Canadian Solar: Difference between revisions
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| foundation = {{Start date and age|2001}} |
| foundation = {{Start date and age|2001}} |
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| founder = Shawn Qu |
| founder = Dr. Shawn Qu |
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| defunct = |
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| location_city = [[Guelph]], Ontario |
| location_city = [[Guelph]], Ontario |
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| location_country = Canada |
| location_country = Canada |
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| locations = 23 countries and regions on 6 continents |
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| locations = Canada, Germany, Italy, Spain, South Africa, India, United Arab Emirates, Japan, Korea, Australia, the United States, Singapore, Hong Kong, Taiwan, Thailand, Malaysia, China, Brazil, Panama, Turkey, United Kingdom, South Africa, Vietnam, Indonesia |
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| key_people = Dr. Shawn Qu ([[Chairman]], [[Chief Executive Officer]]) |
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| area_served = |
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| products = {{Unbulleted list |
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| key_people = Shawn Qu ([[chairman]], [[President (corporate title)|president]], [[Chief executive officer|CEO]]) |
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| [[Energy Storage]] |
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| products = {{ubl|[[Photovoltaic module]]s|[[Photovoltaic system]]s}} |
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| [[Inverters]] |
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| [[Solar Panels]] |
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| [[Photovoltaic Systems]] |
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}} |
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| production = |
| production = |
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| services = |
| services = |
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| revenue = {{increase}} US$7.613 billion (2023) |
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| revenue = {{increase}} {{US$|7.47}} billion (2022)<ref name="2022 Q4 and Full Year Results Canadian Solar">{{cite web |title=Q4 & FY Results 2022 |url=https://investors.canadiansolar.com/static-files/630c6f4b-08a0-47ed-af02-cc812bb141b1 |publisher=Canadian Solar |access-date=21 March 2023}}</ref> |
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| operating_income = |
| operating_income = |
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| net_income = {{increase}} US$363.6 million (2023) |
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| net_income = {{increase}} {{US$|147}} million (2020)<ref name="2020 Q4 and Full Year Results Canadian Solar">{{cite web |title=Q4 & FY Results 2020 |url=http://investors.canadiansolar.com/news-releases/news-release-details/canadian-solar-reports-fourth-quarter-and-full-year-2020-results/ |publisher=Canadian Solar |access-date=4 April 2020}}</ref> |
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| num_employees = 22,234 (2023) |
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| aum = <!-- Only used with financial services companies --> |
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| assets = |
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| equity = |
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| owner = |
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| num_employees = 13,478 (2020)<ref>{{cite web |url= https://www.bloomberg.com/profile/company/CSIQ:US|title= Canadian Solar Company Info|website= [[Bloomberg News]]}}</ref> |
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| parent = |
| parent = |
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| divisions = |
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| subsid = |
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| homepage = {{URL|https:// |
| homepage = {{URL|https://www.canadiansolar.com/}} |
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| footnotes = https://www.sec.gov/Archives/edgar/data/1375877/000110465924052464/csiq-20231231x20f.htm#ITEM17FINANCIALSTATEMENTS_447947 |
