GUELPH,
ON, July 19, 2023 /PRNewswire/
-- Canadian Solar Inc. (the
"Company" or "Canadian Solar") (NASDAQ: CSIQ), today announced that
its majority-owned subsidiary CSI Solar Co., Ltd. ("CSI Solar") has
entered into a multi-year investment agreement with the municipal
government of Hohhot, in Inner Mongolia, China, to invest and execute on its previously
announced capacity expansion and vertical integration
plans.
The initial phase of the investment includes 20 GW of ingot, 40 GW of crucible, 10 GW of wafer, 10 GW of
cell, 5 GW of module and 5 GW of ancillary products manufacturing capacities. The ingot capacity
is expected to commence production in March
2024, and the remaining capacities are expected to start
production in the second half of 2024. Total capital expenditures
for the initial phase of this investment is expected to be around
RMB11.5 billion (approximately
US$1.6 billion), most of which will
occur in 2024.
Dr. Shawn
Qu, Chairman and CEO of Canadian
Solar, commented, "We are building new solar
manufacturing capacity with cutting-edge technologies to meet the
strong demand from our customers. Inner
Mongolia has plenty of wind and
solar resources and the local renewable energy penetration is
increasing steadily, helping us reduce the carbon footprint of our
supply chain. In addition, Inner Mongolia has abundant supply of
power, polysilicon, and quartzite. By further increasing the
level of vertical integration throughout our manufacturing
processes, we gain greater control over technology, cost, and
supply chain and build on our long-term competitive
advantage."
In addition, Canadian Solar's previously announced
polysilicon investment in Qinghai,
China, has not launched as planned due to changes related to
local power supply. All investment projects are subject to change
at the Company's discretion based on market and strategic
considerations.
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.