Penn Energy Renewables and Canadian Solar Close 18.7 MW AC Deal for Two Solar Farms in Canada

Canadian Solar Inc.

(the "Company",  or "Canadian Solar"), one of the world's largest solar power companies, announced that its subsidiary, Canadian Solar Solutions Inc., has closed an 18.7 MW AC turnkey engineering, procurement and construction (EPC) contract and operations and maintenance agreement for the construction and operation of two new solar energy farms in Ontario, Canada for Penn Energy Renewables Ltd.  The construction will begin in the third quarter of 2012, with the projects expected to be fully operational in the summer of 2013.    "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," said Sean McCloskey at Penn Energy Renewables Ltd. "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." 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.