GUELPH,
ON, June 15, 2023 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or
"Canadian Solar") (NASDAQ: CSIQ), headquartered in Guelph, Ontario, today announced that it is
establishing a solar PV module production facility in Mesquite, Texas.
Canadian Solar is building a state-of-the-art solar photovoltaic
module manufacturing plant with an annual output of 5 GW,
equivalent to approximately 20,000 high-power modules per day. The
new facility represents an investment of over $250 million and will create approximately 1,500
skilled jobs once it is fully ramped up. Production is expected to
begin around the end of 2023. This will be Canadian Solar's first
United States manufacturing
facility, following its successful track record of production in
Canada, China, Brazil, Thailand and Vietnam. In 2021, Canadian Solar relocated
Recurrent Energy, its 17-year-old U.S. subsidiary, to Austin, spearheading the rapid growth of
renewable energy in the Lone Star State as a solar and battery
storage project developer.
"Canadian Solar's new $250 million
manufacturing plant in Mesquite
will bolster Texas' status as the
energy capital of the world and secure our leadership as a global
tech hub," said Governor Greg
Abbott. "I thank Canadian Solar for choosing
Texas for their next U.S. business
investment and for creating 1,500 new jobs in the region to help
boost the community for generations to come."
United States Senator
Ted Cruz expressed his
enthusiasm for the project stating, "Texas is an energy production powerhouse, and
we embrace an all-of-the-above energy strategy. It's great to see
this incredible investment in Mesquite, which will create 1,500 good-paying
jobs in Texas. This kind of
investment in the Lone Star State is the reason people are flocking
to our great state. I will continue to fight for Texas innovators and job creators in the U.S.
Senate."
Mesquite Mayor Daniel Aleman, Jr. added, "We are very proud
to have a company like Canadian Solar in Mesquite and appreciate their investment in
our city. We look forward to a great partnership with them and the
impact they will make on our community."
Emphasizing the importance of this new facility, Dr.
Shawn Qu, founder and CEO of
Canadian Solar, said, "Establishing this factory is a key
milestone that will enable us to better serve our U.S. customers
with the most advanced technology in the industry. We hope that
this is the first of many long-term investments we expect to make
in the U.S. as we think strategically about a sustainable and
resilient clean energy supply chain. We thank the State of Texas, Dallas County, and the City of Mesquite for their critical support
and we look forward to working with them as we grow."
Technology
Canadian Solar is a leader in the development and
commercialization of the novel Tunnel Oxide Passivated Contact
(TOPCon) solar cell technology, which will be deployed in the
modules produced at the Mesquite
facility. TOPCon cells have the highest efficiency in commercial
solar PV technology and are highly optimized in bifacial modules,
generating energy from both the front and the rear of the solar
cell. The deployment of the latest TOPCon technology in the
U.S. will help reduce consumers' electricity bills and further
contribute towards decarbonizing the energy grid.
About Canadian Solar
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar
technology and renewable energy companies. It is a leading
manufacturer of solar photovoltaic modules, provider of solar
energy and battery storage solutions, and developer of
utility-scale solar power and battery storage projects with a
geographically diversified pipeline in various stages of
development. Over the past 22 years, Canadian Solar has
successfully delivered around 94 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built and connected over 8.8 GWp in over 20
countries across the world. Currently, the Company has
approximately 609 MWp of projects in operation, 6.9 GWp of projects
under construction or in backlog (late-stage), and an additional
17.7 GWp of projects in advanced and early-stage pipeline. Canadian
Solar is one of the most bankable companies in the solar and
renewable energy industry, having been publicly listed on the
NASDAQ since 2006. For additional information about the
Company, follow Canadian Solar on LinkedIn or
visit www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of
the U.S. Private Securities Litigation Reform Act of
1995. In some cases, you can identify forward-looking statements by
such terms as "believes," "expects," "anticipates," "intends,"
"estimates," the negative of these terms, or other comparable
terminology. Factors that could cause actual results to differ
include general business, regulatory and economic conditions and
the state of the solar and battery storage market and industry;
geopolitical tensions and conflicts, including impasses, sanctions
and export controls; volatility, uncertainty, delays and
disruptions related to the COVID-19 pandemic; supply chain
disruptions; governmental support for the deployment of solar
power; future available supplies of high-purity silicon; demand for
end-use products by consumers and inventory levels of such products
in the supply chain; changes in demand from significant customers;
changes in demand from major markets, such as Japan,
the U.S., China, Brazil and Europe;
changes in effective tax rates; changes in customer order patterns;
changes in product mix; changes in corporate responsibility,
especially environmental, social and governance ("ESG")
requirements; capacity utilization; level of competition; pricing
pressure and declines in or failure to timely adjust average
selling prices; delays in new product introduction; delays in
utility-scale project approval process; delays in utility-scale
project construction; delays in the completion of project sales;
continued success in technological innovations and delivery of
products with the features that customers demand; shortage in
supply of materials or capacity requirements; availability of
financing; exchange and inflation rate fluctuations; uncertainties
related to the CSI Solar carve-out listing; litigation
and other risks as described in the Company's filings with
the Securities and Exchange Commission, including its annual
report on Form 20-F filed on April 18, 2023. Although the
Company believes that the expectations reflected in the
forward-looking statements are reasonable, it cannot guarantee
future results, level of activity, performance, or achievements.
Investors should not place undue reliance on these forward-looking
statements. All information provided in this press release is as of
today's date, unless otherwise stated, and Canadian
Solar undertakes no duty to update such information, except as
required under applicable law.
Canadian Solar Inc. Contacts
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
914-337-8801
csiq@globalirpartners.com
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SOURCE Canadian Solar Inc.