The second-quarter results of Canadian Solar show a strong return to seasonal demand as the company reported US$114.2 million in revenue, a 131% increase from Q109 net revenues of US$49.5 million. Although almost half the revenue figures generated in the same quarter of 2008, Canadian Solar sold 7MW of its e-Modules, which use UMG-silicon and are priced in the low-cost and now highly competitive area of the market. Canadian Solar said that it was now experiencing average e-Module efficiencies of approximately 15%, making UMG-silicon a viable alternative to conventional c-Si modules.
According to the company, the average efficiency of its monocrystalline cells in mass production was 17.2%, while multicrystalline cells had averaged 16.1% during the quarter.
Wafer to module processing cost for polysilicon solar modules fell to US$0.60 per watt in Q209, down from US$0.71 per watt in Q109.
Europe continues to be Canadian Solar’s largest geographic market in the quarter, with sales of US$66.9 million, or 86% of total sales. This was nearly double the Q109 sales of US$36.0 million due to the harsh and prolonged winter and lack of project finance.
Canadian Solar also noted that it expects to reach a module capacity of 820MW and cell plant capacity of 420MW by the end of Q3. Ingot and wafer plant capacity is expected to reach 200MW by year end.