intensifying. Shah says checks find Q4 module ASPs from Chinese companies could drop to $1.80/watt, worse than the $2/watt he had previously been expecting. “Given the overly optimistic demand outlook of most Chinese solar players and expectations of continued production ramps, we see additional downside risk to module pricing exiting 2009,” he adds. “More importantly, we expect 2010 module ASPs to decline by 25%-30%.”

At the same time, Shah warns that the supply/demand outlook is deteriorating, rather than improving. “We expect U.S. demand to pick-up at a slower pace relative to prior expectations and see potential downside risk to inflated demand expectations in China,” he writes. “Moreover, our updated supply outlook suggests that industry over-supply could persist in [the 2010 second half] until production capacity reductions occur at a rapid pace across the industry.”

For the Chinese solar stocks, he warns, earnings risk is to the downside. “Market share gains and not profitability is the motive for most Chinese solar companies – given the inflated opex/interest cost structures, operating break-even levels of companies continue to increase and as such we expect companies to continue to produce even as overall profitability levels deteriorate.” As for the U.S. solar players, he says the outlook is “mixed at best,” given a pick-up which he thinks will be slower than expected.

Finally, raising a potentially huge problem for the solar industry, he wonders whether the current German feed-in tariff level is sustainable, given significant volume growth in 2009 and the potential for further acceleration in 2010, and the impact of the trend on rate-payers in the difficult economic environment. He adds that significant module price declines and attractive project economics “may prompt policy makers to reconsider generous FIT levels.”

Shah’s comments follow earnings disappointments yesterday from JA Solar (JASO), ReneSola (SOL) and LDK Solar (LDK), The reports spurred a number of rating changes this morning:

* Shah cut JASO to Equal Weight from Overweight, trimming his price target to $4, from $5.
* On SOL, there was a split decision. Piper Jaffray analyst Jesse Pichel cut his rating to Underweight from Neutral, with a new price target of $4, down from $6.50. But Creidit Suisse analyst Satya Kumar upgraded the stock to Outperform from Neutral, with a target price of $7.50, up from $3.80.

In today’s trading:

* JA Solar is down 20 cents, or 4.5%, to $4.27.
* LDK Solar is down $1.66, or 14.8%, to $9.55.
* ReneSola is up 22 cents, or 4.1%, to $5.58.
* SunPower (SPWRA, SPWRB) is off 38 cents, or 1.3%, to $28.38.
* Suntech (STP) is down 67 cents, or 3.7%, to $17.68.
* First Solar (FSLR) is up $2.15, or 1.5%, to $147.14.
* MEMC Electronic Materials (WFR) is up 9 cents, or 0.5%, to $16.89.
* Canadian Solar (CSIQ) is off 22 cents, or 1.2%, to $18.12.
* Yingli Green Energy (YGE) is down $1.08, or 8%, to $12.38.

August 10, 2009

Technology, Tenacity Drive Down Solar Power Costs

Filed under: AMAT, CSIQ, EIX — Tags: , , , , , — Jason @ 3:26 pm

Monday August 10, 2009, 3:26 pm EDT

Solar photovoltaic (PV) technology has changed little since the energy crisis of the 1970s, but it’s finally getting cheaper.

Large-scale rollouts of solar farms in Europe in the past few years have virtually commoditized PV as an energy source, and huge installations on the way in the United States and China will cement that process.

Edison International (EIX) subsidiary Southern California Edison got the go-ahead last month from California’s energy regulators to build and manage 250 megawatts of solar power generation and contract for another 250 MW from outside developers within the next five years, making it the largest solar PV program ever undertaken.

Independent solar industry consultants Solarbuzz estimates that worldwide solar PV installation hit almost 6,000 MW in 2008, nearly double the 3,000 MW of 2007.

Powering Competitiveness

Both cyclical and structural forces are driving the process.

The economic downturn has lead to a collapse in the price of silicon, a key ingredient in the making of solar cells, and short-term drop in demand for modules.

State-level renewable portfolio standards (RPS) have mandated that an increasing amount of renewable energy be generated. There is also a national RPS-like mandate currently in the Markey-Waxman energy bill making its way through Congress. And an array of tax credits and renewable energy mandates have also subsidized solar PV to bring its cost per kilowatt hour more in line with that of “brown” power, usually coal-fired in the U.S.

Finally, the efficiency of the solar cells themselves has improved. Early this year, researchers at Germany’s Fraunhofer Institute for Solar Energy Systems created a solar PV cell that’s 41.4% efficient, beating the record held by the Colorado-based National Renewable Energy Laboratory by almost percent.

(more…)

August 7, 2009

Canadian Solar price target raised on outlook

Filed under: CSIQ — Tags: , , , — Jason @ 2:53 pm

Analysts raise Canadian Solar price target on shipment growth outlook, expanding market share

Friday August 7, 2009, 2:53 pm EDT

NEW YORK (AP) — Canadian Solar (CSIQ) is gaining market share, which will drive growth in shipments, an analyst said Friday as he raised his price target on the company’s stock.

This, along with price target boosts from two other analysts, comes one day after the Toronto-based solar products maker posted a 47 percent jump in its second-quarter earnings, beating analyst expectations. The company also increased its guidance for 2009 solar power shipments to between 260 megawatts and 270 megawatts, up from previous guidance of between 200 megawatts and 220 megawatts.

Deutsche Bank analyst Steve O’Rourke looked favorably on this revised outlook and said this would expand the company’s market share and renew profitability. He raised the company’s price target to $17 from $9.

Still, O’Rourke warned that average selling prices could decline more sharply that Canadian Solar suggested and that near-term catalysts are not apparent, so he maintained his “Hold” rating for the stock.

Oppenheimer and Canaccord Adams also raised their price targets for Canadian Solar to $24 from $19 and to $25 from $17, respectively.

