Canadian Solar 176-MW of Ontario PV Contracts

"As a global company with strong financial backing and close to 700 MW of Canadian Solar modules installed in over 30 countries, we're very excited to have been offered these Contract Offers with our partners under Ontario's progressive FIT Program. The 176 MW of Contract Offers is a good start for Canadian Solar to help fight against climate change in Canada, including the goal of eliminating coal-fired power generation in Ontario by 2014. These projects, which represent 28 percent of the total approvals awarded to date, are also a good first step in Canadian Solar developing a leading market share position in Ontario," said Shawn Qu, chairman and CEO of Canadian Solar.

Some projects have already received Contract Offers, and the ones still awaiting initial approval, are expected to create jobs in the province, including local manufacturing by Canadian Solar and its partners, as well as in engineering, construction, electrical, project development and other related services. The projects were developed, in partnership, with several leading renewable energy developers in the Ontario market, including 3G Energy Corp., Axio Power Inc., Saturn Power and UC Solar.

Canadian Solar expects that it will establish a module manufacturing facility in Ontario by Q1 2011, which is expected to employ approximately 500 people. Further, the company will continue to supply installed solutions that meet Ontario FIT program content requirements for 2010 and 2011. Once final approval is obtained, the Ontario Power Authority will buy 100 percent of the power and renewable energy credits from the Canadian Solar projects under the FIT program.