Canadian Solar Announces Funding Agreement for Suzhou Solar Projects     

On April 28th, Canadian Solar Inc. (Nasdaq: CSIQ) announced that it has signed an agreement with the Suzhou New District, Suzhou Municipal Government, Jiangsu province to fund local solar projects. The Suzhou New District Government has agreed to provide RMB7.5 million in matching funds in conjunction with the subsidies provided by China's Ministry of Finance and Ministry of Constructions for building photovoltaic (PV) installations. These funds will be used to exclusively support solar projects undertaken by Canadian Solar in Suzhou New District.
    "We are the first to jointly develop a municipal PV program using the renewable energy stimulus funds in China. These funds will be used to capitalize commercial rooftop and building integrated photovoltaic (BIPV) projects in the region of the municipality." Dr. Shawn Qu, Chairman and CEO of Canadian Solar said. "While this first step is a modest one, it is important for local market development. This will give the city and us opportunities to widely use solar energy and to set up a model mechanism that may be duplicated elsewhere, or repeated in the future. We look forward to its success."
    Founded in 2001, Canadian Solar is a vertically integrated manufacturer of solar cell, solar module and custom-designed solar application products serving customers worldwide. Canadian Solar is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experiences in the solar energy market and the silicon industry, Canadian Solar has become a major global provider of solar power products for a wide range of applications.

Awards 5 MW Contract

Canadian Solar has signed a new sales agreement with Topinfrasolar, a Korean systems integrator, which will expand the relationship and supply agreement by an additional 5 MW. Canadian Solar said on May 4th.
    The contracted deliveries may include both regular and e-Modules and stipulates deliveries for Korean installations in 2009. Canadian Solar and Topinfrasolar have had a successful business relationship since the beginning of 2009 that has already resulted in the successful delivery to five projects of approximately 3 MW in total.
   The combination of Canadian Solar high-performance modules with Topinfrasolar's system designs provides solar investors with one-stop shopping solutions in Korean market, according to Mr. Qu.