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Released May 18, 2018 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Canadian Solar Incorporated (NASDAQ:CSIQ) (Guelph, Ontario) both manufactures photovoltaic modules and constructs and sells solar farms. Since most of the company's solar modules are manufactured in China, Canadian Solar has faced some headwinds since President Donald Trump issued a 30% tariff on imported solar cells and modules under Section 201 of the Trade Act of 1974. Section 201 allows the president to grant temporary relief to U.S. manufacturers by raising import duties on goods entering the U.S. that threaten the production of domestic goods. Canadian Solar reported first-quarter 2018 net income of $43.4 million, compared with $61.4 million in fourth-quarter 2017. In the company's earnings conference call, Chief Executive Officer Shawn Qu said the invocation of Section 201 had "a major impact" on the slowdown in solar module demand in the U.S.
However, the company did have some highlights for the quarter, which included the sale of four solar farms in the U.S. Among these was the Gaskell West Solar Project in Southern California. Construction on the 28-megawatt-peak (MWp) project began in late 2017 and was completed last quarter. Blattner Energy Incorporated (Avon, Minnesota) provided engineering, construction and procurement (EPC). The plant was sold to Southern Power Company, a unit of Southern Company (NYSE:SO) (Atlanta, Georgia). For more information, see Industrial Info's project report. Canadian Solar also sold three U.S. solar farms in Southern California with a combined generating capacity of 309 MWp to Korea Electric Power Corporation (NYSE:KEP) (Naju, South Korea) for $720 million during the first quarter.
Despite the Section 201 tariffs, Canadian Solar is progressing with solar projects in the U.S., mostly in Texas and California. Industrial Info is tracking more than $3.2 billion in active Canadian Solar projects in the U.S. through its wholly-owned U.S. subsidiary Recurrent Energy. Among these is the Crimson Photovoltaic (PV) Solar Park near Blythe, California. The project will be constructed on 4,000 acres of public lands, with Phase I generating 225 megawatts (MW) using approximately 3 million solar panels. A 225-MW second phase, which could begin construction in 2020, is in the early planning stage. The projects have a combined total investment value (TIV) of more than $824 million. For more information, see Industrial Info's project reports on Phase I and Phase II. Industrial Info is obtaining project information for a possible 350-MW battery energy storage facility at the site. The project would begin after the completion of Phase II of the solar facility. This project has an estimated TIV of $525 million. For more information, see Industrial Info's project report.
Also in California, Canadian Solar is gearing up to begin construction on a solar project at the Naval Air Station in Lemoore, California. The project will be built on 4,800 acres and will consist of two 195-MW phases. Construction on the first phase is planned to kick off early next year, taking about a year to complete. The second phase would begin construction later next year. The projects have a combined estimated TIV of $792.5 million. For more information, see Industrial Info's project reports on Phase I and Phase II.
Canadian Solar's 150-MW RE Palmwood solar project is in the late planning stages. It will be located in Pecos County in West Texas. Construction could begin early next year and be completed before the end of the year. Moak, Casey & Associates (Austin, Texas) is the consultant for the project, which has an estimated TIV of $350 million. For more information, see Industrial Info's project report.
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.
However, the company did have some highlights for the quarter, which included the sale of four solar farms in the U.S. Among these was the Gaskell West Solar Project in Southern California. Construction on the 28-megawatt-peak (MWp) project began in late 2017 and was completed last quarter. Blattner Energy Incorporated (Avon, Minnesota) provided engineering, construction and procurement (EPC). The plant was sold to Southern Power Company, a unit of Southern Company (NYSE:SO) (Atlanta, Georgia). For more information, see Industrial Info's project report. Canadian Solar also sold three U.S. solar farms in Southern California with a combined generating capacity of 309 MWp to Korea Electric Power Corporation (NYSE:KEP) (Naju, South Korea) for $720 million during the first quarter.
Despite the Section 201 tariffs, Canadian Solar is progressing with solar projects in the U.S., mostly in Texas and California. Industrial Info is tracking more than $3.2 billion in active Canadian Solar projects in the U.S. through its wholly-owned U.S. subsidiary Recurrent Energy. Among these is the Crimson Photovoltaic (PV) Solar Park near Blythe, California. The project will be constructed on 4,000 acres of public lands, with Phase I generating 225 megawatts (MW) using approximately 3 million solar panels. A 225-MW second phase, which could begin construction in 2020, is in the early planning stage. The projects have a combined total investment value (TIV) of more than $824 million. For more information, see Industrial Info's project reports on Phase I and Phase II. Industrial Info is obtaining project information for a possible 350-MW battery energy storage facility at the site. The project would begin after the completion of Phase II of the solar facility. This project has an estimated TIV of $525 million. For more information, see Industrial Info's project report.
Also in California, Canadian Solar is gearing up to begin construction on a solar project at the Naval Air Station in Lemoore, California. The project will be built on 4,800 acres and will consist of two 195-MW phases. Construction on the first phase is planned to kick off early next year, taking about a year to complete. The second phase would begin construction later next year. The projects have a combined estimated TIV of $792.5 million. For more information, see Industrial Info's project reports on Phase I and Phase II.
Canadian Solar's 150-MW RE Palmwood solar project is in the late planning stages. It will be located in Pecos County in West Texas. Construction could begin early next year and be completed before the end of the year. Moak, Casey & Associates (Austin, Texas) is the consultant for the project, which has an estimated TIV of $350 million. For more information, see Industrial Info's project report.
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.
