Canadian Solar invests in 122 MW North American PV pipeline

Share

In a statement released, Canadian Solar said the news represents its "acquisition of, or joint venture in" the utility-scale project pipeline. No financial details were disclosed. The company did say that a total of 11 plants, ranging from two to 29 MW in size, will be brought online in the U.S. by 2014. Construction on them is scheduled to begin this year.

The company said it expects the projects to represent the "first of many", as it adjusts its business strategy to include project development, in addition to module manufacturing. In March, a spokesperson for the company told pv magazine that due to falling costs, it is no longer profitable to just sell modules. Therefore, the company is pursuing the downstream strategy of installing projects.

Reconfirming this, the company said in today’s statement that this expansion will allow for continued growth "at a time when many other solar companies are being forced to cut back". It added that it expects its new project business to comprise 25 percent of its total revenue in 2012, compared to 10 percent in 2011.

The company’s U.S. Projects Team has spearheaded the latest project development. The team is also working in the Canadian market on a 340 MW photovoltaic pipeline. To date, it said, it has successfully delivered turnkey EPC services to three projects in this pipeline.

CEO Shawn Qu stated, "The investment we have made in starting the new U.S. Projects Team signifies our continued commitment to the U.S. market. The team's extensive solar experience enabled us to hit the ground running, with 11 projects in less than six months and the ability to now further grow our business in the U.S. market."

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Share

Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.