Canadian Solar

Canadian Solar Inc.

Company type	Public
Traded as	Nasdaq: CSIQ
Industry	Renewable energy Photovoltaics industry
Founded	2001 (2001)
Founder	Dr. Shawn Qu
Headquarters	Guelph, Ontario , Canada
Number of locations	23 countries and regions on 6 continents
Key people	Dr. Shawn Qu (Chairman, Chief Executive Officer)
Products	Energy Storage Inverters Solar Panels Photovoltaic Systems
Revenue	US$7.613 billion (2023)
Net income	US$363.6 million (2023)
Number of employees	22,234 (2023)
Website	www.canadiansolar.com
Footnotes / references https://www.sec.gov/Archives/edgar/data/1375877/000110465924052464/csiq-20231231x20f.htm#ITEM17FINANCIALSTATEMENTS_447947

Canadian Solar Inc. (NASDAQ: CSIQ) is a global renewable energy company. Headquartered in Guelph, Ontario, the company manufactures solar PV modules, provides battery energy storage solutions and develops utility-scale solar power and battery energy storage projects.

History

Dr. Shawn Qu founded Canadian Solar in 2001 in Guelph, Ontario. In November 2006, the company went public (Nasdaq: CSIQ) trading at $15 per share.

In October 2017, Canadian Solar listed the Canadian Solar Infrastructure Fund Inc. (CFSI) on the Tokyo Stock Exchange. The fund’s initial public offering (IPO) of 177,800 investment units was priced at JPY 100,000 (US $879) per unit. The proceeds supported the acquisition of 13 solar power facilities with a combined capacity of 72.7 MWp from Canadian Solar subsidiaries in Japan.

In 2021, the firm relocated Recurrent Energy, its subsidiary that develops, owns, and operates solar and energy storage projects globally, to Austin,Texas.

In September 2022, Canadian Solar launched a residential energy storage solution, the EP Cube. Up to six units can be connected to deliver up to 119.9 kWh of energy storage and 45.6 kW output for home use.  

In June 2023, Canadian Solar announced plans to construct its first U.S. manufacturing plant in Mesquite, Texas. The $250 million plant, which will employ up to 1,500 people, is designed to produce 20,000 solar panels a day, totaling 5 GW of annual production capacity. In March 2024, Canadian Solar agreed to supply Sol Systems with solar modules from the finished factory.  The company’s other manufacturing centers are in Asia and Canada.

In June 2023, CSI Solar, the solar manufacturing subsidiary of Canadian Solar, completed an IPO and began trading on the Shanghai Stock Exchange. Shares in the IPO were listed at RMB 11.10 (US $1.55) each, with total closing revenue of approximately RMB 6 billion (US $840 million).

In July 2023, the firm's utility-scale battery energy storage subsidiary was rebranded from CSI Energy Storage to e-STORAGE. The subsidiary’s two automated factories supply battery energy storage solutions to the US, Canada, the UK, and China.

In November 2024, Canadian Solar announced plans to construct a $712 million battery plant in Shelbyville, Kentucky. The largest economic development project in Shelby County history, the Shelbyville Battery Manufacturing plant will build utility-scale batteries that utilities and project developers will use for energy storage. Located about 30 miles from downtown Louisville, the one-million-square-foot project will initially have a capacity of 3 GWh, with a second phase expected to double production capacity. Limited production is scheduled to begin in 2025, with full-scale production expected in early 2026.

Canadian Solar participates in the United Nations Global Compact and CDP Climate Change Disclosure as of 2023. Released in 2024, Canadian Solar’s 2023 Corporate Sustainability Report cited ongoing reductions in greenhouse gas emissions and energy, water, and waste intensities.

Controversies

In 2021, the Human Rights Foundation criticized Canadian Solar after The Globe and Mail reported that the company operated a solar farm in Xinjiang, China near a Uyghur internment camp.The Guelph Mercury Tribune later reported a second solar farm in Xinjiang with ties to a supplier of Canadian Solar. The Globe also reported a 2019 agreement between Canadian Solar and polysilicon manufacturer GCL-Poly, a company whose Xinjiang subsidiary had ties to forced labor. In 2021, Canadian Solar denied any connection to forced labor in its operations or supply chain and was working with polysilicon suppliers to establish auditing processes. Later that year, Canadian Solar sold both of its Xinjiang solar power plants to a consortium of Chinese banks and investment groups and no longer has any Xinjiang locations, The Mercury Tribune reported. In August 2023, the U.S. Department of Commerce ruled that Canadian Solar circumvented tariffs on Chinese-made goods.

