Canadian Solar Stock Price, News & Analysis

Canadian Solar (NASDAQ: CSIQ) has announced the pricing of a US$200 million offering of convertible senior notes due in 2025. The notes carry an interest rate of 2.50% and will mature on October 1, 2025. Proceeds from this offering will be used for general corporate purposes, including expanding manufacturing capacity and solar project development. The company has an option for an additional US$30 million in notes. The offering is expected to close by September 15, 2020, subject to customary conditions.

Canadian Solar Inc. (NASDAQ: CSIQ) announces a proposed offering of US$200 million in convertible senior notes due 2025, with an additional US$30 million option for initial purchasers. The proceeds will be used for corporate purposes, including expanding manufacturing capacity and solar power projects. The notes will be senior, unsecured, and convertible, subject to market conditions, with a maturity date of October 1, 2025. They will be offered to qualified institutional buyers and non-U.S. persons. The offering is not guaranteed to be completed.

Canadian Solar (NASDAQ: CSIQ) has announced the appointment of Yan Zhuang and Dr. Huifeng Chang to its Board of Directors, effective September 15, 2020. Yan Zhuang, currently President and COO, has been with Canadian Solar since 2007 and played a vital role in the company’s expansion. Dr. Chang, the CFO since May 2016, has extensive experience in capital markets and finance. CEO Dr. Shawn Qu expressed confidence that their expertise will enhance the company's growth, especially ahead of the planned China listing of its MSS business.

Canadian Solar (NASDAQ: CSIQ) announced a $75 million development loan secured by its subsidiary, Recurrent Energy, with Nomura. The funds will accelerate solar and energy storage project activities in North America, leveraging Recurrent's robust pipeline. CEO Dr. Shawn Qu expressed confidence in the partnership despite market challenges. This loan follows recent successful financing efforts, totaling $282 million for the Maplewood solar projects and $234 million for the Pflugerville project, contributing to Texas' clean energy initiatives.

Canadian Solar (NASDAQ: CSIQ) announced the start of construction on its 144 MWac Pflugerville Solar Project in Travis County, Texas, through its subsidiary Recurrent Energy. This project, powered by a Power Purchase Agreement with Austin Energy, aims to provide renewable energy for 15 years. It will create over 350 construction jobs, with significant economic benefits of approximately $350 million for local tax revenues. The project exemplifies a commitment to low-cost clean energy and expands Recurrent Energy's presence in Texas.

Canadian Solar (NASDAQ: CSIQ) has begun construction on a significant 5 MWp rooftop solar project in Penang, Malaysia, in partnership with Antah Solar and Eleaps Sdn. Bhd. The project, which covers over 26,000 m², includes a power purchase agreement with Muda Paper Mills and is expected to generate around 6,700 MWh annually. With a long-term loan of US$20 million from DEG, Canadian Solar aims to enhance its corporate PPA pipeline. This project represents Canadian Solar's first corporate solar PPA in Southeast Asia and underscores its commitment to sustainability.

Canadian Solar (NASDAQ: CSIQ) reported strong second-quarter results for 2020, with a 31% increase in total module shipments to 2.9 GW and net revenue of $696 million, exceeding guidance. The gross margin stood at 21.2%, while operating expenses were reduced by 17% year-over-year. Net income was $20.6 million ($0.34 per diluted share), down from previous quarters. The company plans an initial public offering for its Module and System Solutions (MSS) business in China, aiming for 11-12 GW shipments in 2020 and 18-20 GW in 2021, despite challenges from polysilicon supply disruptions.

Canadian Solar Inc. (NASDAQ: CSIQ) has commenced construction of a 10 MWp solar power plant in Groß Siemz, Germany. This project will utilize over 22,900 high-efficiency mono-PERC modules and is set to generate about 10 GWh of solar energy annually, enough to power over 3,000 households. With an expected CO2 displacement of 90,000 metric tons over its lifetime, the plant will connect to the grid by October 2020. Canadian Solar will handle the design, engineering, procurement, construction, and operations & maintenance services for the project.

Canadian Solar Inc. (NASDAQ: CSIQ) announced a conference call on August 7, 2020, at 8:00 a.m. EDT to discuss its Q2 2020 results and business outlook. Investors can join the call by dialing +1-866-519-4004 (U.S.), +852-3018-6771 (Hong Kong), or +1-845-675-0437 (international). A replay will be available after the call until August 15, 2020. Canadian Solar, founded in 2001, is a major player in the solar industry, having delivered over 43 GW of solar photovoltaic modules globally.