Key Developments: Canadian Solar Inc (CSIQ.MW)
7.72USD
17 May 2013
$0.73 (+10.44%)
$6.99
$7.24
$7.93
$7.24
900
105
$7.93
$3.40
Latest Key Developments (Source: Significant Developments)
Canadian Solar Inc Wins Court Case In Relation To Contract Dispute With LDK Solar Co Ltd
Canadian Solar Inc announced that Jiangsu Suzhou Intermediate Court dismissed the request by LDK Solar Co Ltd to enforce the arbitration award decision by the former Shanghai branch of the China International Economic and Trade Arbitration Commission in the amount of RMB 248.9 million (approximately USD40.1 million). This arbitration award relates to wafer supply contracts entered into between Canadian Solar and LDK in October of 2007 and June of 2008, and subsequently terminated. The total amount of the award includes the initial deposit of RMB 60.0 million (approximately USD9.7 million), but excludes approximately RMB 2.0 million to cover arbitration expenses. Full Article
Class Action Lawsuit Against Canadian Solar Inc Dismissed With Prejudice
Canadian Solar Inc announced that the United States District Court for the Southern District of New York dismissed with prejudice a class action lawsuit filed against the Company and certain named defendants. The lawsuit alleged that the Company's financial disclosures during 2009 and early 2010 were false or misleading and in violation of federal securities law. The Court found that the plaintiffs failed to adequately allege a securities law violation, and on March 29, 2013, it granted the Company's motion to dismiss all claims against all defendants with prejudice. The plaintiffs have 30 days to appeal the judgment. Full Article
Canadian Solar Inc To Receive USD40 Million Loan
Canadian Solar Inc announced that Credit Suisse will provide the Company with an up to USD40 million, one year tenor loan. The loan will be used to finance Canadian Solar's previously announced acquisition of four solar projects in Ontario, Canada. Full Article
Canadian Solar Inc's Subsidiary Signs Supply Agreement
Canadian Solar Inc announced that its subsidiary, Canadian Solar Solutions Inc has signed a 10 MW AC Module Supply Agreement with Algonquin Power Co (APCo), to provide Canadian Solar modules for a utility-scale solar power project in Cornwall, Ontario. Construction is scheduled to begin in the second quarter of 2013, with the project expected to be fully operational by the fourth quarter of 2013. The utility-scale solar plant is expected to include approximately 42,000 Canadian Solar CS6X high performance modules, which have been awarded key international certifications attesting to the rigors of their formal quality control inspections and testing. Full Article
Canadian Solar Inc's Completes Purchase of Two Solar Power Projects Totaling 24 MW (DC) from SunEdison
Canadian Solar Inc and SunEdison Power Canada Inc. (SunEdison), a subsidiary of MEMC Electronic Materials, Inc., announced that they have completed a purchase and sale transaction wherein Canadian Solar's direct subsidiary Canadian Solar Solutions Inc. has acquired a majority interest in two utility-scale solar power projects in Ontario with a total capacity of approximately 24 MW DC. Subject to certain contractual conditions, Canadian Solar has the ability to complete a purchase of two additional utility-scale solar power projects in Ontario with a total capacity of approximately 22.5 MW DC, and an option to purchase a fifth solar project at a later date from SunEdison. Each of the five solar power projects was awarded a 20-year power purchase contract (a "FIT Contract") by the Ontario Power Authority under Ontario's Feed-In-Tariff Program (FIT version 1.0). The two projects purchased have each received Renewal Energy Approvals and are expected to commence construction in early 2013 and be fully operational by late 2013. The remaining solar energy projects are in the advanced permitting stage and are expected to commence construction in early to mid-2013 and be fully operational by late 2013 and early 2014. The aggregate transaction price is approximately CAD37 million (USD 38 million) payable in accordance with certain milestones. Full Article
Canadian Solar Inc To Supply Solar Modules For Turkey's Governmental Solar PV Project
Canadian Solar Inc announced that it will supply solar modules for Turkey's governmental solar PV project which will be installed by Gehrlicher Merk Solar, the joint venture company for the Turkish market of Gehrlicher Solar and Merk Solar Enerji. The two companies have won the public tendering for the Gursu municipality of Bursa in Turkey. The PV project has a total capacity of 96 kW and is supported directly by the Turkish Prime Minister's office. Canadian Solar was selected out of 13 different module manufacturers for this project. Full Article
Canadian Solar Inc Completes Sale Of Solar Power Plant To Stonepeak Infrastructure Partners
Canadian Solar Inc announced the Company has completed the sale to Stonepeak Infrastructure Partners (Stonepeak) of a utility-scale solar power plant for approximately CAD48.0 million (USD48.4 million). As project co-developer, AMP Solar Group financed the acquisition of the asset with Stonepeak Infrastructure Partners and The Manufacturers Life Insurance Company. Full Article
Canadian Solar Inc and Real Goods Solar Announce Supply Agreement
Canadian Solar Inc announced a supply agreement. Under the agreement, Canadian Solar will supply up to 40 MW of high solar modules to Real Goods Solar to power a range of commercial and residential installations in the United States. Full Article
Canadian Solar Inc.'s Subsidiary Announces Engineering, Procurement And Construction Agreement
Canadian Solar Inc. announced that its subsidiary, Canadian Solar Solutions Inc. and Horizon Energy Solutions Inc., have entered into an Engineering, Procurement and Construction (EPC) agreement to construct commercial rooftop solar electricity generating facilities. The initial projects under this agreement are expected to commence construction by July 2012 under Ontario's Feed-In-Tariff Program. Full Article
Canadian Solar Inc. And Bank Of China Enter Into CAD120 Million Construction Financing Agreement For Solar Power Plant Development In Ontario
Canadian Solar Inc. and Bank of China, New York Branch announced that they have signed a ground breaking financing agreement to provide a CAD120 Million construction loan facility for solar power plants in Ontario, Canada. The loan facility will be used to support the construction of solar power projects owned by Canadian Solar and which are expected to be built during 2012, 2013, and into 2014. Full Article
Canadian Solar expects retroactive EU duties on solar imports
- Canadian Solar Inc reported a bigger-than-expected quarterly loss and said retroactive duties on China-made solar products by the European Commission could reverse a pick-up in demand for its products in the continent.
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