Canadian Solar ships 6.1 GW of modules in Q1


From pv magazine USA 

Canadian Solar, a China-based integrated solar manufacturer and energy storage systems distributor, achieved a record-breaking 6.1 GW of solar module shipments in the first quarter of 2023, marking a 68% increase compared to the 3.63 GW shipped in the first quarter of 2022.

The company manufactures solar modules in Canada, China, Indonesia, Vietnam, and Brazil. In the first quarter of 2023, it reported net revenues of $1.7 billion, representing a 36% year-on-year growth from $1.25 billion in the previous year. These results align with the recent guidance range of $1.6 billion to $1.8 billion for the first quarter of 2023.

“We started off the year strong with 36% year-over-year revenue growth and 750% increase in diluted earnings per share,” said Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. “We continue to leverage our premium brand to capture increased solar and battery storage opportunities, while laying the groundwork for future success with strategic capacity expansion.”

Group unit CSI Solar plans to list more than 540 million shares on the Science and Technology Innovation Board, an index of the Shanghai Stock Exchange. The mainly residential storage and inverter business is reportedly close to concluding the initial public offering by the end of second quarter of 2023.

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“We remain focused on profitable growth and continue to optimize our cost structure through vertical integration,” Qu said. “With the imminent IPO of our CSI Solar subsidiary, we will have a new platform to raise investment capital and further strengthen our leading position in solar and battery storage manufacturing.”

Recurrent Energy, the integrated company’s project development business, operated a global project development pipeline of 24.6 GW, which includes 1.7 GW of projects in construction, 17.7 GW of early- to mid-stage projects, and 5.2 GW of backlog projects.

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