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'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.
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.
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