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Canadian firm to deliver 122 MW of PV projects for US

Canadian Solar acquires 11 projects and enters US PV development market

A solar array in the Mojave desert, Southern California

A Canadian solar firm is set to boost PV power in the US by 122 MW. Canadian Solar, one of the world's largest solar companies, has acquired 122 MW of utility-scale solar development projects within the country.

The 11 photovoltaic power plants range in size from 2MW to 29MW. Construction is planned to begin this year with the last project set to be completed in 2014.

Canadian Solar has said it expects the projects will be the first of many, marking a strategic move for the company as it expands from pure-play module sales in the US to deeper collaboration with utility-scale project developers.

The projects were spearheaded by Canadian Solar's US Projects Team, which was initiated to further the Company's project development presence in North America.

This is the second market in which Canadian Solar has engaged in project development. The company already has a notable projects business in Canada that previously announced approximately 340 MW of projects in Ontario and has successfully delivered turnkey EPC services for three of those projects.

"Canadian Solar's Projects Team complements our business strategy, offering our customers and partners a more complete solution package," said Shawn Qu, CEO of Canadian Solar. "Additionally, the investment we have made in starting the new US projects team signifies our continued commitment to the US market. The team's extensive solar experience enabled us to hit the ground running, with 11 projects in less than six months and the ability to now further grow our business in the U.S. market."

Canadian Solar has already established itself as one of the largest solar module suppliers to the US market. Canadian Solar believes that its expansion into project development provides the company an opportunity for continued growth and the ability to create jobs at a time when many other solar companies are being forced to cut back.

As Canadian Solar continues to expand its project pipeline, the company expects to see an increase in revenue from its project solutions business. The company estimates that its project solutions revenue will make up 25 per cent of its total revenue in 2012, compared to 10 per cent in 2011.