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Canadian Solar
Canadian Solar
Canadian Solar
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Canadian Solar Inc. (NASDAQ: CSIQ) is a global renewable energy company. Headquartered in Kitchener, Ontario, the company manufactures solar PV modules, provides battery energy storage solutions and develops utility-scale solar power and battery energy storage projects.[1][2][3]

Key Information

History

[edit]

Dr. Shawn Qu founded Canadian Solar in 2001 in Guelph, Ontario.[4] In November 2006, the company went public (Nasdaq: CSIQ) trading at $15 per share.[5] The company acquired the solar developer Recurrent Energy from Sharp Corporation for approximately $265 million in 2015.[6]

In October 2017, Canadian Solar listed the Canadian Solar Infrastructure Fund Inc. (CFSI) on the Tokyo Stock Exchange. The fund’s initial public offering (IPO) of 177,800 investment units was priced at JPY 100,000 (US $879) per unit. The proceeds supported the acquisition of 13 solar power facilities with a combined capacity of 72.7 MWp from Canadian Solar subsidiaries in Japan.[7]

In 2021, the firm relocated Recurrent Energy, its subsidiary that develops, owns, and operates solar and energy storage projects globally, to Austin,Texas.[8]

In September 2022, Canadian Solar launched a residential energy storage solution, the EP Cube. Up to six units can be connected to deliver up to 119.9 kWh of energy storage and 45.6 kW output for home use.[9]  

In June 2023, Canadian Solar announced plans to construct its first U.S. manufacturing plant in Mesquite, Texas. The $250 million plant, which will employ up to 1,500 people, is designed to assemble 20,000 solar panels a day, totaling 5 GW of annual production capacity.[8] In March 2024, Canadian Solar agreed to supply Sol Systems with solar modules from the finished factory.[10]  The company’s other manufacturing centers are in Asia and Canada.[8]

In June 2023, CSI Solar, the solar manufacturing subsidiary of Canadian Solar, completed an IPO and began trading on the Shanghai Stock Exchange. Shares in the IPO were listed at RMB 11.10 (US $1.55) each, with total closing revenue of approximately RMB 6 billion (US $840 million).[11]

In July 2023, the firm's utility-scale battery energy storage subsidiary was rebranded from CSI Energy Storage to e-STORAGE. The subsidiary’s two automated factories supply battery energy storage solutions to the US, Canada, the UK, and China.[12]

In November 2024, Canadian Solar announced plans to construct a $712 million battery plant in Shelbyville, Kentucky. The largest economic development project in Shelby County history, the Shelbyville Battery Manufacturing plant will build utility-scale batteries that utilities and project developers will use for energy storage. Located about 30 miles from downtown Louisville, the one-million-square-foot project will initially have a capacity of 3 GWh, with a second phase expected to double production capacity. Limited production is scheduled to begin in 2025, with full-scale production expected in early 2026.[13][14]

Canadian Solar participates in the United Nations Global Compact and CDP Climate Change Disclosure as of 2023. Released in 2024, Canadian Solar’s 2023 Corporate Sustainability Report cited ongoing reductions in greenhouse gas emissions and energy, water, and waste intensities.[15]

Controversies

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In 2021, the Human Rights Foundation criticized Canadian Solar after The Globe and Mail reported that the company operated a solar farm in Xinjiang, China, near a Uyghur internment camp.[16] The Guelph Mercury Tribune later reported a second solar farm in Xinjiang with ties to a supplier of Canadian Solar.[17] The Globe also reported a 2019 agreement between Canadian Solar and polysilicon manufacturer GCL-Poly, a company whose Xinjiang subsidiary had ties to forced labor.[18] In 2021, Canadian Solar denied any connection to forced labor in its operations or supply chain and was working with polysilicon suppliers to establish auditing processes.[19][20] Asked about the firm at a press conference, Prime Minister Justin Trudeau "follow up with ... all companies that have investments in that area, to ensure they are following Canadian values and Canadian law."[21] Later that year, Canadian Solar sold both of its Xinjiang solar power plants to a consortium of Chinese banks and investment groups and no longer has any Xinjiang locations, The Mercury Tribune reported.[22] In August 2023, the U.S. Department of Commerce ruled that Canadian Solar circumvented tariffs on Chinese-made goods.[23]

Manufacturing

[edit]

Canadian Solar operates production facilities in the United States, Canada, China, Indonesia, Vietnam and Brazil, where it manufactures ingots, wafers, solar cells, solar PV modules, solar power systems, and other solar products.[24]

Products

[edit]

