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Penn Energy Renewables and Canadian Solar close deal for Canadian solar farms

August 28, 2012
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ONTARIO, Canada — Two new solar energy farms will be built in Ontario, Canada, for Penn Energy Renewables Ltd., says Canadian Solar Inc. Its Canadian Solar Solutions unit has closed an 18.7 MW AC turnkey engineering, procurement and construction (EPC) contract and operations and maintenance agreement for the units. Construction will begin in the third quarter of 2012, with the projects expected to be fully operational in the summer of 2013.

The solar farms are expected to produce enough electricity to power approximately 2,600 homes, preventing approximately 432,000 metric tons of carbon dioxide emissions over a 20-year period. Planners say the installations could create more than 100 new jobs during the development and construction phases. These jobs will be in manufacturing, engineering and construction with additional on-going positions created during the operation and maintenance phases.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We have built an impressive portfolio of projects and have a very robust pipeline of attractive projects in Canada, the U.S. and Asia.

Canadian Solar Inc. is a vertically integrated provider of ingots, wafers, solar cells and solar modules for solutions for on-grid and off-grid use to customers worldwide.

Penn Energy Renewables Ltd. is the Canadian member of the Penn Group of Companies which is headquartered just outside Philadelphia, Pennsylvania. Penn actively develops, acquires and invests in utility-scale solar farms. In Ontario, Penn Energy Renewables Ltd. has seven executed Feed-in-Tariff (FIT) contracts with the Ontario Power Authority (OPA) for projects with power generation capacity in excess of 60 megawatts AC.

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