Shawn Qu

The Chinese-Canadian manufacturer reported a 1% decrease in sales in the third quarter, with net profit falling 19%, to US$55.2 million. Quarterly shipments were up significantly year on year, from 1.59 GW in July-to-September last year to 2,387 MW this time around. The company expects to ship up to 8.5 GW of panels and achieve turnover of up to US$3.16 billion this year.

The module manufacturer and project developer struck a bullish tone as it announced further project sales, higher module selling prices, a transition to entirely PERC module output and ramped up production capacity.

With figures at the end of last year boosted by profitable PV project sales, the manufacturer and developer is now nursing unflattering comparisons and aims to get more projects built and sold by the end of next month.

The Chinese-Canadian manufacturer has revealed that it has finalized a $50 million term loan from Credit Suisse. It plans to use the loan to fund the expansion of its global PV project pipeline.

Canadian Solar recorded net income of $237.1 million in 2018, from $99.6 million a year earlier, on annual PV module shipments of 6.62 GW.

Canadian Solar has been acquiring utility-scale projects and signing module supply and EPC deals at a rapid pace in recent months. Shawn Qu, Canadian Solar’s founder and CEO, would prefer the market to continue at a stable level, rather than boom and bust. And he argues that the dual role of module maker and developer delivers valuable insights into pricing and technology trends — giving the company an advantage over rivals. 

Shares of Canadian Solar soared earlier this week after U.S. investment firm Lion Point Capital revealed that it had initiated discussions with a number of undisclosed third parties about the possibility of funding the privatization of the solar PV module supplier.