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'''Canadian Solar Inc.''' (NASDAQ: CSIQ) is a global renewable energy company. Headquartered in [[Guelph]], Ontario, the company manufactures solar [[Photovoltaics|PV]] modules, provides battery energy storage solutions and develops utility-scale solar power and battery energy storage projects.<ref name=":1">{{Cite web |title=ABOUT US – Canadian Solar – Global |url=https://www.canadiansolar.com/aboutus/#rwjs |access-date=2024-12-03 |language=en-US}}</ref><ref>{{Cite web |title=Canadian Solar 2023 SEC Form 20-F |url=https://www.sec.gov/Archives/edgar/data/1375877/000110465924052464/csiq-20231231x20f.htm#ITEM17FINANCIALSTATEMENTS_447947 |access-date=2024-12-04 |website=www.sec.gov}}</ref> |
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'''Canadian Solar Inc.''' is a [[Public company|publicly traded]] company that manufactures [[solar PV modules]] and runs large scale solar projects. |
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== History == |
== History == |
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⚫ | Dr. Shawn Qu founded Canadian Solar in 2001 in [[Guelph]], Ontario.<ref name=":0">{{Cite web |last=research |first=ESP equity |date=2024-02-22 |title=Canadian Solar Stock: An Undervalued Canadian Company With International Operations (CSIQ) {{!}} Seeking Alpha |url=https://seekingalpha.com/article/4672741-canadian-solar-stock-undervalued-canadian-company-with-international-operations |access-date=2024-12-03 |website=seekingalpha.com |language=en}}</ref> In November 2006, the company [[Initial public offering|went public]] ({{NASDAQ|CSIQ}}) trading at $15 per share.<ref>{{Cite web|date=22 January 2007|title=2006: The Year of the Solar IPO Boom|url=https://seekingalpha.com/article/24650-2006-the-year-of-the-solar-ipo-boom|url-status=live|access-date=2021-02-20|website=SeekingAlpha|language=en|archive-url=https://web.archive.org/web/20071012223248/http://seekingalpha.com:80/article/24650-2006-the-year-of-the-solar-ipo-boom |archive-date=2007-10-12 }}</ref> |
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Founded in 2001 in [[Guelph]], Ontario, Canada by Shawn Qu, Canadian Solar (NASDAQ: CSIQ) has subsidiaries in over 24 countries on 6 continents.<ref name="auto">{{cite web|url=http://www.canadiansolar.com/about.html|title=Make The Difference |publisher=Canadian Solar|access-date=2018-10-12|archive-url=https://web.archive.org/web/20160329073857/http://www.canadiansolar.com/about.html|archive-date=2016-03-29|url-status=dead}}</ref> They manufacture solar PV modules, are involved in supporting the installation of [[solar energy]], and are involved in a number of utility-scale power projects. With the company's acquisition of Recurrent Energy, Canadian Solar's total project pipeline reached 20.4 GW, including an increase in the late-stage project pipeline to 2.4 GW. |
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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.<ref>{{Cite web |last=Tisheva |first=Plamena |date=2017-10-26 |title=Canadian Solar's Japanese fund prices IPO {{!}} Solar Power News {{!}} Renewables Now |url=https://renewablesnow.com/news/canadian-solars-japanese-fund-prices-ipo-588682/ |access-date=2024-12-03 |website=renewablesnow.com |language=en}}</ref> |
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⚫ | In November 2006, the company [[Initial public offering|went public]] ({{NASDAQ|CSIQ}}) at $15 per share.<ref>{{Cite web|date=22 January 2007|title=2006: The Year of the Solar IPO Boom|url=https://seekingalpha.com/article/24650-2006-the-year-of-the-solar-ipo-boom|url-status=live|access-date=2021-02-20|website=SeekingAlpha|language=en|archive-url=https://web.archive.org/web/20071012223248/http://seekingalpha.com:80/article/24650-2006-the-year-of-the-solar-ipo-boom |archive-date=2007-10-12 }}</ref> |
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In 2021, the firm relocated Recurrent Energy, its subsidiary that develops, owns, and operates solar and energy storage projects globally, to [[Austin, Texas|Austin,Texas.]]<ref name=":2">{{Cite web |date=2023-06-15 |title=Canadian solar panel maker bringing 1,500 jobs to Mesquite |url=https://www.dallasnews.com/business/real-estate/2023/06/15/new-mesquite-solar-panel-plant-will-bring-as-many-as-1500-jobs/ |access-date=2024-12-03 |website=Dallas News |language=en}}</ref> |
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Including two manufacturing facilities in Ontario, Canadian Solar employs nearly 9,000 workers worldwide. This translates to more than 16 GW of panel shipments, or approximately 70 million PV modules, in the past 15 years.<ref name="auto"/> |
