Canadian Solar Stock Price, News & Analysis

Canadian Solar Inc. (NASDAQ: CSIQ) has secured a €50 million bilateral corporate facility with Banco Santander to bolster growth in its Global Energy division across the EMEA region. This facility, consisting of a term loan and a revolving credit line, enhances the Company’s financial flexibility and supports its project development pipeline, which includes a total of 21 GWp of solar projects globally. With nearly 4 GWp in EMEA, Canadian Solar is well-positioned to expand in renewable energy, asset management, and energy storage.

Canadian Solar Inc. (NASDAQ: CSIQ) held its Annual Meeting of Shareholders on June 23, 2021, where all submitted proposals received approval. Key outcomes included:

• Setting the number of directors to nine.
• Election of nine directors including Dr. Shawn Qu and Dr. Harry Ruda.
• Re-appointment of Deloitte Touche Tohmatsu as auditors and authorization to set their remuneration.

Canadian Solar, founded in 2001, is a leading global solar technology firm, having delivered over 55 GW of solar modules and developed 5.7 GW of solar projects globally.

On June 23, 2021, Canadian Solar (NASDAQ: CSIQ) held its Annual Meeting of Shareholders where all proposals received approval. Key outcomes included the setting of the board of directors to nine members and the election of directors including Dr. Shawn Qu and Dr. Harry E. Ruda. Additionally, Deloitte Touche Tohmatsu was re-appointed as auditors, with authority given to directors to fix their remuneration until the next annual meeting. Established in 2001, Canadian Solar is a leading solar technology company with significant global operations in photovoltaic modules and solar energy solutions.

Recurrent Energy, a subsidiary of Canadian Solar (CSIQ), is expanding its energy storage projects in the U.S. with multiple Battery Energy Storage Systems (BESS) slated for construction in 2021 and 2022. The Crimson BESS project has secured a long-term contract with Southern California Edison for 200 MW / 800 MWh. Additional projects include energy storage retrofits at Tranquillity and Garland solar sites. With a robust pipeline of 11 GWh across the U.S. and 2.3 GWh in late-stage development, Recurrent Energy aims to enhance grid reliability and support California's carbon reduction goals.

Canadian Solar has filed a prospectus supplement with the SEC for an at-the-market (ATM) equity offering to sell up to US$150 million of common shares. The funds will support the company's long-term growth strategies, particularly enhancing its battery storage business and expanding its storage pipeline. Additionally, net proceeds may be allocated to investments or acquisitions that align with its operations. The offering will occur over approximately six months, with sales handled by US Tiger Securities Inc..

Canadian Solar has signed a long-term Power Purchase Agreement (PPA) with Axpo Italia for two solar power plants in Sicily, Italy, totaling 12 MWp. The agreement ensures a fixed electricity price for 10 years starting April 2022, supporting stable cash flows. Construction is set to begin by the end of 2021, with an expected annual production of approximately 22 GWh, sufficient to power 8,460 households and displace 6,860 mt of CO2. This PPA is part of a broader agreement for up to 300 MWp in Italy, emphasizing Canadian Solar's commitment to renewable energy growth in the EMEA region.

Canadian Solar Inc. (NASDAQ: CSIQ) reported a strong first quarter of 2021, with solar module shipments reaching 3.1 GW, surpassing guidance. Revenue increased 32% year-over-year to $1.1 billion, and net income was $23 million or $0.36 per diluted share. Gross margin stood at 17.9%, aligning with expectations. The company expanded its battery storage pipeline to 17 GWh. Despite inflation and transportation costs, strategic pricing helped offset some challenges. Looking ahead, Canadian Solar maintains its full-year revenue guidance of $5.6 to $6.0 billion, anticipating robust demand in solar and battery storage markets.

Canadian Solar Inc. (NASDAQ: CSIQ) has entered into a strategic partnership with Habitat Energy Limited, a UK-based leader in battery storage optimization using AI. The agreement aims to provide enhanced technology solutions for battery storage asset developers, enabling them to maximize trading optimization and improve grid stability. Habitat Energy's proprietary software, PowerIQ, will be leveraged to optimize asset performance. This partnership will strengthen Canadian Solar's position in the energy storage market, contributing to a cleaner global power grid and maximizing returns for project owners and investors.

Canadian Solar Inc. (NASDAQ: CSIQ) announced a conference call scheduled for May 20, 2021, at 8:00 a.m. EDT to discuss its first quarter 2021 results and business outlook. The call will be accessible via various dial-in numbers, and a webcast will be available on their investor relations website. A replay will be provided after the call until May 28, 2021. Established in 2001, Canadian Solar is a leader in solar technology, having delivered over 52 GW of modules globally.