Shares of Canadian Solar fell 58 cents, or 3.1 percent, to $18.37 in afternoon trading.

Top China Power Generation Company in Broad Cooperation with Canadian Solar

Filed under: CSIQ — Tags: , , , — Jason @ 8:00 am

Friday August 7, 2009, 8:00 am EDT

ONTARIO, Canada, Aug. 7 /PRNewswire-Asia-FirstCall/ — Canadian Solar Inc. (“the Company”, “Canadian Solar” or “we”) (CSIQ) today announced a broad strategic cooperation with one of China’s largest power generation companies. Under the far reaching agreement, Canadian Solar and the Guodian Power Development Co., Ltd. will design, invest, build, operate and maintain PV power plants in China. As specified in the agreement, the two parties will work together as strategic partners in Gansu, Ningxia and Inner Mongolia first and will work to develop new markets in other provinces in the future.

Guodian Power Development Co. Ltd (listed on the Shanghai Exchange) is a subsidiary of state-owned China Guodian Corporation (“Guodian”), one of the five largest national power generation groups. Guodian has power plants in 29 Chinese provinces, employing over 110,000 people. It engages in the development, investment, construction, operation and management of power generation assets, and the production and sales of electricity and heat. By the end of June, 2009, Guodian’s total installed capacity reached 7,490 MW, including 6,687 MW thermal, 471 MW hydro, and 325.6 MW wind power.

Mr. Jun Miu, vice president of Guodian Power Development Co., commented, “Guodian Power Development Co.’s target is to achieve 510 MW of installed PV capacity in China by 2012. We also have a strong interest in overseas expansion. Today’s announcement with Canadian Solar is critical to our successful achievement of that goal. We are pleased to have a proven, financially strong and trusted partner like Canadian Solar, as Guodian Power Development moves forward in its important solar expansion effort. We are confident that working together, we can build a complete PV industry supply chain and a strong partnership.”

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented: “We are proud to partner with Guodian Power Development and to reach a formal cooperation agreement with them in China. Our target is to become the leading supplier for Guodian Power Development’s anticipated 400 MW to 500 MW of PV projects in China and support its overseas expansions. Recent policies supporting the PV industry announced by Chinese Government have paved the way for us to grow in the Chinese PV market as we further diversify our revenue base. Canadian Solar’s anticipated ramp up in module production capacity of 820MW this quarter will prepare us for near term production growth. This broad partnership with Guodian Power Development underscores the success Canadian Solar has achieved worldwide and sets the stage for the next phase of our growth in China.”

Under the agreement, Canadian Solar and Guodian Power Development will initially form a joint venture focusing on PV power plant, with Guodian Power Development holding a majority interest in the proposed PV power plant projects. Canadian Solar will have first right to sell modules and EPC services to the joint venture at market pricing. The agreement initially calls for two grid-connected PV power plants in Ningxia: One project targets 50 MW total installed capacity, with a first phase of 10 MW. A second project will also have a first phase of 10 MW, with further expansions later. The Ningxia PV power plants are designed to establish a scalable model for future business development between Guodian Power Development and Canadian Solar.

August 6, 2009

First Solar down on competition, exec share sales (OFFICIAL)-UPDATE

Filed under: CSIQ, FSLR, JASO, LDK, SPWR, STP, TSL, YGE — Tags: , , , , , — Jason @ 2:13 pm

Thu Aug 6, 2009 2:13pm EDT

* First Solar stock falls about 5 pct

* Market expects aggressive price moves from China

* First Solar executives report share sales

LOS ANGELES, Aug 4 (Reuters) – Shares of First Solar Inc (FSLR) fell almost 5 percent on Tuesday as investors fretted about share sales by company executives and aggressive pricing from Chinese rivals.

The stock closed down $7.60 at $147.98 on the Nasdaq after earlier falling to $146.86, while the majority of U.S.-listed solar stocks were up for most of the day. Shares of Chinese competitor Canadian Solar (CSIQ), which is slated to report results on Thursday, and Suntech Power Holdings Co (STP), closed up about 1 percent and more than 5 percent, respectively.

Last Thursday, industry bellwether First Solar reported blowout earnings but announced it would offer rebates to defend its position in the German market — its largest market — against sharp price cuts from competitors. The company’s stock has dropped 14 percent since that announcement.

First Solar has weathered the global recession better than many of its peers because its cadmium telluride panels are cheaper to produce than the silicon-based panels that dominate the market. However, a dearth of financing for renewable energy projects has contributed to a global glut of solar panels that has driven prices on silicon-based panels closer to those of First Solar’s, chipping away at its competitive edge.

ThinkEquity analyst Colin Rusch said that investors are still looking for more details on the Tempe, Arizona company’s new rebate program.

“Investors are expecting some pretty aggressive pricing numbers from the Chinese companies, and First Solar has indicated it will sell at a discount to key low-cost Asian competitors,” Rusch said in an interview.

“Investors are not getting real clarity on (First Solar’s) rebate program and there are expectations that the Chinese are going to come out and be very aggressive about pricing,” Rusch added.

In addition to Canadian Solar and Suntech, Chinese solar companies JA Solar Holdings Co Ltd (JASO), Trina Solar Ltd (TSL), Yingli Green Energy Holding Co Ltd (YGE) and LDK Solar Co Ltd (LDK) are all scheduled to report quarterly results this month.

Meanwhile, Kaufman Bros. analyst Theodore O’Neill attributed the drop in First Solar’s stock to company executives’ selling shares. First Solar announced the sales in filings with the U.S. Securities and Exchange Commission late on Monday.

According to the filings, Chief Executive Mike Ahearn was issued 5,000 shares, Chief Financial Officer Jens Meyerhoff was issued 3,500 shares, and President Bruce Sohn was issued 4,000 shares.

