Canadian Solar reports record revenue and shipments for 2014

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

Updated: Major PV energy provider, Canadian Solar, has reported record revenue and shipments for 2014.

The company shipped a total of 3,105MW of PV modules in 2014, exceeding guidance of 2.73GW – 2.78GW, with 2,813MW recognised in revenue.

Total net revenue for 2014 was US$2.96 billion, compared to US$1.65 billion in 2013 and full year 2014 guidance in the range of US$2.93 billion to US$2.98 billion. 

Total module shipments in the fourth quarter of 2014 were 1,125MW, with 897MW recognized in revenue, compared to 770MW recognised in revenue in the third quarter of 2014, and surpassing fourth quarter guidance of 810MW to 860MW. 

Net revenue in the fourth quarter was US$956.2 million, compared to US$914.4 million in the third quarter of 2014 and fourth quarter guidance in the range of US$925 million to US$975 million. 

Shawn Qu, chairman and CEO of Canadian Solar, said: “This was a record year for Canadian Solar. We achieved new high water marks in terms of solar projects sold, solar modules shipped, revenue, net income and free cash flow. Our success in monetizing our global solar project pipeline has strengthened our balance sheet, which has allowed us to secure new projects to replenish our pipeline, as evidenced by our acquisition of projects in Japan, and the United Kingdom as well as our recently announced acquisition of Recurrent. The Recurrent acquisition, which is expected to close in the first quarter of 2015, is a significant milestone, as it expands our total project pipeline to 8.5 GW, with approximately 2.4 GW of late-stage projects representing a revenue opportunity of at least $6.0 billion over the next two to three years, under a build-and-sell business model. This gives us a level of stability and visibility unique in the solar power industry and further consolidates Canadian Solar's position as a Tier 1 global leader in the solar industry.” 

With Canadian Solar smashing shipment records amongst other metrics, the company is set to climb one position in the top 10 PV manufacturing rankings. 

As JinkoSolar reported total 2014 shipments of 2,943.6MW, a 65% increase over the previous year the company looked set to move up the rankings from fifth to third. 

However, Canadian Solar’s 3,105MW of shipments in 2014 elevates the company to third position, up from its fourth place ranking in 2013. 

Guidance and analysis

Canadian Solar guided shipments for the full year 2015 to be in the range of approximately 4.0GW to 4.3GW, including 3,300MW to 3,500 MW of third-party module sales.

However, the shipment guidance not only surpasses that of JinkoSolar (3.3GW-3.8GW) by a wide margin but could close in on Yingli Green, which has yet to report full-year results and give 2015 guidance as well as Trina Solar.

Leading PV manufacturer Trina Solar guided 2015 module shipments to be between 4.4GW and 4.6GW

23 February 2022
Held annually since 2016, the Energy Storage Summit Europe is the place to be for senior stakeholders in the European storage industry. Designed to accelerate deployment of storage, we examine evolving chemistries, business models, project design, revenue stacks and use cases for storage. The 2022 edition will include exclusive content around longer duration solutions, energy strategies for wide-scale deployment of EVs and "EnTech", the event which sits at the intersection of digitisation, decentralisation and decarbonation of the power system. Come to meet TSOs, DSOs, Utilities, Developers, Investors and Lenders and leave with new contacts, partners and a wealth of information.
7 March 2022
Take your chance to join the most powerful platform in the MENA region. Middle East Energy (MEE), Intersolar, and ees, the leading energy exhibitions are joining hands to co-deliver an outstanding renewables and energy storage event at Middle East Energy 2021. Renewables and energy storage at MEE is the largest gathering of solar and renewable energy industry professionals in the Middle East & Africa, offering the most effective trade focused platform to international manufacturers and distributors looking to meet regional buyers.
8 March 2022
As Solar Finance & Investment enters its ninth year, we sit on the cusp of a new power market with solar at its heart. The 2022 edition of the event will build on our years of expertise and relationships to bring investors and lenders together with top developers. Connect with leaders in the field and use exclusive insights to drive investment and development decisions for the future. Meet new and existing project partners at the largest gathering of European solar investors and lenders.
23 March 2022
When it comes to storage, the US market exceeded a gigawatt of advanced energy storage installations (weighted towards lithium ion) at 1.46 GW, more than the previous six years in total! An exponential growth rate could see the market hit 7.5 GW p.a. by 2025. The summit will provide a wealth of content around this vital piece in the US power puzzle, with sessions dedicated to explore how companies are making money from batteries, the latest chemistries and their applications as they apply to different use-cases. We ask how investors can match ESG criteria to batteries and we will bring case studies of successful deployment and project execution onto the stage to examine how you can ensure your own projects are successful.
29 March 2022
Now in its 10th sell-out year, Large Scale Solar returns to Lisbon in 2022. We are excited to gather together face-to-face with the European solar industry as we provide unique and exclusive access to a powerful selection of the market's key stakeholders. Join this elite summit to find out how the market is maturing, which new markets are becoming more exciting, how technology is evolving and who's driving the market forward into the 2020s. Always senior, packed with developers, EPCs, utilities and investors this is the event for companies serious about European solar PV.
7 April 2022
Solarex Istanbul, Turkey’s first and unique exhibition on solar energy, provides a huge opportunity to Turkey on the way to being a solar energy hub. Solarex Istanbul will take place on 7-9 April 2022 for the 14th time. It will be a commercial platform to have the latest technologies and combination of new products from all around the world. It takes place annually at Istanbul Expo Center, Turkey. It is also called the most important platform for manufacturers, suppliers and dealers of the solar industry in Eurasia.

Read Next

January 28, 2022
Greek industrial group Mytilineos said its renewables and storage unit continues with “full speed” to invest in solar and battery energy storage systems globally following a 2021 that saw the business expand its PV engineering, procurement and construction (EPC) operations.
January 28, 2022
Indian independent power producer (IPP) ReNew Power has sold its 117MW rooftop solar portfolio as part of a strategy to heighten its focus on utility-scale PV.  
January 28, 2022
Global investment in renewables rose to new heights in 2021 as solar and wind deployment surged, but total energy transition expenditure needs to triple in the coming years to get on track for net zero, according to new research from BloombergNEF.
January 28, 2022
LONGi has raised its wafer prices for a second time in just over a month as hopes of falling costs fade and China shuts down for a week for its annual Luna New Year holiday.
January 27, 2022
Renewables owner and operator Brookfield Renewable has tripled its US development pipeline to 31GW through the US$650 million acquisition of clean power developer Urban Grid.
January 27, 2022
Hecate Energy’s first stage application for a 500MW solar PV plant in the state of New York has been accepted by the newly formed New York State Office of Renewable Energy Siting (ORES).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal
Solar Media Events
April 25, 2022
Berlin, Germany