Welcome to our dedicated page for Canadian Solar Common Shares (ON) news (Ticker: CSIQ), a resource for investors and traders seeking the latest updates and insights on Canadian Solar Common Shares (ON) stock.
Canadian Solar Inc. (NASDAQ: CSIQ) is a leading name in the solar power industry, known for its comprehensive approach to solar technology and renewable energy solutions. Founded in 2001 in Canada, the company has grown to become one of the world's largest solar technology and renewable energy companies.
Canadian Solar operates through two main business segments: CSI Solar and Recurrent Energy. The CSI Solar segment focuses on designing, developing, and manufacturing solar ingots, wafers, cells, modules, and battery storage products. These products are engineered to convert sunlight into electricity, serving a range of residential, commercial, and industrial uses. In addition, the company offers specialty solar modules for custom applications such as solar-powered bus stop lighting and solar car battery chargers.
The Recurrent Energy segment is dedicated to solar and battery storage project development, operations, and maintenance (O&M) services. This segment also handles the sale of electricity generated from its solar projects and manages investments in retained assets. With an extensive pipeline of utility-scale solar power and battery storage projects, Recurrent Energy is making significant strides globally.
Canadian Solar has achieved remarkable milestones in the renewable energy sector. Over the past 22 years, the company has delivered over 118 GW of high-quality solar photovoltaic modules worldwide. Since venturing into project development in 2010, Canadian Solar has developed, built, and connected approximately 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects globally. Currently, the company has around 1 GWp of solar power projects in operation, with an additional 7.4 GWp under construction or in backlog. The company's battery energy storage development pipeline stands at approximately 55 GWh, with 3.5 GWh under construction or in backlog.
Recent Achievements and Projects:
- On March 28, 2024, Canadian Solar responded to a patent infringement lawsuit filed by Maxeon Solar, asserting that the claims were without merit and expressing confidence in their technology.
- Recurrent Energy secured a €110 million multi-currency facility on April 3, 2024, to support its global solar PV and energy storage project pipeline.
- Recurrent Energy obtained 343 million Brazilian reais (approximately $70 million) in project financing for its Jaiba III solar project in Brazil on April 15, 2024.
- Canadian Solar announced its Q1 2024 results and business outlook, revealing robust performance and strategic growth plans.
- The company filed its annual report for 2023 on April 26, 2024, providing detailed insights into its financial performance and future strategy.
- Canadian Solar won three BESS projects totaling 193 MW in Japan’s first Long-Term Decarbonization Power Source Auction on May 8, 2024.
- Recurrent Energy secured a €1.3 billion revolving credit facility on May 23, 2024, to fund renewable energy projects in Europe.
- Recurrent Energy inaugurated the Marangatu Solar Complex in Brazil on June 10, 2024, a significant project expected to power 550,000 homes annually.
Canadian Solar continues to expand its footprint in the renewable energy market, emphasizing innovation, sustainability, and financial strength, making it a steadfast player in the global transition to clean energy.
Canadian Solar (CSIQ) announced a strategic partnership with SolarWorX, investing in the start-up's Series A funding along with EIT InnoEnergy and DEG. This investment aims to electrify areas in sub-Saharan Africa, where around 600 million people lack reliable power. SolarWorX's modular off-grid solar solution, Solego, offers a scalable energy distribution system. The investment will enhance SolarWorX's product portfolio and sales efforts, targeting high-demand markets with a focus on affordable power solutions.
On March 8, 2021, Canadian Solar (NASDAQ: CSIQ) announced the sale of two solar projects totaling 61 MWp to Canadian Solar Infrastructure Fund (CSIF) for JPY 30.6 billion (approximately US$283 million). CSIF financed this acquisition through a public offering that raised over JPY 18 billion (around US$166 million) and issued JPY 19 billion (US$175 million) in long-term debt. With this transaction, CSIF has expanded to 25 solar power plants across Japan, with over JPY 80 billion (US$740 million) in operational assets. The company aims to leverage partnerships for further growth in solar projects in Japan and beyond.
Canadian Solar (NASDAQ: CSIQ) will hold a conference call on March 18, 2021, at 8:00 a.m. EDT to discuss its fourth quarter and full year 2020 results along with the business outlook. Dial-in options include +1-866-519-4004 (U.S.), +852-3018-6771 (Hong Kong), and +1 845-675-0437 (international). A webcast will also be available on the company's investor relations site. Additionally, a replay will be accessible until March 26, 2021. Canadian Solar is a leading manufacturer and developer in the solar industry, with over 49 GW of modules delivered globally.