PV Modules and Systems -- The firm's standard PV modules are powered 210mm and 182mm N-type TOPCon solar cells that absorb and convert light from both sides of the module.[25] As of 2024, Canadian Solar delivered more than 133 GW of solar PV modules globally, making the firm one of the largest global suppliers of TOPCon solar cell technology.[25][26]

Utility-Scale Solar PV Projects -- Since entering the project development business in 2010, Canadian Solar has developed, built, and connected over 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects across the world.[1]

Awards & Recognition

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2023 – Environmental Finance, a U.K.-based sustainability publication, awarded its Global Sustainability Reporting of the Year Award to Canadian Solar for the company's 2023 Corporate Sustainability Report.  The company’s 2022 Sustainability Report received the Green Project Bond of the Year Award from Environmental Finance for a JPY8.1 billion ($75 million) green project bond for 43 MW solar projects in Ibaraki and Hiroshima, Japan.[27]

Notable Projects

[edit]

2024

[edit]

United States – Super Bowl LVIII at Allegiant Stadium in Las Vegas, Nevada on February 11, 2024, was powered entirely by renewable energy from the EDF Arrow Canyon solar-plus-storage project on the Moapa Indian Reservation near Las Vegas. The 275-megawatt project uses bifacial panels supplied by Canadian Solar.[28]   

South Africa – CSI Solar Co. Ltd., a Canadian Solar subsidiary, supplied 256 megawatts of solar modules for South Africa’s two largest utility-scale solar projects. Developed by SOLA Group in South Africa’s North West Province, the projects are designed to generate 580 gigawatt hours of renewable energy annually, enough to power 40,000 households and reduce carbon emissions by 595,000 tons.[29]

2023

[edit]

Colombia – Canadian Solar completed Colombia’s first utility-scale battery storage project, a 45-megawatt, 45-megawatt-hour lithium-ion storage system in Barranquilla designed to strengthen the electricity transmission network in northern Colombia. Developed by Colombia's Ministry of Energy and Mines, it was Canadian Solar’s first energy storage project in Latin America.[30]

Brazil – Canadian Solar developed and constructed a 51.1-megawatt-peak solar power project in Minas Gerais, Brazil. The project includes approximately 130,000 Canadian Solar bifacial modules and generates over 107,748 megawatt hours of electricity annually.[31]

2020

[edit]

Canada – Canadian Solar supplied solar panels and single-axis trackers to the Suffield solar facility in Southeast Alberta, Canada. The 32-megawatt peak, 23-megawatt alternating current plant was the largest solar project in Alberta at the time of its completion in 2020. Electricity from the plant purchased by Direct Energy supports approximately 7,400 households annually.[32]

2019

[edit]

Argentina – In 2019, the 100-megawatt Cafayate solar plant opened in Salta Province. Developed by Canadian Solar, it was the largest solar power plant in Argentina at the time of its completion. Powered by more than 289,000 Canadian Solar high-efficiency modules, the plant generates more than 216 gigawatt-hours of electricity per year.[33]

2018

[edit]

Brazil – Canadian Solar developed and constructed 5 solar projects totaling 185 megawatts in Pirapora in the state of Minas Gerais.[34]

2017

[edit]

Brazil – Canadian Solar supplied modules for the 191.5 MWp Pirappora solar energy project from its 360 MWp modules factory established in Brazil to support the local market.[35]

2016

[edit]

Texas – Recurrent Energy, a Canadian Solar subsidiary, partnered with Southern Power to develop the 157.5-megawatt Roserock Solar project in Pecos County, Texas.[36]

California – The 100-megawatt Mustang solar power project in Kings County, California reached commercial operation in 2016. Developed by Recurrent Energy, a Canadian Solar subsidiary, the project feeds power to the grid under two long-term contracts.[37]

2015

[edit]

Turkey – Canadian Solar supplied 27,000 solar modules for a 7.5-megawatt solar project in Turkey’s Kayseri Organized Industrial Zone. It was the country’s largest PV installation at the time of its completion. The project supported Turkey’s energy infrastructure overhaul and its goal of reaching 5 gigawatts of solar capacity by 2023.[38]

Canada – The 100-megawatt, utility-scale Grand Renewable Solar Project in Ontario, which includes 445,000 solar modules from Canadian Solar, was the largest operational solar farm in Canada at the time of its construction.[39]

2014

[edit]

Honduras – Canadian Solar Inc. supplied 146.4 megawatts of solar modules to two utility-scale solar projects in Honduras. The plants were developed by Solar Power S.A. de C.V. and Compania Hondurena de Energia Solar S.A. de C.V.[40]

