From ESS News
Canadian Solar has announced plans to restructure its US operations, resuming direct control over its manufacturing assets in solar and storage while reshoring operations.
The company said it will form a new joint venture, CS PowerTech, to operate its US manufacturing and sales divisions. For the generation and energy storage side, this new entity will oversee both solar module and cell production, as well as the manufacturing and sales of its energy storage systems (ESS), branded as e-STORAGE.
Canadian Solar will hold a controlling 75.1% stake in CS PowerTech, along with acquiring “specific overseas facilities that support US operations,” effectively moving these critical assets out from under the purview of its majority-owned, China-listed subsidiary, CSI Solar, which is based in Suzhou. The transaction is valued at approximately $50 million, determined by “fair market value based on third-party appraisal”, said the release.
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