Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, announced that the Company has signed an agreement to sell 81 MW of solar modules to Saferay GmbH at a fixed price for projects in Germany. Canadian Solar is expected to deliver the full 81 MW before the end of the third quarter 2011. Delivery has already commenced.
Berlin-based Saferay was founded in early 2010, as a spin-off from one of Germany's leading solar cell manufacturers, and is a developer, owner and operator of large scale PV power plants. Saferay is one of the industry's fastest growing companies, having constructed 4 solar plants in double-digit MW size in 2010.
Dr. Marko Schulz, CEO of Saferay, commented, "We are proud to be working with Canadian Solar. The company came out on top of our selection criteria, including quality, reliability, customer service and brand attractiveness to customers. Strong partners, like Canadian Solar, are critical to Saferay's continued success and fast growth."
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, said, "We are pleased to be partnering with Saferay. We are both fast growing companies committed to high product quality and customer service. We continue to expand our presence in the largest, most established solar markets, like Germany, while also building our leadership in developing markets. The widely-recognized Canadian Solar brand, along with our commitment to innovation, competitive pricing and service positions us for further growth."