October 16, 2012
Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced its modules have been installed in a 5MW (AC) solar plant located in a dense agricultural area of Lancaster County, Pennsylvania. The environment-friendly solar project, dubbed Keystone, was developed by Community Energy Solar and constructed by groSolar.
Canadian Solar utility-scale MaxPower modules are part of the unique installation by CommunityEnergy, which was adapted with an organic perspective to preserve and improve the farmland the installation resides on. The solar panels are installed on driven posts without concrete to avoid soil disturbance and specific ground cover was selected to maintain and improve the organic soil content.
Exelon Generation and Community Energy's retail marketing division committed to buy the output and backed the financing for the project, which will supply green electricity to customers who sign up for a share of the generation. Several high-profile customers have already endorsed the program including the Philadelphia Phillies, the Clean Air Council, Franklin & Marshal College, Drexel University, Eastern University, Marywood University, Millersville University, andJuniata College .
"The Keystone solar energy project is another example of a long list of utility-scale solar projects that continue to drive job employment across the United States," said Alan King, general manager of Canadian Solar USA. "This project sets an example of how a solar installation can support a community by providing benefits on multiple levels, in addition to generating long-term clean energy."
The 20,000 Canadian Solar 290 watt modules are installed on fixed tilt, ground-mounted aluminum racking and are interconnected to the PPL Electric grid. The solar energy system will supply approximately 7.5 million kilowatt hours per year of electricity, or enough energy to power 653 homes. The installation offsets 5,625 tons of emissions annually, the equivalent sequestration of 28,125 trees per year.
"This is the greenest of the green—local jobs building fuel-free power that will last for decades," said Brent Beerley, Executive Vice President of Community Energy. "Forward-thinking retail electric customers, backed by Exelon Generation on wholesale, and leadership from East Drumore township, the State of Pennsylvania, and the PA Sustainable Energy Fund were all part of making this happen, and we're under construction with an experienced team led by contractor groSolar using Canadian Solar modules. We couldn't be happier with the team," he said.
A ribbon-cutting ceremony for the Keystone project will be held today at 10 a.m. EST, dedicating the new installation and providing an educational session on how solar is the future of new energy.
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,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.
About Community Energy
Community Energy ("CE") has led renewable energy development in the Eastern U.S. since its founding in 1999. CE led wind development in the Northeast at the start of the decade, and in 2009 expanded into solar project development in states with expanding solar targets, now including New Jersey, Massachusetts, Indiana, Maryland, North Carolina and Puerto Rico, with targeted projects in Colorado and Arizona. CE continues to lead the industry by backing utility power purchase agreements with retail renewable energy sales and hedge products. Projects built by CE include the 7.8 megawatt Vineland Solar Project in the City of Vineland, NJ, the 24 megawatt Bear Creek Wind Farm in the Poconos, PA, and the 7.5 megawatt Jersey Atlantic Wind Farm in Atlantic City, NJ. For more information and video of the Keystone construction, visitwww.communityenergysolar.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 risks regarding 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 in the Canadian markets; changes in customer order patterns; capacity utilization; pricing pressure and declines in average selling prices; delays in utility-scale project approval process; delays in utility-scale project construction; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company'sSEC 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.
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