Canadian Solar Inc. (Nasdaq: CSIQ) and GCL Silicon Technology Holdings Inc. signed new long-term supply agreements in which GCL will supply 510 metric tons (MT) of high-purity poly-silicon feedstock in 2008 and 2009 and approximately 1.8 gigawatts (GW) of wafers to CSI from 2010 to 2015.
Dr. Shawn Qu, Chairman and CEO of CSI, commented, "These two contracts help us to further secure our supply chain with strong suppliers at favorable long-term contract prices. The competitive pricing for these recently signed contracts demonstrates that our high growth and balanced supply strategy coupled with our strong supplier relationships are paying off with lower materials costs going forward. We expect this trend to continue with an improved supply environment in 2009 and beyond."
About Canadian Solar Inc.
Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and custom-designed solar application products serving customers worldwide. CSI is incorporated in Canada and conducts all of its manufacturing operations in China.
About GCL Silicon
GCL Silicon Technology Holdings Inc. supplies poly-silicon and wafers to companies operating in the solar industry. The company currently operates a poly-silicon production facility in Xuzhou, Jiangsu Province in China.
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