Canadian Solar Stock Price, News & Analysis

On January 31, 2023, Canadian Solar (NASDAQ: CSIQ) announced a strategic agreement with Gardant Investor SGR to sell 30% of preferred units in its first Italian alternative investment fund, CSFS Fund I. This fund, focusing on renewable energy, includes seven solar power projects with a total capacity of 124.2 MWp across Italy. Gardant will also handle 30% of the projects' construction costs. Canadian Solar aims to sell another 30% preferred units to a different investor while retaining 40%. This collaboration underscores their transition from a project development model to a global independent power producer.

Canadian Solar (NASDAQ: CSIQ) announced on January 30, 2023, that its subsidiary, CSI Solar, has signed a multi-year investment agreement with the Yangzhou City municipal government in Jiangsu Province, China. This agreement aims to enhance high-efficiency solar wafer, cell, module, and battery system manufacturing capacity in Yangzhou's clean energy industrial park. The capacity expansion will occur in three phases, starting with 14 GW of wafer and cell capacity in the second half of 2023. The company anticipates ending 2023 with 20 GW of ingot, 35 GW of wafer, and 50 GW of cell and module capacity.

Canadian Solar (NASDAQ: CSIQ) has announced a significant agreement with Pulse Clean Energy to supply up to 550 MWh of its proprietary SolBank energy storage products for various projects in the UK. This deal expands their ongoing relationship, building on a previous engagement for 100 MWh of services. The latest contract highlights Pulse's commitment to enhancing energy security in the UK, aimed at achieving over 1 GW of installed capacity soon. Canadian Solar's CSI Energy Storage has deployed over 2.4 GWh of solutions globally and aims for a 25 GWh total pipeline by year-end.

Canadian Solar announced its majority-owned subsidiary, CSI Solar Co., Ltd., will commence mass production of high-efficiency N-type TOPCon solar modules in Q1 2023. These modules will achieve a power output of up to 690W and a cell conversion efficiency of around 25.0%, surpassing mainstream products by 1.5%. The company expects TOPCon modules to make up about 30% of total shipments for 2023, enhancing product leadership and customer ROI with improved performance and reduced degradation rates. A 30-year warranty on monofacial modules further distinguishes Canadian Solar's offering.

Canadian Solar (NASDAQ: CSIQ) announced a significant contract with SOLA Group for supplying 256 MW of solar modules for utility-scale projects in South Africa. The two projects, located in the North West Province, will utilize Canadian Solar's BiHiKu7 modules and are expected to generate approximately 580 GWh of clean electricity annually. Construction began in October 2022, with commercial operations scheduled for Q1 2024. This contract aligns with South Africa's renewable energy goals and highlights Canadian Solar's commitment to sustainable energy solutions.

Canadian Solar reported significant growth in Q3 2022, achieving a 57% year-over-year revenue increase to $1.93 billion and a 123% net income rise to $1.12 per diluted share. The gross margin was 18.8%, surpassing expectations. Module shipments surged 62% year-over-year to 6.0 GW. The company projects 30 GW to 35 GW in total module shipments for FY 2023, reflecting robust demand. The carve-out IPO for the CSI Solar subsidiary is back on track, awaiting regulatory approval. Despite challenges from COVID-19 and macroeconomic factors, Canadian Solar is positioned for long-term growth in solar and energy storage sectors.

Canadian Solar (NASDAQ: CSIQ) announced the commercial operation of its 100 MWp Azuma Kofuji solar project in Fukushima, Japan, the largest operational solar project in the prefecture. The project, built on 460 acres, will produce approximately 106,800 MWh of energy annually, enough to power 31,000 homes, and contribute to Japan's 2050 carbon neutrality goal. The project is financed by JPY 24.5 billion (approximately USD 175 million) and benefits from a long-term energy purchase agreement with Tohoku Electric Power at JPY 36 (USD 0.26) per kWh.

On November 3, 2022, Canadian Solar (NASDAQ: CSIQ) announced that its subsidiary, CSI Solar, attained France's ECS and Italy's EPD environmental certifications for its solar modules. These certifications confirm that their modules have some of the lowest carbon footprints in the industry, with carbon emissions of below 400 kg/kWp for HiHero modules and 500 kg/kWp for mono-PERC modules. Canadian Solar aims to increase its market share in Europe, a region responsible for 25% of its module shipments, as demand for sustainable energy grows.

Canadian Solar Inc. (NASDAQ: CSIQ) has scheduled a conference call for November 22, 2022, at 8:00 a.m. EST to discuss its third quarter 2022 results and business outlook. Interested parties can join via a toll-free number or listen to a live webcast on the company's investor relations website. A replay of the call will be available until December 6, 2022.

Canadian Solar, founded in 2001, is a major player in the solar energy sector, having delivered approximately 76 GW of solar modules globally. The firm has a diversified project pipeline and is recognized for its robust financial standing.