Canadian Solar Announces 100MW Module Supply Agreement with Zhenfa New Energy in China

"We are honored to be awarded this large module supply agreement by Zhenfa New Energy. It is another milestone for Canadian Solar's achievements in the Chinese market, where we see the market improving with better pricing and payment terms," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

GUELPH, Ontario, Dec. 12, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has been awarded a module supply agreement to provide Zhenfa New Energy Science & Technology Co., Ltd. (Zhenfa New Energy) with photovoltaic ("PV") modules totaling 100MW for three solar power projects located in Gansu Province and one solar project in Inner Mongolia Autonomous Region of China.


"Canadian Solar is a well established and reputable brand, which is the major reason why we selected it as a partner to supply modules to our significant solar power projects in China," commented Jianjun Ju, Vice President of Zhenfa New Energy. "With Canadian Solar's high quality products, and superior material warranty and power output performance guarantee, we believe our cooperation will benefit both parties and minimize the risks in project construction and operation."

"We are honored to be awarded this large module supply agreement by Zhenfa New Energy. It is another milestone for Canadian Solar's achievements in the Chinese market, where we see the market improving with better pricing and payment terms," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Clearly, Chinese demand for solar modules going into the first quarter of 2014 remains strong, and based on our planning sessions with major developers and project off takers, we currently expect demand for solar modules in China to exceed 10GW in 2014."

Canadian Solar will supply about 400,000 pieces of its high efficiency CS6P245P, CS6P250P and CS6P-255P modules with power output of 245Wp, 250Wp and 255Wp for the projects. Module deliveries will commence in mid-December 2013 and are expected to be completed in January 2014. The three projects in Gansu Province are respectively located in Jiangyuguan, Guliang and Minqin, with a total size of 200MW. The project in Inner Mongolia is located in Sanxin, with a size of 50MW.

About Zhenfa New Energy Science & Technology Co., Ltd.

Founded in 2004, Zhenfa is a high-tech enterprise specializing in PV power generation system integration. It is one of the first batch of energy-conservation service enterprises verified and filed by National Development and Reform Commission in China. With its active promotion of the self-adaptive sun tracking PV power generation system, the company considerably increases the power generation efficiency of PV power plants, creating higher values for customers. Zhenfa now has become a well-known PV power generation system integration merchant and PV product promotion and application merchant in China. For developing foreign trade business, Zhenfa has built its Australia Branch and Japan Branch.

About Canadian Solar

Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest and foremost solar power companies. As a leading vertically integrated provider of solar modules, specialized solar products and solar power plants with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia, Canadian Solar has delivered more than 5GW of premium quality solar modules to customers in over 70 countries. Canadian Solar is committed to improve the environment and dedicated to provide advanced solar energy products, solutions and services to enable sustainable development around the world. For more information, please visit www.canadiansolar.com.

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