KITCHENER, CANADA: Canadian Solar Inc., a leading provider of vertically integrated solar cells, solar module and custom-designed solar application products, and Satcon Technology Corp., the industry's leading utility scale distributed power solutions provider for the renewable energy market, today announced they have signed a turnkey solution distribution agreement.
As part of the contract, Canadian Solar and Satcon will market Canadian Solar's commercial solar PV systems with Satcon's commercial solar PV inverters for commercial rooftop and ground mounted power stations.
The partnership between Canadian Solar and Satcon provides customers with a complete best in class system solution that enables optimal system design flexibility and the highest levels of system performance and uptime for a rapid and continuous return on investment. This partnership also meets the domestic content requirements outlined by the Ontario government in its recently announced feed-in-tariff program.
The combination of Canadian Solar's quality products and services, credible partnership reputation and prudent financial management compliments Satcon's innovative power platforms, field proven performance and reliability and their wide range of commercial inverter power ratings provide highly optimized, flexible total system solutions.
The opportunity in the emerging solar markets in Ontario, Canada and China complement both companies who have manufacturing plants in each respective country. They can leverage their presence and experience, which will only enhance the partnership and the products being produced by Canadian Solar and Satcon.
Dr. Shawn Qu, Chairman and CEO, Canadian Solar Inc. remarked: "The Canadian Solar and Satcon turnkey solutions agreement enables customers to maximize rooftop solar energy generation through a combination of Canadian Solar's distinct PV panels with Satcon's tested and proven large scale solar inverter solutions. The partnership assures maximum power production in virtually any rooftop environment."
"The partnership between Satcon and Canadian Solar brings together two of the solar industry's leading technology innovators and allows us to combine our expertise to deliver high performance, complete large scale solar power solutions to our customers," said Steve Rhoades, President and Chief Executive Officer of Satcon Technology. "Our partnership will allow us to set the new standards for performance, quality and value for utility scale solar installations worldwide."
Showing posts with label Canadian Solar. Show all posts
Showing posts with label Canadian Solar. Show all posts
Friday, October 2, 2009
Tuesday, September 15, 2009
Canadian Solar selects Camstar to improve product efficiency, enable operational growth
CHARLOTTE, USA: Camstar Systems, Inc. announced that Canadian Solar Inc., a leading vertically integrated provider of ingots, wafers, solar cells, and solar modules, has selected Camstar’s SolarSuite, configured for the solar industry on the Camstar Enterprise Platform, to help reduce cell and panel cost per watt and create a more effective manufacturing process environment.
Canadian Solar will deploy the solution in its cell manufacturing site in Suzhou and its module manufacturing site in Changshu, both in Jiangsu Province, China.
“In order to create optimal efficiency and deliver top quality while growing and innovating, Canadian Solar strives to continuously improve its processes and methods,” said Dacheng Fang, VP of Business Integration at Canadian Solar.
“The platform will help us improve manufacturing control, visibility and traceability of cell and module processes and materials, and consistent application of operational standards. Reliable, timely information will help us more quickly resolve issues and make fact-based decisions.”
“Standardizing on one platform for both cell and module production is key to support growth,” said Benny Zhang, Corporate IT Director for Canadian Solar. “Camstar’s successful deployment track record and customer satisfaction levels were also major factors in selecting Camstar.”
“A comprehensive platform for manufacturing execution and quality enables gathering and analysis of volumes of data to quickly optimize yields and reduce unit costs – an imperative for technological innovation and competitive advantage,” said Rong L Chen, Acting President of SEMI China. “It is extremely encouraging to see that Canadian solar, a successful pioneer in the solar industry, is investing in the infrastructure required to strengthen their leadership position in the market.”
“As the solar industry races to bring innovative products to market, we are seeing rapid adoption of Camstar’s solutions,” said Manash Chakraborty, General Manager of Camstar for the Asia Pacific region. “The leaders, like Canadian Solar, know that to win the cost per watt battle and grow, they need technology to support continuous product and process improvement.”
Canadian Solar will deploy the solution in its cell manufacturing site in Suzhou and its module manufacturing site in Changshu, both in Jiangsu Province, China.
“In order to create optimal efficiency and deliver top quality while growing and innovating, Canadian Solar strives to continuously improve its processes and methods,” said Dacheng Fang, VP of Business Integration at Canadian Solar.
“The platform will help us improve manufacturing control, visibility and traceability of cell and module processes and materials, and consistent application of operational standards. Reliable, timely information will help us more quickly resolve issues and make fact-based decisions.”
“Standardizing on one platform for both cell and module production is key to support growth,” said Benny Zhang, Corporate IT Director for Canadian Solar. “Camstar’s successful deployment track record and customer satisfaction levels were also major factors in selecting Camstar.”
“A comprehensive platform for manufacturing execution and quality enables gathering and analysis of volumes of data to quickly optimize yields and reduce unit costs – an imperative for technological innovation and competitive advantage,” said Rong L Chen, Acting President of SEMI China. “It is extremely encouraging to see that Canadian solar, a successful pioneer in the solar industry, is investing in the infrastructure required to strengthen their leadership position in the market.”
“As the solar industry races to bring innovative products to market, we are seeing rapid adoption of Camstar’s solutions,” said Manash Chakraborty, General Manager of Camstar for the Asia Pacific region. “The leaders, like Canadian Solar, know that to win the cost per watt battle and grow, they need technology to support continuous product and process improvement.”
Friday, September 4, 2009
Overview of Chinese solar power industry
Note: This is a regular series of relevant industry news from around China. Courtesy: China Briefing
Solar power
Chinese photovoltaic (PV) maker Trina Solar said earnings per average diluted share topped US$0.71 for the second quarter of fiscal 2009, thanks to a drop in polysilicon prices.
Over the first quarter, the company scaled back polysilicon costs by 30 percent on the back of lower purchase price, effective management of long-term contracts and prudent inventory management. In addition, it drove down non-silicon manufacturing costs for its multi-crystalline modules by around 6 percent to US$73 per watt.
Revenues rose by 13.5 percent to US$150 million from the previous quarter but dipped 26.5 percent from a year earlier, dragged by a lower module average selling price. Total shipments went up to 63.9 MW from 48.8 MW in the first quarter and 47.6 MW in the corresponding period of 2008.
The increase was fueled by robust demand in the company’s key European markets, easier customer access to PV system purchase funding and expanded government schemes to encourage clean energy development.
The higher revenue and the lower cost structure helped a rise in gross margin to 27.4 percent in the second quarter from 17.2 percent in the first quarter and 23.3 percent a year ago.
The company confirmed its 2009 PV module shipment guidance at a range of 350 MW–400 MW, expecting to ship between 90 MW and 110 MW in the third quarter. But it says its average selling price is headed for a 10-15 percent drop in the third quarter and a further 10-12 percent in the fourth. The decline should be offset by improvements in manufacturing costs by 15-20 percent in the fiscal 2009.
The construction of a 200 MW solar power plant was started in the Golmud Desert of Qinghai, western China, on Thursday. The investor, China Longyuan Power Group, a subsidiary of China Guodian, will invest RMB4 billion into the project. Some RMB400 million will be spent on the first phase of the power plant. The first phase will have an annual production capacity of 36 million kWh and will become operational in September 2010.
Following other major players in the electronic devices industry, Taiwan Semiconductor Manufacturing Co. has decided to invest US$50 million in solar power industry, Electronics Weekly reported. US-headquartered Applied Materials already earns half of its income from selling manufacturing equipment to solar-focused companies. In 2008, Intel established its solar power business SpectraWatt.
Chinese multicrystalline solar wafers maker LDK Solar said yesterday it has inked an agreement with Yancheng City, Jiangsu Province, under the terms of which LDK Solar will develop a number of PV power projects, including PV ground-power stations, and roof and building integration systems totalling up to 500 MW over the next five years.
Eager for a bulkier market share, Chinese solar heavyweight Suntech Power supplies solar PV panels in the United States below materials, assembly and shipping costs, founder and CEO Shi Zhengrong told the New York Times.
The move underpins a drive by Chinese manufacturers to gain a major foothold on the global green arena, where the United States is a major player. They have already driven down the price of solar panels by almost a half over the past year. Chinese producers will tap into generous government support to build assembly plants in the United States to skirt rules that would lock Chinese-made products out of stimulus monies.
