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Released August 19, 2019 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Canadian Solar Incorporated (NASDAQ:CSIQ) (Guelph, Ontario) is enjoying "the most competitive position in the company's history," according to a press release on quarterly earnings, as a recent jump in demand and sales is encouraging the energy manufacturer to boost its outlook for profits and further investment. The company increased its annual shipment guidance to 8.4 to 8.5 gigawatts (GW), from an earlier prediction for 7.4 to 7.8 GW. Industrial Info is tracking about $6 billion in active projects worldwide from Canadian Solar, about $2 billion of which is attributed to U.S.-based construction for new facilities and unit additions.
Click on the image at right for a graph detailing active Canadian Solar projects in the U.S., by state.
Recurrent Energy, the U.S.-based subsidiary of Canadian Solar, is at work on two major, multi-phase projects in Texas and California. In the Lone Star State, Recurrent signed a pair of power-purchase agreements (PPA), each lasting 15 years, earlier this summer with Energy Transfer (NYSE:ET) (Houston, Texas) and Anheuser-Busch (NYSE:BUD) (Leuven, Belgium) for energy from Recurrent's proposed RE Maplewood PV Solar Plant in Fort Stockton, Texas. As currently envisioned, the plant would generate up to 500 megawatts (MW) following four stages of construction over the next three years:
In the Golden State, Recurrent signed 15-year PPAs late last year to provide Silicon Valley Clean Energy and Monterey Bay Community Power with 150 MW of solar power and 180 megawatt-hours of battery storage from its Slate Solar Station in Lemoore, California. In addition to this deal, which Canadian Solar called "the largest contracted solar-plus-storage project in California to date," the company signed a 25-year power purchase agreement with Stanford University to provide it with energy from the same facility.
The Slate Solar Station, also in its early planning stage, comprises an estimated $300 million first phase and a $300 million second phase, each generating about 150 MW, and an estimated $81.8 million battery-energy storage system (BESS). The first phase is currently expected to kick off in first-quarter 2021, and the second phase and the BESS in third-quarter 2021. For more information, see Industrial Info's project reports on Phase I, Phase II and the BESS.
Outside North America, Canadian Solar is pursuing projects on every continent except Antarctica. In China, solar energy is now cheaper than electricity supplied by the national grid in almost 350 cities and towns, according to the journal Nature Energy--and that's without including the support of subsidies. Although China's solar industry installed only 5.2 gigawatts (GW) in the first quarter of 2019, a 46% drop from the same period last year according to Bloomberg, prospects for the second half of the year are much more positive after the federal government outlined its feed-in tariff policy and 21 GW of grid-parity wind and solar projects.
Yancheng Canadian Solar Energy Technology Company Limited, a subsidiary of Canadian Solar, began construction earlier this year on its estimated $426.8 million solar cell factory in Yancheng, Jiangsu. The facility is expected to produce 3 GW per year of high-efficiency solar cells, with completion expected toward the end of 2020. For more information, see Industrial Info's project report.
Net income for the quarter stood at $62.7 million, a sharp improvement from the first quarter's net loss of $17.2 million and second-quarter 2018's profits of$15.6 million. Canadian Solar executives noted that module shipments grew 22% from the first quarter to 2,143 MW in the second quarter, exceeding its own guidance.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
Click on the image at right for a graph detailing active Canadian Solar projects in the U.S., by state.Recurrent Energy, the U.S.-based subsidiary of Canadian Solar, is at work on two major, multi-phase projects in Texas and California. In the Lone Star State, Recurrent signed a pair of power-purchase agreements (PPA), each lasting 15 years, earlier this summer with Energy Transfer (NYSE:ET) (Houston, Texas) and Anheuser-Busch (NYSE:BUD) (Leuven, Belgium) for energy from Recurrent's proposed RE Maplewood PV Solar Plant in Fort Stockton, Texas. As currently envisioned, the plant would generate up to 500 megawatts (MW) following four stages of construction over the next three years:
- $200 million Phase A, which would kick off in fourth-quarter 2020; see project report
- $400 million Phase B, which would kick off in first-quarter 2021; see project report
- $200 million Phase C, which would kick off in second-quarter 2021; see project report
- $200 million Phase D, which would kick off in third-quarter 2021; see project report
In the Golden State, Recurrent signed 15-year PPAs late last year to provide Silicon Valley Clean Energy and Monterey Bay Community Power with 150 MW of solar power and 180 megawatt-hours of battery storage from its Slate Solar Station in Lemoore, California. In addition to this deal, which Canadian Solar called "the largest contracted solar-plus-storage project in California to date," the company signed a 25-year power purchase agreement with Stanford University to provide it with energy from the same facility.
The Slate Solar Station, also in its early planning stage, comprises an estimated $300 million first phase and a $300 million second phase, each generating about 150 MW, and an estimated $81.8 million battery-energy storage system (BESS). The first phase is currently expected to kick off in first-quarter 2021, and the second phase and the BESS in third-quarter 2021. For more information, see Industrial Info's project reports on Phase I, Phase II and the BESS.
Outside North America, Canadian Solar is pursuing projects on every continent except Antarctica. In China, solar energy is now cheaper than electricity supplied by the national grid in almost 350 cities and towns, according to the journal Nature Energy--and that's without including the support of subsidies. Although China's solar industry installed only 5.2 gigawatts (GW) in the first quarter of 2019, a 46% drop from the same period last year according to Bloomberg, prospects for the second half of the year are much more positive after the federal government outlined its feed-in tariff policy and 21 GW of grid-parity wind and solar projects.
Yancheng Canadian Solar Energy Technology Company Limited, a subsidiary of Canadian Solar, began construction earlier this year on its estimated $426.8 million solar cell factory in Yancheng, Jiangsu. The facility is expected to produce 3 GW per year of high-efficiency solar cells, with completion expected toward the end of 2020. For more information, see Industrial Info's project report.
Net income for the quarter stood at $62.7 million, a sharp improvement from the first quarter's net loss of $17.2 million and second-quarter 2018's profits of$15.6 million. Canadian Solar executives noted that module shipments grew 22% from the first quarter to 2,143 MW in the second quarter, exceeding its own guidance.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