Related to those vestings, the company withheld 1,997 of Ahearn’s shares at $173.55 each, 1,435 of Meyerhoff’s shares at $173.55 each, and 1,388 of Sohn’s shares at $173.55 each to cover the executives’ taxes on the restricted stock.

First Solar spokeswoman Lisa Morse said the withholdings by the company were compulsory for the executives.

But O’Neill said that the “conventional thinking is that if the people who run the business are selling stock, that must be a bad thing.”

O’Neill added that if Chinese solar companies were aggressively pricing panels in Europe, it would drive down the stock of First Solar’s U.S. rivals like Sunpower Corp (SPWRA, SPWRB), which closed down about half a percent on Tuesday.

(Reporting by Laura Isensee, editing by Bernard Orr)

Canadian Solar shares soar on surprise Q2 profit

Filed under: CSIQ — Tags: , , , , , , — Jason @ 1:24 pm

Thu Aug 6, 2009 1:24pm EDT

* Q2 EPS $0.49 vs loss est of $0.09

* Ups FY shipment view

* Sees Q3 shipments about 90 MW to 100 MW

* Shares up as much as 20 pct

By Adveith Nair

BANGALORE, Aug 6 (Reuters) – Canadian Solar Inc (CSIQ) reported a surprise second-quarter profit, on strong sales in all its markets, and raised its full-year shipment outlook, sending its shares up as much as 20 percent.

For the latest second quarter, the company earned 49 cents a share. Analysts, on average, expected a loss of 9 cents a share, before items, according to Reuters Estimates.

The company’s outperformance was due to share gains in Germany, expansion to new markets in Asia, the United States and Eastern Europe and a lower processing cost, Piper Jaffray analyst Jesse Pichel wrote in a note to clients.

Deutsche Bank analyst Steve O’Rourke said penetration into new markets, including Korea, the Czech Republic and Italy, resulted in higher-than-expected shipments.

Canadian Solar shipped 48.2 megawatt (MW) in the second-quarter and guided for shipments to almost double sequentially. For the third quarter, the solar-cell maker now expects shipments of between 90 MW and 100 MW.

For the full year, the company now expects shipments between 260 MW and 270 MW, up from its prior view of 200 MW to 220 MW.

The solar sector, which once impressed with stellar growth rates, has fallen victim to a crisis of tight credits and oversupply. But solar subsidy programmes recently introduced in the U.S. and China could help spark an industry revival.

INVENTORY DESTOCKING HELPS

Canadian Solar significantly reduced its higher-priced inventory in the quarter, and was positioned to benefit from further declines in raw material prices, Chief Financial Officer Arthur Chen said in a statement.

“The company’s cost declines will continue thanks to its ramp-up of internal wafer capabilities, giving it the ability to capitalize on lower polysilicon prices and lower wafer prices as it cycles through higher-cost inventory,” analyst Pichel said.

Second-quarter gross margin came in at about 20 percent, compared with a negative gross margin of 7.9 percent for the first quarter, when the company was hurt by falling average selling prices and an inventory of high-cost wafers.

Canadian Solar expects third quarter gross margins of between 17 percent and 18 percent, it said on a conference call.

The company, which expects “flat to modest” declines in third-quarter average selling prices (ASP), said its cost structure will allow it to maintain gross margins even if prices fall below $2/watt.

“Second-quarter ASPs came in at about $2.37/watt for a standard module. I think prices in the third quarter will be down closer to $2.20/watt, and will touch $2/watt by the fourth quarter,” O’Rourke said.

Shares of the company were up 18 percent at $18.97 Thursday on Nasdaq. More than 7 million shares changed hands in intra-day trade, three times the company’s 10-day moving average.

Excluding Thursday’s gains, the shares are up more than five-fold from a March year-low. However, the stock is still off 50 percent from its August year-high.

(Editing by Jarshad Kakkrakandy and Unnikrishnan Nair)

Canadian Solar Reports Second Quarter 2009 Results

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

Thursday August 6, 2009, 7:00 am EDT

ONTARIO, Canada, Aug. 6 /PRNewswire-Asia-FirstCall/ —

Q209 Highlights

— Net revenues of $114.2 million, a 131% increase from Q109 net revenues of $49.5 million.
— Shipments of 48.2 MW, a 168% increase from Q109 shipments of 18 MW.
— Gross margin of 20.2% and net margin of 15.5%, compared to Q109 negative gross margin of 7.9% and Q109 negative net margin of 9.7%.
— Earnings per diluted share of $0.49, compared to Q109 net loss per diluted share of $0.13.

Canadian Solar Inc. (“the Company”, “Canadian Solar” or “we”) (CSIQ) today announced its unaudited financial results for the second quarter of 2009 ended June 30, 2009 and its outlook for third quarter 2009 shipments.

Net revenues for the quarter were $114.2 million, compared to net revenues of $212.6 million for the second quarter of 2008 and $49.5 million for the first quarter of 2009.

Net income for the quarter was $17.7 million, or $0.49 per diluted share, compared to $12.1 million, or $0.41 per diluted share, for the second quarter of 2008 and a net loss of $4.8 million, or $0.13 per diluted share, for the first quarter of 2009.

Our Q209 shipments were 48.2 MW, including 39.5 MW of conventional high efficiency polysilicon modules, 7.0 MW of our proprietary e-Modules, and 1.7 MW of cells and solar application products.

The increase in Q209 sales came from all geographic markets important to the solar industry. Europe continues to be our largest contributing geographic market. Our sales in this region increased 86% to $66.9 million in Q209 from $36.0 million in Q109. The Company also experienced strong sales growth in Asia and America, with sequential gains of 188% and 500%, respectively, over Q109, resulting in a diversified and balanced global market distribution.