Acquisitions

Canadian Solar completed the acquisition of solar developer Recurrent Energy from Sharp Corporation for approximately $265 million in 2015.

Manufacturing

Canadian Solar operates production facilities in the United States, Canada, China, Indonesia, Vietnam and Brazil, where it manufactures ingots, wafers, solar cells, solar PV modules, solar power systems, and other solar products.

Products

PV Modules and Systems -- The firm's standard PV modules are powered 210mm and 182mm N-type TOPCon solar cells that absorb and convert light from both sides of the module. As of 2024, Canadian Solar delivered more than 133 GW of solar PV modules globally, making the firm one of the largest global suppliers of TOPCon solar cell technology.

Battery Energy Storage Systems (BESS) -- As of August 2024, Canadian Solar’s batter energy storage subsidiary, e-STORAGE, has shipped more than 6.5 GWh of battery energy storage solutions globally.

Utility-Scale Solar PV Projects -- Since entering the project development business in 2010, Canadian Solar has developed, built, and connected over 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects across the world.

Projects

Europe

• 1 MW – Munich, Germany (July 2010)
• 70 MW – Solarpark Meuro, Meuro, Germany (August 2011)
• 78 MW – Senftenberg Solarpark Senftenberg, Germany (September 2011)
• 70 MW – Rovigo Photovoltaic Power Plant, Rovigo, Italy (November 2010)
• 15 MW – Three systems of 5 MW each, Conwall, UK (September 2011)
• 8 MW – Villeneuve de Marsan, France (April 2012)

North America

• 27 MW – Sunnybrook Health Services, Canada (2009)
• 5 MW – Extreme Makeover: Home Edition, Georgia, USA (May 2010)
• 148 MW – Ronald McDonald House, San Diego, California, USA (June 2010)
• 5 MW – Keystone Solar Farm, Pennsylvania, USA (October 2012)
• 8.5 MW - Canadian Solar 1 (CS1), Canada (August 2012)
• 10 MW – Brockville 1, Canada (June 2013)
• 9 MW – Brockville 2, Canada (September 2013)
• 10 MW – Silvercreek Solar Park, Canada (January 2014)
• 146.4 MW – Honduras (October 2014)
• 28.4 MW – Los Angeles, California (November 2014)
• 5.86 MW – Massachusetts (July 2014)
• 10 MW – Ontario, Canada (January 2015)
• 100 MW – Ontario, Canada (July 2015)
• 100 MW – Texas Solar Project, Texas (November 2015)
• 100 MW – Kings County, California (August 2016)
• 200 MW – California (September 2016)
• 258 MW – Fresno County, California (September 2016)
• 60 MW – Los Angeles, California (September 2016)
• 5.74 MW – Fowler, California (November 2016)

South America

• 185 MW – Brazil (September 2016)
• 191.5 MW – Brazil (October 2016)
• 114 MW – Brazil (November 2016)

Asia-Pacific

• 30 MW - Near Tumxuk, Xinjiang, China (2019)
• 10 MW – Ninxiahongsibao, China (August 2010)
• 20 MW – Wulate, Inner Mongolia, China (December 2013)
• 30 MW – Suzhou Golden Sun Projects, China (November 2012)
• 25 MW – Gajner, Bikaner, Rajasthan, India (November 2013)
• 1.3 MW – Hyogo, pref. Awaji city, Japan (January 2013)
• 5 MW – Normanton Solar Farm, Australia (December 2015)
• 17.4 MW – Longreach Solar Farm, Australia (September 2016)
• 30 MW – Oakey Solar Farm, Australia (September 2016)
• 30 MW – Telangana, India (October 2016)
• 190MW - Suntop Solar Farm - Australia (October 2020)
• 146MW - Gunnedah Solar Farm, Australia (October 2020)

External links

• Official website