Canadian Solar (NASDAQ:CSIQ)

GUELPH, Ontario, May 20, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the Jiangsu Suzhou Intermediate Court dismissed the request by LDK Solar Co., Ltd. (NYSE: LDK) to enforce the arbitration award decision by the former Shanghai branch of the China International Economic and Trade Arbitration Commission in the amount of RMB 248.9 million (approximately US$ 40.1 million). This arbitration award relates to wafer supply contracts entered into between Canadian Solar and LDK in October of 2007 and June of 2008, and subsequently terminated. The total amount of the award includes the initial deposit of RMB 60.0 million(approximately US$ 9.7 million), but excludes approximately RMB 2.0 million to cover arbitration expenses.

Dr. Shawn Qu, Chairman and Chief Executive Officer, commented, "We are delighted with the Jiangsu Suzhou Intermediate Court's decision in our favor. We believe we have conducted our business properly at all times and we will continue to advocate cooperation rather than confrontation within the solar industry."

GUELPH, Ontario, April 2, 2013 /PRNewswire-FirstCall/ -- Canadian Solar, Inc., (the "Company," or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that the United States District Court for the Southern District of New York dismissed with prejudice a class action lawsuit filed against the Company and certain named defendants. The lawsuit alleged that the Company's financial disclosures during 2009 and early 2010 were false or misleading and in violation of federal securities law. The Court found that the plaintiffs failed to adequately allege a securities law violation, and on March 29, 2013, it granted the Company's motion to dismiss all claims against all defendants with prejudice. The plaintiffs have 30 days to appeal the judgment.

Fourth Quarter 2012 Results

• Net revenue was $294.8 million, compared to $326.0 million in the third quarter of 2012.
• Gross profit in the fourth quarter of 2012 was $14.9 million, compared to $7.3 million in the third quarter of 2012 and$41.4 million in the fourth quarter of 2011.
• Diluted loss per share was $2.43, compared to diluted loss per share of $1.01 in the third quarter of 2012.
• Non-GAAP adjusted diluted loss per share was $1.01, compared to non-GAAP adjusted diluted loss per share of$1.00 in the third quarter of 2012. A table that provides a reconciliation of GAAP to non-GAAP measure is available at the end of this press release.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "2012 was a difficult year for the entire solar industry. Despite the headwinds, we maintained our practice of balancing the desire to expand with the need for prudent business management and cost control. As a result, Canadian Solar has fared better than most of our competitors. We have further increased our market share, and rapidly established our total solutions business with investments in the mid- and downstream segments. We have, at the same time, achieved one of the lowest production costs among our peers, and we also achieved a more evenly balanced geographic distribution. We are especially proud of our success in the Japanese market where our shipments tripled during the year. Moving forward, we are uniquely positioned as we do not have to carry the baggage of underperforming polysilicon manufacturing assets and the liability of large long-term supply contracts that some of our competitors have. Our light manufacturing strategy combined with targeted investments in our downstream total solution business puts us in a good competitive position to emerge from the current industry cycle as a stronger leader."

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar commented: "Our fourth quarter 2012 financial results do not fully reflect our progress given the non-cash charges that negatively impacted our results. From an ongoing operations standpoint, we are encouraged with our results. Sequentially, our solar module shipments were up, our gross margin more than doubled despite underutilization charges, our inventories were reduced by $43.3 million and our short-term borrowings were reduced by $31.6 million. We are focusing on profitability over growth and on markets where we can generate the best returns. In addition, we are starting to see signs of price stabilization across the value chain, which is reflected in our better than expected gross margin in the fourth quarter. We are encouraged by the rapid expansion of our total solutions business. Finally, we are pleased that the groundwork that we have laid over the past several years has paid off with our proven ability to finance the purchase of projects and their construction before sale."

Business Outlook

The Company's business outlook is based on management's current views with respect to operating and market conditions, its current order book, and the challenging industry environment, which continues to result in customer demand uncertainty. Management's views and estimates are subject to change without notice.

For the first quarter of 2013, the Company expects photovoltaic module shipments to be in the range of approximately 290MW to 310MW, with gross margin expected to be between 8.0% and 10.0%.

For the full year 2013, the Company expects photovoltaic module shipments to be in the range of approximately 1.6GW to 1.8GW, including modules used in our total solutions business.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Clearly, our strategic decision to focus on the downstream total solution business several years ago has proven to be the right one. This is highlighted by our success at building scale in this business in low risk countries such as Canada, Japan and the U.S. Our total solutions business capability and project pipeline, supported by our low cost manufacturing capability, position us well for the next phase of growth in the solar power industry. Our focus for 2013 is on returning to profitability on a full year basis."

