Canadian Solar Mulls Solar & Battery Storage Production Expansion in China

• Its majority-owned subsidiary CSI Solar has actually participated in a multi-year investment agreement with the municipal government of Yangzhou City in Jiangsu Province in China.
• In initial phase, the company will certainly include a capacity of 14 GW of wafer and also cell production.

International solar supplier Canadian Solar Inc. has actually revealed that a wholly-owned subsidiary of its majority-owned subsidiary CSI Solar has actually participated in a multi-year investment agreement with the municipal government of Yangzhou City in Jiangsu Province, China.

Under the agreement, Canadian Solar will certainly add vertically incorporated high performance wafer, cell, and also module capacity in Yangzhou's clean energy manufacturing industrial park. The company will likewise construct a battery system manufacturing center.

Canadian Solar mentioned in its official statement that the project plan will certainly be carried out in three phases. In phase I, the company will certainly include a capacity of 14 GW of wafer and also cell manufacturing. Phase I is anticipated to commence production in the 2nd fifty percent of 2023, while the implementation of phase II as well as III undergoes transform, at the discernment of CSI Solar, based on market problems and also the Company's assessments.

With this news and also thinking about the solar supply chain's demand as well as supply backdrop, Canadian Solar has likewise updated its 2023 year-end capacities to 20 GW of ingot, 35 GW of wafer, and also 50 GW of cell and also modules. It will certainly supply additional advice on 2023 capital expenditures in the next earnings call.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said," Our capacity enhancements will better improve our productivity in a setting of rapidly decreasing upstream resources costs, as well as we are dynamically readjusting our capacity plans to make up a market backdrop with pockets of huge supply along with pockets of limited supply relative to require."

In December, 2022, Canadian Solar announced that CSI Solar will certainly start mass production of high performance N-type TOPCon (Tunnel Oxide Passivated Call) solar modules in the very first quarter of 2023. The company claims that its TOPCon modules to be best in course and also have a power output of approximately 690W, as well as a cell conversion effectiveness of around 25.0%.

Canadian Solar also released EP Cube, a lightweight as well as smooth all-in-one household energy storage option, at RE+ trade show in September in Anaheim, California.