CSI Solar, a Canadian Solar subsidiary, is increasing its manufacturing capacity in 2024 by adding significantly more ingots, wafers, cells and modules, in order to meet strong market demand and accelerate growth.
Having warned of in-house solar wafer and cell capacity as recently as the third quarter of 2021, the company has announced it will be adding even more production lines this year.
While the Sino-Canadian business expects high polysilicon and shipping costs to be a temporary problem, CEO Shawn Qu has acknowledged the company will have overcapacity in cell and wafer production lines by the end of the year.
The two big solar players are preparing to list big slices of their business on the STAR market tech board.
Canadian Solar is pivoting towards energy storage and is preparing to IPO its manufacturing and Chinese solar project activity in China, under the CSI Solar operation, by July.
The solar manufacturer’s impressive third-quarter gross margin is set to fall back in the current three-month window because global shortages have seen some material costs double since the world came out of Covid-19 shock.
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