Canadian Solar even surpassed ambitious targets in second quarter

Chinese-Canadian solar company Canadian Solar Inc (CSI) reported revenue of $2.31 billion in the second quarter of this year. This is 62 percent more than in the same period last year. The self-set target of $2.2 to $2.3 billion was thus still slightly exceeded. The gross profit achieved of $371 million represents a margin of 16.0 percent, compared with a target of 14.5 to 15.5 percent. CSI sold solar modules with a total capacity of 5.06 gigawatts (GW) in the reporting period; the forecast was 4.9 to 5.1 GW.
To a comparatively small extent at present, PV systems, too, contribute to the company’s revenue with $150.8 million, as do storage systems ($227.4 million). The project business (»Global Energy«), on the other hand, accounted for almost 24 percent of total sales at $554 million. Projects with 1.3 GW are currently under construction, and construction on 3.9 GW is expected to begin in the next one to four years. 21 GW of project volume is in various stages of planning. Currently, CSI’s project business is focused on Latin America (907 GW under construction), China (250 GW) and Japan (145 GW). Projects in planning also include high percentages in North America and EMEA, as well as Asian countries outside China and Japan.
The company continues to pursue a rapid expansion of its production capacity. According to the quarterly report, this currently stands at 5.4 GW annually for ingots, 11.5 GW for wafers, 13.9 GW for solar cells and 27.9 GW for modules. By December of this year, 20.4 GW for ingots, 20 GW for wafers, 19.8 GW for cells and 32 GW for modules are expected. By December 2023, the target is 25 GW each for ingots and wafers, 35 GW for cells and 50 GW for modules. In addition, CSI reiterated its announcement to build its own silicon production facility. A polysilicon plant with an annual capacity of 50,000 tons is scheduled to start operations in Haidong in Qinghai province from mid-2024.

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