Canadian Solar guiding more than 70% revenue growth for 2021

Facebook
Twitter
LinkedIn
Reddit
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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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.

26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

July 16, 2024
Chinese solar manufacturing giant JinkoSolar will build a 10GW n-type solar cell and module manufacturing facility in Saudi Arabia.
July 16, 2024
US-based software provider Aurora Solar has acquired solar design tool Lyra to grow its business in residential plan set services and automation.
July 16, 2024
US energy project developer Avangrid has begun to produce power from the 321MWdc/238MWac True North solar project in Falls County, Texas.
Premium
July 16, 2024
The foundations of a solar project offer multiple opportunities for driving down system costs. Arash Yazdani of PRI Engineering describes some of the key steps involved in investigating the specific conditions of a project site and developing a foundation design that will stand the test of time.
July 16, 2024
North America is expected to be the major market for solar trackers in the upcoming years driven by increased installations in the US.
July 16, 2024
Spanish independent power producer BNZ has appointed renewables asset manager Exus Renewables as asset manager for a 350MW solar portfolio in Spain.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA
Solar Media Events
October 15, 2024
Santiago, Chile