Released December 06, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Canadian Solar Incorporated (NASDAQ:CSIQ) (Guelph, Ontario) endured difficult market conditions in the third quarter, but saw positive news in two of its subsidiaries: Recurrent Energy closed a US$500 million investment from BlackRock Incorporated (NYSE:BLK) (New York, New York), while battery-storage business e-STORAGE saw its contracted backlog hit US$3.2 billion. Industrial Info is tracking more than US$9 billion worth of active and planned projects from Canadian Solar across the U.S. and Canada, including more than US$2.9 billion worth that are nearing or under construction.
Click on the image at right for a graph detailing active and planned projects from Canadian Solar across the U.S. and Canada, by state or province.
Canadian Solar's total revenues in the third quarter dropped 18% from the same period last year to US$1.51 billion, amid reduced project sales and lower average selling prices for modules. But e-STORAGE proved a highlight, with increased sales of battery energy-storage systems (BESS). The company also benefited from higher solar module shipment volumes.
Recurrent Energy expects to finish construction toward the end of the year on its US$150 million Bayou Galion Solar Farm in Bastrop, Louisiana, which is designed to generate 98 megawatts (MW) from 90,000 of Canadian Solar's MaxPower photovoltaic (PV) panels. Microsoft Corporation (NASDAQ:MSFT) (Redmond, Washington) signed a power purchase agreement (PPA) for energy generated from the facility, which started construction at the end of 2023.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project and Plant databases can learn more from a detailed project report and plant profile.
"During the third quarter, we signed a record number of long-term PPAs in a single quarter of 540 MW of solar and 600 megawatt-hours (MWh) of storage," said Ismael Guerrero, the chief executive officer of Recurrent Energy, in a quarterly earnings-related presentation. "Currently, Recurrent Energy has a record number of projects under construction, including 1.6 gigawatts (GW) of solar and 1.8 gigawatt-hours (GWh) of battery energy-storage capacity."
Canadian Solar's other grassroot projects in the U.S. include its US$187 million Firefly Solar Plant in Chatham, Virginia, which is designed to generate 150 MW from 300,000 PV panels. The Pittsylvania County Board of Supervisors approved the siting agreement for Firefly Energy, a subsidiary of Canadian Solar, in 2022. Firefly then agreed to a build-transfer agreement with Appalachian Power, a subsidiary of American Electric Power (NASDAQ:AEP) (AEP) (Columbus, Ohio), under which Appalachian Power will become the project's long-term owner following completion. Subscribers can read a detailed project report and plant profile.
e-STORAGE is tackling the opposite side of the solar business by expanding its production of crucial solar components. e-STORAGE is preparing for a renovation of its battery-storage plant in Shelbyville, Kentucky, which is set to begin producing utility-scale BESS units by the end of 2025, according to a November press release. Initial production is expected to be about 3 GWh annually, doubling to 6 GWh in subsequent years. Subscribers can read a detailed project report and plant profile.
"The facility features an on-site research and development lab, fostering collaboration with universities to continually evolve our technologies," e-STORAGE said in its press release. "We're on track to begin production in late 2025, with full-scale operations expected by early 2026."
Canadian Solar executives noted in a quarterly earnings-related presentation that e-STORAGE recorded "robust growth" during the third quarter, reaching a record 4.4 GWh in shipments over the first three quarters of 2024.
Other manufacturing projects under consideration include a proposed PV cell-manufacturing plant in Jeffersonville, Indiana, which would have an annual output of 5 GWh. Solar cells produced at this facility will be sent to Canadian Solar's module assembly plant in Mesquite, Texas, which finished construction earlier this year. Subscribers can learn more from a detailed report on the Jeffersonville project and a profile of the Mesquite plant.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of detailed reports for active and proposed projects across the U.S. and Canada from Canadian Solar.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a graph detailing active and planned projects from Canadian Solar across the U.S. and Canada, by state or province.Canadian Solar's total revenues in the third quarter dropped 18% from the same period last year to US$1.51 billion, amid reduced project sales and lower average selling prices for modules. But e-STORAGE proved a highlight, with increased sales of battery energy-storage systems (BESS). The company also benefited from higher solar module shipment volumes.
Recurrent Energy expects to finish construction toward the end of the year on its US$150 million Bayou Galion Solar Farm in Bastrop, Louisiana, which is designed to generate 98 megawatts (MW) from 90,000 of Canadian Solar's MaxPower photovoltaic (PV) panels. Microsoft Corporation (NASDAQ:MSFT) (Redmond, Washington) signed a power purchase agreement (PPA) for energy generated from the facility, which started construction at the end of 2023.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project and Plant databases can learn more from a detailed project report and plant profile.
"During the third quarter, we signed a record number of long-term PPAs in a single quarter of 540 MW of solar and 600 megawatt-hours (MWh) of storage," said Ismael Guerrero, the chief executive officer of Recurrent Energy, in a quarterly earnings-related presentation. "Currently, Recurrent Energy has a record number of projects under construction, including 1.6 gigawatts (GW) of solar and 1.8 gigawatt-hours (GWh) of battery energy-storage capacity."
Canadian Solar's other grassroot projects in the U.S. include its US$187 million Firefly Solar Plant in Chatham, Virginia, which is designed to generate 150 MW from 300,000 PV panels. The Pittsylvania County Board of Supervisors approved the siting agreement for Firefly Energy, a subsidiary of Canadian Solar, in 2022. Firefly then agreed to a build-transfer agreement with Appalachian Power, a subsidiary of American Electric Power (NASDAQ:AEP) (AEP) (Columbus, Ohio), under which Appalachian Power will become the project's long-term owner following completion. Subscribers can read a detailed project report and plant profile.
e-STORAGE is tackling the opposite side of the solar business by expanding its production of crucial solar components. e-STORAGE is preparing for a renovation of its battery-storage plant in Shelbyville, Kentucky, which is set to begin producing utility-scale BESS units by the end of 2025, according to a November press release. Initial production is expected to be about 3 GWh annually, doubling to 6 GWh in subsequent years. Subscribers can read a detailed project report and plant profile.
"The facility features an on-site research and development lab, fostering collaboration with universities to continually evolve our technologies," e-STORAGE said in its press release. "We're on track to begin production in late 2025, with full-scale operations expected by early 2026."
Canadian Solar executives noted in a quarterly earnings-related presentation that e-STORAGE recorded "robust growth" during the third quarter, reaching a record 4.4 GWh in shipments over the first three quarters of 2024.
Other manufacturing projects under consideration include a proposed PV cell-manufacturing plant in Jeffersonville, Indiana, which would have an annual output of 5 GWh. Solar cells produced at this facility will be sent to Canadian Solar's module assembly plant in Mesquite, Texas, which finished construction earlier this year. Subscribers can learn more from a detailed report on the Jeffersonville project and a profile of the Mesquite plant.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of detailed reports for active and proposed projects across the U.S. and Canada from Canadian Solar.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
