Canadian Solar Stock Price, News & Analysis

Canadian Solar announced a partnership with Lifestyle Solar to provide solar and energy storage solutions to California homebuilders. Canadian Solar will supply high-efficiency solar modules and their EP Cube residential energy storage system. The collaboration aims to meet the rising demand for renewable energy among homebuyers, offering a comprehensive turnkey solution. Lifestyle Solar, operational since 2007 in Fresno, CA, will leverage Canadian Solar's technology to deliver energy resilience and cost savings to homeowners. This partnership is expected to enhance energy efficiency and reduce electricity bills for California residents.

Canadian Solar (NASDAQ: CSIQ) announced the unveiling of the new three-phase EP Cube and EP Cube Twin Peak at Intersolar in Munich on June 19-21, 2024. These additions to the EP Cube line aim to boost home energy storage in Europe, offering scalable capacities from 10 kWh to 60 kWh. The EP Cube features a maximum output power of 12 kVa, hybrid inverter compatibility, and supports high-spec solar panels. Safety is ensured with LFP batteries and an IP67-rated enclosure. The EP Cube, showcased through an underwater coffee brewing demo, is now available in Germany, Spain, Italy, and the UK.

Canadian Solar announced that its first portfolio of feed-in premium (FIP) photovoltaic projects in Japan began commercial operations on June 1, 2024. The projects include a 1.2 MWp installation in Tsukuba City, Ibaraki Prefecture, and a 1.9 MWp installation in Daisen Town, Tottori Prefecture, both utilizing CS7N-660W bifacial modules. Initially awarded through feed-in tariff (FIT) auctions held in 2020, the projects transitioned to FIP to meet the growing demand for renewable energy. This switch allows the projects to generate additional revenue through Non-Fossil Certificates (NFCs).

Canadian Solar also entered into a 20-year Power Purchase Agreement (PPA) with Toyota Tsusho , securing 100% of the power and NFCs generated. Toyota Tsusho will distribute the power and NFCs to its corporate customers. As of March 31, 2024, Canadian Solar's project development business in Japan totaled 240 MWp and 1.675 GWh for solar and energy storage, respectively.

Canadian Solar (NASDAQ: CSIQ) has entered into an agreement with D.R. Horton, the largest homebuilder in the U.S., to provide solar panels and residential batteries for homes in California. This partnership will see Canadian Solar's high-efficiency solar panels and EP Cube energy storage systems installed in thousands of homes built by D.R. Horton over the next year. The solution aims to help homeowners store self-generated solar energy, reducing electricity costs and providing reliable power during outages. Thomas Koerner, Senior VP of Canadian Solar, highlighted the benefits of reducing energy expenses and ensuring a steady power supply amid rising electricity costs in California.

Recurrent Energy, a subsidiary of Canadian Solar (NASDAQ: CSIQ), and SPIC have inaugurated the 446 MWp / 360 MWac Marangatu Solar Complex in Brasileira, Brazil. SPIC owns 70% and Recurrent Energy owns 30%. The complex, completed in April 2024, will power 550,000 homes annually and created 2,000 jobs. 75% of its energy is secured through long-term PPAs. Recurrent Energy is expanding in Latin America, with over 4 GW of projects in development across Brazil, Mexico, Argentina, Colombia, Chile, Peru, the Dominican Republic, and Puerto Rico.

Recurrent Energy, a subsidiary of Canadian Solar (NASDAQ: CSIQ), announced the initial closing of a $500 million investment from BlackRock's Climate Infrastructure business. This investment, which represents 20% of Recurrent Energy's outstanding shares on an as-converted basis, was contingent on regulatory approval and other conditions that have now been met. The capital will aid Recurrent Energy in its strategic shift from a developer to a long-term owner/operator in markets such as the U.S. and Europe, aiming for stable long-term revenue and maximizing value from a diversified project pipeline. Recurrent Energy has developed over 10 GWp of solar power and 3.3 GWh of battery storage since 2009 and expects to have 4 GW of solar and 2 GWh of storage operational by 2026.

Canadian Solar has released its 2023 Sustainability Report, detailing notable ESG achievements. Key reductions include a 37% decrease in GHG emissions and energy use, 72% in water use, and 54% in waste intensity. The company targets 100% renewable energy for global operations by 2030. Ethical labor practices and supply chain integrity are maintained through UNGC principles and RBA audits. New ESG disclosures for subsidiaries e-STORAGE and Recurrent Energy were introduced, with the latter planning a 2025 standalone report. Diversity, equity, and inclusion efforts show women earning 95% of male counterparts. Canadian Solar received multiple ESG recognitions and continues participation in international initiatives.

Recurrent Energy, a subsidiary of Canadian Solar (NASDAQ: CSIQ), secured a multi-currency revolving credit facility worth up to €1.3 billion to finance renewable energy projects across Europe. Initially sized at €674 million, the facility can expand to €1.3 billion and will support projects in Spain, Italy, the UK, the Netherlands, France, and Germany. This landmark financing will back nearly 1 GW of solar capacity, mainly in Spain and the UK. The agreement includes ten banks, with Banco Santander CIB as the Global Coordinator and ING as the Sole Sustainability Coordinator. Clifford Chance and Watson Farley & Williams provided legal counsel.

Canadian Solar reported first-quarter results, with solar module shipments of 6.3 GW, net revenues of $1.3 billion, and a gross margin of 19.0%. Key highlights include record quarterly delivery by e-STORAGE, the appointment of a new CFO, and successful strategic expansions in solar and battery energy storage markets.