Canadian Solar revises capacity targets upwards

Strong demand for its lower cost e-Module products that use 100 percent Upgraded Metallurgical Grade (UMG) Si has seen Canadian Solar (CSI) raise production and revenue projections for 2008. The company said that it has firm orders for 35MW of e-Modules and another 20MW of potential new orders. The sales are to be realized in the second-half of the year, CSI said.  The company estimates that it will ship approximately 10 - 12 MW of e-Modules to USA and South Korea in 2008.

"We were pleased by the demand for both our regular and e-Module products at the Intersolar Show in Munich, which was very strong for the second half of 2008 and even well into 2009,” commented Dr. Shawn Qu, Chairman and CEO of CSI. “Our expected e-Module output for 2008 was sold out; we are pleased that e- Modules have been accepted by leading industry players such as Pro Solar and Iliotec. Since we have secured our supply of raw materials and are on track with our planned capacity ramp we are now comfortable in raising our guidance. Looking ahead, we are also seeing strong demand in 2009 for both our regular and e-Modules. To meet this demand the Board has authorized an increase in capital expenditures to accelerate our planned capacity ramp."

Overall, CSI now expects production output to be between 230MW and 260MW, compared to its previous projection of between 200MW and 220MW. Revenues are expected to increase to a range of $750 - $870 million, up from $650 - $750 million.

CSI also expects to increase its annual ingot and wafer capacity from the previous target of 40 - 60 MW to 150 - 200 MW.  Internal cell capacity will be increased to 400MW, up from a target of 250MW. Module capacity will also increase to 800MW. The new capacity is expected to be commissioned by the beginning of 2009.