Canadian Solar Inc. (Nasdaq: CSIQ) today announced a joint venture and an 18-megawatts (MW) distribution deal with West Holding Ltd of Japan.
The agreement stipulates a transfer of 14% of the shares in Canadian Solar Japan, which is the Japanese subsidiary of Canadian Solar Inc., to West Holding Ltd. Canadian Solar retains the remaining 86%. West Holding Ltd will distribute and sell solar residential rooftop systems designed by Canadian Solar Japan. The sales target for 2010 is approximately 18 MW. Deliveries began in December 2009.
Shawn Qu, Chairman and CEO, said, "West Holding is a leading independent distributor of residential solar systems in Japan and is very experienced in distributing, marketing and selling imported PV modules. This was a key criterion in our selection of this company as one of our partners in Japan. Our high-powered, cost effective modules coupled with their strength as a distributor and local understanding of marketing and sales will help make both companies successful in Japan."
In December, Canadian Solar announced plans to build 200 MW of manufacturing capacity in Ontario. The company currently has the majority of its manufacturing operations in China.