The company has been making continuous improvements on solar cell conversion efficiency and production cost. For our new, higher efficiency monocrystalline cells, we reached over 18.5% cell efficiency in pilot production, while the average efficiency of the current monocrystalline cell in mass production was 17.2% during Q2. For multicrystalline cells, our average efficiency was about 16.1% during the quarter. For our proprietary low-cost e-Modules, the average cell efficiency was about 15% during the quarter. On the cost side, we have successfully reduced our wafer to module processing cost for polysilicon solar modules to $0.60 per watt in Q209 from $0.71 per watt in Q109.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented: “Our second quarter revenue came in well ahead of expectations as we benefitted from robust customer orders around the world. We are glad that we took a conservative financial management strategy in Q4 of 2008 and Q1 this year, including prudent inventory measures and cash management, which allowed us to compete in Q2 with low materials and financing costs. These advantages, combined with our competitive processing costs and lean operating structure, resulted in a significant improvement in our gross margin and net margin, and position us for success in future quarters. We have noticed that many customers and their financing banks choose Canadian Solar products due to our competitive prices, product quality and strength of our balance sheet. Our flexible vertical integration business model, reputation for high-quality and our solid customer relationships allow us not only to compete, but also to gain market share in a tough economic environment.”

(more…)

July 24, 2009

China Sunergy sees reporting Q2 profit, shares soar

Filed under: CSIQ, CSUN, LDK, SOLF, SPWR — Tags: , , , , , , — Jason @ 5:30 pm

Fri Jul 24, 2009 5:30pm EDT

* Sees returning to qtrly profitability in Q2

* Sees Q2 shipments slightly exceeding prior view

* Sees Q2 margins about 9 pct

* Shares up nearly 15 pct

By Adveith Nair

BANGALORE, July 24 (Reuters) – Chinese solar cell products maker China Sunergy Co Ltd (CSUN) on Friday said it expects to return to profitability in the second quarter, sending its shares up as much as 15 percent.

The company said quarterly solar-cell shipments “slightly” exceeded its prior view of 35 megawatt (MW) to 40MW, with margins coming at about 9 percent.

Cowen and Co analyst Robert Stone said second-quarter shipments likely came in at about 41 MW, while average selling prices were down about 12 percent, compared with the company’s forecast of a 15 percent decline.

The analyst currently expects the company to just about break-even on an operating basis, and to earn 2 cents to 3 cents a share on a non-operating basis, with revenue coming in at about $59.5 million.

“That’s a huge improvement versus consensus estimates. What we’ll have to see is the trend on volumes and prices in the second half. I suspect that the trend, at least on shipments, will be higher based on the second-quarter results.”

Analysts on average currently expect China Sunergy to post a loss of 15 cents a share, before items, on revenue of about $49 million, according to Reuters Estimates.

The company’s bright outlook comes a day after SunPower Corp (SPWRA, SPWRB) reported second-quarter results that blew past estimates, while China’s LDK Solar Co Ltd (LDK) raised second-quarter forecasts for both shipments and revenue.

(more…)

SunPower, LDK lead solar stock rally, MEMC slides

Filed under: CSIQ, CSUN, ENER, FSLR, LDK, SPWR, WFR, YGE — Tags: , , , , , , — Jason @ 3:07 pm

Fri Jul 24, 2009 3:07pm EDT

* SunPower shrs rally 27 pct after Q2 earnings top view

* LDK soars 11.5 pct on raised outlook, lifts solar sector

* MEMC stock slumps 10 pct after two analyst downgrades

By Nichola Groom

LOS ANGELES, July 24 (Reuters) – The shares of solar companies surged on Friday after U.S. panel maker SunPower Corp (SPWRA, SPWRB) posted better-than-expected earnings and China’s LDK Solar Co (LDK) raised its sales forecast.

SunPower shares rallied 27 percent to $31.52 after the U.S. company’s earnings, announced late on Thursday, easily beat analysts’ forecasts, while China’s LDK saw its stock rise 12.2 percent to $11.56.

The shares of Chinese solar cell maker China Sunergy Co Ltd (CSUN) also rallied, jumping 11.5 percent to $5.53 after the company said quarterly shipments exceeded expectations and it expects to return to profitability in the second quarter.

Analysts at Citigroup, Canaccord Adams, Credit Suisse, FBR, and Collins Stewart all raised their price targets for SunPower shares. FBR and Collins Stewart also upgraded their ratings on the stock, FBR to “outperform” from “market perform” and Collins Stewart to “hold” from “sell.”

“Although we expect solar stocks to be volatile through (the second-quarter’s) earnings season, our upgrade is more company-specific, driven by the increased business prospects in the ‘rooftop’ segment of the market, which is SunPower’s sweet spot,” FBR analyst Mehdi Hosseini said in a note to clients.

Wedbush Morgan analyst Al Kaschalk, meanwhile, downgraded SunPower shares to “neutral” from “outperform,” saying price competition, high inventory levels and a continued lack of financing in the market continue to impact results, while the stock is fully valued following recent share gains.

(more…)

July 22, 2009

China’s solar stocks: Make hay while the sun shines?

Filed under: CSIQ, ENER, FSLR, STP, TSL, YGE — Tags: , , , , , , — Jason @ 2:16 am

Wed Jul 22, 2009 2:16am EDT

* Bears wary of rich valuations, weak demand

* Bulls see more upside with cost advantage, govt stimulus

By Sui-Lee Wee and Leonora Walet

HONG KONG, July 22 (Reuters) – Chinese solar stocks have been stellar performers since March, outshining their Western peers on hopes renewable energy support from Beijing will boost demand from the world’s second-largest energy user.

Shares of Chinese solar product makers Suntech Power Holdings (STP) and Trina Solar (TSL) have tripled since March, when Beijing first announced subsidies, easily outperforming Western peers such as First Solar Inc (FSLR) and Q-Cells SE.