SAN RAMON, Calif., February 25, 2013 /PRNewswire-FirstCall/ -- Canadian Solar, Inc., (the "Company," or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced that it has invested in and partnered with Strata Solar on a suite of utility-scale solar power projects located in North Carolina. The projects, developed jointly, will total approximately 85MW divided amongst 15 unique solar installations.

The first project to be commissioned is Fuquay Farm, a 6.4MW DC project located in Middle Creek, Willow Springsin Wake County, NC. The project broke ground in November 2012 and will be commissioned by the end of February. Once up and running it is expected to create enough renewable energy to power 750 homes and will divert 8.8 million pounds of CO₂ per year.

"Strata Solar is making great strides in bringing solar to North Carolina. We are thrilled to collaborate with a top tier firm that has a clear commitment to the future of solar in the region.," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "Fuquay Farm is the first of many, and we look forward to working closely with Strata Solar to generate clean energy for the residents of North Carolina."

"We are very excited about our partnership with Canadian Solar," said Michael Cohen, VP Business Development of Strata Solar. "We hold the same values at our core - long term job growth, promoting energy independence, our national security, and growing the clean energy base in America. Canadian Solar offers a world-class product backed up by industry leading executives."

The portfolio of 15 solar power projects mainly consist of 6MW utility scale solar energy farms, but will also include a 1MW rooftop solar system and a 3MW farm. The construction will be staggered throughout the year with the entire portfolio set for completion by the end of 2013. During the first year of operation, the energy produced by the portfolio will be equivalent to removing approximately 17,067 passenger cars from the road.

GUELPH, Canada, January 31, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that Credit Suisse will provide the Company with an up to US$40 million, 1 year tenor loan. The loan will be used to finance Canadian Solar's previously announced acquisition of 4 solar projects in Ontario, Canada.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "We continue to attract blue chip financial and construction partners across the entire project lifecycle. We believe this validates the value of Canadian Solar's global scale, proven track record, and both project expertise and quality. This sets us apart in the industry and is allowing us to accelerate the development of our already strong pipeline in Canada, the U.S. and worldwide."

TORONTO and GUELPH, Canada, December 28, 2012 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, and SunEdison Power Canada Inc. ("SunEdison"), a subsidiary of MEMC Electronic Materials, Inc., today announced that they have completed a purchase and sale transaction wherein Canadian Solar's direct subsidiary Canadian Solar Solutions Inc. has acquired a majority interest in two utility-scale solar power projects in Ontario with a total capacity of approximately 24 MW DC. Subject to certain contractual conditions, Canadian Solar has the ability to complete a purchase of two additional utility-scale solar power projects in Ontario with a total capacity of approximately 22.5 MW DC, and an option to purchase a fifth solar project at a later date from SunEdison. Each of the five solar power projects was awarded a 20-year power purchase contract (a "FIT Contract") by the Ontario Power Authority under Ontario's Feed-In-Tariff Program (FIT version 1.0). The two projects purchased have each received Renewal Energy Approvals and are expected to commence construction in early 2013 and be fully operational by late 2013. The remaining solar energy projects are in the advanced permitting stage and are expected to commence construction in early to mid-2013 and be fully operational by late 2013 and early 2014.

The aggregate transaction price is approximately C$37 million (US$ 38 million) payable in accordance with certain milestones. The completion of the transaction also brings a settlement to litigation proceedings between Canadian Solar and SunEdison commenced in the Ontario courts in October 2011.

"We are very pleased to announce this transaction with SunEdison which further demonstrates Canadian Solar's ongoing investment and commitment to the Ontario solar energy market, and continues Canadian Solar's growth of its global solar project portfolio and higher margin total solutions business," said Dr. Shawn Qu, Chairman and Chief Executive Officer at Canadian Solar. "Each of these four solar projects will create and sustain green jobs in Ontario and will generate clean, renewable energy for decades to come."

GUELPH, Ontario, Canada, December 3, 2012 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has signed a financing agreement pursuant to which Deutsche Bank has agreed to provide C$139 million (US$139 million) in non-recourse, short-term construction financing to Canadian Solar for the construction of solar power projects in Ontario, Canada. The loans are expected to be repaid with the proceeds of the sale of the respective financed projects.

