GUELPH,
ON, Nov. 9, 2023 /PRNewswire/ -- Canadian
Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ),
headquartered in Guelph, Ontario,
today announced that it is establishing a 5 GW solar PV wafer production facility in
Chonburi, Thailand.
Canadian Solar is building a state-of-the-art solar photovoltaic
N-type wafer manufacturing plant with an annual output of 5 GW,
which is slated to begin production in March
2024. The solar wafers produced at this facility will
initially be used at the existing Thailand TOPCon cell
manufacturing plant in the same location. From 2025 onwards and
once the previously announced 5 GW U.S. cell factory in
Jeffersonville, Indiana, becomes
fully operational, these wafers will be used as inputs to the
Indiana cell factory.
Highlighting the importance of this new
facility, Thomas Koerner, Senior
Vice President of Canadian Solar, said, "Establishing this
solar wafer factory in Thailand is
a key milestone that will enable us to better serve our U.S.
customers with a more diversified and resilient supply chain,
complementing our recently announced investments in the U.S. in
solar cell and solar module manufacturing. Importantly, it will
also allow us to responsibly meet the new requirements related to
the latest and adjusted AD/CVD ruling by the U.S. Department of
Commerce."
About Canadian Solar
Canadian Solar was founded in 2001 in Canada and has been listed on NASDAQ since
2006. It is now one of the world's
largest solar technology and renewable energy companies. Canadian
Solar is a leading manufacturer of solar photovoltaic modules,
provider of solar energy and battery storage solutions, and
developer of utility-scale solar power and battery storage projects
with a geographically diversified pipeline in various stages of
development. Over the past 22 years, Canadian Solar has
successfully delivered over 102 GW of premium-quality, solar
photovoltaic modules to customers across the world. Likewise, since
entering the project development business in 2010, Canadian Solar
has developed, built, and connected over 9 GWp of solar power
projects and over 3 GWh of battery storage projects across the
world. Currently, the Company has approximately 700 MWp of solar
power projects in operation, 8 GWp of projects under construction
or in backlog (late-stage), and an additional 17 GWp of projects in
advanced and early-stage pipeline. In addition, the Company has a
total battery storage project development pipeline of 52 GWh,
including approximately 2 GWh under construction or in backlog, and
an additional 50 GWh at advanced and early-stage development.
Canadian Solar is one of the most bankable companies in the solar
and renewable energy industry. For additional information about the
Company, follow Canadian Solar on LinkedIn or visit
www.canadiansolar.com.
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially. These statements
are made under the "Safe Harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. In some cases, you can
identify forward-looking statements by such terms as "believes,"
"expects," "anticipates," "intends," "estimates," the negative of
these terms, or other comparable terminology. Factors that could
cause actual results to differ include general business, regulatory
and economic conditions and the state of the solar and battery
storage market and industry; geopolitical tensions and conflicts,
including impasses, sanctions and export controls; volatility,
uncertainty, delays and disruptions related to the COVID-19
pandemic; supply chain disruptions; governmental support for the
deployment of solar power; future available supplies of high-purity
silicon; demand for end-use products by consumers and inventory
levels of such products in the supply chain; changes in demand from
significant customers; changes in demand from major markets, such
as Japan, the U.S., China, Brazil
and Europe; changes in effective
tax rates; changes in customer order patterns; changes in product
mix; changes in corporate responsibility, especially environmental,
social and governance ("ESG") requirements; capacity utilization;
level of competition; pricing pressure and declines in or failure
to timely adjust average selling prices; delays in new product
introduction; delays in utility-scale project approval process;
delays in utility-scale project construction; delays in the
completion of project sales; continued success in technological
innovations and delivery of products with the features that
customers demand; shortage in supply of materials or capacity
requirements; availability of financing; exchange and inflation
rate fluctuations; uncertainties related to the CSI Solar
carve-out listing; litigation and other risks as described in the
Company's filings with the Securities and Exchange Commission,
including its annual report on Form 20-F filed on April 18, 2023. Although the Company believes
that the expectations reflected in the forward-looking statements
are reasonable, it cannot guarantee future results, level of
activity, performance, or achievements. Investors should not place
undue reliance on these forward-looking statements. All information
provided in this press release is as of today's date, unless
otherwise stated, and Canadian Solar undertakes no duty to update
such information, except as required under applicable law.
Contact
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
+1 914-337-8801
csiq@globalirpartners.com
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SOURCE Canadian Solar Inc.