Canadian Solar Stock Price, News & Analysis

Canadian Solar (NASDAQ: CSIQ) announced it will hold a conference call on December 5, 2024, at 8:00 a.m. U.S. Eastern Time to discuss its third quarter 2024 results and business outlook. The call will be accessible via various toll-free and local dial-in numbers, including +1-877-704-4453 (U.S.), +852 800 965 561 (Hong Kong), and +86 400 120 2840 (Mainland China). The conference ID is 13750071. A live webcast will be available on Canadian Solar's investor relations website. A replay of the call will be available until December 19, 2024, and can be accessed by dialing +1-844-512-2921 (U.S.) or +1-412-317-6671 (international) with the replay pin 13750071. The webcast replay will also be available on the company's website.

Recurrent Energy, a Canadian Solar subsidiary, has signed two new 20-year tolling agreements with Arizona Public Service Company (APS) for the Desert Bloom Storage (600 MWh) and Papago Solar (150 MWac) projects in Maricopa County. These projects, combined with the previously announced 1,200 MWh Papago Storage project, will total 1,800 MWh of energy storage and 150 MWac of solar capacity. The facilities will power the equivalent of 72,000 homes for four hours (storage) and 24,000 homes annually (solar). Construction is scheduled to begin in 2025, with operations starting in 2026. The projects will support Arizona's growing energy needs and contribute to the state's goal of adding significant clean energy capacity by 2030.

Recurrent Energy, a subsidiary of Canadian Solar (NASDAQ: CSIQ), announced the successful commercial operation of Liberty Solar, a 134 MW solar project near Houston, Texas. The project, located in Liberty County, will power approximately 15,000 homes annually and serves major corporate customers including Autodesk, Biogen, EMD Electronics, and Wayfair. The project expands solar capacity in the MISO market and received financial backing including an $80 million tax equity from U.S. Bancorp Impact Finance. Recurrent Energy will maintain long-term ownership and operation of the facility.

Canadian Solar Inc. (NASDAQ: CSIQ) has responded to a patent infringement complaint filed by Trina Solar Co., on October 8, 2024. The lawsuit, filed in the U.S. District Court for the District of Delaware, alleges that three of Canadian Solar's U.S. subsidiaries are infringing on two U.S. patents related to tunnel oxide passivated contact solar photovoltaic module technology (TOPCon).

Canadian Solar, a major global solar product manufacturer, produces various solar products including TOPCon modules. The company has thousands of its own patents and asserts that the lawsuit is frivolous. Adam Walters, General Counsel for Canadian Solar's Modules and Systems Solutions business, expects the court to find that their proprietary TOPCon technology does not infringe on Trina's claimed patents.

The company affirms its commitment to continuing to deliver high-quality solar products in the United States and globally, as it has done for over 20 years since its founding in Guelph, Canada.

Canadian Solar Inc. (NASDAQ: CSIQ) has been ranked #1 in the Energy and Utilities sector on Newsweek's World's Most Trustworthy Companies 2024 list. This recognition highlights the company's commitment to transparency, reliability, and sustainability in the solar technology and renewable energy industry. The ranking was based on over 230,000 evaluations across 23 industry sectors and 20 countries, considering factors such as customer trust, investor confidence, and employee satisfaction.

Thomas Koerner, Corporate Senior Vice President of Canadian Solar, emphasized the company's dedication to manufacturing and delivering high-quality solar and energy storage products to meet the needs of customers, partners, and investors as the global transition to clean energy accelerates.

Recurrent Energy, a subsidiary of Canadian Solar (NASDAQ: CSIQ), has announced the final closing of a $500 million investment from BlackRock. This investment represents 20% of Recurrent Energy's outstanding fully diluted shares on an as-converted basis, with Canadian Solar retaining the majority ownership. The transaction, initially announced in January 2024, was completed following the receipt of the second and final payment in October 2024.

This strategic investment will enable Recurrent Energy to advance its high-value project development portfolio and transition from a pure developer to a developer plus long-term owner and operator in select markets, including the U.S. and Europe. Recurrent Energy has a strong track record, having developed over 11 GWp of operating utility-scale solar projects and 3.7 GWh of energy storage projects across six continents since 2009.

Canadian Solar's e-STORAGE has secured a turnkey EPC contract to supply a 98 MW/312 MWh DC Battery Energy Storage System (BESS) to the Huatacondo project in Chile. The project, developed by Sojitz and Shikoku Electric Power Co., Inc. through their subsidiary AustrianSolar Chile Cuatro SpA (ASC4), is set to begin construction in Q1 2025.

e-STORAGE will provide and integrate its advanced SolBank 3.0 energy storage solution, managing all civil, mechanical, and electrical infrastructure for the project. This marks e-STORAGE's first major project in Chile, supporting the country's goal of achieving 70% renewable electricity by 2050.

The SolBank 3.0 offers high performance and safety features, including high-density LFP cells, advanced BMS, and innovative liquid cooling TMS. Its compact design optimizes land use and reduces costs, while its IP55 protection grade ensures reliable operation in the Andean climate.

Canadian Solar Inc. (NASDAQ: CSIQ) has partnered with SOLARCYCLE, a leading U.S. solar recycling company, to offer comprehensive recycling services to its U.S. customers. This landmark agreement positions Canadian Solar as one of the first crystalline silicon solar module manufacturers to provide such services. SOLARCYCLE will be Canadian Solar's preferred recycling partner, while Canadian Solar will act as an OEM partner to SOLARCYCLE.

The partnership allows customers to secure recycling services at the time of purchase, integrating sustainability into the entire lifecycle of their solar projects. This initiative aims to recycle valuable materials like silver, copper, glass, and aluminum, diverting resources from landfills and reintroducing them into the solar supply chain. The collaboration demonstrates both companies' commitment to advancing solar recycling adoption across the United States and supporting domestic manufacturing.

Canadian Solar reported solid Q2 2024 results, with module shipments of 8.2 GW exceeding guidance. Key highlights:

- Net revenues of $1.6 billion, in line with guidance
- Gross margin of 17.2%, meeting expectations
- e-STORAGE backlog grew to $2.6 billion
- Recurrent Energy expanded pipeline to 27 GWp solar and 63 GWh battery storage
- Achieved initial closing of BlackRock's investment in Recurrent Energy
- Announced $200 million private placement of convertible notes

The company maintained profitability despite challenging market dynamics. CSI Solar delivered strong results, while Recurrent Energy progressed on operational targets. Management emphasized disciplined operations and positioning for sustainable growth through energy storage and project development.