Friday, June 1, 2007

Canadian Solar Signs a 45 Million Euro Annual Sales Contract and Breaks Ground of a 250 MW Module Facility in Changshu, China

Jiangsu, China, May 29 /Xinhua-PRNewswire/
Source: Canadian Solar Inc. press release

Canadian Solar Inc. ("the Company", or "CSI") (Nasdaq: CSIQ) today announced it has concluded a 2007 annual sales contract worth 45 million Euro with a leading German customer. CSI has already started to deliver to this contract in March, before official signing, due to immediate demand for the products.

Concurrently CSI held a ground breaking ceremony for the new 250 MW module manufacturing facility for its plant in Changshu, China, located about 100 km west from Shanghai. The first phase of the new facility is 20,000 square meter in area and is expected to be completed by November of 2007. When finished, the first phase facility will have a module production capacity of 250 MW. Construction is expected to start in June after receiving final building permits.

Dr. Shawn Qu, CEO of CSI, said, "We continue to execute our business expanding strategy as planned in order to support our customers' demands and forecasts. Our insistence on quality products and services is paying off. The strong demand we are seeing exemplifies CSI management's strategies of branding CSI as Tier-One in quality and to form long-term partnership with Tier-One distributors in every geographic market. This annual contract, with firm pricing and delivery schedules until the end of year, serves as another example of such a partnership which brings business security and visibility to both CSI and its customers."

China's LDK Solar Co. raises $469 mln in IPO

NEW YORK, May 31 (Reuters) - An initial public offering from China's LDK Solar Co. Ltd. on Thursday raised $469 million, with shares pricing at the top of a forecast range.

The 17.38 million American depositary share offering sold for $27 per share compared with a $25 to $27 forecast, according to an underwriter.

Each ADS represents one ordinary share.

Underwriters, led by Morgan Stanley and UBS Investment Bank, have the option to purchase an additional 2.6 million ADSs to cover overallotments, according to documents filed with the U.S. Securities and Exchange Commission.