The loan facility is intended to support the simultaneous construction of five utility-scale solar power plants totaling 49 MW AC. Developed by Canadian Solar, the projects are expected to be built and connected through 2012 and 2013. All of the projects have been awarded a 20-year power purchase contract (the "FIT Contract") by the Ontario Power Authority under the Ontario's Feed- In-Tariff Program. As a part of Canadian Solar's turnkey solar solutions, these projects will be acquired by TransCanada Corporation in accordance with the sales agreement announced in December of 2011.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said, "We have systematically grown Canadian Solar's project pipeline and total solutions business over the past few years by leveraging our global brand, established project infrastructure and excellent support services. Having, a strong and equally committed financial partner, will allow us to further accelerate development of our already robust project pipeline. Our current and prospective project partners will now have even higher confidence in working with Canadian Solar as we continue to successfully execute on our growth strategy."

Third Quarter 2012 Results

• Net revenue for the third quarter of 2012 was $326.0 million, down 6.4% from $348.2 million in the second quarter of 2012 and down 34.8% from $499.6 million in the third quarter of 2011.
• Net loss attributable to Canadian Solar in the third quarter of 2012 was $43.7 million, or $1.01 per share, compared to net loss of $25.5 million, or $0.59 per share, in the second quarter 2012,and net loss of $43.9 million, or $1.02 per share, in the third quarter of 2011.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Our results for the third quarter were broadly in line with our guidance, despite continued competitive pricing pressure and demand weakness. During the quarter, we continued to strengthen our position as one of the four largest suppliers of photovoltaic modules in the world. But more importantly, we did so while maintaining positive operating cash flow, net of our landmark acquisition of highly accretive solar power projects in Canada. In the past several weeks, we announced a series of solar power plant development agreements, including the sale of our first solar power project in Canada to Stonepeak Infrastructure Partners, and a significant EPC agreement with Penn Energy Renewables Ltd., which we have since then expanded. After the end of the third quarter, we completed construction of two TransCanada Corporation projects, which are now connected to the grid, and we received REA approval for six out of the remaining seven TransCanada projects, which are now in the initial phase of construction. Clearly, we continue to make impressive headway on the build-out of our project pipeline and the development of our total solutions business. This is a major differentiator and diversification strategy for Canadian Solar, which we believe will be a key driver of our success and sustainability over the long term."

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar commented: "Our gross margin was impacted by our lower shipment volume and industry-wide pricing pressure. Better than expected volume in Europe and strength in emerging markets were offset by ongoing weakness in the U.S. We continue to actively focus on strict cost and inventory controls. We reduced inventory by approximately $26 million during the third quarter and expect a further improvement in the fourth quarter. Importantly, because we have managed our inventory and our balance sheet prudently, we are not under the pressure to sell inventory regardless of profitability that we believe some of our competitors are facing. Our long-term debt increased in the quarter by approximately $88 million. This is directly related to the growth of our projects business and the drawdown of our long-term credit facility in support of our previously announced acquisition, and the ongoing construction, of our Ontario solar power plant projects. We remain in good standing with our bank syndicates and we are actively managing these important relationships. We do not currently plan to expand manufacturing capacity as we can meet expected demand from our existing plants."

Business Outlook

The Company's business outlook is based on management's current views with respect to operating and market conditions, its current order book, and the challenging global financing environment, which continues to result in customer demand uncertainty. Management's views and estimates are subject to change without notice.

For the fourth quarter of 2012, shipments are expected to be in the range of approximately 380MW to 420MW, with gross margin expected to be between 1.0% and 3.0%.

For the full year 2012, the Company is revising its shipment guidance to be in the range of approximately 1.5GW to 1.6GW, compared to its previous guidance of 1.8GW to 2.0GW.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "We are seeing strong demand for our PV modules in the fourth quarter as customers around the world start to consolidate their PV module procurement in favor of tier-one manufacturers with solid quality, proven track record and strong bankability, with some customers also rushing to finish projects before the year end. We still, however, face pricing pressure as industry consolidation is not yet completed. We are taking a conservative approach, as we have always done in the past. We are being very careful and selective with regard to new opportunities to ensure certainty of payment. For example, we expect to realize at least 30 MW of Golden Sun projects in China in the fourth quarter and could potentially realize up to 45 MW. On a geographic basis, we have a robust pipeline in place in Canada, the U.S.,Japan and China, with potential in India and South America, among others. We are one of the world's largest solar companies and one of the lowest cost suppliers of solar photovoltaic modules. We have a strong and highly bankable global brand. So while we expect the current headwinds to continue, we are highly confident in our long-term ability to succeed based on our differentiated strategy, market leadership position, and balance sheet."

