Canadian Solar shipped 6.1 GW of solar panels in the first three months of this year, up 68% from the first quarter of 2022.
Canadian Solar, a Chinese integrated solar manufacturer and distributor of energy storage systems, achieved a record 6.1 GW of solar module shipments in the first quarter of 2023, a 68% increase over the 3.63 GW shipped in the first quarter of 2023. 2022.
The company manufactures solar modules in Canada, China, Indonesia, Vietnam and Brazil. In the first quarter of 2023, it reported net sales of $1.7 billion, a 36 percent year-over-year increase from $1.25 billion a year earlier. These results are in line with recent guidance of $1.6 billion to $1.8 billion in the first quarter of 2023.
“We had a strong start to the year with 36% year-over-year growth in revenue and 750% growth in diluted earnings per share,” said Dr. Shawn Qu, Canadian Solar’s Chairman and CEO. “We will continue to leverage our premium brand to capitalize on new solar and battery storage opportunities and lay the foundation for future success through strategic capacity expansion.”
Group unit CSI Solar plans to list more than 540 million shares on the Shanghai Stock Exchange index Science and Technology Innovation Board. The primarily residential storage and inverter business is said to be close to completing an IPO by the end of the second quarter of 2023.
“We will continue to focus on profitable growth and continue to optimize our cost structure through vertical integration,” Qu said. “With the IPO of our subsidiary CSI Solar, we will get a new platform to raise investment capital and strengthen our leading position in the manufacture of solar and battery storage.”
The integrated company’s project development business, Recurrent Energy, had a global project development pipeline of 24.6 GW, which includes 1.7 GW of construction projects, 17.7 GW of early and mid-stage projects and 5.2 GW of backlog projects.
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