Beijing said on Tuesday it would subsidise 50 percent of investment for solar power projects, a move that could put China on track to become a leading market for solar equipment in the next three years.

The question now is whether investors should snap up Chinese solar stocks as second-quarter earnings approach.

SKY-HIGH VALUATIONS

“It’s certainly not something to rush into ahead of the second-quarter earnings,” said CLSA analyst Charles Yonts, adding the second quarter should improve from the first.

“But the big question will be on how the third quarter looks — how much and where prices are headed is what everyone is watching for. Prices are still continuing to go down.”

(more…)

July 21, 2009

Solar sector rises on news of China solar subsidies

Filed under: CSIQ, FSLR, JASO, STP, TSL, WFR, YGE — Tags: , , , , — Jason @ 2:41 pm

Tuesday July 21, 2009, 2:41 pm EDT

NEW YORK (AP) — Solar stocks jumped Tuesday on news that the Chinese government will dole out significant subsidies for solar projects.

The Golden Sun solar-subsidy program will fund 50 percent of the total investment for on-grid projects and 70 percent of the total investment for off-grid projects in remote areas, according to China’s Ministry of Finance. The government expects more than 500 megawatts of pilot projects to be installed in the next two to three years.

PiperJaffray analyst Jesse Pichel expects this program will boost Chinese solar companies, particularly Yingli Green Energy Holding Co. (YGE) and Suntech Power Holdings Co. Ltd. (STP)

“We think these two are the best positioned in China because they are the largest in China, they have the lowest costs in China, and are known as having the highest and consistent quality in China,” Pichel said in a phone interview, adding that solar companies around the world will benefit from this program.

“Demand in China will help absorb the current industry oversupply and help stabilize prices,” he said.

Shares of Yingli jumped $1.31, or 11.5 percent, to $12.71 in afternoon trading. Suntech shares rose $1.52, or 9.4 percent, to $17.71.

Barclays Capital analyst Vishal Shah said he does not expect this news to affect demand in the near term. He reiterated his “Overweight” rating of Yingli, JA Solar Holdings (JASO) and MEMC Electronic Materials (WFR).

Shares of JA Solar rose 28 cents, or 6.1 percent, to $4.84. MEMC shares rose 13 cents to $19.47.

Elsewhere in the sector, Canadian Solar Inc. (CSIQ) shares rose 66 cents, or 4.9 percent, to $14.14. First Solar Inc. (FSLR) shares rose $7.47, or 5.1 percent to $154.11. Trina Solar Ltd. (TSL) rose $2.28, or 8.6 percent, to $28.68.

Canadian Solar Becomes Member of PV Cycle

Filed under: CSIQ — Tags: , , , , — Jason @ 8:00 am

Tuesday July 21, 2009, 8:00 am EDT

Canadian Solar Inc. (“the Company”, “Canadian Solar” or “we”) (CSIQ) today announced that it has become a member of PV CYCLE, an organization based in Brussels, Belgium that promotes voluntary take-back and recycling of end-of-life PV modules, including seeking to define collection and recycling targets for the PV industry.

Dr. Shawn Qu, the Chairman and CEO of Canadian Solar remarked, “Canadian Solar has taken the ideals of sustainability to heart, applying them to our own business practices. Our equipment and services deliver solar power at the best possible environmental, economic and social outcomes for our customers. We continue to proactively take responsibility for developing effective recycling programs. To us PV CYCLE is the ideal platform to concurrently develop trendsetting industry standards by working with other like-minded global companies. We look forward to contributing our services, time and ideas to PV CYCLE and the broader renewables industry.”

Jan Clyncke, Managing Director of PV CYCLE, said, “We are honored that Canadian Solar has joined our organization, which now covers around 85% of the European photovoltaic market with its 37 member companies spread around the globe. The company has been an industry pioneer and one of the first to establish strong traction, reaching from China across Europe and worldwide. Canadian Solar shares our commitment to producer responsibility and environmentally friendly policies, as we strive to develop a profitable and sustainable PV solar industry. Doing so will make the photovoltaic industry truly Double Green.”

About PV CYCLE (www.pvcycle.org)

PV CYCLE was founded in 2007 with the specific purpose of implementing the photovoltaic industry’s commitment to set up a voluntary take-back and recycling program for end-of-life waste PV modules. To produce green and renewable energy, end-of-life modules need to be recovered and recycled. This will minimize waste and allow the re-use of valuable raw materials to produce new modules. The members of PV CYCLE are in the final stages of developing the scheme and aim to present it to the European Commission by spring 2009 for formal acknowledgement. By closing the life cycle of photovoltaic modules, industry players take their responsibility and are “Making the photovoltaic industry Double Green.”

July 20, 2009

SunValley Solar Inc. and Canadian Solar Team With GRID Alternatives to Provide Solar Energy to Low-Income Families Across the State of California

Filed under: CSIQ — Tags: , , , , — Jason @ 8:00 am

Partnership Empowers Communities in Need With Renewable Energy Equipment and Services to Help Reduce Energy Costs & Prevent Green House Emissions

OAKLAND, CA–(Marketwire – July 20, 2009) – GRID Alternatives, a non-profit organization bringing solar equipment, training and resources to low-income families, and SunValley Solar Inc., a leading provider of solar equipment, today announced a strategic partnership to provide renewable energy equipment and services to low-income homeowners throughout the state of California. This partnership blends GRID Alternatives’ expertise in solar electric installation with SunValley Solar’s buying power to bring solar electricity and energy efficiency technologies to those living in underserved communities throughout California.

