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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Canadian Solar Inc.    CSIQ   CA1366351098

CANADIAN SOLAR INC.

(CSIQ)
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CANADIAN SOLAR : Unirac and Canadian Solar Solutions Inc. Partner to Distribute 30 MW Turnkey Solar Power Solutions in Ontario, Canada

01/31/2011 | 08:40am EST

Unirac, North America's leading provider of infrastructure for solar power systems, and Canadian Solar Solutions Inc., a wholly owned subsidiary of one of the world's largest solar companies, Canadian Solar Inc. (NASDAQ: CSIQ), announced today, a strategic partnership to offer 30 megawatts (MW) of Canadian Solar's PV systems with Unirac's mounting solutions for residential and commercial rooftop installations throughout Canada.

The 30 MW partnership between Canadian Solar Solutions and Unirac provides Ontario customers with a complete best-in-class system solution that enables optimal system design flexibility and the highest levels of system performance for a rapid and continuous return on investment. This partnership will also allow Canadian Solar Solutions' customers another way to participate in Ontario's groundbreaking FIT and microFIT programs and earn a return on their investment while helping create a clean environment.

?We are excited about working closely with a strong partner like Canadian Solar Solutions to address the rapidly growing Ontario market for solar energy,? said Doug May, President and CEO of Unirac. ?Ontario's compelling renewable energy reimbursements are paving the way for a more sustainable future, and this partnership provides an ideal platform to provide Ontario customers with superior solar installations designed to perform well over the long term.?

Dr. Shawn Qu, Chairman and CEO, Canadian Solar Inc. remarked, "By partnering together we are able to offer a compelling turnkey solution. We will help nurture growth of the overall Canadian market by enabling customers to optimize rooftop solar energy generation through a combination of Canadian Solar's distinct PV panels and Canadian Solar Solutions' additional photovoltaic-related solutions with Unirac's tested and proven solar mounting solutions. The partnership helps assure optimized power production in a rooftop and ground mount environment."

Unirac is one of the first solar racking systems to meet Ontario's provincial content requirements. Under the microFIT terms, homeowners and small business owners who develop a project (10 kilowatts or less) that adhere to the 60 percent threshold of local content as mandated by the Ontario Power Authority (OPA) earn between 64.2 and 80.2 cents per kilowatt hour, a price that is guaranteed for 20 years. For projects larger than 10 kilowatts that meet the 60 percent local threshold, the OPA will pay out between 44.3 and 71.3 cents per kilowatt hour, depending on the installation size. The Unirac partnership enhances Canadian Solar Solutions' domestic content portfolio.

About Unirac

Unirac, a Hilti company, is North America's leading provider of infrastructure for solar power systems. Recognized as an industry innovator on both the product and process side, Unirac is one of the fastest growing companies in the solar industry. Unirac's industrial-grade solar mount solutions meet ?Made in America', ?Buy American', ARRA and Ontario Power Authority FIT and microFIT criteria. For more information about Unirac, please visit www.unirac.com.

About Canadian Solar Inc. (NASDAQ: CSIQ)

Canadian Solar Inc. is one of the world's largest solar companies. As a leading vertically integrated provider of ingots, wafers, solar cells, solar modules and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. 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 www.canadiansolar.com. Canadian Solar Solutions Inc. is a wholly owned subsidiary of Canadian Solar Inc. For more information on Canadian Solar Solutions, visit www.canadian-solar.ca.

Safe Harbor/Forward-Looking Statements:

Certain statements in this press release 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 risks regarding the previously disclosed SEC and internal investigations as well as general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; the availability 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; 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 filed on August 19, 2010. 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.

For Canadian Solar
Investor Relations
Alex Taylor, IR Director
+1-519-954-2057
Fax: +1-519-954-2597
ir@canadiansolar.com
or
For Unirac
Sterling Communications for Unirac
Liam Rose, +1-415-992-3213
lrose@sterlingpr.com
or
Media Relations
Tanya Bragg, +1-519-954-2057
Tanya.Bragg@canadian-solar.ca


© Business Wire 2011
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Financials (USD)
Sales 2020 3 434 M - -
Net income 2020 109 M - -
Net Debt 2020 846 M - -
P/E ratio 2020 27,4x
Yield 2020 -
Capitalization 2 928 M 2 928 M -
EV / Sales 2020 1,10x
EV / Sales 2021 0,84x
Nbr of Employees 13 478
Free-Float 76,3%
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 51,57 $
Last Close Price 49,59 $
Spread / Highest target 43,2%
Spread / Average Target 4,00%
Spread / Lowest Target -15,3%
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Managers and Directors
NameTitle
Shawn Qu Chairman & Chief Executive Officer
Hui Feng Chang Chief Financial Officer, Director & Senior VP
Guo Qiang Xing Chief Technology Officer & Senior Vice President
Jian Yi Zhang Chief Compliance Officer, SVP & General Counsel
Harry E. Ruda Independent Director
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