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Penn Energy And Canadian Solar, Inc. (CSIQ) Sign Deal Worth 18.7 Megawatts

|Includes: Canadian Solar Inc. (CSIQ)

Canadian Solar yesterday announced that its subsidiary, Canadian Solar Solutions, Inc., has closed a deal with Penn Energy Renewables that will see the construction of two new solar energy farms in Ontario, Canada. The construction will begin in the third quarter of 2012 and will produce 18.7 MW.

Billing itself as "one of the world's largest solar companies," Canadian Solar is focused on the design and manufacture of solar power systems for use both on and off grid. The company also supplies parts for solar applications, such as ingots, wafers, solar cells, and solar modules. Canadian Solar has offices in North America, Europe, Australia, and Asia.

Collectively, the two new solar farms are anticipated to supply enough electricity to power 2,600 homes; the construction of the farms will create 100 new jobs in construction, manufacturing, and engineering. Furthermore, the solar farms are expected to prevent approximately 432,000 metric tons of carbon dioxide emissions over a twenty year period.

Sean McCloskey at Penn Energy Renewables Ltd., said, "We are committed to developing and operating utility-scale solar PV projects that provide clean, infinitely renewable solar energy to the homes, businesses and schools in the communities that we serve. As a developer and long-term investor in solar PV projects, we were impressed with Canadian Solar's full array of offerings, which include modules manufactured in Ontario, EPC services and the provision of long-term operations and maintenance services."

Shawn Qu, chairman and CEO of Canadian Solar, added, "We believe strong companies, like Penn Energy, want to work with Canadian Solar because of our track record, expertise, bankability, photovoltaicpanel reliability, and global brand name. As a result, we have built an impressive portfolio of projects and have a very robust pipeline of attractive projects in Canada, the U.S. and Asia. We believe that we have a strong position in Ontario and each project that we complete builds on our lead as the most experienced and dependable developer in Ontario to take a project from development stage to full operation."

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