Canadian Solar Inc. says a wholly owned subsidiary of its majority-owned subsidiary CSI Solar Co. Ltd. has entered into a multi-year investment agreement the municipal government of Yangzhou City in Jiangsu Province, China, whereby CSI Solar plans to add vertically integrated high efficiency wafer, cell, and module capacity, as well as battery system manufacturing capacity, in Yangzhou’s clean energy manufacturing industrial park.
The project plan will be carried out in three phases, with Phase I being 14 GW of wafer and cell capacity. For year-end 2023, the company anticipates totals of 20 GW of ingot, 35 GW of wafer, and 50 GW of cell and module capacity.
“We are pleased to expand our manufacturing base in the latest high-efficiency solar and battery storage products to better support the strong demand needs of our customers,” says Dr. Shawn Qu, chairman and CEO of Canadian Solar. “Our capacity additions will further enhance our profitability in an environment of rapidly declining upstream raw material costs, and we are dynamically adjusting our capacity plans to account for a market backdrop with pockets of large supply as well as pockets of tight supply relative to demand.”
Canadian Solar is one of the world’s largest solar technology and renewable energy companies. Over the past 21 years, the company has delivered approximately 82 GW of solar photovoltaic modules to customers across the world. Canadian Solar has also developed, built and connected over 7 GWp in over 20 countries across the world.