Since 2001, GRID Alternatives has been working to bring the power of solar electricity and energy efficiency to low-income homeowners, and to provide community members with training and hands-on experience with renewable energy technologies. Piloted in the San Francisco Bay Area in 2004, GRID Alternatives’ flagship Solar Affordable Housing Program trains and leads teams of community volunteers and low-income job trainees to install solar electric systems for low-income homeowners in Northern and Southern California. To date, GRID Alternatives has trained more than 2,000 volunteers to install over 230 solar PV systems for low-income families throughout the state. These systems are reducing each family’s electric bills by approximately 75%, which will translate to a total of $3.8 million in energy cost savings over the systems’ projected life spans, while preventing roughly 11,507 tons of greenhouse gas emissions.

“GRID Alternatives’ Solar Affordable Housing Program is a truly groundbreaking program,” said Andrew Raitt, Vice President of Business Development of SunValley Solar. “Today’s announcement is only the beginning — we look forward to a long-term relationship with GRID, and believe this partnership will ultimately enable many low-income homeowners to adopt cleaner power and save money on energy costs in the process.”

SunValley Solar Inc. is the preferred distributor of Canadian Solar Inc. (CSIQ) in the USA, and an authorized distributor and strategic partner with top tier solar inverter suppliers PVPowered and SMA (Sunny Boy). By partnering with these top solar manufacturers, SunValley Solar is able to offer high quality solar equipment to organizations at an affordable price relative to any comparable products available on the market. GRID Alternatives currently uses Canadian Solar’s economical e-Module solar panel, the most economical, environmentally-friendly, and reliable photovoltaic module in today’s market.

“We believe that making energy choices that are good for the environment can go hand-in-hand with improving the lives of those living in low-income communities,” said Tim Sears, Program Director and Co-Founder of GRID Alternatives. “Preferred providers like SunValley Solar are helping us to decrease costs on the high quality solar equipment we need to make our vision into a reality.”

About GRID Alternatives

Founded in 2001, GRID Alternatives is an Oakland-based nonprofit organization that provides renewable energy and energy efficiency services, equipment and training. GRID Alternatives’ flagship Solar Affordable Housing Program trains and leads teams of community volunteers, corporate work-teams and low-income job trainees to install solar electric systems for low-income homeowners in Northern and Southern California. To date, GRID Alternatives has installed over 230 systems for low-income families throughout California with the help of more than 2,000 volunteers and low-income job trainees trained on the theory and practice of solar electric installation. These systems reduce each family’s electric bill by 75 percent, translating to more than $3.8 million worth of energy cost savings over the systems’ projected life span. To learn more, visit http://www.gridalternatives.org.

About SunValley Solar Inc.

SunValley Solar Inc. is a leading solar electric equipment wholesale distributor that offers a full-service solar power solution. Located in Los Angeles, California, SunValley Solar Inc. is committed to reducing the world’s carbon foot print from traditional energy sources to make renewable sources such as solar the nation’s mainstream source of power. The partnership with leading manufacturers such as Canadian Solar Inc., PVPowered and SMA in the solar power industry allow SunValley Solar Inc. to help solar installers, developers and governments entities with the most cost competitive complete solar installation kit that includes solar modules, inverters, advanced racking systems and engineering support. To learn more, visit http://www.sunvalleysolarinc.com.

July 16, 2009

China Sprouts Green Energy Opportunities

Filed under: CSIQ, GE, JASO, LDK, STP — Tags: , , , , — Jason @ 1:22 pm

Andy Stone, 07.16.09, 1:22 PM ET
forbes.com

The credit crisis stalled green power investment in America, but China’s a very different story. We talked to Michael Ding, head of Accenture’s utility industry consulting practice in Beijing, about the opportunities, and potential pitfalls, for investors interested in the market.

Motivated to meet the power needs of a rapidly urbanizing population and unburdened by the chains of democratic debate and the lobbying efforts of investor-owed utilities, Beijing has been quick to dictate renewable energy standards among the 90% of utilities it owns.

Foreign investors do face hurdles. Last November, China implemented its own $586 billion economic stimulus plan, but the government has directed money at local industry and has been increasingly protective of its clean power sector. In May, the government disqualified global manufacturers hoping to bid on 25 wind turbine contracts, and granted all projects to Chinese companies. In fact, nearly 70% of wind projects in 2008 went to Chinese companies despite investments by turbine giants General Electric (GE), Siemens (SI) and Vestas in local manufacturing and the sharing of technology with Chinese partners.

The solar investing opportunity is a bit clearer. Low-cost China is the world’s biggest producer of solar panels, and several Chinese solar manufacturers’ shares trade in the U.S. Suntech Power Holdings (STP), with a market cap of $2.4 billion, is China’s largest solar module producer. It’s ADRs trade on the New York Stock Exchange. Investors can also purchase shares of LDK Solar (LDK) and depository receipts of JA Solar Holdings (JASO).

Forbes: Explain the role of the Chinese government in stimulating demand for renewable energy.

Michael Ding: In China, 90% of generating companies are owned by the state, and transmission is 100% government-owned. The government’s policy is that all state-owned generating companies must meet a renewable energy standard, so clearly the government has been driving the increase in renewables.

Specifically, in 2006 the government passed the China Renewable Energy Law and in 2007 it released a mid- and long-term renewable energy implementation plan (Mid and Long Term Renewable Development Plan), with a target of 15% of primary energy consumption to come from renewable sources by 2020, and the government will likely raise this to 20%. It recently revised the wind target from 30 gigawatts to 150 gigawatts of generating capacity by 2020. The government has launched a “Three Gorges on Land” wind project in Gansu Province that will equal the generating capacity of the 22 gigawatt 3-Gorges Dam.

Regarding solar, China is already the largest solar panel producer in the world. Ninety-five percent of the supply is exported, only 5% serves the local market. China had just 120 megawatts of installed solar capacity by the end of last 2008 –that’s very small.

