CSI Reaches Funding Deal with City of Suzhou; Signs 5-MW Contract with Topinfrasolar

Toronto, Canada [RenewableEnergyWorld.com]

Canadian Solar Inc. announced that it has signed an agreement with the Suzhou New District, Suzhou municipal government to fund local solar projects. The Suzhou New District government has agreed to provide US $1.09 million in matching funds in conjunction with the subsidies provided by China's Ministry of Finance and Ministry of Constructions for building PV installations.

"These funds will be used to capitalize commercial rooftop and BIPV projects in the region of the municipality."

-- Dr. Shawn Qu, Chairman and CEO, Canadian Solar

These monies will be used to exclusively support solar projects undertaken by Canadian Solar in Suzhou New District. Other sources of project debt or equity will be arranged by the company or by the project owners.

"Canadian Solar is proud to announce, in cooperation with the Suzhou New District, that we are the first to jointly develop a municipal PV program using the renewable energy stimulus funds in China. These funds will be used to capitalize commercial rooftop and BIPV projects in the region of the municipality,” said Dr. Shawn Qu, chairman and CEO of Canadian Solar.

In related news, CSI has also announced that it has signed a new sales agreement with Topinfrasolar, a Korean systems integrator, which will expand the relationship and supply agreement by an additional 5 megawatts (MW).
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The contracted deliveries may include both regular and e-Modules and stipulates deliveries for Korean installations in 2009. CSI and Topinfrasolar have had a successful business relationship since the beginning of 2009 that has already resulted in the successful delivery to five projects of approximately 3 MW in total.

"We are also very pleased to work with Canadian Solar, one of the world class suppliers of solar photovoltaic panels. We have so far implemented several solar farm projects in Korea using Canadian Solar modules and we are impressed by their consistently superior module quality. With this new contract, we look forward to continuing our relationship with Canadian Solar and to offering long-term reliable returns to our solar farm investors," said Hyung Seok Oh, CEO of Topinfrasolar.