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10/10/2008 07:22 AM

Canadian Solar, Systaic Sign Supply Agreement

SustainableBusiness.com News

Canadian Solar Inc. (CSI) (Nasdaq: CSIQ) has signed a sales contract with Systaic AG (SJK.BE) of Germany. Systaic will purchase 60 megawatts (MW) of regular solar modules for delivery in 2009. Systaic has been a customer of CSI since the beginning of 2008.

Chairman and CEO Shawn Qu remarked: "We are very pleased to announce the extension of our strategic relationship with Systaic. This marks the tenth 2009 sales contract we have signed in the past month. Systaic is a large and well-known systems integrator based in Germany with significant design capabilities and projects throughout Europe."

To date, CSI's sales contracts in Europe stipulate minimum shipments of approximately 226 MW. These contracts have options for up to an additional 80 MW of purchases for total European sales in the range of 226-306 MW out of a planned capacity of 500-550 MW.

All these contracts were signed in the past month and primarily reflect the demand from large, long-standing customers in Germany, CSI sais.

The company also signed sales contracts in Italy, the Czech Republic, Spain, and France, and are on track to increase sales in these countries, according to a release. CSI said North American and Asian sales are also on track, and the Company will issue a separate update later this Fall.

Shawn Qu continues: "The next-year order booking ratio we achieved in September is the highest in the Company's history. This demonstrates the commitment and the confidence of both CSI and our customers in the PV industry and the solar energy market. We are making rapid progress towards meeting our 2009 sales contract objectives. Similarly our customers are successfully developing and financing viable projects for 2009 in spite of a turbulent environment; this contract is a material milestone towards achieving our goals."

About Canadian Solar Inc

Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and custom-designed solar application products serving customers worldwide. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications.

About Systaic AG

Due to the consequent implementation of its strategy, Systaic AG belongs to the fastest growing companies in the sector of renewable energies in Europe. The SYSTAIC group produces and markets Europe-wide a new generation of solar systems that differs significantly from the systems currently available on the market. The product portfolio is enhanced by the offer of comprehensive services. The patent-pending integrated system solutions for buildings are highly flexible regarding their design and are offered together with a yield guarantee for over 24 years.

Website: http://www.csisolar.com