Second Quarter 2012 Highlights

• Solar module shipments were 412 MW, compared to 343 MW in the first quarter of 2012.
• Net revenue was $348.2 million, compared to $325.8 million in the first quarter of 2012.
• Gross margin was 12.4%, compared to 7.7% in the first quarter of 2012.
• Diluted loss per share was $0.59, compared to $0.49 in the first quarter of 2012.
• Cash, cash equivalents and restricted cash balances at the end of the quarter were $692.1 million, compared to $625.2 million at the end of the first quarter 2012.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Shipments remained strong in the second quarter of 2012. Strength in Europe, most notably Germany, offset weakness in the U.S. market. Despite healthy volume, average selling price continued to decline as the Euro weakened and Germany transitioned to a new, lower feed-in-tariff regime. We were again very active in the quarter as our organization is moving aggressively to capture new opportunities in key solar markets worldwide. We continue to see attractive opportunities for growth in China, Japan and India, as well as other emerging markets in Asia, Africa and Latin America. Importantly, we remain fully focused on the development of our total solutions business. During the quarter, we completed construction of an 11.5 MW power plant in Stone Mills, Ontario. We expect to recognize the revenue from this project in the third quarter. As we have discussed previously, by focusing on these manageable projects, we expect to reduce financing and execution risks, and enjoy a greater level of predictability in our business. Starting in 2011, we entered into transactions to acquire, or joint venture, approximately 140 MW of utility-scale solar development projects in the U.S. These transactions will give us an expanded presence in the U.S., which we believe will be an attractive growth market despite near-term headwinds. We also completed the acquisition of 16 solar projects from SkyPower and launched a 50:50 joint venture with SkyPower Limited, called CSI SkyPower, which we expect will allow us to more rapidly expand our total solutions business in Africa, the Middle East and South America. We believe these target markets have great potential for rapid growth due to the strong desire of such regions to expand solar energy generation assets and infrastructure."

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, commented: "We are encouraged by our higher shipment volume, margin improvement, and balance sheet stability. We continue to focus on the cost initiatives that will drive organization-wide improvements and help us remain highly competitive. We are also closely managing our inventory with a reduction in our quarter ending inventory balance of approximately $40 million from the first to the second quarter 2012. However, we ended the quarter with higher than planned inventory as a result of recognized shipments being slightly lower than what we had expected. Our net debt increased by approximately $81 million, mostly due to the payment of the first installment of the purchase price for the SkyPower Limited acquisition and the commencement of draw-downs under the construction facility for our projects in Canada. We will continue to diligently manage our short and long-term debt as we support our rapidly expanding total solutions business, which we expect to have higher average gross margins than our standard module business. We are comfortable with our current financial ratios and with the support of major financial institutions to finance ongoing downstream expansion. Our prudent financial management in the past has positioned us to be able to capitalize on project opportunities today."

Business Outlook

The Company's business outlook is based on management's current views with respect to operating and market conditions, its current order book, and the challenging global financing environment, which continues to result in customer demand uncertainty. Management's views and estimates are subject to change without notice.

For the third quarter of 2012, shipments are expected to be in the range of approximately 390MW to 420MW, with gross margin expected to be between 2.0% and 5.0%. Management's gross margin forecast takes into consideration potentially higher than usual inventory reserves in the third quarter due to the inventory brought in from the second quarter. The Company expects to recognize the sale of one 10 MW project in Canada during the third quarter of 2012.

For the full year 2012, the Company reiterates its previous guidance for shipments of approximately 1.8GW to 2.0GW. While management sees a reasonably strong shipment pipeline for both the third and the fourth quarter, the volatile conditions of both the solar market and the macro economy have added uncertainties to the Company's actual results. Canadian Solar may, as a result, update its guidance at a future time as developments warrant.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "We have clearly differentiated Canadian Solar as a Tier 1 partner of choice in the solar industry, with a greater level of margin stability and business visibility. We remain confident in the prospects for our business as we continue to expand our total solutions business and meet the needs of our customers worldwide. We expect to gain further market share as we deliver reliable, high-performance PV solutions, and expand sales of our high efficiency ELPS modules in key solar markets. Finally, we remain focused on increasing value for the Company's shareholders as we continue to execute on our business strategy given the compelling long-term need for solar energy solutions."

ONTARIO, Canada, July 31, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today updated its guidance for the second quarter ended June 30, 2012. The updated guidance is subject to adjustments based upon completion of the Company's internal review process, and final quarterly results could differ materially from the estimates provided below.