(more…)

Canadian Solar, HelioPower and Bob’s Big Boy launch “Sixty and Solar” celebration to showcase Bob’s solar power installation; invite patron participation

Filed under: CSIQ — Tags: , , — Jason @ 12:43 pm

Thursday July 16, 2009, 12:43 pm EDT

TORONTO, LOS ANGELES and MURRIETA, Calif., July 16 /PRNewswire-Asia-FirstCall/ — Canadian Solar Inc. (“Canadian Solar”) (CSIQ), HelioPower, Inc. and Bob’s Big Boy of Burbank today announced the launch of the Bob’s “Sixty and Solar” campaign. Commemorating 60 years in operation by going a modern “green,” Bob’s is inaugurating a 26 kW Canadian Solar photovoltaic panel system installed by HelioPower. The “Sixty and Solar” celebration showcases Bob’s solar power installation and invites fans to participate by sharing their Bob’s stories. To kick off the celebration, Bob’s patrons are invited to register their restaurant memories at a filming this weekend at the Burbank location.

The Bob’s Big Boy Restaurant located at 4211 Riverside Drive in Burbank, California is the oldest remaining Bob’s Big Boy in the United States. Over the years Bob’s has seen a parade of celebrity names stop by for a hamburger. Movie stars of old have been regulars, with the restaurant serving some of the world’s top musical talent and being the site of the celebrity attended Friday Night classic car show.

“Our 50th celebration gave us an opportunity to invite patrons to a parking lot beach party,” said Bob’s Big Boy owner Philip MacDonald. The MacDonald family has owned the Bob’s since 1949 and took over operations in 1993, the same year it was designated a California Point of Historical Interest. “In addition to going ‘green’ we are using the contemporary tools of a new generation to bring our fans together on the Internet. This campaign is a platform for our patrons to share their Bob’s memories online as well as come in and see us,” said MacDonald.

Filming of Bob’s stories will take place Friday, July 17 from 5 pm to 9 pm and Saturday, July 18 from 10 am to 5 pm at the restaurant. There is no charge; however those who participate will be required to sign a photo release form. Stories will be edited and posted online as appropriate on the campaign’s website, http://www.SixtyandSolar.com , YouTube, Facebook and MySpace sites.

“Bob’s has a very special place in the American landscape,” said Greg Ashley, acting President of Canadian Solar (USA), Inc. “The owners of this unique structure have demonstrated leadership to building owners across the country. By optimizing renewable energy design and historical architecture, Bob’s has proven that green energy and architectural charm can work well together. We are very pleased that Canadian Solar’s high performance solar panels are a part of this installation and a part of the ‘Sixty and Solar’ celebration. Happy Birthday, Bob!”

The restaurant is now generating a portion of its own electricity from a solar power system consisting of 132 Canadian Solar CS6P 200 Modules. The system is installed on the large steel carport structure and a flat commercial roof above the neighboring Starbucks. It was designed and installed by HelioPower. The Bob’s solar installation will produce 39 MWh (mega watt hours) of electricity. This is enough green energy to offset the electrical demand of about seven homes; the elimination of CO2 offsets 57,000 miles driven per year and the equivalent of 78 trees planted and carbon sequestered for the life of those trees. Other environmental technologies applied at Bob’s include recycling and energy efficient lighting.

“From concept to design, implementation to a fully operational solar power system, HelioPower has done a wonderful job installing solar power on our historic building,” explained MacDonald.

(more…)

Canadian Solar: Oppenheimer Boosts Target, Estimates

Filed under: CSIQ — Tags: , , , , — Jason @ 12:30 pm

Posted by Eric Savitz
barrons.com

Oppenheimer solar analyst Sam Dubinsky this morning pounded the table on Canadian Solar (CSIQ), repeating his Outperform rating and boosting his price target to $19, from $14. The stock closed yesterday at $12.62.

He says that following checks at this week’s Intersolar conference, he has become more positive on the stock, “as we believe high-cost inventory has been burned through, units and margins should rebound, and Q3 Street estimates could prove conservative.” Dubinsky adds that he remains cautious on the solar sector overall, but that “CSIQ shares still have room to run.”

After multiple meetings with companies in the industry this week, Dubinsky writes, he is more comfortable on Q3 demand trends, but less comfortable with industry ASPs and second half linearity – he thinks Q4 will be down sequentially, while the Street expects linear growth.

Still for 2009, he boosts his EPS estimate for CSIQ to 28 cents from 2 cents; for 2010 he goes to $1.04, from 80 cents.

CSIQ is up 71 cents, or 5.6%, to $13.33.

Shares of Canadian Solar rise after analyst raises his price target, profit forecast

Filed under: CSIQ — Tags: , , , , — Jason @ 11:30 am

Thursday July 16, 2009, 11:30 am EDT

NEW YORK (AP) — Canadian Solar’s (CSIQ) shares jumped in Thursday morning trading after an analyst raised his price target for the solar products maker.

Shares of the Canadian company gained 64 cents, or 5.1 percent, to $13.26.

Oppenheimer analyst Sam Dubinsky said he expects Canadian Solar’s margins to rebound as it has burned through most of its high-cost inventory and is moving toward a lower cost structure that allows it to price aggressively and gain market share.

Dubinsky said he remains cautious on the overall solar sector, but believes Canadian Solar’s stock still has room to rise.

He raised his price target for the company to $19 from $14. He also raised his 2009 earnings estimate to 28 cents per share, up from a prior forecast of 2 cents per share. Analysts polled by Thomson Reuters estimate a profit of 5 cents per share, on average.

July 15, 2009

Canadian Solar’s PV Reliability Testing Center Receives Accreditation From CNAS for Conformity of ISO/IEC17025

Filed under: CSIQ — Tags: , , , , — Jason @ 8:00 am

Wednesday July 15, 2009, 8:00 am EDT

Canadian Solar Inc. (“the Company”, “Canadian Solar” or “we”) (CSIQ) today announced that it recently has received accreditation from the China National Accreditation Service for Conformity Assessment (“CNAS”) for Canadian Solar’s state-of-the-art photovoltaic reliability testing center in Changshu, China.