United States –The 5.86 MWp Lancaster Solar Project, located 50 miles northwest of Boston, Massachusetts, consists of 19,000 Canadian Solar modules. Developed by EDF Renewable Energy and Urban Green Technologies LLC, the project supplies energy to the town of Billerica, Massachusetts.[41]

2013

[edit]

Denmark – Canadian Solar supplied 2,800 photovoltaic solar modules for a rooftop solar installation located north of Copenhagen in the Danish city of Virum. With a 605-kilowatt capacity, it was the largest rooftop solar installation in Denmark when it connected to the grid in 2013. The project was built by SRU Solar AG in collaboration with Danish energy company Greengo Energy.[42]

2011

[edit]

Italy – Canadian Solar supplied modules for the 70-megawatt Rovigo solar power plant in Northeast Italy. Constructed by SunEdison, it was the largest solar power plant in Europe at the time, generating enough energy to power more than 16,500 homes annually while reducing carbon emissions by over 40,000 tons per year.[43]    

Germany – Solarpark Senftenberg/Schipkau, a 166-megawatt solar power station in southern Brandenburg, was Germany's largest solar park at the time of its construction in 2011. It uses approximately 636,000 solar panels supplied by Canadian Solar. The solar park was named 2012 Solar Project of the Year Award by POWER-GEN International.[44]

2010

[edit]

Germany – Canadian Solar and Green City Energy jointly completed a 1-megawatt solar installation in Haertensdorf, Germany.[45]

References

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Canadian Solar

View on Grokipedia
from Grokipedia

Canadian Solar Inc. is a Canadian-headquartered specializing in solar photovoltaic module , utility-scale solar project development, and battery energy storage solutions. Founded in 2001 by Dr. Shawn (Xiaohua) Qu in , , the company has grown into one of the world's leading solar technology providers, with operations spanning over 160 countries across six continents. Publicly listed on the under the ticker CSIQ since 2006, Canadian Solar maintains its global headquarters in . The company has achieved significant scale in the sector, having shipped nearly 157 GW of solar modules and over 11 GWh of battery storage systems as of early 2025. Its project development arm, Recurrent Energy, oversees a pipeline exceeding 27 GWp of solar capacity and 76 GWh of in various stages of development. Canadian Solar has earned recognition for reliability, including BloombergNEF's Top Bankable Manufacturer designation for 2022-2023 and a top ranking in Newsweek's 2024 World's Most Trustworthy Companies list in the sector. These milestones reflect its role in advancing solar deployment amid global transitions, supported by technological advancements in module and storage integration. While Canadian Solar has expanded through strategic manufacturing and project execution, it has faced legal challenges, such as a 2024 lawsuit filed by Maxeon Solar Technologies alleging violations related to technology. Earlier scrutiny included a 2010 U.S. Securities and Exchange Commission investigating sales practices, typical of industry-wide probes into Chinese solar firms during that era. Despite such issues, the company's diversified operations and focus on utility-scale solutions have sustained its market position.

History

Founding and Early Development (2001–2006)

Canadian Solar Inc. was founded on October 18, 2001, in , , , by Dr. Shawn (Xiaohua) Qu, a materials scientist with a PhD from the . Qu, who had previously worked in the photovoltaic sector at firms including Matrix Science, established the company using primarily his personal savings and a vision to advance accessibility. The initial focus was on the design, development, and small-scale assembly of photovoltaic modules, capitalizing on Qu's expertise in technology amid emerging demand for solutions. Business operations commenced in October 2001, with the first solar module shipments occurring in March 2002. Early activities were centered in , emphasizing product engineering and market entry into and , though production costs prompted a strategic shift toward . The company benefited from the nascent growth in the global solar industry, driven by government incentives and technological improvements in silicon-based . Significant expansion occurred in 2004, when Canadian Solar initiated in-house manufacturing of solar cells and modules in , , to leverage lower costs and efficiencies while maintaining headquarters in . This move enabled scaled production and contributed to accelerated revenue growth, as the firm transitioned from assembly reliant on third-party cells to integrated operations. By 2006, these developments positioned the company for its on , reflecting cumulative progress in module quality and during a period of industry-wide expansion.

