Canadian Solar unit to include 14 GW of wafer, cell capacity

• Canadian Solar Inc (NASDAQ: CSIQ) on Monday stated its majority-owned subsidiary CSI Solar Co Ltd will certainly add manufacturing capacity in Jiangsu Province, China with a plan to generate 14 GW of wafers as well as cells in the preliminary phase.

CSI Solar has actually authorized a multi-year financial investment arrangement with the municipal government of Yangzhou City for the capacity development project, which will certainly happen at Yangzhou's clean energy manufacturing industrial park in three phases.

The strategies include adding vertically integrated wafer, cell and module capacity, in addition to battery system producing capacity. The very first phase of 14 GW of wafer and cell capacity is expected to begin production in the second half of 2023, while the subsequent 2 are subject to transform based market conditions and also the business's assessments, according to the announcement.

Canadian Solar chairman and president Shawn Qu claimed the expansion will certainly sustain the solid need requirements of the firm's consumers. "Our capacity enhancements will certainly better enhance our productivity in an atmosphere of swiftly decreasing upstream resources costs, as well as we are dynamically changing our capacity prepares to make up a market background with pockets of big supply in addition to pockets of tight supply relative to demand," added Shawn Qu.

Canadian Solar additionally updated its guidance for capacities at the end of 2023 to 20 GW of ingot, 35 GW of wafer, and also 50 GW of cell as well as modules.

In the company's earnings report in November, CSI Solar's solar capacity expansion targets called for 25 GW of ingot, 25 GW of wafer, 35 GW of cells as well as 50 GW of modules in December 2023. At end-September 2022, the figures stood at 14.4 GW, 15.3 GW, 17.3 GW and 31.3 GW, respectively.

According to BloombergNEF's report on energy change investment recently, financial investment in manufacturing capacity for clean power innovations stays concentrated in China, with the country audit for 91% of the USD 78.7 billion (EUR 72.2 bn) invested worldwide in 2022 on manufacturing facilities for innovations such as batteries and also solar.