Canadian Solar Inc, today stated that the European Commission has informed the Company of potential issues identified in the course of verifying Canadian Solar’s compliance with the undertaking agreement.
The undertaking agreement is an agreement entered into by the Company and other Chinese producers exporting to the EU with the European Commission, in connection with EU trade measures.
In accordance with standard procedure, Canadian Solar has the opportunity to respond to the issues raised by the European Commission and to demonstrate that it complied with the undertaking agreement. The European Commission has not made a final decision.
Canadian Solar has strived to fully comply with the undertaking agreement and is closely coordinating with the European Commission and the Chamber of Commerce in China to demonstrate that it has fully complied with the undertaking agreement. The Company will continue to cooperate with the European Commission to the fullest extent in order to address any concerns or misunderstandings.
Mr. Ed Jobs, IR Director for Canadian Solar, commented,
We believe that we have been compliant with the undertaking agreement. Any decision of the European Commission would not have a significant impact on our guidance for the full year 2015. Europe accounts for a small part of our business and, in any case, we can continue servicing our customers in Europe.