The Obama administration has announced US$2.3 billion in tax credits to clean energy equipment manufacturers. Suntech is poised to take over from Germany’s Q-Cells as the world’s second largest PV cells supplier, breathing in the neck of U.S.-based First Solar. The Chinese company plans to construct a US assembly unit on a location due to be announced in a month or two. It is now scouting Phoenix, Arizona and Texas.
Despite his bold ambitions about the United States, Shi predicted earlier this month that the Chinese market will grow by a less-than-expected margin this year before government stimulus measures could give it a bounce.
Singapore-based semiconductor foundry United Microelectronics said it will establish a new business development center to focus on solar power and light-emitting diode projects.The company’s board approved on August 24 an injection of up to TWD1.5 billion in a new wholly-owned subsidiary, named UMC New Business Investment. The entity will be run by Wen Yang Chen, senior vice president of UMC.
Initially, the new company will complete the development of respective technologies and establish a preliminary scale of operations. While in the future, UMC New Business Investment is expected to become a part of UMC’s core business with high competitive advantages.
Taiwanese power supplies, consumer electronics and optoelectronic products maker Lite-On Technology has signed an agreement with the government of Yingtan city, Jiangxi Province, to carry out a thin solar film power generation project for agricultural greenhouses, Xinhua’s China Economic Information Service reported. Prior to this deal, the company had signed a contract with Jiangxi’s Shangrao city for the construction of a solar power generation systems for five agricultural greenhouses, with 20 KW of installed capacity each.
Chinese PV maker Yingli Green Energy Holding said yesterday it would supply up to five MW of PV modules to Czech commercial property developer CTP Invest. The companies have inked a letter of intent (LoI), which calls for PV modules deliveries in the fourth quarter of 2009. The solar equipment will be utilized in several grid-connected rooftop installations at CTP’s industrial parks and office centers in the Czech Republic.
Remon L. Vos, managing director of CTP, expects the binding contract based upon this LoI will be achieved in the following weeks.The Chinese company has already delivered over 10 MW PV modules to customers in the Czech Republic since the beginning of 2009, Liansheng Miao, CEO of Yingli Green Energy, noted.
China-based solar cell and module products maker Canadian Solar said on August 26 it had signed a Letter of Intent (LOI) with the Administration Committee of Baotou National Rare Earth Hi-Tech Industrial Development Zone under which Canadian Solar has obtained the rights to design, install, operate, and maintain a 500 MW solar power plant system.
Under the terms of the LOI, the solar power project will be located in CPT.The project is pending government approval.
Chinese power generation systems distributor A-Power Energy Generation Systems reported yesterday an unaudited net profit of US$6.3 million for the second quarter of 2009, slightly up from US$6.2 million booked a year earlier.
Diluted earnings per share were US$0.14, down from US$0.18 a year earlier, as in the second quarter of 2009, the weighted average number of shares on a fully diluted basis was 35.3 million while in the same period of 2008 it was 33.9 million.
The fast-growing manufacturer of wind turbines said its revenues in the three months ended June 30, fell to US$57.5 million from US$65.7 million last year. The decline was attributed to delays in some distributed power generation projects.
Gross margin in the period went up to 13.4 percent versus 12.1 percent in the second quarter of 2008, thanks to higher efficiency derived from cost-saving in labour as the A-Power undertook 30 MW-plus DG projects.
However, higher selling, general and administrative expenses dragged the earnings before interest and taxes to US$4.7 million, down from US$6 million in the same period in 2008.
Commenting on the quarterly financial results, the CEO of the company, Jinxiang Lu, said that during the period A-Power has built a foundation for prospective growth in the future. The company set up a joint venture with Jiangsu Miracle Logistics System Engineering to produce and sell wind turbine components in China. A-Power has also completed assembly of two units of the 2.7 MW wind turbines in Shenyang and purchased Shenyang Huaren’s technology for 1.5 MW wind turbines, along with its backlog to produce and sell 10 units of the 1.5 MW wind turbines.
Focused mainly on wind power, the company has also signed a memorandum of understanding to take over Japanese thin-film PV products developer Evatech Co.
