Canadian Solar awarded FIT contracts

Canadian Solar Inc., one of the worlds largest solar power companies, announced it has been awarded Contract Offers for 176 megawatts MW of open field photovoltaic power generation projects under the new Feedin Tariff FIT program that is part of the landmark Green Energy and Green Economy Act.

Once final approval is obtained, these projects are expected to be completed in 2011 and 2012. The projects were developed, in partnership, with several leading renewable energy developers in the Ontario market, including 3G Energy Corp., Axio Power Inc., Saturn Power and UC Solar.

Shawn Qu, Chairman and CEO of Canadian Solar said, “As a global company with strong financial backing and close to 700 MW of Canadian Solar modules installed in over 30 countries, were very excited to have been offered these Contract Offers with our partners under Ontarios progressive FIT Program. The 176 MW of Contract Offers is a good start for Canadian Solar to help fight against climate change in Canada, including the goal of eliminating coalfired power generation in Ontario by 2014.

“These projects, which represent 28 percent of the total approvals awarded to date, are also a good first step in Canadian Solar developing a leading market share position in Ontario. The projects that have received Contract Offers, and the ones still awaiting initial approval, are expected to create jobs in the province, including local manufacturing by Canadian Solar and its partners, as well as in engineering, construction, electrical, project development and other related services.”

Canadian Solar expects that it will establish a stateofart module manufacturing facility in Ontario by the first quarter of 2011, which is expected to employ approximately 500 people. Further, the company will continue to supply installed solutions that meet Ontario FIT program content requirements for 2010 and 2011. Once final approval is obtained, the Ontario Power Authority will buy 100 percent of the power and renewable energy credits from the Canadian Solar projects under the FIT program.

Milfred Hammerbacher, President of Canadian Solar Solutions Inc., a subsidiary of Canadian Solar Inc., said, “I am proud to see the Ontario government investing in the future of the province by helping improve the quality of life for our residents. With the continued leadership of the Ontario government, Canadian Solar Inc. will bring more solar energy to Ontario, our home province.”