Canadian Solar signs five sales agreements

JIANGSU, CHINA: Canadian Solar Inc. (CSI) has signed five new sales agreements in Italy and the Czech Republic in the past three weeks. The customers covered under these agreements are WSW in the Czech Republic, and Arco Energy, AC Service, Ravano Green Power and Albatec of Italy.

The total volume of shipments for 2008 for the above mentioned new agreements totals 14.9 MW and reflects sales of CSI's regular module products. The sales will be realized in the second half of 2008 and are in addition to existing shipments to customers in Germany, Spain, USA, Korea and China.

Based on current customer orders, market forecasts and supply contracts, CSI's preliminary estimates for the second half of 2008 consists of a geographic sales mix of approximately 60 percent to Germany, 15 percent to Spain and 7 percent to the USA. In addition, approximately 10 percent of sales for this period is likely to come from newly emerging markets in the rest of Europe. The remaining balance of approximately 8 percent sales is earmarked for South Korea and China.

Dr. Shawn Qu, CEO of CSI, remarked: ''CSI has maintained a healthy balance of market segments and a impressive portfolio of strong long-term customers. These additional sales agreements reflect the increasing demand for CSI products in new markets. This not only increases our future revenue and market share, but also allows CSI to diversify its geographic sales footprint. We are also pleased to see stable and continuous demands from our traditional markets including Germany and Spain. Along with our recently announced e-Module sales contracts, CSI now actively delivers PV products in seven countries and strategically positions itself for continued market growth in 2009.''