Canadian Solar Inc. has signed a photovoltaic module sales agreement with Cirus Solar Systems Pvt. Ltd., a solar engineering, procurement and construction company based in Hyderabad, India. This contract marks Canadian Solar's entry into the Indian solar market, the company notes.
Under the terms of the agreement, Canadian Solar is expected to deliver 33 MW of solar modules in the third and fourth quarters of this year at agreed-upon prices denominated in U.S. dollars. The modules are expected to be utilized for solar PV projects that are designed, installed and commissioned by Cirus on behalf of two prominent Indian conglomerates. Initial shipments have already commenced.
‘We believe India has the potential to become one of the largest solar markets in the world, and we expect it will make a meaningful contribution to the growth of our business in the quarters ahead,’ says Dr. Shawn Qu, chairman and CEO of Canadian Solar.