D.R. Horton Offers Canadian Solar PV Panels and Residential Batteries to Power California Communities

Rhea-AI Summary

Canadian Solar (NASDAQ: CSIQ) has entered into an agreement with D.R. Horton, the largest homebuilder in the U.S., to provide solar panels and residential batteries for homes in California. This partnership will see Canadian Solar's high-efficiency solar panels and EP Cube energy storage systems installed in thousands of homes built by D.R. Horton over the next year. The solution aims to help homeowners store self-generated solar energy, reducing electricity costs and providing reliable power during outages. Thomas Koerner, Senior VP of Canadian Solar, highlighted the benefits of reducing energy expenses and ensuring a steady power supply amid rising electricity costs in California.

Positive

• Canadian Solar secures a significant partnership with the largest U.S. homebuilder, D.R. Horton.
• Thousands of homes in California will feature Canadian Solar's high-efficiency panels and EP Cube energy storage systems.
• Homeowners can expect reduced energy expenses and reliable power during outages.
• The partnership reinforces Canadian Solar's reputation for superior quality products in the renewable energy industry.
• Potential for increased revenue and market presence in the U.S. residential sector.

Negative

• The partnership places Canadian Solar in a highly competitive market with substantial performance expectations.
• Rising production costs could impact profit margins if not carefully managed.
• Any delays in meeting D.R. Horton's construction timelines could result in financial and reputational damage.
• California's regulatory environment poses risks related to compliance and operational execution.

GUELPH, ON, June 13, 2024 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) announced today that it has entered into an agreement with U.S. homebuilder D.R. Horton to offer its solar and energy storage products across communities in California.

Under the agreement, Canadian Solar will provide a total home energy battery back-up solution, which includes both its high-efficiency solar panels and fully integrated residential energy storage system, EP Cube. This solution allows homeowners in D.R. Horton communities to store self-generated solar energy, ensuring a reliable power source during peak electricity rate hours and power outages.

D.R. Horton, America's largest homebuilder, has been building high-quality, functional residences for individuals and families in desirable locations since 1978. Over the next year, D.R. Horton plans to construct thousands of homes in California. Upholding its commitment to excellence, D.R. Horton has selected solar panels and batteries manufactured by Canadian Solar, a leader in the renewable energy industry known for its superior quality products.

Thomas Koerner, Senior Vice President of Canadian Solar, commented, "We are thrilled to collaborate with D.R. Horton to help homeowners significantly reduce energy expenses amidst soaring electricity costs in California. Our solar panels, paired with the EP Cube, not only enable homeowners to save on electricity bills, but also provide a reliable power source during rolling blackouts, ensuring their homes remain functional and comfortable."

About Canadian Solar
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery energy storage solutions, and developer of utility-scale solar power and battery energy storage projects with a geographically diversified pipeline in various stages of development. Over the past 23 years, Canadian Solar has successfully delivered over 125 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built, and connected over 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects across the world. Currently, the Company has over 1.2 GWp of solar power projects in operation, 6.5 GWp of projects under construction or in backlog (late-stage), and an additional 19.8 GWp of projects in advanced and early-stage pipeline. In addition, the Company has 600 MWh of battery energy storage projects in operation and a total battery energy storage project development pipeline of around 56 GWh, including approximately 4.3 GWh under construction or in backlog, and an additional 51.6 GWh at advanced and early-stage development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business, regulatory and economic conditions and the state of the solar and battery storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; supply chain disruptions; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets, such as Japan, the U.S., China, Brazil and Europe; changes in effective tax rates; changes in customer order patterns; changes in product mix; changes in corporate responsibility, especially environmental, social and governance ("ESG") requirements; capacity utilization; level of competition; pricing pressure and declines in or failure to timely adjust average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features that customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange and inflation rate fluctuations; litigation and other risks as described in Canadian Solar's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 26, 2024. Although Canadian Solar and Recurrent Energy believe that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar and Recurrent Energy undertake no duty to update such information, except as required under applicable law.

Canadian Solar Inc. Investor Relations Contacts 
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

 

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SOURCE Canadian Solar Inc.

FAQ

What is the recent agreement between Canadian Solar and D.R. Horton?

Canadian Solar will supply solar panels and residential batteries for D.R. Horton's new homes in California.

What products will Canadian Solar provide under the agreement with D.R. Horton?

Canadian Solar will provide high-efficiency solar panels and the EP Cube energy storage system.

When was the agreement between Canadian Solar and D.R. Horton announced?

The agreement was announced on June 13, 2024.

How will the partnership between Canadian Solar and D.R. Horton benefit homeowners?

Homeowners will benefit from reduced energy expenses and reliable power during peak hours and outages.

How many homes will feature Canadian Solar's products through this agreement?

Thousands of homes in California will feature Canadian Solar's products over the next year.