Chinese thin-film technology developer Astronergy announced today that it had won a bid for the development of a two MW PV project.
The large-scale grid-connected PV system will be located at the Hangzhou Energy and Environment Industrial Park in the province of Zhejiang, eastern China. Its installation will be financed by China Energy Conservation Investment, a promoter of energy-saving, environmental protection technologies and projects.
Astronergy will cover the roof of the Green Science and Technology Hall in the industrial park with a combination of its crystalline silicon-based and thin-film PV modules. The hall will incorporate mainly building-integrated PV technologies.
Chinese photovoltaic panels maker Sky Global will invest EUR14.5 million in a plant in Mataporquera, southern Spain. Sky Global will open the plant in 2011 and will create 465 jobs. The company will also build a 9.9-MW photovoltaic park with 672 panels. Sky Global operates in Spain through its subsidiary Sky Global Solar.
Solar power
Chinese photovoltaic (PV) maker Trina Solar said earnings per average diluted share topped US$0.71 for the second quarter of fiscal 2009, thanks to a drop in polysilicon prices.
Over the first quarter, the company scaled back polysilicon costs by 30 percent on the back of lower purchase price, effective management of long-term contracts and prudent inventory management. In addition, it drove down non-silicon manufacturing costs for its multi-crystalline modules by around 6 percent to US$73 per watt.
Revenues rose by 13.5 percent to US$150 million from the previous quarter but dipped 26.5 percent from a year earlier, dragged by a lower module average selling price. Total shipments went up to 63.9 MW from 48.8 MW in the first quarter and 47.6 MW in the corresponding period of 2008.
The increase was fueled by robust demand in the company’s key European markets, easier customer access to PV system purchase funding and expanded government schemes to encourage clean energy development.
The higher revenue and the lower cost structure helped a rise in gross margin to 27.4 percent in the second quarter from 17.2 percent in the first quarter and 23.3 percent a year ago.
The company confirmed its 2009 PV module shipment guidance at a range of 350 MW–400 MW, expecting to ship between 90 MW and 110 MW in the third quarter. But it says its average selling price is headed for a 10-15 percent drop in the third quarter and a further 10-12 percent in the fourth. The decline should be offset by improvements in manufacturing costs by 15-20 percent in the fiscal 2009.
The construction of a 200 MW solar power plant was started in the Golmud Desert of Qinghai, western China, on Thursday. The investor, China Longyuan Power Group, a subsidiary of China Guodian, will invest RMB4 billion into the project. Some RMB400 million will be spent on the first phase of the power plant. The first phase will have an annual production capacity of 36 million kWh and will become operational in September 2010.
Following other major players in the electronic devices industry, Taiwan Semiconductor Manufacturing Co. has decided to invest US$50 million in solar power industry, Electronics Weekly reported. US-headquartered Applied Materials already earns half of its income from selling manufacturing equipment to solar-focused companies. In 2008, Intel established its solar power business SpectraWatt.
Chinese multicrystalline solar wafers maker LDK Solar said yesterday it has inked an agreement with Yancheng City, Jiangsu Province, under the terms of which LDK Solar will develop a number of PV power projects, including PV ground-power stations, and roof and building integration systems totalling up to 500 MW over the next five years.
Eager for a bulkier market share, Chinese solar heavyweight Suntech Power supplies solar PV panels in the United States below materials, assembly and shipping costs, founder and CEO Shi Zhengrong told the New York Times.
The move underpins a drive by Chinese manufacturers to gain a major foothold on the global green arena, where the United States is a major player. They have already driven down the price of solar panels by almost a half over the past year. Chinese producers will tap into generous government support to build assembly plants in the United States to skirt rules that would lock Chinese-made products out of stimulus monies.
The Obama administration has announced US$2.3 billion in tax credits to clean energy equipment manufacturers. Suntech is poised to take over from Germany’s Q-Cells as the world’s second largest PV cells supplier, breathing in the neck of U.S.-based First Solar. The Chinese company plans to construct a US assembly unit on a location due to be announced in a month or two. It is now scouting Phoenix, Arizona and Texas.
