Canadian Solar Wins 91 MW Thailand Supply Deal

Canadian Solar (NASDAQ: CSIQ  ) announced today that it has won a contract to supply Asia-based Soleq Solar with modules totaling 91 MW for solar power for projects in Thailand.

"We chose to work with Canadian Solar because of their vast industry experience and track record delivering high quality modules to large scale solar power projects worldwide," said Soluq spokesperson Adam Balin in a statement. "Canadian Solar understands our requirements for quality and reliability, and is a perfect fit with our focus on maximizing return on investment while generating clean, renewable energy for Thailand."

According to the press release, Canadian Solar will supply its CS6X high output photovoltaic (PV) modules across 10 separate projects. Although Soleq will own and operate the solar farms, two other companies will provide engineering, procurement, and construction services.

"We are honored to be selected to supply our modules for Soleq's landmark power plants in Thailand," said Canadian Solar Chairman and CEO Dr. Shawn Qu. "We are also pleased with the progress of our market diversification strategy to reduce our exposure to European markets and to minimize policy risk. This module supply agreement underscores our success expanding our global footprint, building new customer relationships, and gaining market share in important growth markets."

Financial details of the agreement were not disclosed. Module deliveries are already under way, with all supplies to be shipped out before FY 2014.

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