Canadian Solar Announces Big Capacity Expansion Plans

Canada based global solar equipment conglomerate Canadian Solar Inc. has announced the massive capacity expansion plans of CSI Solar Company Ltd. by the year of 2024. CSI Solar is majority-owned subsidiary of Canadian Solar.

“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,” said the official statement of Canadian Solar.

The current capacity of ingot production of Canadian Solar stands at 20.4 GW and the company wants to take it to 50 GW by March 2024. The wafer production will be expanded by 29 GW by March 2024.

The present capacity of 29 GW of solar cell capacity will be increased to 50 GW by June this year and 60 GW by March. In the category of solar modules, Canadian Solar wants to take the present capacity of 32.2 GW to 50-GW by June 2023 and 75-GW by March 2024.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, remarked, “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 help us further strengthen our long-term leadership position not just across our end markets but also throughout our supply chain positioning.”

In the recently announced financial results for the fourth quarter and full year ended December 31, 2022, the company clocked a net income of $240 million. The total solar module shipment of the company was 21.1 GW, marking a 45% increase YoY. The utility-scale battery storage shipment was 1.79 GWh by CSI Solar.

Canadian Solar is also looking to provide 487 MWh of SolBank energy storage products to Aypa Power marking a big leap in storage business.