CNAS is China’s national accreditation body, solely responsible for the accreditation of certification, laboratory and inspection organizations. CNAS is also part of the international accreditation multilateral recognition system, and the accreditation body member of the International Accreditation Forum (IAF), the Pacific Accreditation Cooperation (PAC), the signatory to IAF Multilateral Recognition Arrangement (MLA) and PAC MLA, as well as the accreditation body member of the International Laboratory Accreditation

Dr. Shawn Qu, the Chairman and CEO of Canadian Solar remarked, “I am very proud and honored that our photovoltaic reliability testing center has achieved accreditation for conformity to ISO/IEC17025, the highest international accreditation standard, usually only available for standard and calibration laboratories. This is one of the first PV manufacturer-owned photovoltaic testing labs in the world to receive such an accreditation. Canadian Solar is known in the solar industry for producing high quality PV modules and for our uncompromised production process control. This accreditation is another demonstration of our in-depth knowledge in photovoltaic manufacturing, our exceptional testing capability and our expertise in quality management.”

Located in Changshu, China, the Company’s state-of-the-art photovoltaic reliability testing center is one of the largest in the world with total combined indoor and outdoor testing space of more than 2,000 sqm. The photovoltaic reliability testing center is equipped with cutting edge test equipment, such as walk-in climate chambers, mechanical load and hail testers, pulse and continuous solar simulators, electroluminescence testers and first class infrared cameras to test every aspect of module quality and reliability. All tests are handled following the procedures and standards set out for IEC61215 and IEC61730-2.

June 29, 2009

Canadian Solar Announces 120MW of Recent Sales Orders

Filed under: CSIQ — Tags: , , , — Jason @ 8:05 am

Monday June 29, 2009, 8:05 am EDT

Canadian Solar Inc. (“the Company”, “Canadian Solar” or “we”) (CSIQ) today announced it has received a purchase order from Systaic AG (SYSCF) for 30 MW of solar modules to be delivered to Spain. This is a specific purchase order under the 60 MW annual supply agreement that the two companies announced in October of 2008. Delivery under the agreement has already started.

Including this new 30MW purchase order, the Company has recently signed or reconfirmed sales contracts, contract extensions or received purchase orders for delivery of about 120MW of solar module products to 24 customers in Europe, North America and Asia. Most of these deliveries are expected to take place from June to October.

Dr. Shawn Qu, Chairman and CEO remarked, “We have insisted on quality products and services, long-term partnerships and prudent financial management. We are pleased that our efforts have paid off. The recent ‘flight to product quality and financial strength’ by customers, coupled with very competitive pricing have resulted in strong demand for our solar modules. The relationship between Canadian Solar and Systaic is a good example. The two companies have developed a solid partnership since early 2008, and Systaic has been one of our Top 10 customers in 2008. We have supported each other in recent quarters, leveraging Canadian Solar’s compelling product portfolio and financial strengths with Systaic’s strong system integration capability and large footprint in Europe, especially in the key markets of Germany, Spain and Italy. We are looking forward to our ongoing collaboration given both companies commitment to quality workmanship, innovation and service.”

Michael Pack, CEO of Systaic said: “We decided to start executing the annual agreement as the financing environment is improving, reconfirming our intention to reach the 60 MW annual target. The combination of Systaic’s system technology and Canadian Solar’s high performance modules has delivered high energy yields in the Spanish projects our companies have executed. As a result, Systaic recently completed a transaction to sell one of our solar farms, built with Canadian Solar’s modules, to a well-known off-take fund. The transaction has successfully received a refinancing from a leading German bank, underscoring the high financial attractiveness and bankability of our projects.”

About Systaic AG (SYSCF)

Due to the consequent implementation of its strategy, Systaic AG belongs to the fastest growing companies in the sector of renewable energies in Europe. The SYSTAIC group produces and markets Europe-wide a new generation of solar systems that differs significantly from the systems currently available on the market. The product portfolio is enhanced by the offer of comprehensive services. The patent-pending integrated system solutions for buildings are highly flexible regarding their design and are offered together with a yield guarantee for over 24 years. Systaic’s subsidiary Enerparc is currently implementing the world’s largest building-integrated photovoltaic power plant.

June 24, 2009

Canadian Solar to Offer Six Year Product Warranty

Filed under: CSIQ — Tags: , , , — Jason @ 8:00 am

Wednesday June 24, 2009, 8:00 am EDT

TORONTO, June 24 /PRNewswire-Asia-FirstCall/ — Canadian Solar Inc. (“the Company”, “Canadian Solar” or “we”) (CSIQ) today announced it would offer a six year warranty on module material and workmanship, extended from two years previously. Under this extended warranty, Canadian Solar warrants its standard solar module products, which account for more than 90% of the Company’s production, to be free from defects in materials and workmanship for a duration of 72 months from the date of delivery (EX-work). Some of the company’s off-grid and specialty solar products may carry different warranty terms.

Dr. Shawn Qu, the President and CEO of Canadian Solar, commented, “This is one of the best product workmanship warranties in the PV industry and Canadian Solar is pleased to offer this extended warranty. This was a logical step for us given the high confidence we have in our product workmanship and positive real world feedback from customers. Our solar modules are designed and manufactured to the highest industry standards. For example, Canadian Solar is the only major solar module manufacturer accredited with ISO:TS 16949, the automotive Quality Management System standard since 2003. By extending the product warranty to 6 years, we want to make sure our customers can sit back and relax after they have completed their PV system with our modules. Importantly, while we are giving our customers a significant benefit we do not expect this to impact profitability. Rather, we believe our policy change will help increase sales and margin.”

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