Canadian Solar Inc. (CSI) (NasdaqGM: CSIQ) has signed solar wafer supply contracts with four suppliers, including Jiangsu Shunda Group Corporation ("Shunda").
The contracts are for the delivery of 12 megawatts (MW) of wafers to be delivered to CSI before this summer, including 4MW from Shunda. The other company names were not supplied. Delivery under these contracts began in January 2008.
In addition, CSI signed a multi-year supply contract with Shunda, which gives CSI the option of two fixed prepayments in late 2008 and 2010 for wafer supplies through 2015 at predetermined prices and schedules. If fully executed, the contract is expected to provide more than 700MW of wafers over the eight-year period.
Dr. Shawn Qu, CEO of CSI, said, "These contracts allow us to immediately diversify our silicon wafer supply sources while giving us the option of securing additional wafers from Shunda through 2015. We continue to execute our balanced supply portfolio strategy, a part of which aims to further strengthen and diversify our supplier base. The ability to develop strategic, win-win relationships with companies across the solar value chain is a strength that CSI continues to demonstrate. We look forward to further advancing our relationships with our loyal supply partners, as the increased visibility into 2008, 2009 and future years gives us added confidence that CSI will meet the robust demand for its products."
About Canadian Solar Inc.
Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and customer-designed solar application products serving worldwide customers. CSI is incorporated in Canada and conducts all of its manufacturing operations in China.
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