For the second quarter of 2012, Canadian Solar expects recognized solar module shipments to increase to approximately 410 MW to 420 MW. This compares to shipments of 343 MW in the first quarter of 2012 and 287 MW in the second quarter of 2011. The Company now expects gross margin for the second quarter of 2012 to range from 12.0% to 12.5% due to the positive impact of one-time items, which it estimates to total approximately 4%. Original second quarter 2012 guidance provided on May 10, 2012 was for shipments to be approximately 430 MW to 450 MW, with gross margin expected to be between 8% and 10%. In addition, the Company expects net foreign exchange loss to be approximately $8 million for the second quarter of 2012, resulting mainly from the impact of the decrease in value of the Euro compared to the US dollar during the quarter.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Shipments remained strong in the second quarter of 2012, despite weaker than anticipated demand in the U.S. As a Tier 1 company, focused on non-commodity opportunities, including our rapidly expanding global project business, we are succeeding in an otherwise challenging market. We are driving sales growth in higher value segments, reducing our manufacturing costs, maintaining strict supply chain oversight, and working to further improve our operating cash flow."

SAN RAMON, Calif., June 25, 2012 /PRNewswire-Asia/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ),one of the world's largest solar companies, and Real Goods Solar, one of the largest residential installers in the country, today announced a supply agreement. Under the agreement, Canadian Solar will supply up to 40 MW of high-performance solar modules to Real Goods Solar to power a range of commercial and residential installations in the United States.

"Canadian Solar is proud to partner with Real Goods, a leader in bringing solar to the residential market, with a reputation for high quality customer service and customer satisfaction," said, Alan King, general manager of Canadian Solar USA. "We commend Real Goods for its market innovations, which are helping drive demand by making solar affordable through attractive financing options and ease of ownership across the United States.

"We are excited to team up with Canadian Solar, and have been impressed with the quality, performance and reliability of the Company's panels and its commitment to excellence," said Bill Yearsley, CEO of Real Goods Solar. "Combine that with Canadian Solar's expansive warranty, and we believe our customers will benefit from a compelling and reliable full service solar solution."

Canadian Solar's modules have been awarded key international certifications attesting to the rigors of their formal inspections and testing. The company is ranked among the top of the California Energy Commission's Solar Electric Incentive Program for their high PTC efficiency ratings. Canadian Solar is focused on delivering the best value in solar with their recognized high-performance solar modules and backstop warranty.

GUELPH and TORONTO, Ontario, June 22, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) and SkyPower Global ("SkyPower") today announced the close of their landmark purchase transaction, under which Canadian Solar has acquired a majority interest in 16 solar projects representing approximately 190-200MW DC from SkyPower. The companies also formally launched their new international 50:50 joint venture agreement, called CSI SkyPower.

Each of the 16 solar projects was awarded a 20-year power purchase contract by the Ontario Power Authority. Fifteen of the contracts are issued under Ontario's Feed-In-Tariff Program, and one of the contracts is issued under Ontario's Renewable Energy Standard Offer Program. The projects are in the advanced permitting stage and are expected to commence construction in 2013 and be fully operational in 2014, with the capacity to generate over C$ 800 million (US$ 785 million) in revenue. The aggregate transaction price is approximately C$185 million (US$ 181 million) payable in accordance with certain milestones. A C$ 70 million (US$ 69 million) partial payment for the transaction has been made. As part of the transaction consideration, a five-year warrant was issued to SkyPower for 9.90% of Canadian Solar's outstanding shares, with an exercise price of US$5.00 per share.

CSI SkyPower Joint Venture

The companies' 50:50 joint venture agreement creates an exciting new opportunity leveraging the expertise and strengths of Canadian Solar, one of the world's leading solar module manufacturers, and SkyPower, Canada's largest owner and developer of solar power projects. SkyPower combines its development expertise with Canadian Solar Inc.'s leadership in innovation, Engineering Procurement and Construction (EPC) and module manufacturing. Full release

SAN RAMON, Calif., June 19, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced the acquisition of, or joint venture in 122MW of utility-scale solar development projects within the United States. The 11 photovoltaic (PV) power plants range in size from 2MW to 29MW and construction is planned to begin in 2012 with the last project set to be completed in 2014. Canadian Solar expects that these projects will be the first of many, marking a strategic move for the Company as it expands from pure-play module sales in the United States to deeper collaboration with utility-scale project developers.

The projects were spearheaded by Canadian Solar's U.S. Projects Team, which was initiated to further the Company's project development presence in North America. This is the second market in which Canadian Solar has engaged in project development. The Company already has a notable projects business in Canada that previously announced approximately 340MW of projects in Ontario and has successfully delivered turnkey EPC services for three of those projects.

"Canadian Solar's Projects Team complements our business strategy, offering our customers and partners a more complete solution package," said Dr. Shawn Qu, CEO of Canadian Solar. "Additionally, the investment we have made in starting the new U.S. Projects Team signifies our continued commitment to the U.S. market. The team's extensive solar experience enabled us to hit the ground running, with 11 projects in less than six months and the ability to now further grow our business in the U.S. market."

