Canadian Solar Inc. announced its majority-owned subsidiary CSI Solar Co., Ltd.'s 2024 capacity expansion plans. Namely, by the end of Q1 2024, CSI Solar intends to add 30 GW of ingot, 15 GW of wafer, 10 GW of cell and 25 GW of module capacity. Expected period-end capacities are updated as follows.
*Nameplate annualized capacities at said point in time. Capacity expansion plans are subject to change without notice based on market conditions and capital allocation plans.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, "All our new capacity additions for 2023 and 2024 will be in the latest N-type technology, enabling us to better meet strong market demand and accelerate growth. In addition, by increasing the level of vertical integration, we continue to improve our control over technology, raw material sources and costs. These business plans will hep us further strengthen our long-term leadership position not just across our end markets but also throughout our supply chain positioning."
About Canadian Solar Inc
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 88 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 around 8.8 GWp in over 20 countries across the world. Currently, the Company has approximately 574 MWp of projects in operation, 6.7 GWp of projects under construction or in backlog (late-stage), and an additional 18 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.