Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, and the Ningxia Electric Power Group (the "Ningxia Power Group") announced the successful completion and grid-connection of a 10 MW ground mounted solar project, a part of a 50MW solar plant, in Hongsibao, Ningxia, in northwest China at the end of 2011.
This 10 MW project consists of an 8 MW fixed system and a 2 MW tracking system. The 10 MW project is expected to generate approximately 13,511,167 KWh and will reduce CO2 emissions by 18,900 tons annually -- the equivalent of saving 5,200 tons of standard coal. Ningxia Power Group funded and constructed the project, with Canadian Solar's JV Gaochuangte New Energy serving as the EPC contractor.
Mr. Yingkuan Liu, Chairman of Ningxia Power Group, commented, "This is the first step of a strategic collaboration between Canadian Solar and Ningxia Power Group. Canadian Solar's global technology and finance experience in solar power plant EPC will definitely help the development of solar power plants in China."
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, said, "We are pleased with the successful collaboration with Ningxia Power Group. The success of our EPC project reflects our shared vision for cost-effective, environmentally friendly solar energy solutions. Canadian Solar has built a strong track record of EPC project development and execution in top solar markets worldwide. We are actively working to build on this momentum in China and worldwide, including recent news of Canadian Solar's agreement to sell 9 solar projects in Canada valued at approximately $470 million Canadian dollars. As China continues to evolve into a major PV power market over the next few years, Canadian Solar plans to be a major player in driving such growth."