Canadian Solar has already established itself as one of the largest solar module suppliers to the U.S. market. Canadian Solar believes that its expansion into project development provides the Company an opportunity for continued growth and the ability to create jobs at a time when many other solar companies are being forced to cut back. As Canadian Solar continues to expand its project pipeline, the Company expects to see an increase in revenue from its project solutions business. The Company estimates that its project solutions revenue will make up 25 percent of its total revenue in 2012, compared to 10 percent in 2011.

GUELPH and HAMILTON, Ontario, June 7, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (NASDAQ: CSIQ), one of the world's largest solar power companies, announced that its subsidiary, Canadian Solar Solutions Inc. and Horizon Energy Solutions Inc., have entered into an Engineering, Procurement and Construction (EPC) agreement to construct commercial rooftop solar electricity generating facilities. The initial projects under this agreement are expected to commence construction by July 2012 under Ontario's Feed-In-Tariff Program.

With the largest Solar Panel production facility in Ontario, Canadian Solar provides bankable photovoltaic modules and complete turnkey solutions to its customers.

Horizon Energy Solutions Inc. is a highly successful developer of renewable energy projects and provider of a suite of energy management, metering and conservation services to commercial clients and local distribution companies (LDCs). Horizon Energy Solutions Inc.'s significant investment in Ontario's renewable power infrastructure will create jobs consistent with the objectives of the Green Energy Act and the clean energy produced will benefit the environment.

"We are committed to developing sustainable energy solutions that provide long-term benefits using the best equipment available. Canadian Solar is a respected and acknowledged leader in this field and we are excited to enter into this agreement," said Scott Knapman, Vice President, Horizon Energy Solutions Inc.

Dr. Shawn Qu, the Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to be partnering with Horizon Energy Solutions, given its experience and success in developing renewable energy projects. This latest agreement builds on the considerable momentum we have in Canada and the broader global solar energy market. We continue to leverage Canadian Solar's global brand, proven track record and cost effective quality solar solutions as we pursue new growth opportunities in Canada and worldwide."

ONTARIO, Canada, May 29, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world`s largest solar companies, announced today that it has delivered solar modules for a 8 MW PV installation built in the German city of Dreieich-Buchschlag. The Federal State of Hesse's biggest solar park was finalized on the premises of a former waste landfill site. The PV system installation supplies electricity for up to 2,000 homes in Dreieich.

More than 40,000 Canadian Solar modules were installed on an area spanning 153,000 square meters within the period of a few weeks. The project contractor was Frankfurter Entsorgungs- und Service GmbH (FES). Onsite construction was carried out by the Sinusstrom GmbH. The solar park is operated by the RMS Rhein-Main Solarpark GmbH, a joint subsidiary of the Stadtwerke Dreieich and the FES. The project allocated 25 percent of the modules for use as a public participation solar park, administered by the Solar Initiative Marburg e.V.

"With a solar project of this size the smooth implementation and installation of high performance quality modules is essential. Having chosen the right partners, we accomplished installation and grid connection by the end of 2011," said FES project manager Florian Benten.

"We are pleased that RMS Rhein-Main Solarpark GmbH and Sinusstrom have chosen solar modules by Canadian Solar. The Federal State of Hesse set an admirable target of fully meeting its energy needs through renewable energy by the year 2050. Today, solar is a more powerful and cost efficient energy solution than ever before. Solar can truly play an important role in helping the Federal State of Hesse and all others worldwide to meet their renewable energy goals," added Dr Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar

First Quarter 2012 Results

• Solar module shipments were 343 MW, compared to 436 MW in the fourth quarter 2011.
• Net revenue was $325.8 million, compared to $474.1 million in the fourth quarter 2011.
• Gross margin was 7.7%, compared to 8.7% in the fourth quarter 2011.
• Diluted loss per share was $0.49, compared to $1.39 in the fourth quarter 2011.
• Cash, cash equivalents and restricted cash balances at the end of the quarter was $625.2 million, compared to $522.3 million at the end of the fourth quarter 2011.

