Canadian Solar raises US$150m to fund energy storage growth, possible M&A

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A solar project developed by Canadian Solar in Ontario. Image: Canadian Solar

‘Solar Module Super League’ (SMSL) member Canadian Solar has raised US$150 million through a share offering, with proceeds set to help the manufacturer expand its energy storage arm.

However the company said it may also use a portion of the proceeds to invest in or acquire businesses, assets or technologies that it believes are “complementary to its business”.

Canadian Solar sold just over 3.6 million shares through an ‘at-the-market’ offering, raising US$150 million before deducting any commissions and expenses associated with the offering.

Net proceeds from the offering are to be invested in its battery storage business, growing its energy storage project pipeline, as well possible investments or acquisitions of businesses, assets or technologies.

It may also use the proceeds to strengthen to its portfolio of solar assets in Europe and Brazil, the SMSL member said.

While Canadian Solar has maintained a solar PV project development arm, it is a relative newcomer to the battery energy storage space. It has quickly amassed a sizeable pipeline, however, and at its Q3 results earlier this month Canadian Solar revealed it had 2.9GWh of battery storage projects current under construction and a further pipeline of 21GWh.

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