Canadian Solar (CSIQ) Gets Government Funding For Local Solar Projects

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07:47:52 am on April 28, 2009

China’s government continues to show it is willing to do everything it can to help advance clean energy initiatives.  So far, it appears companies are having a far easier time getting help from China’s government than US based solar companies.  This morning Canadian Solar (CSIQ) is announcing funding from the Suzhou Municipal Government to support commercial rooftop and BIPV solar projects in the Suzhou New District.  The local government is matching the RMB 7.5 million that is being provided by China’s Ministry of Finance & Construction for PV installations as part of the government stimulus.

Dr. Qu, Chairman and CEO said: “Canadian Solar is proud to announce, in cooperation with the Suzhou New District, that we are the first to jointly develop a municipal PV program using the renewable energy stimulus funds in China. These funds will be used to capitalize commercial rooftop and BIPV projects in the region of the municipality. While this first step is a modest one, it is important for local market development. This will give the City and the Company a chance to raise awareness of the potential of solar power and to set up a model mechanism that may be duplicated elsewhere, or repeated in the future. We would like to thank the City for considering us as their partner in this venture and we look forward to its success.”

Shares of CSIQ are trading up about 4% pre market.

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