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The [[Human Rights Foundation]] criticized the firm after a 2021 report by ''[[The Globe and Mail]]'' revealed the company operates a solar farm in [[Xinjiang]], China nearby a [[Xinjiang internment camps|Uyghur internment camp]].<ref name="Globe1">{{cite news |last1=Green |first1=David |last2=VanderKlippe |first2=Nathan |author2-link=Nathan VanderKlippe |title=Canadian firms operate in China's Xinjiang region |url=https://www.theglobeandmail.com/world/article-canadian-firms-operate-in-chinas-xinjiang-region/ |access-date=18 January 2021 |work=[[The Globe and Mail]] |date=18 January 2021}}</ref> The ''[[Guelph Mercury Tribune]]'' later revealed a second solar farm in Xinjiang.<ref>{{cite news |last1=McNaughton |first1=Graeme |title=Guelph solar panel company has ties with Chinese firm sanctioned over forced labour |url=https://www.guelphmercury.com/news-story/10434614-guelph-solar-panel-company-has-ties-with-chinese-firm-sanctioned-over-forced-labour/ |access-date=11 July 2022 |work=Guelph Mercury Tribune |date=July 22, 2021}}</ref> In response to a question about the firm at a news conference, Prime Minister [[Justin Trudeau]] said, "We will continue to work very, very closely and follow up with [Canadian Solar Inc., [[Goldcorp|Dynasty Gold Corp.]] and GobiMin Inc.], and all companies that have investments in that area, to ensure they are following Canadian values and Canadian law."<ref>{{cite news |last1=Fife |first1=Robert |author1-link=Robert Fife |last2=Chase |first2=Steven |last3=VanderKlippe |first3=Nathan |title=Trudeau warns Canadian companies in China to avoid using forced labour |url=https://www.theglobeandmail.com/politics/article-trudeau-warns-canadian-companies-in-china-to-avoid-using-forced-labour/ |access-date=20 January 2021 |work=The Globe and Mail |date=19 January 2021}}</ref> ''The Globe'' further uncovered that in 2019 Canadian Solar signed a major agreement with the [[Polycrystalline silicon|polysilicon]] manufacturer [[GCL-Poly]], a company whose Xinjiang subsidiary has ties to forced labour.<ref>{{cite news |last1=VanderKlippe |first1=Nathan |title=Canadian Solar denies use of forced labour at its solar farm in western China |url=https://www.theglobeandmail.com/world/article-canadian-solar-denies-use-of-forced-labour-at-its-solar-farm-in/ |access-date=29 January 2021 |work=The Globe and Mail |date=January 28, 2021}}</ref> |
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The ''Mercury Tribune'' reported Canadian Solar sold both of its Xinjiang solar farms in late 2021 to a consortium of various Chinese banks and investment groups.<ref>{{cite news |last1=McNaughton |first1=Graeme |title=Guelph company backtracks on blocking forced labour audit of its Chinese supply chain, operations |url=https://www.guelphmercury.com/news-story/10622516-guelph-company-backtracks-on-blocking-forced-labour-audit-of-its-chinese-supply-chain-operations/ |access-date=11 July 2022 |work=Guelph Mercury Tribune |date=May 11, 2022}}</ref> In August 2023, the U.S. Department of Commerce ruled that Canadian Solar circumvented tariffs on Chinese-made goods.<ref>{{cite web |title=DOC Issues |url=https://www.morganlewis.com/pubs/2023/09/doc-issues-final-decision-in-auxin-solar-case-on-certain-cells-and-modules-from-southeast-asia |website=Morgan Lewis}}</ref> |
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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.<ref>{{Cite web |last=Pickerel |first=Kelly |date=2022-09-13 |title=Canadian Solar unveils EP Cube residential energy storage system |url=https://www.solarpowerworldonline.com/2022/09/canadian-solar-releases-ep-cube-residential-energy-storage-system/ |access-date=2024-12-03 |website=Solar Power World |language=en-US}}</ref> |
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Canadian Solar production facilities in Canada, China, Indonesia, Vietnam and Brazil make ingots, wafers, solar cells, solar PV modules, solar power systems, and other solar products. |
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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.<ref name=":2" /> In March 2024, Canadian Solar agreed to supply Sol Systems with solar modules from the finished factory.<ref>{{Cite web |date=2024-03-04 |title=Canadian Solar to supply Texas-made TOPCon modules to Sol Systems |url=https://pv-magazine-usa.com/2024/03/04/canadian-solar-to-supply-texas-made-topcon-modules-to-sol-systems/ |access-date=2024-12-03 |website=pv magazine USA |language=en-US}}</ref> The company’s other manufacturing centers are in Asia and Canada.<ref name=":2" /> |
