One week ago, the European Commission published a disclosure document in which it set out a number of apparent breaches of the MIP by three Chinese solar manufacturers. Canadian Solar, ET Solar and ReneSola were all found by the EC to have breached various conditions of the MIP, when supplying customers and developing projects in Europe.
Canadian Solar has reacted to the news by indicating that it will look to work with the EC to reach a favorable outcome and noted that the EC has not reached a final determination as to the matter.
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 statement reads. The Company will continue to cooperate with the European Commission to the fullest extent in order to address any concerns or misunderstandings.
In a reflection of the changing nature of the global solar market, Canadian Solars director of investor relations Ed Jobs noted that the EU accounts for a small part of our business. He added that Canadian can continue servicing our customers in Europe.