Canadian Solar Eyes Major Solar Power Expansions

May 26, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--The U.S. Energy Information Administration (EIA) forecasts utility-scale solar generation will grow by 10 million megawatt-hours (MWh) across the U.S. between June and August, when compared with the same period last summer. While U.S.-based solar companies are struggling with supply-chain issues and tariffs on solar panel components, Canadian Solar Incorporated (NASDAQ:CSIQ) (Guelph, Ontario) is planning to expand its production capacity in the coming years, growing its sales volumes by a compound annual growth rate of about 50% to 2026.

Industrial Info is tracking nearly US$5 billion worth of active projects from Canadian Solar and its subsidiaries, about US$3.6 billion of which is in the U.S. Company executives expect capital spending to total about $850 million for full-year 2022. Canadian Solar is nearing completion of its Sunflower County Solar project in Mississippi. In Canada, the company expects to finish construction toward the end of this year on a major project in Alberta. In addition to these projects under construction, Canadian Solar is reviewing two proposed projects in Texas.

Other companies featured: Entergy Corporation (NYSE:ETR) and BrightSource Energy Incorporated