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The bulk of Canadian Solar's manufacturing facilities are located in Canada and China.<ref name="Solar firm making return to its Canadian roots">{{cite news|url=https://www.theglobeandmail.com/report-on-business/careers/careers-leadership/solar-firm-making-return-to-its-canadian-roots/article1319417/|title=Solar firm making return to its Canadian roots|newspaper=The Globe and Mail|date=December 12, 2010 }}</ref> The Ontario plant has a production capacity of over 500 MW per year.<ref>{{cite web|url=https://magazine.appro.org/news/ontario-news/4428-1473628391-canadian-solar,-a-home-grown-success-story.html|title=Canadian Solar, a home-grown success story|website=APPrO|language=en-cu|access-date=2018-10-14}}</ref> |
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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 [[Renminbi|RMB]] 11.10 (US $1.55) each, with total closing revenue of approximately RMB 6 billion (US $840 million).<ref>{{Cite web |last=Norman |first=Will |date=2023-06-12 |title=CSI Solar completes IPO, begins trading on Shanghai Stock Exchange |url=https://www.pv-tech.org/csi-solar-completes-ipo-begins-trading-on-shanghai-stock-exchange/ |access-date=2024-12-03 |website=PV Tech |language=en-US}}</ref> |
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Canadian Solar offers solar modules, solar power systems, off-grid solar home systems and other solar products. |
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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.<ref>{{Cite web |last=Djunisic |first=Sladjana |date=2023-07-11 |title=Canadian Solar re-brands battery storage unit to e-STORAGE {{!}} Energy Storage News {{!}} Renewables Now |url=https://renewablesnow.com/news/canadian-solar-re-brands-battery-storage-unit-to-e-storage-828167/ |access-date=2024-12-03 |website=renewablesnow.com |language=en}}</ref> |
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Canadian Solar's global PV project business unit has been in operation for over six years and develops PV projects worldwide, specializing in project development, system design, engineering and financing. In addition, Canadian Solar can handle the deployment of photovoltaic projects systems, ranging a few hundred kilowatts to mega-watts. |
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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.<ref>{{Cite web |last=Giffin |first=Olivia Evans and Connor |title=EXCLUSIVE: Shelby County to get $700M battery facility, largest project in county history |url=https://www.courier-journal.com/story/money/companies/2024/11/15/canadian-solar-700-million-battery-plant-shelbyville-ky-jobs/76133727007/ |access-date=2024-12-03 |website=The Courier-Journal |language=en-US}}</ref><ref>{{Cite web |date=2024-11-18 |title=Canadian Solar announces nearly $712 million project for Kentucky battery plant |url=https://www.renewableenergyworld.com/energy-storage/canadian-solar-announces-nearly-712-million-project-for-kentucky-battery-plant/ |access-date=2024-12-03 |website=Renewable Energy World |language=en-US}}</ref> |
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Canadian Solar's standard modules are powered by 156 x 156 mm (6 inch) mono-crystalline or poly-crystalline solar cells.<ref name="Astenik">{{cite web |title=Astenik Solar |url=https://www.asteniksolar.com/products/modules/canadian_solar.html |website=Canadian Solar Standard Modules}}</ref> |
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Canadian Solar participates in the [[United Nations Global Compact]] and [[Carbon Disclosure Project|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.<ref>{{Cite web |last=Roy |first=S. R. C. |date=2024-06-06 |title=Canadian Solar Releases 2023 Corporate Sustainability Report |url=https://solarquarter.com/2024/06/06/canadian-solar-releases-2023-corporate-sustainability-report/ |access-date=2024-12-03 |website=SolarQuarter |language=en-GB}}</ref> |
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Below are some of Canadian Solar's projects: |
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'''Controversies''' |
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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 [[Xinjiang internment camps|Uyghur internment camp.]]<ref>{{Cite news |date=2021-01-18 |title=Canadian firms operate in China’s Xinjiang region |url=https://www.theglobeandmail.com/world/article-canadian-firms-operate-in-chinas-xinjiang-region/ |access-date=2024-12-03 |work=The Globe and Mail |language=en-CA}}</ref>The ''[[Guelph Mercury Tribune]]'' later reported a second solar farm in Xinjiang with ties to a supplier of Canadian Solar.