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, commented: "Our results reflect the continued successful execution of our near-term and long-term business strategy. This is evidenced by the improvement of our gross margin after factoring out one-time items, the geographic diversification of our revenue mix and our ability to generate positive operating cash flow in a seasonally slow quarter. We are very pleased with the continued progress of our total solutions business and expect it will enhance our financial results as we move through 2012 and beyond. We continue to evaluate costs across our global organization. Canadian Solar has always strived to maintain a lean organization and to minimize unnecessary costs. We want to insure that we are deploying our resources in the right markets and against the right opportunities. Given the current operating environment, it is clear that strict financial discipline is essential to success and we believe diligence in financial matters will separate the winners from the rest. Canadian Solar plans to be a winner as we build on our current market leading position and strong momentum in our total solutions business."

Business Outlook

The Company's business outlook is based on management's current views with respect to operating and market conditions, its current order book, and the challenging global financing environment, which continues to result in customer demand uncertainty. Management's views and estimates are subject to change without notice.

For the second quarter of 2012, shipments are expected to be in the range of approximately 430 MW to 450 MW, with gross margin expected to be between 8% and 10%. The Company reiterates its annual guidance to ship approximately 1,800 MW to 2,000 MW of solar products in 2012.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Canadian Solar continues to hit its stride as others fall by the wayside. We are highly confident in the prospects for our business and in our ability to drive further manufacturing efficiencies. We expect that our calculated efforts to invest in the areas of business and in the geographies where we see the greatest potential will help us to deliver improved results in the quarters ahead. We are benefiting from customers' ongoing global shift to quality and to tier-one solar companies with global delivery and service capabilities. Our strong track record of performance combined with our unwavering commitment to providing our customers with innovative, high performance, fairly priced solar solutions differentiates Canadian Solar and we believe is helping us to gain market share in key solar markets worldwide. We have a stable balance sheet and excellent support from major financial institutions worldwide, which will allow us to continue to capture both major project opportunities and smaller scale customer wins."

ONTARIO, Canada, May 3, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies and Bank of China (Canada) and Bank of China, New York Branch ("Bank of China"), one of the world's largest banks, today announced that they have signed a ground breaking financing agreement to provide a C$120 Million construction loan facility for solar power plants in Ontario, Canada. The loan facility will be used to support the construction of solar power projects owned by Canadian Solar and which are expected to be built during 2012, 2013, and into 2014.

"We are delighted to announce this agreement with Bank of China, a long time banking partner to Canadian Solar. Their strength and reputation as a global bank combined with their competitive terms makes them an ideal partner to support the growth of our project business in Ontario. This agreement also represents an important step towards our goal of generating over 40% of our revenue from total solutions in 2013 and beyond," said Shawn Qu, Canadian Solar's Chairman and CEO.

Canadian Solar continues to source innovative new banking partners to finance its Ontario and its global pipelines and initiatives.

ONTARIO, Canada, April 12, 2012 /PRNewswire-Asia/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced the launch of a dedicated Authorized Reseller Program focused on Europe, the Middle East and Africa ("EMEA").

Canadian Solar plans to actively support its EMEA reseller partners with extensive technical product training, professional sales and marketing support, and many other benefits, including access to a valuable ongoing qualified lead program, and an Authorized Reseller Starter Kit, tailored marketing materials, and product samples. Program partners will also benefit from a comprehensive co-marketing program with joint events, Public Relations, advertising and online marketing activities.

The Authorized Reseller Program will target EMEA professionals that want to offer Canadian Solar's industry leading, high-quality, high-performance solar products. Only registered companies will be able to take advantage of the exclusive new program.

Yan Zhuang, Senior Corporate Vice President of Global Sales and Marketing of Canadian Solar, commented, "Canadian Solar's dedicated new EMEA Authorized Reseller Program will enable us to even more effectively support our numerous long-term partners, while at the same time help attract new partners in the growing EMEA region. We spent a lot of time developing our program, including researching successful programs from other industries. It made perfect sense for Canadian Solar to lead the way with this innovative effort for the EMEA region. We are excited about and fully committed to our Authorized Reseller Program as it is designed to be mutually beneficial to our partners and to Canadian Solar's success."