Despite his bold ambitions about the United States, Shi predicted earlier this month that the Chinese market will grow by a less-than-expected margin this year before government stimulus measures could give it a bounce.
Singapore-based semiconductor foundry United Microelectronics said it will establish a new business development center to focus on solar power and light-emitting diode projects.The company’s board approved on August 24 an injection of up to TWD1.5 billion in a new wholly-owned subsidiary, named UMC New Business Investment. The entity will be run by Wen Yang Chen, senior vice president of UMC.
Initially, the new company will complete the development of respective technologies and establish a preliminary scale of operations. While in the future, UMC New Business Investment is expected to become a part of UMC’s core business with high competitive advantages.
Taiwanese power supplies, consumer electronics and optoelectronic products maker Lite-On Technology has signed an agreement with the government of Yingtan city, Jiangxi Province, to carry out a thin solar film power generation project for agricultural greenhouses, Xinhua’s China Economic Information Service reported. Prior to this deal, the company had signed a contract with Jiangxi’s Shangrao city for the construction of a solar power generation systems for five agricultural greenhouses, with 20 KW of installed capacity each.
Chinese PV maker Yingli Green Energy Holding said yesterday it would supply up to five MW of PV modules to Czech commercial property developer CTP Invest. The companies have inked a letter of intent (LoI), which calls for PV modules deliveries in the fourth quarter of 2009. The solar equipment will be utilized in several grid-connected rooftop installations at CTP’s industrial parks and office centers in the Czech Republic.
Remon L. Vos, managing director of CTP, expects the binding contract based upon this LoI will be achieved in the following weeks.The Chinese company has already delivered over 10 MW PV modules to customers in the Czech Republic since the beginning of 2009, Liansheng Miao, CEO of Yingli Green Energy, noted.
China-based solar cell and module products maker Canadian Solar said on August 26 it had signed a Letter of Intent (LOI) with the Administration Committee of Baotou National Rare Earth Hi-Tech Industrial Development Zone under which Canadian Solar has obtained the rights to design, install, operate, and maintain a 500 MW solar power plant system.
Under the terms of the LOI, the solar power project will be located in CPT.The project is pending government approval.
Chinese power generation systems distributor A-Power Energy Generation Systems reported yesterday an unaudited net profit of US$6.3 million for the second quarter of 2009, slightly up from US$6.2 million booked a year earlier.
Diluted earnings per share were US$0.14, down from US$0.18 a year earlier, as in the second quarter of 2009, the weighted average number of shares on a fully diluted basis was 35.3 million while in the same period of 2008 it was 33.9 million.
The fast-growing manufacturer of wind turbines said its revenues in the three months ended June 30, fell to US$57.5 million from US$65.7 million last year. The decline was attributed to delays in some distributed power generation projects.
Gross margin in the period went up to 13.4 percent versus 12.1 percent in the second quarter of 2008, thanks to higher efficiency derived from cost-saving in labour as the A-Power undertook 30 MW-plus DG projects.
However, higher selling, general and administrative expenses dragged the earnings before interest and taxes to US$4.7 million, down from US$6 million in the same period in 2008.
Commenting on the quarterly financial results, the CEO of the company, Jinxiang Lu, said that during the period A-Power has built a foundation for prospective growth in the future. The company set up a joint venture with Jiangsu Miracle Logistics System Engineering to produce and sell wind turbine components in China. A-Power has also completed assembly of two units of the 2.7 MW wind turbines in Shenyang and purchased Shenyang Huaren’s technology for 1.5 MW wind turbines, along with its backlog to produce and sell 10 units of the 1.5 MW wind turbines.
Focused mainly on wind power, the company has also signed a memorandum of understanding to take over Japanese thin-film PV products developer Evatech Co.
Chinese thin-film technology developer Astronergy announced today that it had won a bid for the development of a two MW PV project.
The large-scale grid-connected PV system will be located at the Hangzhou Energy and Environment Industrial Park in the province of Zhejiang, eastern China. Its installation will be financed by China Energy Conservation Investment, a promoter of energy-saving, environmental protection technologies and projects.
Astronergy will cover the roof of the Green Science and Technology Hall in the industrial park with a combination of its crystalline silicon-based and thin-film PV modules. The hall will incorporate mainly building-integrated PV technologies.
