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UPDATE 1-Canadian Solar signs supply contracts with GCL

Wed Sep 3, 2008 9:09am EDT

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(Recasts, adds details, share movement)

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Sept 3 (Reuters) - China's Canadian Solar Inc (CSIQ.O), a solar-cell maker, signed two long-term supply contracts with GCL Silicone Technology Holdings Inc on Aug. 21, strengthening its poly-silicon feedstock and wafer supply chain.

Under the terms of the contract, GCL will supply Canadian Solar with 510 metric tons of poly-silicon feedstock in 2008 and 2009 and about 1.8 gigawatts of wafers from 2010 to 2015.

"These two contracts help us to further secure our supply chain with strong suppliers at favorable long-term contract prices," Canadian Solar Chief Executive Shawn Qu said in a statement on Wednesday.

However, the company did not specify the financial details related to the contracts.

Canadian Solar shares were up 3 percent at $31.25 before the bell. They closed at $30.46 Tuesday on Nasdaq. (Reporting by Ajay Kamalakaran; Editing by Himani Sarkar)

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