Fourth Quarter 2011 Results

• Solar module shipments were 436 MW, an increase of 23% from 355 MW in the third quarter 2011.
• Net revenue was $474.1 million, compared to $499.6 million in the third quarter 2011.
• Gross margin was 8.7%, compared to 2.4% in the third quarter 2011.
• Diluted loss per share was $1.39, compared to diluted loss per share of $1.02 in the third quarter 2011.
• Operating cash flow was approximately $48.9 million, compared to approximately $94 million in the third quarter 2011.
• Inventory balance at the end of the quarter was $296.6 million, compared to $406.0 million at the end of the third quarter 2011.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Canadian Solar continued to execute and thrive in a highly challenging global market and benefit from customers flight to quality. Our ability to remain focused and to provide customers with innovative, high-quality solar energy solutions, with top notch support, helped us grow our market share. Shipments for the full year 2011 were up 65%, with a 23% increase in the fourth quarter. The strength was widely distributed, as we had a very good trend of wins at major clients. As for specific markets, we had positive growth in the U.S., Europe, China and India in 2011. China has been our fastest growing market given the lower base it started at, with forecasts calling for a potential 3 GW to 5 GW opportunity in 2012. Importantly, we made substantial progress in our strategy of building our downstream total solutions business and currently have more opportunities than we could possibly address, which is allowing us to be selective. We are excited about this area of our business because it clearly differentiates Canadian Solar, it helps increase our visibility, and leverages our expertise and global brand. Further, the specialization of the solutions business makes it a higher margin business. Our success was illustrated in December 2011 when we entered into a purchase and sale agreement with TransCanada, in which they will acquire from us in 2012 and 2013, nine utility-scale power plants in Ontario valued at approximately C$470 million. We see similar opportunities for our solutions business in many other countries including, India, Japan, the U.S. and China."

Michael G. Potter, Senior Vice President and Chief Financial Officer of Canadian Solar, commented: "During the fourth quarter, we continued our emphasis on working capital management, specifically working to reduce inventory and control receivables levels. We were successful in reducing our inventory balance by $106.3 million or 26% in the fourth quarter. We are currently examining our worldwide cost structure to ensure it is properly aligned with our expected shift towards more project business and changes in our targeted geographies. By closely managing our operating expenses, we are confident we can continue to excel in a challenging global market as the industry continues to mature."

Business Outlook

The Company's business outlook is based on management's current views with respect to operating and market conditions, its current order book, and the challenging global financing environment, which continues to result in customer demand uncertainty. Management's views and estimates are subject to change without notice.

For the first quarter of 2012, shipments are expected to be in the range of approximately 340 MW to 350 MW, with gross margin expected to be between 5% and 8%. Despite the challenging global financing environment, which continues to result in customer demand uncertainty for the whole year 2012, the Company expects to ship approximately 1,800 MW to 2,000 MW of solar products. The Company will continue to actively manage manufacturing utilization, inventory and mix levels, and operating expenses as demand levels fluctuate. The Company will also continue to explore ways to increase manufacturing efficiency and yield and to lower processing and consumable costs where opportunities exist.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Canadian Solar is in an excellent position as we pursue future growth. In addition to our global brand, strong track record of innovation, quality and service, we have one of the most efficient manufacturing models in the industry. We expect to further improve our financial ratios moving forward as we gain more flexibility to drive our total solutions business. Our goal remains to expand our engineering, procurement and construction (EPC) and solar systems kits business to approximately more than 25% of total revenue in 2012 and greater than 40% of revenue in 2013. We are a leader in most markets we serve. Importantly, our commitment to the Canadian market has given us a significant competitive advantage not only in the attractive Canadian market but also in the U.S. market, as we have a fully operational manufacturing base nearby."

ONTARIO, Canada, February 22, 2012 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today updated its guidance for the fourth quarter ended December 31, 2011. The updated guidance is based on Canadian Solar's current views with respect to operating and market conditions, its current order book and customers' forecasts, all of which are subject to change. The updated guidance may also become subject to adjustment based upon completion of the full-year reporting process, and audited results could differ materially from the estimates provided below.

For the fourth quarter of 2011, Canadian Solar expects solar module shipments to increase to approximately 430 MW to 440 MW. This is significantly higher than the original fourth quarter guidance of approximately 340 MW to 360 MW provided on November 22, 2011, and compares to shipments of 287 MW and 355 MW in the second and third quarter of 2011, respectively. The significantly higher shipment level in the fourth quarter of 2011 reflects stronger than expected demand from customers. The Company expects its gross margin for the fourth quarter of 2011 to be in line with prior guidance of 5% to 8%. For the fiscal year 2011 shipments are expected to be in the range of 1,316 to 1,326 MW, compared to prior guidance in the range of 1,200 to 1,300 MW.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Canadian Solar continues to successfully execute on our business strategy. We are increasing shipments to customers in key markets worldwide, while at the same time aggressively reducing our manufacturing costs. In the market place we are winning by stressing our global brand, product quality, high performance, reliability and customer service. We are seeing continued gains in both solar module shipments to installers and in shipments related to our expanding project business. As an illustration of our business momentum, we recently signed agreement for Canadian Solar to develop and sell 9 fully-operational and commissioned utility-scale solar projects in the Province of Ontario, which are expected to contribute to the Company's revenue and profitability between late 2012 and mid-2013."

Third Quarter 2011 Results