Chinese photovoltaic panels maker Sky Global will invest EUR14.5 million in a plant in Mataporquera, southern Spain. Sky Global will open the plant in 2011 and will create 465 jobs. The company will also build a 9.9-MW photovoltaic park with 672 panels. Sky Global operates in Spain through its subsidiary Sky Global Solar.
Tuesday, September 1, 2009
Canadian Solar obtains development rights for 500MW project in China
ONTARIO, CANADA: Canadian Solar Inc. recently obtained rights to design, install, operate, and maintain a 500 MW solar power plant system. Under a letter of intent with the Administration Committee of Baotou National Rare Earth Hi-Tech Industrial Development Zone ("CPT") in Baotou, Inner Mongolia, the solar power plant will be located in CPT.
The project is subject to a feasibility study and government approvals and is divided into three phases. The first phase, expected to run from September 2009 to December 2011, calls for the installation of a 100 MW PV system. The second and third phases each call for the installation of 200 MW PV systems. There are no binding commitments until the feasibility study is completed and approvals are obtained.
Fu Ren, the director of the Administration Committee of Baotou National Rare Earth Hi-Tech Industrial Development Zone, remarked, "I am very pleased to have Canadian Solar, a well-known provider of quality PV products, agree to develop a signature solar project in our city.
"To have a solar project of such magnitude in Baotou demonstrates our determination to develop the PV end-user market in China, as well as our commitment to cleaner and more sustainable economic development in Baotou. This project also reflects our city's importance as a center of commerce and commitment to further growth."
Dr. Shawn Qu, the Chairman and CEO of Canadian Solar, commented: "We are honored and proud that Canadian Solar has been chosen to design, install, operate and maintain this showcase 500 MW Solar power plant in the City of Baotou. This project clearly shows the Chinese government's determination to develop its domestic PV market. Our successful track record of providing high quality modules to many solar power projects around the world helped us to win the development rights for this major project."
The project is subject to a feasibility study and government approvals and is divided into three phases. The first phase, expected to run from September 2009 to December 2011, calls for the installation of a 100 MW PV system. The second and third phases each call for the installation of 200 MW PV systems. There are no binding commitments until the feasibility study is completed and approvals are obtained.
Fu Ren, the director of the Administration Committee of Baotou National Rare Earth Hi-Tech Industrial Development Zone, remarked, "I am very pleased to have Canadian Solar, a well-known provider of quality PV products, agree to develop a signature solar project in our city.
"To have a solar project of such magnitude in Baotou demonstrates our determination to develop the PV end-user market in China, as well as our commitment to cleaner and more sustainable economic development in Baotou. This project also reflects our city's importance as a center of commerce and commitment to further growth."
Dr. Shawn Qu, the Chairman and CEO of Canadian Solar, commented: "We are honored and proud that Canadian Solar has been chosen to design, install, operate and maintain this showcase 500 MW Solar power plant in the City of Baotou. This project clearly shows the Chinese government's determination to develop its domestic PV market. Our successful track record of providing high quality modules to many solar power projects around the world helped us to win the development rights for this major project."
Friday, August 7, 2009
Canadian Solar allies with Chinese power generation firm
ONTARIO, CANADA: Canadian Solar Inc. today announced a broad strategic co-operation with one of China's largest power generation companies.
Under the far reaching agreement, Canadian Solar and the Guodian Power Development Co., Ltd. will design, invest, build, operate and maintain PV power plants in China.
As specified in the agreement, the two parties will work together as strategic partners in Gansu, Ningxia and Inner Mongolia first and will work to develop new markets in other provinces in the future.
Guodian Power Development Co. Ltd (listed on the Shanghai Exchange: 600795) is a subsidiary of state-owned China Guodian Corp., one of the five largest national power generation groups.
Guodian has power plants in 29 Chinese provinces, employing over 110,000 people. It engages in the development, investment, construction, operation and management of power generation assets, and the production and sales of electricity and heat.
By the end of June, 2009, Guodian's total installed capacity reached 7,490 MW, including 6,687 MW thermal, 471 MW hydro, and 325.6 MW wind power.
