GUELPH,
ON, Oct. 30, 2023 /PRNewswire/ -- Canadian
Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ),
headquartered in Guelph, Ontario,
today announced that it is establishing a 5 GW Solar PV cell
production facility at the River Ridge Commerce Center in
Jeffersonville, Indiana.
Canadian Solar is building a state-of-the-art solar photovoltaic
cell manufacturing plant with an annual output of 5 GW, equivalent
to approximately 20,000 high-power modules per day. The
Jeffersonville facility represents a projected investment of more
than $800 million and will create
approximately 1,200 skilled high-tech jobs once production is fully
ramped up. The solar cells produced at this facility will be used
at the previously announced 5 GW module assembly plant in
Mesquite, Texas. Production at the
Jeffersonville facility is
expected to begin by the end of 2025.
"Indiana's strong advanced
manufacturing sector positions the state to help lead the global
energy transition, developing and powering new solutions in
batteries, solar and hydrogen," said Governor Eric Holcomb. "Canadian Solar's new U.S.
location in Jeffersonville will
put our skilled Hoosier workforce
at the center of cultivating solar power, making energy efficient
panels more accessible to consumers across the country."
United States Senator
Mike Braun stated,
"Indiana is a proud leader both in
the Midwest and the country in manufacturing and innovation. I'm
pleased to know that this new solar manufacturing facility opening
in Jeffersonville will create many
new jobs for Hoosiers and stimulate the local economy."
Emphasizing the importance of this new facility, Thomas Koerner, Senior Vice President 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. This is the
second of the anticipated long-term investments we expect to make
in the U.S. as we think strategically about a local, sustainable
and clean energy supply chain and to fulfill the long-term
requirements of the local-content rules of the recently established
IRA. We thank the State of Indiana, Clark County, and the City of Jeffersonville for their critical
support and look forward to working with them as we grow."
"The city of Jeffersonville is
pleased that Canadian Solar has chosen River Ridge Commerce Center
as home for their newest critical production facility in
the United States," said
Jeffersonville Mayor
Mike Moore. "Not only are they
making a large financial investment into our community, but they
will also become one of the largest single-site employers in the
Greater Louisville
region. When in full production, their total employment base
will include over 150 engineers at this facility. We are
thrilled to see a global industry leader join our community and
provide a product with enormous potential."
"This is a historic investment in River Ridge and Southern Indiana," said Jerry Acy, Executive Director of the River Ridge
Development Authority. "The technologies of the future are
being built right here at River Ridge. I want to thank Dr.
Shawn Qu and his team at Canadian
Solar for their commitment to our region. We look forward to a
successful partnership that will launch the next generation of
solar power."
About Canadian Solar
Canadian Solar was founded in 2001 in Canada and has been listed on NASDAQ since
2016. It is now one of the world's largest solar technology and
renewable energy companies. Canadian Solar 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 over 102 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 9 GWp of solar power
projects and over 3 GWh of battery storage projects across the
world. Currently, the Company has approximately 700 MWp of solar
power projects in operation, 8 GWp of projects under construction
or in backlog (late-stage), and an additional 17 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has a
total battery storage project development pipeline of 52 GWh,
including approximately 2 GWh under construction or in backlog, and
an additional 50 GWh at advanced and early-stage development.
Canadian Solar is one of the most bankable companies in the solar
and renewable energy industry. 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.
Contact
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
+1 914-337-8801
csiq@globalirpartners.com
View original
content:https://www.prnewswire.com/news-releases/canadian-solar-announces-us-solar-cell-manufacturing-facility-in-jeffersonville-indiana-301971058.html
SOURCE Canadian Solar Inc.