Canadian Solar lowers Q4 revenue guidance due to delayed project sale

Chinese Tier 1 solar company, Canadian Solar has lowered its fourth quarter (Q4) 2017 revenue guidance from $1.77 billion – $1.81 billion to $1.04 billion – $1.08 billion, following unexpected transaction delays on the sale of six solar farms.

The company had hoped to complete the offload of 703 MWp of installed solar PV capacity in California before the end of 2017. However, by January 1, Canadian Solar had yet to receive the required government approvals for the projects. The sales are still expected to be confirmed, with the company stressing that it will update the timing for the completion of these transactions once all necessary approvals are received.

In more positive news, Canadian Solar has increased its Q4 module shipments forecast to between 1,720 MW and 1,820 MW, which is roughly 100 MW higher than previous forecasts.

For the full year 2017, the company expects combined module shipments to be in the range of 6.8 GW to 6.9 GW, whereas annual revenues are expected to fall short of the previously guided $4.05 to $4.09 billion, coming in at between $3.33 and $3.37 billion.