<ref>{{Cite web |last=Mercury |first=Graeme McNaughton Guelph |date=2021-07-22 |title=Guelph solar panel company has ties with Chinese firm sanctioned over forced labour |url=https://www.guelphmercury.com/news/guelph-solar-panel-company-has-ties-with-chinese-firm-sanctioned-over-forced-labour/article_55252ffe-7ce8-51d7-9895-51e321b187d0.html? |access-date=2024-12-03 |website=Guelph Mercury |language=en}}</ref> ''The Globe'' also reported a 2019 agreement between Canadian Solar and [[Polycrystalline silicon|polysilicon]] manufacturer GCL-Poly, a company whose Xinjiang subsidiary had ties to forced labor.<ref>{{Cite web |date=2021-02-08 |title=Canadian Solar denies use of forced labour at its solar farm in weste… |url=https://archive.today/20210208191949/https://www.theglobeandmail.com/world/article-canadian-solar-denies-use-of-forced-labour-at-its-solar-farm-in/ |access-date=2024-12-03 |website=archive.ph}}</ref> 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.<ref name="Globe1">{{cite news |last1=Green |first1=David |last2=VanderKlippe |first2=Nathan |author2-link=Nathan VanderKlippe |date=18 January 2021 |title=Canadian firms operate in China's Xinjiang region |url=https://www.theglobeandmail.com/world/article-canadian-firms-operate-in-chinas-xinjiang-region/ |access-date=18 January 2021 |work=[[The Globe and Mail]]}}</ref><ref>{{Cite web |date=2022-05-03 |title=Canadian Solar vows probe into allegations it used forced labour in X… |url=https://archive.today/20220503132703/https://www.theglobeandmail.com/business/article-canadian-solar-promises-belated-investigation-into-xinjiang-plant/ |access-date=2024-12-03 |website=archive.ph}}</ref> 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.<ref>{{Cite web |last=Mercury |first=Graeme McNaughton Guelph |date=2022-05-11 |title=Guelph company backtracks on blocking forced labour audit of its Chinese supply chain, operations |url=https://www.guelphmercury.com/business/guelph-company-backtracks-on-blocking-forced-labour-audit-of-its-chinese-supply-chain-operations/article_3fb42a21-0941-5597-b667-205febb58335.html? |access-date=2024-12-03 |website=Guelph Mercury |language=en}}</ref> In August 2023, the U.S. Department of Commerce ruled that Canadian Solar circumvented tariffs on Chinese-made goods.<ref>{{cite web |title=DOC Issues |url=https://www.morganlewis.com/pubs/2023/09/doc-issues-final-decision-in-auxin-solar-case-on-certain-cells-and-modules-from-southeast-asia |website=Morgan Lewis}}</ref> |
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⚫ | Canadian Solar completed the acquisition of solar developer Recurrent Energy from [[Sharp Corporation]] for approximately $265 million in 2015.<ref>{{cite web |date=February 3, 2015 |title=Canadian Solar to Acquire Recurrent Energy from Sharp Corporation for $265 Million |url=https://recurrentenergy.com/press-release/canadian-solar-to-acquire-recurrent-energy/ |website=Recurrent Energy}}</ref> |
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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.<ref>{{Cite web |title=This solar giant is moving manufacturing back to the US |url=https://www.technologyreview.com/2024/04/23/1091665/canadian-solar-ira-manufacturing-us/#:~:text=When%20Canadian%20Solar%20was%20founded,response%20to%20contracting%20local%20demand.) |access-date=2024-12-03 |website=MIT Technology Review |language=en}}</ref> |
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'''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.<ref name=":3">{{Cite web |date=2024-03-04 |title=Canadian Solar to supply Texas-made TOPCon modules to Sol Systems |url=https://pv-magazine-usa.com/2024/03/04/canadian-solar-to-supply-texas-made-topcon-modules-to-sol-systems/ |access-date=2024-12-03 |website=pv magazine USA |language=en-US}}</ref><sup> </sup>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.<ref name=":3" /> <ref>{{Cite web |date=22 August 2024 |title=Canadian Solar reports second quarter 2024 results |url=https://finance.yahoo.com/news/canadian-solar-reports-second-quarter-100000285.html |url-status=live |access-date=3 December 2024 |website=[[Yahoo Finance]]}}</ref> |
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'''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.<ref>{{Cite web |title=Investor Presentation |url=https://investors.canadiansolar.com/static-files/1c8fb1cd-4eb3-4cc0-8def-bf807b399cec |access-date=December 3, 2024 |website=Canadian Solar}}</ref> |
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'''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.<ref name=":1" /> |
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=== Europe === |
=== Europe === |
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* 1 MW – Munich, Germany (July 2010) <ref>{{cite web|url=http://www.renewableenergyworld.com/articles/2010/07/canadian-solar-green-city-complete-1-mw-project.html|title=Canadian Solar & Green City Complete 1-MW Project|website=www.renewableenergyworld.com|access-date=2018-10-12}}</ref> |
