Canadian Solar announces major ventures in Mexico and Japan

Canadian Solar (NASDAQ: CSIQ) has announced the supply of 8.7 megawatts of its MaxPower CS6X solar modules for a solar renewable energy plant under development in Mexico's Durango state.

The new ground mounted solar plant, Mexico's second largest photovoltaic (PV) project to date, is being developed by EOSOL Mexico. Carlos Ludlow, chief executive officer of EOSOL Mexico, said the Durango solar installation will be the first phase of a mega-project that is expected to yield more than 200 MW over the next two years.

"This is another example of Canadian Solar working closely with strong partners in local markets in order to maximize the potential opportunities we can successfully pursue," said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar.

Canadian Solar also recently signed a loan agreement worth $40 million with China-based Harvest North Star Capital to finance the development of Japanese solar power projects.  The loan facility will be used to finance the construction of several ground-mounted solar power projects in Japan totaling around 145.1 MW with approximately 40-50 MW expected to start construction during the first half of 2014.

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