Canadian Solar guiding more than 70% revenue growth for 2021

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

‘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.

Read Next

April 12, 2021
Canadian Solar has started mass production of its large-wafer size solar modules, boasting power outputs of up to 665W.
PV Tech Premium
April 12, 2021
Mark Osborne details how Solar Module Super League (SMSL) major JinkoSolar is transforming its manufacturing base, moving from an asset-lite model to one more vertically integrated.
April 8, 2021
US-based high-efficiency n-type monocrystalline Interdigitated Back Contact (IBC) PV manufacturing start-up Violet Power has insisted its plans to develop manufacturing capacity in the US remain on track despite the collapse of its strategic alliance with REC Silicon.
April 6, 2021
SunPower is to allow Maxeon Solar to the Performance Series (P Series) p-type mono-Passivated Emitter Rear Cell (PERC) shingled PV modules into the US market as part of a major change to initial manufacturing agreements.
April 1, 2021
‘Solar Module Super League’ (SMSL) member Trina Solar has reported total module shipments in 2020 of 15,915MW, an increase of over 81% compared to the 8,756MW shipments recorded in 2019.
March 24, 2021
China-based integrated monocrystalline PV manufacturer Solargiga Energy has warned that despite a 37% increase in total revenue for 2020, supply chain issues led to expected losses of around RMB215 million (US$33 million) for the year.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET