Canadian Solar US Subsidiary Secures Major Solar Supply Deal with American Client

Canadian Solar Sets Sights on 5 GW Wafer Unit in Thailand

Canadian Solar’s subsidiary in the United States has inked a significant seven-year supply deal with an undisclosed major American client. The Ontario-based solar panel behemoth, which recently established a subsidiary in China, will ensure a steady stream of sales as it commits to providing a minimum of 4 gigawatts of photovoltaic modules by 2030. This arrangement, according to CSI Solar, the China unit of Canadian Solar, has the potential to scale up by an additional 3 gigawatts depending on the client’s requirements.

CSI Solar, the owner of Canadian Solar USA, revealed that the recipient of this solar module supply is a prominent international customer with a robust performance record. Although the exact financial worth of the contract hasn’t been disclosed, estimates based on a recent bid by CSI Solar indicate that prices could fall within the range of CNY1.278 to CNY1.348 (equivalent to 18 to 19 US cents) per watt. As such, the contract’s total value could approximate around CNY9.4 billion (USD1.3 billion) based on data from PV-Info.

The stellar credentials of CSI Solar are evident as it stands as one of China’s largest solar panel providers, boasting an annual capacity of 32.2 gigawatts as of the end of 2022. The company, headquartered in Suzhou, remains on a growth trajectory, expanding its production capacity further. In a recent announcement, CSI Solar disclosed an investment of CNY18 billion (USD2.5 billion) to construct the initial phase of a facility in China’s Inner Mongolia Autonomous Region. This ambitious project aims to manufacture 10 gigawatts of solar cells and five gigawatts of PV modules, with completion anticipated by September 2024.

The market response to this news has been notable, with CSI Solar’s shares witnessing a 3.8 percent surge, closing at CNY15.89 (USD2.20) per share in Shanghai. This rise contrasts with the broader trend, as the Shanghai Composite Index experienced a 0.5 percent dip on the same day.