Canadian Solar Explained

Canadian Solar Inc.
Type:	Public
Traded As:	NASDAQ:
Founder:	Shawn Qu
Location City:	Guelph, Ontario
Location Country:	Canada
Locations:	Canada, Germany, Italy, Spain, South Africa, India, United Arab Emirates, Japan, Korea, Australia, the United States, Singapore, Hong Kong, Taiwan, Thailand, Malaysia, China, Brazil, Panama, Turkey, United Kingdom, South Africa, Vietnam, Indonesia
Key People:	Shawn Qu (chairman, president, CEO)
Revenue:	billion (2022)^[1]
Net Income:	million (2020)^[2]
Num Employees:	13,478 (2020)^[3]

Canadian Solar Inc. is a publicly traded company that manufactures solar PV modules and runs large scale solar projects.

History

Founded in 2001 in Guelph, Ontario, Canada by Shawn Qu, Canadian Solar (NASDAQ: CSIQ) has subsidiaries in over 24 countries on 6 continents.^[4] They manufacture solar PV modules, are involved in supporting the installation of solar energy, and are involved in a number of utility-scale power projects. With the company's acquisition of Recurrent Energy, Canadian Solar's total project pipeline reached 20.4 GW, including an increase in the late-stage project pipeline to 2.4 GW.

In November 2006, the company went public (NASDAQ:) at $15 per share.^[5]

Including two manufacturing facilities in Ontario, Canadian Solar employs nearly 9,000 workers worldwide. This translates to more than 16 GW of panel shipments, or approximately 70 million PV modules, in the past 15 years.^[4]

The Human Rights Foundation criticized the firm after a 2021 report by The Globe and Mail revealed the company operates a solar farm in Xinjiang, China nearby a Uyghur internment camp.^[6] The Guelph Mercury Tribune later revealed a second solar farm in Xinjiang.^[7] In response to a question about the firm at a news conference, Prime Minister Justin Trudeau said, "We will continue to work very, very closely and follow up with [Canadian Solar Inc., [[Goldcorp|Dynasty Gold Corp.]] and GobiMin Inc.], and all companies that have investments in that area, to ensure they are following Canadian values and Canadian law."^[8] The Globe further uncovered that in 2019 Canadian Solar signed a major agreement with the polysilicon manufacturer GCL-Poly, a company whose Xinjiang subsidiary has ties to forced labour.^[9] The Mercury Tribune reported Canadian Solar sold both of its Xinjiang solar farms in late 2021 to a consortium of various Chinese banks and investment groups.^[10] In August 2023, the U.S. Department of Commerce ruled that Canadian Solar circumvented tariffs on Chinese-made goods.^[11]

Manufacturing

Canadian Solar production facilities in Canada, China, Indonesia, Vietnam and Brazil make ingots, wafers, solar cells, solar PV modules, solar power systems, and other solar products.

The bulk of Canadian Solar's manufacturing facilities are located in Canada and China.^[12] The Ontario plant has a production capacity of over 500 MW per year.^[13]

Products

Canadian Solar offers solar modules, solar power systems, off-grid solar home systems and other solar products.

Canadian Solar's global PV project business unit has been in operation for over six years and develops PV projects worldwide, specializing in project development, system design, engineering and financing. In addition, Canadian Solar can handle the deployment of photovoltaic projects systems, ranging a few hundred kilowatts to mega-watts.

Canadian Solar's standard modules are powered by 156 x 156 mm (6 inch) mono-crystalline or poly-crystalline solar cells.^[14]

Projects

Below are some of Canadian Solar's projects:

Europe

• 1 MW – Munich, Germany (July 2010) ^[15]
• 70 MW – Solarpark Meuro, Meuro, Germany (August 2011)
• 78 MW – Senftenberg Solarpark Senftenberg, Germany (September 2011)
• 70 MW – Rovigo Photovoltaic Power Plant, Rovigo, Italy (November 2010)
• 15 MW – Three systems of 5 MW each, Conwall, UK (September 2011)
• 8 MW – Villeneuve de Marsan, France (April 2012)

