Over the next twenty years, the projects are anticipated to generate more than 1.1 Mio. kWh of clean, renewable, solar energy.
GUELPH, Ontario, Canada, Aug. 12, 2014 -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the Company executed a 44 MWp module sales agreement with affiliates of Entropy Investment Management, LLC and Entropy Solar Integrators, LLC ("Entropy"). Entropy will construct seven solar farms in North Carolina in 2014 by using high efficient Canadian Solar CS6X-P PV module series.
Over the next twenty years, the projects are anticipated to generate more than 1.1 Mio. kWh of clean, renewable, solar energy. This is equivalent to taking the CO2 emission of more than 94,000 automobiles off the road or powering more than 130,000 homes.
"Entropy has a strong partnership with Canadian Solar, and this is our second major order with them for projects that will enter service this year. We are particularly pleased that we were able to consummate this deal at a fair price even after the imposition of new duties on solar products. Continued commitment to the US market by low cost manufacturers such as Canadian Solar in spite of the challenges is encouraging and ultimately essential for the continued deployment of low cost solar energy in the United States," said Lewis Reynolds, Managing Partner of Entropy Investment Management, LLC.
Canadian Solar, North America's largest manufacturer of solar products, continues to grow its activities and customer base in the United States.
Additionally, Canadian Solar modules are covered by a 10-year warranty on materials and workmanship, along with a 25 year linear power output performance guarantee - backed by a third-party insurance policy that is underwritten by investment grade insurance companies.
"We are privileged to be a part of North Carolina's solar success story, as North American companies continue to invest in sustainable development. Partnerships with organizations such as Entropy showcase Canadian Solar's ability to continue serving the booming US market. Generating local jobs to design, construct and finance these PV projects while increasing the use of clean and renewable energies is part of our dedication to making a solar-powered America a reality," said Thomas Koerner, General Manager of CSI's Americas Operation.
About Canadian Solar Inc.
Founded in 2001 in Ontario, Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has an industry leading and geographically diversified pipeline of utility-scale solar power projects as well as a track record of successful solar deployment boasting over 7 GW of premium quality modules installed in over 70 countries during the past decade. Canadian Solar is committed to providing high-quality solar products and solar energy solutions to customers around the world. For more information about our company, products and projects please visit www.canadiansolar.com.
About Entropy Solar Integrators LLC
Entropy Solar Integrators is a full service solar development and finance firm that provides cost-effective, quality, and innovative solar energy. Built on the backbone of over 200 solar photovoltaic solar projects installed in the eastern US since 1999, today's Entropy is one of best capitalized and fastest growing renewable energy companies in the world. For more information please visit www.entropysolar.com.