* 1 MW – Munich, Germany (July 2010) <ref>{{cite web|url=http://www.renewableenergyworld.com/articles/2010/07/canadian-solar-green-city-complete-1-mw-project.html|title=Canadian Solar & Green City Complete 1-MW Project|website=www.renewableenergyworld.com|access-date=2018-10-12}}</ref> |
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=== Asia-Pacific === |
=== Asia-Pacific === |
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* 30 MW - Near [[Tumxuk]], Xinjiang, China (2019)<ref name="Globe1"/> |
* 30 MW - Near [[Tumxuk]], Xinjiang, China (2019)<ref name="Globe1"/> |
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* 10 MW – |
* 10 MW – Ninxiahongsibao, China (August 2010) |
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* 20 MW – [[Urad Mongols|Wulate]], Inner Mongolia, China (December 2013) |
* 20 MW – [[Urad Mongols|Wulate]], Inner Mongolia, China (December 2013) |
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* 30 MW – Suzhou Golden Sun Projects, China (November 2012) |
* 30 MW – Suzhou Golden Sun Projects, China (November 2012) |
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* 25 MW – |
* 25 MW – Gajner, Bikaner, Rajasthan, India (November 2013) |
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* 1.3 MW – [[Hyogo]], pref. Awaji city, Japan (January 2013) |
* 1.3 MW – [[Hyogo]], pref. Awaji city, Japan (January 2013) |
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* 5 MW – |
* 5 MW – Normanton Solar Farm, Australia (December 2015) <ref>{{cite web|url=https://www.normantonsolarfarm.com.au|title=Solar Project: Normanton Solar Farm, Australia |publisher=Canadian Solar|access-date=2018-10-12}}</ref> |
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* 17.4 MW – Longreach Solar Farm, Australia (September 2016) <ref name="auto1">{{cite web |url=https://www.thestreet.com/story/13754547/1/canadian-solar-wins-arena-funding-for-47mwp-solar-power-projects-in-australia.html |title=Canadian Solar Wins ARENA Funding For 47MWp Solar Power Projects In Australia |access-date=2016-11-09 |archive-url=https://web.archive.org/web/20161110110324/https://www.thestreet.com/story/13754547/1/canadian-solar-wins-arena-funding-for-47mwp-solar-power-projects-in-australia.html |archive-date=2016-11-10 |url-status=dead }}</ref> |
* 17.4 MW – Longreach Solar Farm, Australia (September 2016) <ref name="auto1">{{cite web |url=https://www.thestreet.com/story/13754547/1/canadian-solar-wins-arena-funding-for-47mwp-solar-power-projects-in-australia.html |title=Canadian Solar Wins ARENA Funding For 47MWp Solar Power Projects In Australia |access-date=2016-11-09 |archive-url=https://web.archive.org/web/20161110110324/https://www.thestreet.com/story/13754547/1/canadian-solar-wins-arena-funding-for-47mwp-solar-power-projects-in-australia.html |archive-date=2016-11-10 |url-status=dead }}</ref> |
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* 30 MW – Oakey Solar Farm, Australia (September 2016) <ref name="auto1"/> |
* 30 MW – Oakey Solar Farm, Australia (September 2016) <ref name="auto1"/> |
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*190MW - Suntop Solar Farm - Australia (October 2020) |
*190MW - Suntop Solar Farm - Australia (October 2020) |
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*146MW - Gunnedah Solar Farm, Australia (October 2020) |
*146MW - Gunnedah Solar Farm, Australia (October 2020) |
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⚫ | |||
==References== |
==References== |
Latest revision as of 13:18, 15 December 2024
Company type | Public |
---|---|
Nasdaq: CSIQ | |
Industry | |
Founded | 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 | |
Revenue | US$7.613 billion (2023) |
US$363.6 million (2023) | |
Number of employees | 22,234 (2023) |
Website | www |
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.[1][2]
History
[edit]Dr. Shawn Qu founded Canadian Solar in 2001 in Guelph, Ontario.[3] In November 2006, the company went public (Nasdaq: CSIQ) trading at $15 per share.[4]
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.[5]
In 2021, the firm relocated Recurrent Energy, its subsidiary that develops, owns, and operates solar and energy storage projects globally, to Austin,Texas.[6]
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.[7]
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.[6] In March 2024, Canadian Solar agreed to supply Sol Systems with solar modules from the finished factory.[8] The company’s other manufacturing centers are in Asia and Canada.[6]
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).[9]
