-- Canadian solar company extends its activities in Eastern Europe
ONTARIO, Nov. 21, 2012 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, delivered solar modules for an exceptional solar project in Poland. On the roof of a catholic church in Skoczow-Pogorze in Upper Silesia, the Polish project developer, RenSan Energy, implemented a PV-system in less than three weeks with a total performance of 37 kW. This makes the church a solar pioneer in the region and of the still young Polish solar market, using the self-produced energy of the sun, amongst other sources, to cover its electricity needs.
With the generated solar energy, the church in Skoczow-Pogorze supplies the electric heating of the building, as well as the lightning system of the presbytery and adjoining buildings, including several chapels, conference rooms, 30 guest rooms and the canteen kitchen. The project also benefits from remuneration for the kilowatt hours that are fed into the grid within the framework of a "green certificate" by selling to grid operators. The providers hence back a mix of self-consumption and contribute to the public grid. The solar PV system is thereby a role model in the region and is the county's first photovoltaic installation.
"High expectations were linked to the construction project due to its uniqueness. That is why we selected the polycrystalline CS6P-P modules of Canadian Solar, because of their high quality and outstanding performance, as well as their proven reliability. Since the inauguration, the PV system is exhibiting very good performance and was able to fulfill the expectations of the church," explained Piotr Zajac, project lead at RenSan Energy. "We are naturally particularly delighted about the positive feedback of the church congregation and other priests in the region and also the bishop and local public servants. This shows that the project is gaining broad acceptance in the region as early as shortly after its finalization."
Diversification of the Polish energy mix offers opportunities for solar energy
"The emerging - and still very young - Polish solar market has great potential. The government underlined its support for the expansion of renewable technologies to diversify the energy mix through the introduction of a feed in-tariff in 2013. We are convinced of the possibilities for solar energy in Poland and the corresponding advantages for the population", said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. "With the decision to enter the Polish market already at an early stage, we emphasize our aspiration to establish a worldwide photovoltaic standard for the generation of reliable and cost-efficient energy."
The Polish energy mix is currently dominated by the use of imported natural gas and its own coal resources. In particular, the strong economic growth is presenting the Eastern European country with new challenges to secure a stable electricity supply and control of price fluctuations on the worldwide commodity market.
About Canadian Solar
Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest solar companies. As a leading vertically integrated provider of ingot, wafer, solar cell, solar module and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe, Africa, Australia and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global, sustainable development. For more information, please visit www.canadiansolar.com.
Safe Harbor / Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the risks regarding the previously disclosed SEC investigation as well as general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on April 27, 2012. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.