Canadian Solar Inc. (Nasdaq: CSIQ) (the Company, or Canadian Solar), one of the world's largest solar power companies, announced that its subsidiary, Canadian Solar Solutions Inc., has signed a 10 MW AC Module Supply Agreement with Algonquin Power Co. (APCo) (TSX: AQN), to provide Canadian Solar modules for a utility-scale solar power project in Cornwall, Ontario. Construction is scheduled to begin in the second quarter of 2013, with the project expected to be fully operational by the fourth quarter of 2013.
"Algonquin Power is known for building sustainable, long-term renewable energy projects. We are proud that they chose to build their latest project with Canadian Solar modules," said Shawn Qu, CEO of Canadian Solar. "Importantly, this further demonstrates Canadian Solar's strength and commitment to the Ontario solar market, as we continue to expand our own large and growing project pipeline."
"Algonquin Power relies on trusted partners to help support our expanding pipeline of renewable energy development projects," said Mike Snow, President of APCo. "We chose Canadian Solar as the module provider for this project because the Company has a track record of high quality and reliability with modules backed by a powerful warranty. We are pleased to be working together and demonstrating a commitment to sustainable alternative energy solutions."
The utility-scale solar plant is expected to include approximately 42,000 Canadian Solar CS6X high performance modules, which have been awarded key international certifications attesting to the rigors of their formal quality control inspections and testing.
Canadian Solar modules are covered by a 10-year warranty on materials and workmanship, along with a 25-year linear power output performance guarantee. In addition, the terms of Canadian Solar's product and performance warranty are backed by a third-party insurance policy that is underwritten by investment grade insurance companies, ensuring a safe investment for developers, investors, and project owners.