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.[10]
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.[11][12]
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.[13]
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.[14]The Guelph Mercury Tribune later reported a second solar farm in Xinjiang with ties to a supplier of Canadian Solar.[15] 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.[16] 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.[17][18] 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.[19] In August 2023, the U.S. Department of Commerce ruled that Canadian Solar circumvented tariffs on Chinese-made goods.[20]
Acquisitions
[edit]Canadian Solar completed the acquisition of solar developer Recurrent Energy from Sharp Corporation for approximately $265 million in 2015.[21]
Manufacturing
[edit]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.[22]
Products
[edit]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.[23] 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.[23] [24]
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.[25]
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.[1]
Projects
[edit]Europe
[edit]- 1 MW – Munich, Germany (July 2010) [26]
- 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
[edit]- 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) [27]
- 28.4 MW – Los Angeles, California (November 2014) [28]
- 5.86 MW – Massachusetts (July 2014) [29]
- 10 MW – Ontario, Canada (January 2015)
- 100 MW – Ontario, Canada (July 2015) [30]
- 100 MW – Texas Solar Project, Texas (November 2015) [31]
- 100 MW – Kings County, California (August 2016) [32]
- 200 MW – California (September 2016) [33]
- 258 MW – Fresno County, California (September 2016) [34]
- 60 MW – Los Angeles, California (September 2016) [35]
- 5.74 MW – Fowler, California (November 2016) [36]
South America
[edit]- 185 MW – Brazil (September 2016) [37]
- 191.5 MW – Brazil (October 2016) [38]
- 114 MW – Brazil (November 2016) [39]
Asia-Pacific
[edit]- 30 MW - Near Tumxuk, Xinjiang, China (2019)[17]
- 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) [40]
- 17.4 MW – Longreach Solar Farm, Australia (September 2016) [41]
- 30 MW – Oakey Solar Farm, Australia (September 2016) [41]
- 30 MW – Telangana, India (October 2016) [42]
- 190MW - Suntop Solar Farm - Australia (October 2020)
- 146MW - Gunnedah Solar Farm, Australia (October 2020)
References
[edit]- ^ a b "ABOUT US – Canadian Solar – Global". Retrieved December 3, 2024.
- ^ "Canadian Solar 2023 SEC Form 20-F". www.sec.gov. Retrieved December 4, 2024.
- ^ research, ESP equity (February 22, 2024). "Canadian Solar Stock: An Undervalued Canadian Company With International Operations (CSIQ) | Seeking Alpha". seekingalpha.com. Retrieved December 3, 2024.
- ^ "2006: The Year of the Solar IPO Boom". SeekingAlpha. January 22, 2007. Archived from the original on October 12, 2007. Retrieved February 20, 2021.
- ^ Tisheva, Plamena (October 26, 2017). "Canadian Solar's Japanese fund prices IPO | Solar Power News | Renewables Now". renewablesnow.com. Retrieved December 3, 2024.
- ^ a b c "Canadian solar panel maker bringing 1,500 jobs to Mesquite". Dallas News. June 15, 2023. Retrieved December 3, 2024.
- ^ Pickerel, Kelly (September 13, 2022). "Canadian Solar unveils EP Cube residential energy storage system". Solar Power World. Retrieved December 3, 2024.
- ^ "Canadian Solar to supply Texas-made TOPCon modules to Sol Systems". pv magazine USA. March 4, 2024. Retrieved December 3, 2024.
- ^ Norman, Will (June 12, 2023). "CSI Solar completes IPO, begins trading on Shanghai Stock Exchange". PV Tech. Retrieved December 3, 2024.
- ^ Djunisic, Sladjana (July 11, 2023). "Canadian Solar re-brands battery storage unit to e-STORAGE | Energy Storage News | Renewables Now". renewablesnow.com. Retrieved December 3, 2024.
- ^ Giffin, Olivia Evans and Connor. "EXCLUSIVE: Shelby County to get $700M battery facility, largest project in county history". The Courier-Journal. Retrieved December 3, 2024.
- ^ "Canadian Solar announces nearly $712 million project for Kentucky battery plant". Renewable Energy World. November 18, 2024. Retrieved December 3, 2024.
- ^ Roy, S. R. C. (June 6, 2024). "Canadian Solar Releases 2023 Corporate Sustainability Report". SolarQuarter. Retrieved December 3, 2024.
- ^ "Canadian firms operate in China's Xinjiang region". The Globe and Mail. January 18, 2021. Retrieved December 3, 2024.
- ^ Mercury, Graeme McNaughton Guelph (July 22, 2021). "Guelph solar panel company has ties with Chinese firm sanctioned over forced labour". Guelph Mercury. Retrieved December 3, 2024.
