Canadian Solar guiding more than 70% revenue growth for 2021

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‘Solar Module Super League’ (SMSL) member Canadian Solar is guiding a significant increase in PV module and energy storage shipments, resulting in full year 2021 revenue of between US$5.6 billion to US$6.0 billion, over 70% higher than revenue reported for 2020.

The SMSL member reported full year 2020 revenue exactly in-line with guidance of US$3.5 billion, a 9% increase over the previous year, despite business disruption caused by COVID-19.

Canadian Solar guided 2021 revenue to be in the range of US$5.6 billion to US$6.0 billion, over 70% higher than revenue reported for 2020. Image: Canadian Solar

The massive increase in revenue expected in 2021 comes from continued strong demand for PV modules. Canadian Solar guided shipments to be in the range of 18GW to 20GW and project sales guidance of 1.8GW to 2.3GW, compared to 2020 total module shipments of 11.3GW and 1.4GW of projects sold globally in 2020.

The company said that its solar project pipeline stood at over 20GWp.

Making a major difference for driving revenue in 2021 is the company’s expected sales growth in Energy Storage Systems (ESS). The manufacturer noted that it had tripled its storage pipeline from less than 3GWh in the first quarter of 2020, to almost 9GWh at this point in 2021. Canadian Solar also pointed to almost 1GWh of ESS as already under construction.

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