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Released January 24, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Canadian Solar Incorporated (NASDAQ:CSIQ) (Guelph, Ontario) got a big boost from BlackRock Incorporated (NYSE:BLK) (New York, New York) earlier this week, when the multinational investment firm's Climate Infrastructure business announced a $500 million investment in Recurrent Energy, Canadian Solar's global project development subsidiary. BlackRock will hold 20% of Recurrent's outstanding, fully diluted shares, while Canadian Solar will continue to hold the remainder. Industrial Info is tracking more than $9.6 billion worth of active and planned projects from Canadian Solar, more than $6.3 billion of which is attributed to projects across the U.S. and Canada.
Click on the image at right for a graph detailing Canadian Solar's active and planned projects across the U.S. and Canada, by project type.
Canadian Solar expects Recurrent will hold 4 gigawatts (GW) of operational solar generation and 2 gigawatt-hours (GWh) of operational storage across the U.S. and Europe by the end of 2025. Among Recurrent's projects under construction is the $129.4 million North Fork Solar Plant in Snyder, Oklahoma, which is expected to generate 120 megawatts (MW), and the $80 million Blue Moon Solar Plant in Cynthiana, Kentucky, which will generate 70 MW. Both projects kicked off in the third quarter of 2023 and are expected to wrap up in the summer and winter of 2024, respectively.
In September, the Oklahoma Municipal Power Authority (OMPA), which serves 42 municipally owned electric systems across Oklahoma, announced it would purchase all energy produced by North Fork under a 15-year agreement. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports on the North Fork and Blue Moon projects, and learn more about North Fork from Industrial Info's September 5, 2023, article - Oklahoma Solar Project Gets Funding, PPA.
Yan Zhuang, the president of Canadian Solar's technology-focused arm CSI Solar, said in the company's most recent quarterly earnings-related conference call that the Recurrent subsidiary is expecting "strong potential demand" throughout 2024. Zhuang said some of the company's biggest utility-scale customers have delayed many of their big-ticket projects into 2024, due to pricing, permitting and interconnection issues, among other factors.
Other Recurrent projects that might kick off this year, depending on factors related to permitting and final investment decisions, include the Cascade Solar Plant and battery energy storage system (BESS) in Rosharon, Texas, each of which would have a 200-MW capacity, and the 95-MW Blue Ridge Solar Plant in Chatham, Virginia. Subscribers can read detailed reports on the solar and BESS components of the Cascade project, and the Blue Ridge project.
Another solar-BESS project, the Backwater Solar Plant in Valley View, Texas, could begin construction as early as first-quarter 2025, depending on permitting issues. The 80-MW solar farm and 100-MW BESS would be located about 50 miles north of the Dallas-Fort Worth area. Subscribers can learn more from a detailed project report.
"The battery energy-storage system market, our best market, is also growing rapidly," said Shawn Qu, the chief executive officer of Canadian Solar, in the quarterly conference call. "I believe [the global BESS] market is also on pace to reach a terawatt of generation over the coming decade, as it hits its first terawatt hours of cumulative deployments."
Qu also hailed Canadian Solar's $250 million photovoltaic (PV) module plant in Mesquite, Texas, which is wrapping up construction and is set to begin producing up to 20,000 PV modules per day in the coming weeks. The company also is considering a proposed PV module-manufacturing plant in Jeffersonville, Indiana, which is designed to produce the same quantity as the Mesquite plant, or about 5 GW per day. Subscribers can read detailed reports on the Mesquite and Jeffersonville projects.
"We believe we will meaningfully increase our U.S. market share with our capacity expansion in the U.S. and Thailand, where we're investing across the supply chain from modules to cells to wafer," Zhuang said. "Over the past few years, we have been shipping on average around 3.5 gigawatts to the U.S., as we did not make any major investments due to the uncertain policy environment. The circumstances have obviously changed over the past 12 months, and [in 2024], we intend to deliver significant growth in the U.S. market, supported by a combination of our new local capacity in the U.S., as well as in Thailand."
Subscribers to Industrial Info's GMI Project Database 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 reports for active and planned projects 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 Canadian Solar's active and planned projects across the U.S. and Canada, by project type.Canadian Solar expects Recurrent will hold 4 gigawatts (GW) of operational solar generation and 2 gigawatt-hours (GWh) of operational storage across the U.S. and Europe by the end of 2025. Among Recurrent's projects under construction is the $129.4 million North Fork Solar Plant in Snyder, Oklahoma, which is expected to generate 120 megawatts (MW), and the $80 million Blue Moon Solar Plant in Cynthiana, Kentucky, which will generate 70 MW. Both projects kicked off in the third quarter of 2023 and are expected to wrap up in the summer and winter of 2024, respectively.
In September, the Oklahoma Municipal Power Authority (OMPA), which serves 42 municipally owned electric systems across Oklahoma, announced it would purchase all energy produced by North Fork under a 15-year agreement. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can read detailed reports on the North Fork and Blue Moon projects, and learn more about North Fork from Industrial Info's September 5, 2023, article - Oklahoma Solar Project Gets Funding, PPA.
Yan Zhuang, the president of Canadian Solar's technology-focused arm CSI Solar, said in the company's most recent quarterly earnings-related conference call that the Recurrent subsidiary is expecting "strong potential demand" throughout 2024. Zhuang said some of the company's biggest utility-scale customers have delayed many of their big-ticket projects into 2024, due to pricing, permitting and interconnection issues, among other factors.
Other Recurrent projects that might kick off this year, depending on factors related to permitting and final investment decisions, include the Cascade Solar Plant and battery energy storage system (BESS) in Rosharon, Texas, each of which would have a 200-MW capacity, and the 95-MW Blue Ridge Solar Plant in Chatham, Virginia. Subscribers can read detailed reports on the solar and BESS components of the Cascade project, and the Blue Ridge project.
Another solar-BESS project, the Backwater Solar Plant in Valley View, Texas, could begin construction as early as first-quarter 2025, depending on permitting issues. The 80-MW solar farm and 100-MW BESS would be located about 50 miles north of the Dallas-Fort Worth area. Subscribers can learn more from a detailed project report.
"The battery energy-storage system market, our best market, is also growing rapidly," said Shawn Qu, the chief executive officer of Canadian Solar, in the quarterly conference call. "I believe [the global BESS] market is also on pace to reach a terawatt of generation over the coming decade, as it hits its first terawatt hours of cumulative deployments."
Qu also hailed Canadian Solar's $250 million photovoltaic (PV) module plant in Mesquite, Texas, which is wrapping up construction and is set to begin producing up to 20,000 PV modules per day in the coming weeks. The company also is considering a proposed PV module-manufacturing plant in Jeffersonville, Indiana, which is designed to produce the same quantity as the Mesquite plant, or about 5 GW per day. Subscribers can read detailed reports on the Mesquite and Jeffersonville projects.
"We believe we will meaningfully increase our U.S. market share with our capacity expansion in the U.S. and Thailand, where we're investing across the supply chain from modules to cells to wafer," Zhuang said. "Over the past few years, we have been shipping on average around 3.5 gigawatts to the U.S., as we did not make any major investments due to the uncertain policy environment. The circumstances have obviously changed over the past 12 months, and [in 2024], we intend to deliver significant growth in the U.S. market, supported by a combination of our new local capacity in the U.S., as well as in Thailand."
Subscribers to Industrial Info's GMI Project Database 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 reports for active and planned projects 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).