Jun Miu, vice president of Guodian Power Development Co., commented: "Guodian Power Development Co.'s target is to achieve 510 MW of installed PV capacity in China by 2012. We also have a strong interest in overseas expansion. Today's announcement with Canadian Solar is critical to our successful achievement of that goal.
"We are pleased to have a proven, financially strong and trusted partner like Canadian Solar, as Guodian Power Development moves forward in its important solar expansion effort. We are confident that working together, we can build a complete PV industry supply chain and a strong partnership."
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented: "We are proud to partner with Guodian Power Development and to reach a formal cooperation agreement with them in China. Our target is to become the leading supplier for Guodian Power Development's anticipated 400 MW to 500 MW of PV projects in China and support its overseas expansions.
"Recent policies supporting the PV industry announced by Chinese Government have paved the way for us to grow in the Chinese PV market as we further diversify our revenue base. Canadian Solar's anticipated ramp up in module production capacity of 820MW this quarter will prepare us for near term production growth.
"This broad partnership with Guodian Power Development underscores the success Canadian Solar has achieved worldwide and sets the stage for the next phase of our growth in China."
Under the agreement, Canadian Solar and Guodian Power Development will initially form a joint venture focusing on PV power plant, with Guodian Power Development holding a majority interest in the proposed PV power plant projects. Canadian Solar will have first right to sell modules and EPC services to the joint venture at market pricing.
The agreement initially calls for two grid-connected PV power plants in Ningxia: One project targets 50 MW total installed capacity, with a first phase of 10 MW. A second project will also have a first phase of 10 MW, with further expansions later. The Ningxia PV power plants are designed to establish a scalable model for future business development between Guodian Power Development and Canadian Solar.
Under the far reaching agreement, Canadian Solar and the Guodian Power Development Co., Ltd. will design, invest, build, operate and maintain PV power plants in China.
As specified in the agreement, the two parties will work together as strategic partners in Gansu, Ningxia and Inner Mongolia first and will work to develop new markets in other provinces in the future.
Guodian Power Development Co. Ltd (listed on the Shanghai Exchange: 600795) is a subsidiary of state-owned China Guodian Corp., one of the five largest national power generation groups.
Guodian has power plants in 29 Chinese provinces, employing over 110,000 people. It engages in the development, investment, construction, operation and management of power generation assets, and the production and sales of electricity and heat.
By the end of June, 2009, Guodian's total installed capacity reached 7,490 MW, including 6,687 MW thermal, 471 MW hydro, and 325.6 MW wind power.
Jun Miu, vice president of Guodian Power Development Co., commented: "Guodian Power Development Co.'s target is to achieve 510 MW of installed PV capacity in China by 2012. We also have a strong interest in overseas expansion. Today's announcement with Canadian Solar is critical to our successful achievement of that goal.
"We are pleased to have a proven, financially strong and trusted partner like Canadian Solar, as Guodian Power Development moves forward in its important solar expansion effort. We are confident that working together, we can build a complete PV industry supply chain and a strong partnership."
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented: "We are proud to partner with Guodian Power Development and to reach a formal cooperation agreement with them in China. Our target is to become the leading supplier for Guodian Power Development's anticipated 400 MW to 500 MW of PV projects in China and support its overseas expansions.
"Recent policies supporting the PV industry announced by Chinese Government have paved the way for us to grow in the Chinese PV market as we further diversify our revenue base. Canadian Solar's anticipated ramp up in module production capacity of 820MW this quarter will prepare us for near term production growth.
"This broad partnership with Guodian Power Development underscores the success Canadian Solar has achieved worldwide and sets the stage for the next phase of our growth in China."
Under the agreement, Canadian Solar and Guodian Power Development will initially form a joint venture focusing on PV power plant, with Guodian Power Development holding a majority interest in the proposed PV power plant projects. Canadian Solar will have first right to sell modules and EPC services to the joint venture at market pricing.
The agreement initially calls for two grid-connected PV power plants in Ningxia: One project targets 50 MW total installed capacity, with a first phase of 10 MW. A second project will also have a first phase of 10 MW, with further expansions later. The Ningxia PV power plants are designed to establish a scalable model for future business development between Guodian Power Development and Canadian Solar.
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