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| Canada: Canadian Solar Announces Funding Agreement with New District, City of Suzhou for Local Solar Projects
28
April
2009
TORONTO - Canadian Solar Inc. ("the Company", "Canadian Solar" or "we") (Nasdaq: 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."
About Canadian Solar Inc. (NASDAQ: CSIQ)
Founded in 2001, Canadian Solar Inc. is a vertically integrated manufacturer of solar cell, solar module and custom-designed solar application products serving customers worldwide. Canadian Solar is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, Canadian Solar has become a major global provider of solar power products for a wide range of applications.
Organization name: Canadian Solar Inc. Contact Person: Alex Taylor,
IR Director E-mail: ir@canadian-solar.com Phone: +1-905-530-2334 Fax: +1-905-530-2001 City: Toronto Country: Canada Web: http://www.canadian-solar.com .
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