Canadian Solar Announces Big Capacity Expansion Plans

Apr 12, 2023 11:59 AM ET
  • By the end of Q1 2024, CSI Solar intends to add 30 GW of ingot, 15 GW of wafer, 10 GW of cell and also 25 GW of module capacity.
  • For 2022, Canadian Solar clocked a net income of $240 million that it lately announced.

Canada based international solar equipment conglomerate Canadian Solar Inc. has actually announced the large capacity expansion plans of CSI Solar Company Ltd. by the year of 2024. CSI Solar is majority-owned subsidiary of Canadian Solar.

" Namely, by the end of Q1 2024, CSI Solar means to include 30 GW of ingot, 15 GW of wafer, 10 GW of cell and also 25 GW of module capacity," stated the official declaration of Canadian Solar.

The present capacity of ingot production of Canadian Solar stands at 20.4 GW as well as the company intends to take it to 50 GW by March 2024. The wafer manufacturing will certainly be expanded by 29 GW by March 2024.

The present capacity of 29 GW of solar cell capacity will be raised to 50 GW by June this year as well as 60 GW by March. In the classification of solar modules, Canadian Solar intends to take the here and now capacity of 32.2 GW to 50-GW by June 2023 as well as 75-GW by March 2024.

Dr. Shawn Qu, Chairman and also Chief Executive Officer of Canadian Solar, said, "All our new capacity enhancements for 2023 as well as 2024 will remain in the most recent N-type modern technology, allowing us to better meet strong market need and speed up growth. Additionally, by increasing the level of upright combination, we continue to boost our control over innovation, resources sources and expenses. These organization plans will aid us better reinforce our long-lasting management placement not just across our end markets however likewise throughout our supply chain positioning."

In the just recently introduced economic outcomes for the fourth quarter and also full year ended December 31, 2022, the company clocked an earnings of $240 million. The total solar module shipment of the company was 21.1 GW, marking a 45% rise YoY. The utility-scale battery storage space delivery was 1.79 GWh by CSI Solar.

Canadian Solar is likewise seeking to give 487 MWh of SolBank energy storage items to Aypa Power marking a big leap in storage business.

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