Canadian Solar Inc. Common Shares (ON) - CSIQ STOCK NEWS

Canadian Solar Inc. (NASDAQ: CSIQ) has announced a conference call for May 18, 2023, at 8:00 a.m. Eastern Daylight Time, to discuss its first quarter 2023 results and business outlook. The call can be accessed via multiple dial-in options, including a toll-free number from the U.S. and local dial-ins from Hong Kong and Mainland China. A live webcast will also be available on the investor relations section of Canadian Solar's website.

The company, founded in 2001, is a leading player in the solar technology space, having delivered approximately 88 GW of solar photovoltaic modules globally. Currently, it has 6.7 GWp of projects under construction and an additional 18 GWp in its pipeline, highlighting its significant capacity in the renewable energy sector.

On April 18, 2023, Canadian Solar (NASDAQ: CSIQ) announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2022, with the U.S. SEC. This report is accessible via the Company's Investor Relations website and the SEC's site. Canadian Solar, established in 2001, is one of the leading manufacturers in the solar technology sector, having delivered approximately 88 GW of photovoltaic modules globally. The company has developed about 8.8 GW of solar power projects in over 20 countries since 2010. Currently, it has around 574 MWp of projects in operation and 6.7 GWp under construction or backlog, along with an 18 GWp project pipeline. Canadian Solar is recognized for its bankability in the solar industry and has been publicly traded since 2006.

Canadian Solar Inc. (NASDAQ: CSIQ) announced its subsidiary CSI Solar's ambitious capacity expansion plans for 2024. By the end of Q1 2024, CSI Solar aims to add significant manufacturing capabilities: 30 GW of ingot, 15 GW of wafer, 10 GW of cell, and 25 GW of module capacity. The updated capacity figures show an increase across all categories, including ingot capacity rising from 20.4 GW to 50.4 GW. Dr. Shawn Qu emphasized that the new capacity will leverage advanced N-type technology to meet market demand and enhance vertical integration for cost control. The company's diverse pipeline includes approximately 574 MWp in operation, 6.7 GWp under construction, and 18 GWp in advanced stages. These expansions are crucial as they position Canadian Solar to strengthen its market leadership and respond to growing demand in the solar industry.

On April 10, 2023, Canadian Solar (NASDAQ: CSIQ) announced the rebranding of its Global Energy subsidiary to Recurrent Energy, unifying its global development and services operations under this name. Recurrent Energy is now positioned as a leading player in utility-scale solar and energy storage project development, boasting a pipeline of 25 GWp for solar and 47 GWh for battery storage, with 14 GW and 12 GWh already interconnected as of January 31, 2023. The company also manages 6 GW of projects under operational maintenance contracts. Chairman and CEO, Dr. Shawn Qu, emphasized the importance of this rebranding in supporting the global transition toward a low-carbon grid.

Canadian Solar has a diverse project portfolio, including approximately 574 MWp of operational projects, 6.7 GWp under construction, and an additional 18 GWp in various pipeline stages. The company has delivered around 88 GW of solar modules globally since inception.

Canadian Solar reported strong financial results for Q4 and the full year 2022, with revenue rising 29% year-over-year to $1.97 billion, exceeding guidance. Solar module shipments surged 68% to 6.4 GW, and full-year revenues hit a record $7.47 billion, a 42% increase. Net income for 2022 reached $240 million, or $3.44 per diluted share, a 152% growth. The company also boasts a robust project pipeline of 25 GWp in solar and 47 GWh in battery storage. Strategic growth initiatives, including the IPO approval for CSI Solar, position the company for future success. Cash on hand totaled $2.0 billion, while total debt decreased to $2.59 billion.

Canadian Solar announced the commercial operation of three solar projects in Japan, totaling 42 MWp, in Q1 2023. These projects, utilizing Canadian Solar's bifacial BiHiKu modules, will produce approximately 53,000 MWh of renewable energy, enough to power around 15,000 households and reduce carbon emissions by 24,000 tons annually. The energy will be sold under Japan's feed-in-tariff program for about 19 years at rates of JPY32 (US$0.24), JPY14.49 (US$0.11), and JPY14.25 (US$0.10) per kWh. With over 518 MWp of projects in operation or construction in Japan, Canadian Solar strengthens its leadership position in the market.

On March 6, 2023, Canadian Solar (NASDAQ: CSIQ) announced that six photovoltaic solar projects totaling 685 MW in Spain's Andalucía and Castilla y León regions received favorable Environmental Impact Assessments (EIA) from the Spanish government. These projects, part of a broader 2 GW portfolio, are set to start construction in 2023 and become operational by 2025, creating nearly 1,700 jobs and supplying energy to about 365,000 homes while reducing CO2 emissions by approximately 350,000 tons. This marks a significant milestone for Canadian Solar in Spain, where it has operated since 2006.