Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ) announced that it has signed a photovoltaic ("PV") solar module sales agreement with Cirus Solar Systems Private Limited ("Cirus"), a solar engineering, procurement and construction ("EPC") company based in Hyderabad, India.
Under the terms of the agreement, Canadian Solar is expected to deliver 33 MW of solar modules in the third and fourth quarters of 2011 at agreed prices denominated in U.S. dollars. The modules are expected to be utilized for solar PV projects that are designed, installed and commissioned by Cirus on behalf of two prominent Indian conglomerates. Initial shipments have already commenced.
Cirus provides turnkey solutions for solar power projects. In partnerships with global leaders having rich experience in solar industry, Cirus addresses both off-grid and utility scale solar power projects worldwide. Cirus has strong corporate backing from Hyderabad based Indu Group, which hasits own expertise in setting up conventional power projects and infrastructure developments combined with a very solid balance sheet. The unique expertise of the Indu Group in optimized power systems design, its loyal equipment vendor base and the execution capability in distributed networks give Cirus the edge over its competition.
Dr. Shawn Qu, Canadian Solar's Chairman and CEO said: "We are very pleased to initiate a business relationship with Cirus Solar Systems to participate in the development of the solar energy market in India. At Canadian Solar, we are relentless in our commitment to making solar power more competitive with other sources of energy through technology innovation as well as continuous focus on manufacturing efficiencies. We believe India has the potential to become one of the largest solar markets in the world and we expect it will make a meaningful contribution to the growth of our business in the quarters ahead."
Mr. I. Syam Prasad Reddy, Chairman and Managing Director of Indu Group, said: "We have selected Canadian Solar products because of their high quality, reliable delivery and strong commitment to customer service. We will be using Canadian Solar's 60-cell CS6P for ground-mounted applications, including a single large 20 MW plant as well as two smaller 8 MW and 5 MW plants coming up in the government sponsored solar park in Gujarat, India. These projects are expected to be completed by December 2011. We look forward to working with Canadian Solar to develop awareness and to drive adoption of solar power in India."