Canadian Solar Optimistic About Future Projects

---

Researched by Industrial Info Resources (Sugar Land, Texas)--On Thursday, Canadian Solar Incorporated (NASDAQ:CSIQ) (Guelph, Ontario) reported second-quarter 2016 net income of $40.1 million, compared with $18.6 million in second-quarter 2015. The company continues building out solar projects as it seeks to monetize on continued renewable energy initiatives across the globe. "Our energy business now has approximately 900 MWp [megawatts of potential power] of additional solar power plants, after adjusting for our effective ownership, that will reach commercial operation in the second half of 2016," said Canadian Solar CEO Dr. Shawn Qu. "Once completed, we will own approximately 1.37 GWp [gigawatts of potential power] of operating solar power plants."

Industrial Info is tracking 19 projects valued at $2.7 billion owned by Canadian Solar, including projects in the U.S., Japan, Mexico and China. One of the chief projects being tracked is the $240 million RE Astoria photovoltaic (PV) solar project in Rosamond, California. Construction of the 100-megawatt (MW) project began in mid-2015 and is expected to be completed by the end of this year. The facility is being constructed on 1,183 acres, using 442,333 polycrystalline silicon panels along with balance-of-plant equipment. The project also involves the construction of a substation and potential expansions to help transport renewable energy to the grid.

However, the projects already under way are just the tip of the iceberg for what the company has in store, particularly in Texas. Chief among these is the Palmwood solar project, near Sheffield, Texas. The first phase of the project will bring 150 MW of solar energy to the Texas grid and is planned to kick off in early 2018 at an estimated construction cost of $315 million, with completion planned by the end of 2018. This could potentially lead into two additional phases of construction, adding an additional 250 MW of power.

Also near Sheffield is the planned 100-MW Monument solar project, which is also slated to begin in early 2018 and be completed by the end of the year at a cost of $210 million. With an impressive pipeline and strong manufacturing base, the company seems on track for an impressive amount of construction in the coming years, both in the U.S. and abroad. "Our solar project construction...in the U.S., Japan, China and the U.K. remains on schedule," said Chief Financial Officer Dr. Huifeng Chang.

In a company press release, Canadian Solar said its "utility-scale solar project pipeline totals 20.4 GWp, including approximately 2.4 GWp of projects in late-stage development and 18.0 GWp in early- to mid-stage development," although it cautioned that some of these projects have still failed to secure permitting and grid-connection approvals. However, the company seems optimistic about continued growth. "We remain in the early stage of solar energy adoption across the globe," said Qu.

Industrial will continue monitoring these and other solar projects around the world.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 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/.