Canadian Solar taking module capacity to over 12GW in 2019

Facebook
Twitter
LinkedIn
Reddit
Email
Gross profit in the second quarter was US$182.6 million, compared to $107.4 million in the previous quarter.  Image: Canadian Solar

Solar Module Super League’ (SMSL) member, Canadian Solar plans to increase module assembly capacity to 12,220MW in 2019, an increase of 1,000MW on strong demand. 

The SMSL revised guided module shipments for 2019 to be in the range of 8.4GW to 8.5GW from the previous guidance of 7.4GW to 7.8GW. As a result, module capacity would be increased by around 1GW in 2019, taking nameplate capacity to 12.22GW by year-end.

The SMSL revised guided module shipments for 2019 to be in the range of 8.4GW to 8.5GW from the previous guidance of 7.4GW to 7.8GW. As a result, module capacity would be increased by around 1GW in 2019, taking nameplate capacity to 12.22GW by year-end.

However, retaining its asset-lite manufacturing strategy, in-house ingot/wafer capacity would remain unchanged. The company had previously guided solar cell capacity expansion plans of 3GW in 2019, taking nameplate capacity to 9.3GW. These plans remain unchanged.

Financial results

Canadian Solar reported revenue of US$1,036.3 million in the second quarter of 2019, compared to US$484.7 million in the first quarter of 2019.

Canadian Solar reported revenue of US$1,036.3 million in the second quarter of 2019, compared to US$484.7 million in the first quarter of 2019.

Gross profit in the second quarter was US$182.6 million, compared to $107.4 million in the previous quarter.
 
Gross margin in the second quarter of 2019 was 17.6%, including the benefit of an AD and CVD true-up of US$21.6 million.

Total solar module shipments in the reporting period were 2,143MW, compared to 1,575MW in the first quarter of 2019. A total of 65MW was shipped to its utility-scale solar power projects. Module shipments recognized in revenue totalled 2,376MW.

Total solar module shipments in the reporting period were 2,143MW, compared to 1,575MW in the first quarter of 2019.

PV Power plant project business

Canadian Solar was able to complete the sale of 228MWp projects globally in the second quarter, including 134MWp in the U.S., 68MWp in Mexico, 20MWp in China and 6MWp in Namibia.

The SMSL’s global late-stage, utility-scale solar power project pipeline at the end of the reporting period was 3.6GWp.
 
Operating PV power plants were 795.8MWp, with an estimated resale value of approximately US$1.0 billion, according to the company. 

Guidance

Canadian Solar expects module shipments to be in the range of 2.2GW to 2.3GW in the third quarter of 2019, which includes approximately 160MW of shipments to its utility-scale solar power projects. 

Total revenue for the third quarter is expected to be in the range of US$780 million to US$810 million. However, upside from potential project sales could push revenue in the range of US$970 million to US$1 billion. 

Gross margin for the third quarter is expected to be in the range of 24% to 26%, or 27% to 29%, based on potential project sales in the quarter.

4 October 2022
Solar & Storage Finance USA, the only event that connects developers to capital and capital to solar and storage projects, will be back in November 2022.

Read Next

September 22, 2022
Qcells has heightened its commitment to the global solar supply chain as its parent company, Hanwha Solutions, increases investment in clean raw materials.
September 22, 2022
Wood Mackenzie has repeated warnings that module supply shortages are set to persist until the end of 2023.
September 20, 2022
From module makers and BOS producers to utility-scale developers and community solar companies, the Inflation Reduction Act (IRA) has taken centre stage at this year’s RE+ in Anaheim, California.
September 19, 2022
California Governor Gavin Newsom has signed a proposed community solar programme into law that will help low income communities benefit more from solar PV.
September 19, 2022
Canadian Solar has announced a target of 10GWh of battery manufacturing capacity by the end of 2023, up from 2.5GWh today.
September 15, 2022
The European Parliament has backed plans to increase the European Union’s (EU) renewable targets as it grapples with the fallout of the war in Ukraine and the rampant energy crisis.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 27, 2022
15:30 AEST (UTC +10)
Solar Media Events
October 4, 2022
New York, USA
On-Demand Webinars, Solar Media Events
October 11, 2022
Virtual event
Upcoming Webinars
October 18, 2022
10am (EDT) / 4pm (CEST)