August 26, 2009 / 11:44 AM / in 8 years

UPDATE 1-Canadian Solar gets rights for 500 MW project in China

* Signs LoI with CPT administration committee

* Project to be divided into three phases

* 100 MW to be installed in the first phase

* To install 200 MW each in the second and third phases

Aug 26 (Reuters) - Chinese solar-cell maker Canadian Solar Inc (CSIQ.O) on Wednesday said it obtained development rights for a 500 megawatt (MW) solar power plant system in China.

The company said it signed a letter of intent with the administration committee of the Baotou National Rare Earth Hi-Tech Industrial Development Zone (CPT).

The plant will be located in CPT and the project will be divided into three phases, Canadian Solar said.

A total of 100 MW of photovoltaic (PV) systems will be installed in the first phase, which will run from September 2009 to December 2011. About 200 MW each will be installed in the second and third phases, the company said.

The project is subject to a feasibility study and government approvals, the company said.

Shares of the company closed at $14.93 Tuesday on Nasdaq. The stock, which has so far risen nearly five-fold from a March year-low, is still off more than 50 percent from an August 2008 year-high. (Reporting by Adveith Nair in Bangalore; Editing by Aradhana Aravindan)

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