Canadian Solar (NASDAQ:CSIQ)

ONTARIO, Canada, January 26, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced an agreement with the Al Fahad Group, a diversified conglomerate with expertise in Defense & Intelligence, Homeland Security, Networking & Communications and Power.

Under the agreement, Canadian Solar will supply more than 1.5 MW of its solar modules to the Al Fahad Group, which is spearheading one of the largest solar PV projects in Abu Dhabi, considered one of the pioneers for renewable energies in the Middle East. This will be a governmental venture, which was agreed upon during the recent World Future Energy Summit (WFES) held in Abu Dhabi.

Canadian Solar's CS5A-M solar modules will be used for the project, as they are ideally settled for the local environmental conditions. "What convinced us to choose Canadian Solar was its proven performance and reliability, high quality and commitment to excellence. High performance under our challenging local climate parameters was at the forefront of our selection process," explained Khaled Obaid Al Othman Al Ali, CEO of AL Fahad Group. "Additionally, we focus on long-term relationships with trustworthy partners. To these belong companies with experience, an extended track record and a very good customer service. With Canadian Solar all these requirements are met."

ONTARIO, Canada, January 17, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced that its solar modules passed the most stringent salt spray corrosion test ———— IEC61701 Ed2 (salt mist corrosion testing) and IEC60068-2-52 Ed.2 (Severity 1, Environmental testing) standards adopted in 2011. Canadian Solar was granted certification by TUV NORD CERT GmbH, based in Germany. The certification covers 33 of the Company's products, with outputs ranging from 13W to 305W. These latest tests are in addition to the Ammonia Test, another voluntary test the Company's solar modules passed in March 2011.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, said, "Despite the highly rigid standards, Canadian Solar submitted to the voluntary stringent salt spray test given our confidence in the quality, performance and durability of our solar modules. This latest certification further validates the premium quality of Canadian Solar's modules even under very adverse weather and environment conditions. This is a competitive differentiator, allowing Canadian Solar to install systems within seaside areas, providing a much needed solution customers in coastal regions, including Japan, Indonesia, and Thailand, among others. We will continue to leverage our state-of-the-art PV testing lab as we work to safeguard the high-quality our solar modules have become known for worldwide over the past 10 years."

This Salt Mist Corrosion test is intended for application to components or equipment designed to withstand a salt-laden atmosphere. Salt can degrade the performance of parts manufactured using metallic and/or non-metallic materials. According to IEC60068-2-52: Severity 1 is intended to be used for testing products which are used in a marine environment, or in close proximity to the sea and exposed to the environment for much of their operational life (i.e., ship radar, deck equipment). Severity 1 is commonly used as a general corrosion test in component quality assurance procedures.

The Severity 1 corrosion test lasts 28 days with four testing cycles. During each cycle modules are sprayed for 2 hours with a 5% Sodium Chloride Solution. The modules are then stored for 7 days at 35 degrees Celsius and a humidity level of 85 percent. This procedure is repeated four times in each successive test cycle. The accelerated laboratory corrosion test simulates the effects of salt-laden atmospheres during the entire life of the solar modules.

ONTARIO, Canada, January 5, 2012 /PRNewswire-Asia-FirstCall/ -- 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") today 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."

ONTARIO, Canada, December 13, 2011 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced it has entered into a sales contract with Siemens. Under the agreement, Canadian Solar supplied 2.5 MW of solar modules for two solar projects -- a rooftop system and a carport -- constructed by Siemens for the University of Murcia, Spain. For both projects, Siemens used Canadian Solar's MaxPower CS6X modules, the company's utility-scale module series. Due to its larger size, power and performance, MaxPower cuts balance of system costs per watt by optimizing tracker and racking space.

"We are proud that Siemens selected Canadian Solar's modules for this green initiative. We look forward to continuing to partner with global leaders, such as Siemens, to promote the expansion of solar power worldwide," commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar.

MUNICH, Germany, December 1, 2011 /PRNewswire-Asia-FirstCall/ -- Canadian Solar (NASDAQ: CSIQ), one of the world's largest solar companies, today announced that the company has supplied solar modules for a 9 MW solar power plant by OPDE Group in Spain. The solar system is scheduled for commissioning in the fourth quarter of 2011. With this project, Canadian Solar continues to extend its presence in Southern Europe.

In mid-October, OPDE Group started constructing a solar system in the town of Ablitas in the Spanish region of Navarra. For this PV project high quality and high performing CS6P-P solar modules of Canadian Solar are being used. "For our project, we need powerful and reliable solar modules that guarantee high yields for our system. In Canadian Solar we found a partner who convinced us by the modules' high quality, high performance and good value for money," said Teresa Marticorena, OPDE Marketing Manager.

"With the OPDE Group we have an internationally leading solar project company and a strong partner by our side with whom we will be able to further grow in Southern Europe and to successfully complete large projects," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.

MUNICH, Germany, November 29, 2011 /PRNewswire-Asia-FirstCall/ -- Canadian Solar, (the "Company," "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced that it has supplied solar modules for an 8.5 MW power plant in Lindenhof near Neubrandenburg in the German state of Mecklenburg-Vorpommern. Berlin-based saferay expects to complete the project next month.

With this cooperation to build the Lindenhof solar power plant Canadian Solar further extends its successful collaboration with project company saferay. The PV system uses a total of 36,000 CS6P-P solar modules manufactured by Canadian Solar. These modules are particularly powerful with high quality, reliability and good energy yield. "We continue to rely on Canadian Solar modules in our projects due to their outstanding quality and performance, and excellent customer service. This makes Canadian Solar a strong partner for us," said Dr. Marko Schulz, managing director of saferay. "Thanks to favorable weather conditions, we are on track to complete the solar park installation so the power plant will be turnkey ready in December. So far, we have completed 5.5 MW."

• Solar module shipments were 355 MW, compared to 287 MW in Q2 2011.
• Net revenue was $499.6 million, compared to $481.8 million in Q2 2011.
• Gross margin was 2.4%, after the impact of non-cash inventory provisions and loss on firm purchase commitment, compared to 13.2% in Q2 2011.
• Diluted loss per share was $1.02, compared to diluted earnings per share of $0.16 in Q2 2011.
• Operating cash flow was approximately $94 million and the aggregate of cash, cash equivalents and restricted cash at the end of the quarter was $621.1 million.

ONTARIO, Canada, October 17, 2011 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today updated its financial guidance for the third quarter 2011 based on its current views with respect to operating and market conditions, its current order book and customers' forecasts, all of which are subject to change.

For the third quarter of 2011, Canadian Solar expects shipments to be in line with prior guidance of 350 MW to 360 MW despite broader weakness experienced in the solar market worldwide. The Company noted that it saw strength in customer demand return at the end of the third quarter of 2011. Management believes that demand was initially lower earlier in the third quarter as customers appear to have been waiting as long as possible before committing to purchases given continued pressure on average selling prices ("ASP's") throughout the solar supply chain. This was compounded by a weaker than normal financing environment. Due to the lower ASP's, the Company now expects its gross margin for the third quarter will be in the range of 2% to 5%, compared to prior guidance of 9% to 12%.