Canadian Solar posts record third-quarter results


Canadian Solar reported record third-quarter results on Wednesday, nearly doubling year-on-year revenue in the period to $914.4 million and almost quadrupling net profit to $104.2 million.

The company’s solar module shipments rose from 478 MW a year ago to 770 MW. Module shipments included 173 MW used in Canadian Solar’s total solutions business, compared to 70 MW in the second quarter of 2014 and 60 MW in the third quarter of 2013.

Canadian Solar Chairman and CEO Shawn Qu said the company was “on-track to deliver the best year in the history of Canadian Solar in terms of revenue and profitability and megawatt shipment." Qu said the group expected global solar demand to continue its growth momentum next year. The chief exec added that the group’s strong cash and balance sheet position, its captive pipeline of late stage utility-scale projects totaling approximately 1.4 GW-DC and its global module sale coverage allowed it to operate with greater visibility and to more efficiently allocate capital and resources to the markets and projects capable of delivering the best returns.

The Americas accounted for the lion’s share of the company’s sales, making up 71.7% of net revenue, while sales to Asia and other markets represented 20.9% and sales to Europe 7.4%. Last year the Americas accounted for 46.9%, Asia and other markets for 43.6% and Europe for 9.5%.

In the United States, the company’s late stage, utility-scale solar power project pipeline totaled some 84.1 MW-DC at the end of the third quarter compared to 105.8 MW-DC at the end of the year’s second quarter. From July to September, Canadian Solar completed construction of 21.7 MW-DC of solar projects in the U.S.

In Japan, the group said it was working to increase its utility-scale solar project pipeline to at least 540 MW-DC in the fourth quarter. It currently has one project connected to the grid in Kagoshima Prefecture – the 1.2 MW Shibushichocho plant, which has a 20-year feed-in tariff contract with Kyushu Electric Power of JPY 40 ($0.37) per kilowatt hour. Canadian Solar is also currently building three solar power plants totaling 28.4 MW-DC and has an additional 68 MW-DC that are ready to build and are expected to start construction in the fourth quarter and through 2015.

In China, the company has started construction on several projects totaling approximately 100 MW-DC in the fourth quarter. The group added that it is pursuing several strategic partnerships in China that may lead to significant pipeline growth next year.


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.