North America

• 27 MW – Sunnybrook Health Services, Canada (2009)
• 5 MW – Extreme Makeover: Home Edition, Georgia, USA (May 2010)
• 148 MW – Ronald McDonald House, San Diego, California, USA (June 2010)
• 5 MW – Keystone Solar Farm, Pennsylvania, USA (October 2012)
• 8.5 MW - Canadian Solar 1 (CS1), Canada (August 2012)
• 10 MW – Brockville 1, Canada (June 2013)
• 9 MW – Brockville 2, Canada (September 2013)
• 10 MW – Silvercreek Solar Park, Canada (January 2014)
• 146.4 MW – Honduras (October 2014) ^[16]
• 28.4 MW – Los Angeles, California (November 2014) ^[17]
• 5.86 MW – Massachusetts (July 2014) ^[18]
• 10 MW – Ontario, Canada (January 2015)
• 100 MW – Ontario, Canada (July 2015) ^[19]
• 100 MW – Texas Solar Project, Texas (November 2015) ^[20]
• 100 MW – Kings County, California (August 2016) ^[21]
• 200 MW – California (September 2016) ^[22]
• 258 MW – Fresno County, California (September 2016) ^[23]
• 60 MW – Los Angeles, California (September 2016) ^[24]
• 5.74 MW – Fowler, California (November 2016) ^[25]

South America

• 185 MW – Brazil (September 2016) ^[26]
• 191.5 MW – Brazil (October 2016) ^[27]
• 114 MW – Brazil (November 2016) ^[28]

Asia-Pacific

• 30 MW - Near Tumxuk, Xinjiang, China (2019)^[6]
• 10 MW – Ninxiahongsibao, China (August 2010)
• 20 MW – Wulate, Inner Mongolia, China (December 2013)
• 30 MW – Suzhou Golden Sun Projects, China (November 2012)
• 25 MW – Gajner, Bikaner, Rajasthan, India (November 2013)
• 1.3 MW – Hyogo, pref. Awaji city, Japan (January 2013)
• 5 MW – Normanton Solar Farm, Australia (December 2015) ^[29]
• 17.4 MW – Longreach Solar Farm, Australia (September 2016) ^[30]
• 30 MW – Oakey Solar Farm, Australia (September 2016) ^[30]
• 30 MW – Telangana, India (October 2016) ^[31]
• 190MW - Suntop Solar Farm - Australia (October 2020)
• 146MW - Gunnedah Solar Farm, Australia (October 2020)

Acquisitions

Recurrent Energy

Canadian Solar completed the acquisition of solar developer Recurrent Energy from Sharp Corporation for approximately $265 million in 2015.^[32]

Notes and References

1. Web site: Q4 & FY Results 2022 . Canadian Solar . 21 March 2023.
2. Web site: Q4 & FY Results 2020 . Canadian Solar . 4 April 2020.
3. Web site: Canadian Solar Company Info. Bloomberg News.
4. Web site: Make The Difference . Canadian Solar. 2018-10-12. https://web.archive.org/web/20160329073857/http://www.canadiansolar.com/about.html. 2016-03-29. dead.
5. Web site: 22 January 2007. 2006: The Year of the Solar IPO Boom. live. 2021-02-20. SeekingAlpha. en. https://web.archive.org/web/20071012223248/http://seekingalpha.com:80/article/24650-2006-the-year-of-the-solar-ipo-boom . 2007-10-12 .
6. News: Green . David . VanderKlippe . Nathan . Nathan VanderKlippe . Canadian firms operate in China's Xinjiang region . 18 January 2021 . . 18 January 2021.
7. News: McNaughton . Graeme . Guelph solar panel company has ties with Chinese firm sanctioned over forced labour . 11 July 2022 . Guelph Mercury Tribune . July 22, 2021.
8. News: Fife . Robert . Robert Fife . Chase . Steven . VanderKlippe . Nathan . Trudeau warns Canadian companies in China to avoid using forced labour . 20 January 2021 . The Globe and Mail . 19 January 2021.
9. News: VanderKlippe . Nathan . Canadian Solar denies use of forced labour at its solar farm in western China . 29 January 2021 . The Globe and Mail . January 28, 2021.
10. News: McNaughton . Graeme . Guelph company backtracks on blocking forced labour audit of its Chinese supply chain, operations . 11 July 2022 . Guelph Mercury Tribune . May 11, 2022.
11. Web site: DOC Issues . Morgan Lewis.
12. News: Solar firm making return to its Canadian roots. The Globe and Mail. December 12, 2010 .
13. Web site: Canadian Solar, a home-grown success story. APPrO. en-cu. 2018-10-14.
14. Web site: Astenik Solar . Canadian Solar Standard Modules.
15. Web site: Canadian Solar & Green City Complete 1-MW Project. www.renewableenergyworld.com. 2018-10-12.
16. News: Canadian Solar Inc. (CSIQ) Strikes 146.4 MW Honduras Deal. 2018-10-14. en-US.
17. Canadian Solar Completes Sale of 28.4 MW Solar Plant in the United States . Canadian Solar . PR Newswire . en. 2018-10-12.
18. Web site: EDF Completes 5.86 MW in Massachusetts . 2016-11-09 . https://web.archive.org/web/20161110111038/http://solartoday.org/2014/07/edf-completes-5-86-mw-in-massachusetts/ . 2016-11-10 . dead .
19. News: Canadian Solar Completes 100 MW Utility-Scale Project In Ontario - Solar Industry. 2015-07-27. Solar Industry. 2018-10-14. en-US.
20. News: Canadian Solar Subsidiary Recurrent Energy Partners in 157 MW Texas Solar Project AltEnergyMag. 2018-10-12. en-US.
21. News: Canadian Solar subsidiary brings 100 MW California solar plant online - Canadian Manufacturing. 2016-08-23. Canadian Manufacturing. 2018-10-14. en-US.
22. Canadian Solar Subsidiary Recurrent Energy Completes 200 Megawatt Tranquillity Solar Project. Canadian Solar . PR Newswire.
23. Web site: Das Internetportal für erneuerbare Energien . Solarserver . 2019-11-14.
24. Web site: Canadian Solar Subsidiary Recurrent Energy Reaches Commercial Operation of 60 Megawatt Barren Ridge Solar Project . 2016-11-09 . https://web.archive.org/web/20161110043858/http://www.newschannel10.com/story/33277304/canadian-solar-subsidiary-recurrent-energy-reaches-commercial-operation-of-60-megawatt-barren-ridge-solar-project . 2016-11-10 . dead .
25. Web site: Canadian Solar Supplies 5.74 MW of PV Modules to Agricultural Projects in California . finance.yahoo.com . 17 January 2022 . https://web.archive.org/web/20161104162016/http://finance.yahoo.com/news/canadian-solar-supplies-5-74-110000849.html . 4 November 2016 . dead.
26. News: Canadian Solar Gets 185-MW Solar PV Projects in Brazil. 2015-09-04. NASDAQ.com. 2018-10-12. en-us.
27. Web site: Canadian Solar and EDF Energies Nouvelles to Partner and Start Construction of a 191.5 MWP Solar Energy Project in Brazil . finance.yahoo.com . 17 January 2022 . https://web.archive.org/web/20161012162538/http://finance.yahoo.com/news/canadian-solar-edf-energies-nouvelles-110000207.html . 12 October 2016 . dead.
28. Canadian Solar Wins 114 MW of Solar Power Projects In Brazil . Canadian Solar . PR Newswire . en. 2018-10-12.
29. Web site: Solar Project: Normanton Solar Farm, Australia . Canadian Solar. 2018-10-12.
30. Web site: Canadian Solar Wins ARENA Funding For 47MWp Solar Power Projects In Australia . 2016-11-09 . https://web.archive.org/web/20161110110324/https://www.thestreet.com/story/13754547/1/canadian-solar-wins-arena-funding-for-47mwp-solar-power-projects-in-australia.html . 2016-11-10 . dead .
31. Web site: Canadian Solar Enters India's Solar Market CleanTechnica. cleantechnica.com. 25 October 2016. en-US. 2018-10-12.
32. Web site: Canadian Solar to Acquire Recurrent Energy from Sharp Corporation for $265 Million. February 3, 2015. Recurrent Energy.