CSI Solar Co. Ltd.whose majority-owned subsidiary Canadian Solar Inc.has entered into a multi-year investment agreement with Hohhot Municipality in Inner Mongolia, China to invest in and implement its previously announced capacity expansion and vertical integration plans.
The initial phase of the investment includes 20 GW ingot, 40 GW crucible, 10 GW wafer, 10 GW cell, 5 GW module and 5 GW auxiliary product manufacturing capacity. Valantee’s production capacity is expected to start in March 2024 and production of the remaining capacities is expected to start in the second half of 2024.
The total investment in the initial phase of the investment is expected to be around 1.6 billion dollars, most of which will be realized in 2024.
“We are building new solar manufacturing capacity with state-of-the-art technology to meet strong demand from our customers,” commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar. “In addition to the abundant supply of poly and quartzite, Inner Mongolia has abundant wind and solar resources and the penetration of local renewable energy is steadily increasing, helping us to reduce the carbon footprint of our supply chain.”