Canadian Solar to build solar PV production facility in China

Canadian Solar Inc. (NASDAQ: CSIQ) signed an agreement with Suzhou New District Economic Development Group Corp. and Suzhou Science andTechnology City Development Co. Ltd to build a 600 MW photovoltaic (PV) cell production factory in China.

The new factory will enable production of Canadian Solar’s ELPS and ESE high-efficiency solar cells. Under terms of the agreement, Canadian Solar will contribute 61 percent of the registered equity. The company’s new ELPS solar cell technology is designed to boost solar cell efficiency up to 19.5 percent for monocrystalline and up to 18 percent for polycrystalline solar cells.

Construction is expected to start immediately after local permits are completed, with full ramp-up targeted for 2012.

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