ONTARIO, Canada, Sept. 9 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "Canadian Solar" or "we") (Nasdaq: CSIQ) today announced it has entered into a second memorandum of understanding with LG CNS Co. Ltd. ("LG CNS"), a subsidiary of the LG Group of South Korea, to implement a minimum 10 MW of PV power projects in Korea in 2010. Canadian Solar modules will be used in these projects. LG CNS has been a customer of Canadian Solar since early this year.
This non-binding memorandum expands on the first memorandum of understanding between Canadian Solar and LG CNS signed in April of this year and confirms the parties' desire to strengthen the existing close business partnership between the two companies. The Korean government recently announced the details of its 2010 PV programs, which include the Feed-in- Tariff ("FIT") program and the pilot stage of a renewable energy portfolio standard program ("RPS") program.
Shawn Qu, Chairman and CEO of Canadian Solar said, "South Korea has been a good market for Canadian Solar this year and our agreements with LG CNS have played an important role in this success. LG CNS is one of the best solar system integrators and EPC providers and is a well recognized player in the Korean and worldwide solar markets. We are very pleased to have LG CNS's endorsement of the quality of our products and services. We believe that combining the strength of both companies will allow us to offer our high- quality, one-stop services to many more project owners in Korea."
Michael Park, Vice President of LG CNS said, "Canadian Solar is a leading supplier of high-quality, high performance solar modules in the Korean market. Canadian Solar modules are quickly recognized by our customers as a product with one of the best energy production ratios. We are happy to expand our relationship with Canadian Solar, which will allow us to provide long-term superior solutions to the attractive solar market in Korea, especially to our important local power utility customers."
About LG CNS
LG CNS has 7,000 employees at its headquarters, 7 overseas subsidiary companies and 4 subsidiary companies around the world to help clients with IT challenges; LG CNS provides comprehensive solutions from consulting to system deployments and operations. With abundant industry-specific knowledge, proven advanced IT technology experts and the industry's top service quality, LG CNS makes people's lives more convenient, futuristic and enjoyable by driving the national and corporate information-oriented culture.
About Canadian Solar Inc. (NASDAQ: CSIQ)
Canadian Solar Inc. is a leading vertically integrated provider of ingot, wafer, solar cell, solar module and other solar applications. Canadian Solar designs, manufactures and delivers solar products and solar systems for on- grid and off-grid use to customers worldwide. Canadian Solar is one of the world's largest solar module producers by manufacturing capacity. With operations in North America, Europe and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global sustainable development. For more information, visit http://www.canadian-solar.com .
Safe Harbor/Forward-Looking Statements
Certain statements in this press release, including statements regarding the expected benefits of our cooperation with LG CNS, are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the ability of the Company and other parties to comply with and perform contracts and memoranda of understanding; general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future shortage or availability of the supply of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers, including customers of our silicon materials sales; changes in demand from major markets such as Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F originally filed on June 8, 2009. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
SOURCE Canadian Solar Inc.