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 (NASDAQ: CSIQ) announced a significant advancement in its solar project portfolio, securing a power purchase agreement (PPA) with BTG Pactual for a 170 MWp solar project in Minas Gerais, Brazil. Additionally, the company won two projects totaling 692 MWp through a private auction with Furnas Centrais Elétricas. Construction is slated to begin in 2021 for the BTG project and 2022 for Furnas projects, with commercial operation expected by end of 2022 and end of 2023 respectively. This deal boosts Canadian Solar's project backlog in Brazil to nearly 2.2 GWp.
Canadian Solar reported a strong performance for Q3 2020, shipping 3.2 GW of solar modules, exceeding guidance. Revenue surged by 31% to $914 million, surpassing expectations. The gross margin improved to 19.5%, significantly above guidance levels. Despite a net income of $8.8 million, challenges remain due to a $12.6 million withholding tax in China and rising raw material costs. The company raised $260 million for its MSS business IPO and aims for 18-20 GW module shipments in 2021. Recent deals in Brazil and energy storage agreements showcase growth potential.
Canadian Solar (NASDAQ: CSIQ) announced its success in Japan's 6th FIT Auction, securing feed-in-tariffs for two solar projects totaling 22 MWp in Gunma and Ibaraki prefectures. Both projects will utilize Canadian Solar's high-efficiency modules and have a 20-year power purchase agreement with Tokyo Electric Power at a rate of ¥11.99 ($0.114) per kWh. Expected to begin operations by 2025, these developments mark Canadian Solar's fourth project in Gunma and are part of a broader pipeline of 290 MWp under development in Japan.
Canadian Solar Inc. (CSIQ) announced a conference call scheduled for November 19, 2020, at 8:00 a.m. EST to discuss its third quarter 2020 results and business outlook. Interested parties can join via dial-in or a live webcast on the company's investor relations website. A replay will be available shortly after the call until 9:00 a.m. EST on November 27, 2020. Established in 2001, Canadian Solar is a leading solar power company, having shipped over 46 GW of solar photovoltaic modules worldwide.
Canadian Solar (CSIQ) has launched its Series 7 high-power modules with outputs up to 665 W, aiming to provide one of the industry's most competitive levelized cost of electricity (LCOE). The new monofacial HiKu7 and bifacial BiHiKu7 modules are designed for seamless installation and can significantly reduce balance of system costs by up to 5.7% and LCOE by up to 8.9% compared to mainstream modules. CEO Dr. Shawn Qu emphasized the focus on customer needs, reliability, and energy yield, which aims to enhance solar project returns and support the global clean energy transition.
Canadian Solar (NASDAQ: CSIQ) has closed a supply contract with Goldman Sachs Renewable Power to deliver a 75 MW / 300 MWh lithium-ion battery storage system for the Mustang solar plant in California. This retrofit aims to enhance the plant's operations by integrating solar power generation with battery storage, aiding California's renewable energy goals. Construction is set to begin in early 2021, with expected operational status by the second half of 2021. The project signifies a strategic partnership, demonstrating Canadian Solar's commitment to innovative energy solutions.
Canadian Solar (NASDAQ: CSIQ) has successfully secured financing for its 126 MWp Tastiota project in Sonora, Mexico. The financing package, valued at approximately US$93 million, encompasses a US$67 million senior loan, US$15 million letter of credit, and a US$12 million VAT facility, arranged by Sumitomo Mitsui Banking Corporation. Under a 15-year Power Purchase Agreement with the Federal Electricity Commission, the plant is set to commence operations by the end of 2020. This project contributes to Canadian Solar's 436 MWp portfolio of PPAs in Mexico, signaling confidence in the company's renewable energy endeavors.
Canadian Solar (NASDAQ: CSIQ) appointed Leslie Li Hsien Chang as an independent director on September 25, 2020. This move comes ahead of the planned carve-out IPO of its Module and System Solutions (MSS) subsidiary, CSI Solar Co., Ltd. Yan Zhuang has transitioned to President of CSI Solar, while Guangchun Zhang steps in as Senior VP, Operations and Technology for CSI Solar, effective September 29, 2020. Chang brings extensive experience in financial markets, critical for the upcoming China listing.
Canadian Solar Inc. (CSIQ) has secured RMB 1.78 billion (approx. US$260 million) in capital raising for its Module and System Solutions subsidiary, CSI Solar. This funding involves strategic investments from CDH Investment Management and SIP Oriza. The deal values CSI Solar at RMB 7.50 billion (US$1.1 billion). Additionally, Canadian Solar employees will invest RMB 31 million (US$4.5 million) in shares, while eligible employees and board members will buy new shares worth RMB 248 million (US$36 million) at a 30% discount. Following the transaction, stakeholders will collectively hold 99% of CSI Solar.
Canadian Solar (NASDAQ: CSIQ) is actively defending against a patent lawsuit by Solaria that began in April 2020 in California. The company countersued, asserting that its products do not infringe Solaria's patents and claiming that Solaria withheld critical evidence, making those patents invalid. In response, Solaria initiated a new lawsuit with the U.S. International Trade Commission (ITC) regarding shingled solar modules. Canadian Solar is committed to defending its position while continuing to innovate in the solar energy market.
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