Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that its wholly-owned subsidiary, Canadian Solar Solutions Inc., has entered into an Engineering, Procurement, and Construction ("EPC") agreement with Kingston Solar LP, a solar energy project developed by Samsung Renewable Energy Inc. ("Samsung") for the construction of a 140 MW DC (100 MW AC) utility-scale solar energy farm. The EPC agreement is expected to generate revenue of over C$300 million for Canadian Solar.
The construction of the utility-scale solar energy farm will begin in the third quarter of 2014, and is expected to be fully operational in the third quarter of 2015. This is Canadian Solar's second EPC agreement in connection with a solar project developed by Samsung and represents Phase II of Samsung's Green Energy Investment Agreement ("GEIA") solar project development in Ontario, which totals 300MW AC. This follows the Phase I agreement announced on June 10, 2013, for Canadian Solar to build the 130 MW DC Grand Renewable Energy Park in Haldimand County.
"We are delighted to partner with Samsung and Kingston Solar LP to collaborate on the construction of Canada's largest solar farm which will not only expand the use of solar energy but also create green manufacturing jobs in Ontario," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We believe that this transaction demonstrates that our proven solar project experience, global reach as well as strong partner relationships sets Canadian Solar apart as a leading provider of solar energy solutions on a global basis, positioning us well to participate in the expected growth of solar energy deployment in the quarters and years ahead."
This 140 MW DC utility-scale solar farm will produce approximately 173,000 MWh of electricity per year and power approximately 16,409 Canadian homes. It will also contribute to a cleaner environment by displacing approximately 119,292 metric tons of carbon dioxide emissions annually. In addition, this project supports over 700 manufacturing jobs at Canadian Solar manufacturing facilities in London and Guelph. The Kingston solar farm will include more than 464,000 Ontario-made Canadian Solar Maxpower CS6X high-performance modules, which have undergone rigorous formal inspection, testing and certification. This solar farm is expected to create several hundred new green energy jobs during the construction, development and operation phases of the project life cycle.