Canadian Solar (NASDAQ: CSIQ) has successfully closed the Japan Green Infrastructure Fund (JGIF) with JPY22 billion (US$208 million) in committed capital. This partnership with Macquarie Advisory aims to accelerate solar project development in Japan. JGIF will provide first offer rights to the Canadian Solar Infrastructure Fund (CSIF), enhancing Canadian Solar's competitive edge. The Fund, managed under Singapore's regulations, allows for the exploration of green bond placements and project financing. This marks Canadian Solar's entry into private institutional capital, promising attractive returns to investors.
Canadian Solar's subsidiary, Recurrent Energy, has finalized the sale of the Slate project to Goldman Sachs Renewable Power LLC. This 300 MWac solar and 140.25 MW storage project is under construction in Kings County, California, with revenue to be booked in Q1 2021. The project aims for commercial operation by late 2021 and will provide energy for about 126,000 homes. Additionally, it will create around 405 construction jobs, benefiting the local economy.
Duke Energy Renewables has acquired the 144-MWac Pflugerville Solar project from Recurrent Energy (a Canadian Solar subsidiary) as part of its expansion in Texas. The project, located in Travis County, is under construction and expected to commence operations by mid-2021. It includes a 15-year power purchase agreement with Austin Energy, contributing to the utility’s renewable energy goals. This acquisition marks the fifth project Duke has taken on from Recurrent Energy, enhancing its commitment to doubling renewable resources by 2025.
Canadian Solar (NASDAQ: CSIQ) announced the sale of the 144 MWac Pflugerville Solar project in Texas to Duke Energy Renewables. The project, expected to be operational by mid-2021, will generate enough energy to power around 27,000 homes and is backed by a 15-year power purchase agreement with Austin Energy. This sale marks the fifth acquisition by Duke Energy from Canadian Solar’s subsidiary, Recurrent Energy, which currently manages over 5,700 MWac of solar projects. The transaction was facilitated with over $234 million in financing, ensuring timely construction amidst pandemic disruptions.
On January 5, 2021, Canadian Solar (NASDAQ: CSIQ) announced the sale of its ownership interest in the Hays and Jenner solar projects to BluEarth Renewables. These projects, located in southeast Alberta, have a combined capacity of 31 MWp (23 MWAC) and are expected to begin commercial operations in 2021. BluEarth will manage these projects, which are co-owned by Conklin Métis Local 193. This deal marks the third collaboration between Canadian Solar and BluEarth, aimed at enhancing Alberta's renewable energy capacity.
Canadian Solar Inc. (NASDAQ: CSIQ) has completed the sale of its remaining 30% stake in the Big Fish and Iron solar projects in Sicily, Italy, to Falck Renewables, bringing the total capacity of the projects to over 290 MWp. The company expects to recognize revenue from this sale in Q4 2020. Canadian Solar continues to expand its pipeline in Italy, with over 1.3 GWp planned, and anticipates strong growth in energy sale agreements as the country pushes to increase its solar capacity. CEO Dr. Shawn Qu highlights the positive outlook for solar energy in Italy.
Canadian Solar Inc. (NASDAQ: CSIQ) has sold its 19 MWp operational solar power plant, Gunma Aramaki, located in Japan's Yamaguchi Prefecture, for JPY6.8 billion (approximately US$64 million). The company retains asset management and operations & maintenance services for the plant under a long-term agreement. The project generates revenue by selling electricity at JPY36 (US$0.35) per kWh to Tokyo Electric Power Company. Canadian Solar continues to focus on expanding its portfolio with plans to double the assets of its infrastructure fund by 2022.
FAQ
What is the current stock price of Canadian Solar Common Shares (ON) (CSIQ)?
What is the market cap of Canadian Solar Common Shares (ON) (CSIQ)?
What does Canadian Solar Inc. do?
What are the two main business segments of Canadian Solar?
Where are Canadian Solar's manufacturing operations located?
What recent projects has Canadian Solar undertaken?
What is Canadian Solar's role in the renewable energy industry?
How much solar power has Canadian Solar delivered globally?
What is Canadian Solar's market presence?
What significant financial achievements has Canadian Solar reported recently?
How does Canadian Solar contribute to sustainability?
What is the significance of Canadian Solar's recent patent lawsuit?