- ^ "Canadian Solar denies use of forced labour at its solar farm in weste…". archive.ph. February 8, 2021. Retrieved December 3, 2024.
- ^ a b Green, David; VanderKlippe, Nathan (January 18, 2021). "Canadian firms operate in China's Xinjiang region". The Globe and Mail. Retrieved January 18, 2021.
- ^ "Canadian Solar vows probe into allegations it used forced labour in X…". archive.ph. May 3, 2022. Retrieved December 3, 2024.
- ^ Mercury, Graeme McNaughton Guelph (May 11, 2022). "Guelph company backtracks on blocking forced labour audit of its Chinese supply chain, operations". Guelph Mercury. Retrieved December 3, 2024.
- ^ "DOC Issues". Morgan Lewis.
- ^ "Canadian Solar to Acquire Recurrent Energy from Sharp Corporation for $265 Million". Recurrent Energy. February 3, 2015.
- ^ "This solar giant is moving manufacturing back to the US". MIT Technology Review. Retrieved December 3, 2024.
- ^ a b "Canadian Solar to supply Texas-made TOPCon modules to Sol Systems". pv magazine USA. March 4, 2024. Retrieved December 3, 2024.
- ^ "Canadian Solar reports second quarter 2024 results". Yahoo Finance. August 22, 2024. Retrieved December 3, 2024.
{{cite web}}
: CS1 maint: url-status (link) - ^ "Investor Presentation". Canadian Solar. Retrieved December 3, 2024.
- ^ "Canadian Solar & Green City Complete 1-MW Project". www.renewableenergyworld.com. Retrieved October 12, 2018.
- ^ "Canadian Solar Inc. (CSIQ) Strikes 146.4 MW Honduras Deal". Retrieved October 14, 2018.
- ^ "Canadian Solar Completes Sale of 28.4 MW Solar Plant in the United States" (Press release). PR Newswire. Retrieved October 12, 2018 – via Canadian Solar.
- ^ "EDF Completes 5.86 MW in Massachusetts". Archived from the original on November 10, 2016. Retrieved November 9, 2016.
- ^ "Canadian Solar Completes 100 MW Utility-Scale Project In Ontario - Solar Industry". Solar Industry. July 27, 2015. Retrieved October 14, 2018.
- ^ "Canadian Solar Subsidiary Recurrent Energy Partners in 157 MW Texas Solar Project | AltEnergyMag". Retrieved October 12, 2018.
- ^ "Canadian Solar subsidiary brings 100 MW California solar plant online - Canadian Manufacturing". Canadian Manufacturing. August 23, 2016. Retrieved October 14, 2018.
- ^ "Canadian Solar Subsidiary Recurrent Energy Completes 200 Megawatt Tranquillity Solar Project" (Press release). PR Newswire – via Canadian Solar.
- ^ "Das Internetportal für erneuerbare Energien". Solarserver. Retrieved November 14, 2019.
- ^ "Canadian Solar Subsidiary Recurrent Energy Reaches Commercial Operation of 60 Megawatt Barren Ridge Solar Project". Archived from the original on November 10, 2016. Retrieved November 9, 2016.
- ^ "Canadian Solar Supplies 5.74 MW of PV Modules to Agricultural Projects in California". finance.yahoo.com. Archived from the original on November 4, 2016. Retrieved January 17, 2022.
- ^ "Canadian Solar Gets 185-MW Solar PV Projects in Brazil". NASDAQ.com. September 4, 2015. Retrieved October 12, 2018.
- ^ "Canadian Solar and EDF Energies Nouvelles to Partner and Start Construction of a 191.5 MWP Solar Energy Project in Brazil". finance.yahoo.com. Archived from the original on October 12, 2016. Retrieved January 17, 2022.
- ^ "Canadian Solar Wins 114 MW of Solar Power Projects In Brazil" (Press release). PR Newswire. Retrieved October 12, 2018 – via Canadian Solar.
- ^ "Solar Project: Normanton Solar Farm, Australia". Canadian Solar. Retrieved October 12, 2018.
- ^ a b "Canadian Solar Wins ARENA Funding For 47MWp Solar Power Projects In Australia". Archived from the original on November 10, 2016. Retrieved November 9, 2016.
- ^ "Canadian Solar Enters India's Solar Market | CleanTechnica". cleantechnica.com. October 25, 2016. Retrieved October 12, 2018.