Initial Public Offering and Global Expansion (2006–2015)

Canadian Solar completed its on November 9, 2006, listing on the under the CSIQ, with shares priced at $15 each. The offering involved 7.7 million shares, raising approximately $115.5 million in gross proceeds, which the company intended to use for expanding manufacturing capacity and general corporate purposes. This capital infusion supported rapid scaling amid growing global for solar photovoltaic modules, as the firm transitioned from early operations focused primarily on module assembly in to broader production enhancements. Following the IPO, Canadian Solar accelerated manufacturing expansions in , including the construction of a new module facility through its subsidiary CSI Luoyang, which commenced commercial production in May 2007. By 2008, the company had built an additional module plant of approximately 23,671 square meters, with production starting in April of that year, contributing to increased output from its primary facilities in Suzhou and Changshu. These investments aligned with the solar industry's growth trajectory, where worldwide installations were projected to expand at a compound annual rate of 17.4% from 2005 to 2010, driven by on-grid applications in and elsewhere. The period also marked Canadian Solar's deepening global footprint, with module deployments reaching over 8 GW across more than 70 countries by early 2015. In , the company entered the solar project development business, diversifying beyond to include utility-scale installations, which facilitated entry into markets in , the , and . This expansion included establishing sales and service operations in key regions, such as for feed-in tariff-driven demand and the U.S. for emerging utility projects. By November 2013, Canadian Solar opened a module facility in , , producing photovoltaic modules and related products to serve North American markets. Shipments grew substantially, culminating in 4.7 GW of solar modules sold in 2015 alone, reflecting the company's scaled production and diversified streams amid competitive pressures in the photovoltaic sector. Capacity expansions continued, with plans to reach 5.73 GW in module production by late 2016, supported by joint ventures such as cell manufacturing in Province targeting 400 MW by September 2015. These developments positioned Canadian Solar as a vertically integrated player, though reliant on Chinese manufacturing amid global trade dynamics.

Growth in Module Shipments and Diversification (2016–2022)

During this period, Canadian Solar significantly expanded its solar module shipments, reflecting increased global demand for photovoltaic products amid falling costs and supportive policies in key markets. Annual shipments grew from approximately 5.1 GW in 2016 to 21.1 GW in 2022, a exceeding 26%. This expansion was driven by capacity additions and operational efficiencies, with shipments reaching 6.0 GW in 2017, 6.6 GW in 2018, 8.6 GW in 2019, 11.3 GW in 2020, 14.5 GW in 2021, and culminating in the 2022 record.
YearModule Shipments (GW)Year-over-Year Growth
20165.1-
20176.018%
20186.610%
20198.630%
202011.331%
202114.528%
202221.145%
To support this shipment growth, the company pursued by expanding upstream manufacturing of ingots, wafers, and cells, targeting 28 GW of combined capacity by the end of 2022, up from lower bases earlier in the decade. This included new facilities in , such as and , to diversify away from China-centric production amid trade tariffs and risks. By 2022, manufacturing operations achieved higher levels, reducing costs and enhancing control over quality and supply. Diversification extended beyond modules into downstream segments, including project development via subsidiary Recurrent Energy and energy storage solutions. Recurrent Energy's project pipeline expanded to 26 GWp by mid-2022, with completed developments contributing to over 10 GWp of connected solar capacity by that point, focusing on utility-scale assets in the Americas and Europe. In energy storage, Canadian Solar secured nearly 1 GWh in contracts by 2020 and formalized its e-STORAGE division, which by 2022 supported battery system integrations alongside solar deployments, marking a shift toward integrated renewable solutions. These moves mitigated reliance on module sales volatility, with project and storage revenues growing as percentages of total income.

Recent Milestones and Challenges (2023–2025)

In 2023, Canadian Solar recorded its highest-ever annual module shipments at 30.7 GW, generating $7.6 billion in revenue and $274 million in , driven by strong fourth-quarter shipments of 8.2 GW that rose 26% year-over-year. The company also advanced sustainability efforts, achieving significant reductions in operational intensities from 2017 baselines, including 54% lower by the end of 2023. Reversing course in 2024, revenues fell 21% to $5.9 billion, culminating in a net loss of $96.4 million, as module prices hit multi-year lows amid global oversupply and intensified competition from lower-cost producers. These pressures persisted into 2025; first-quarter revenues reached $1.2 billion with a gross margin of 11.7%, but the company cited ongoing historic price declines and supply chain cost increases as key headwinds. Second-quarter results improved sequentially to $1.7 billion in revenues—up 42% from Q1 and supported by battery energy storage sales—but still reflected a modest 4% year-over-year gain, with full-year guidance lowered to $5.6–$6.3 billion amid projected negative earnings per share. Amid these financial strains, Canadian Solar marked product innovation milestones in 2025, launching low-carbon photovoltaic modules in September with deliveries commencing in August, offering up to 660 Wp output and 24.4% efficiency to meet rising demand for reduced-emission solar technology. The firm also secured Tier 1 manufacturer status from the Clean Energy Asset Owners Association in September, backed by a 4.5 GW performance benchmark. progress continued, with the 2024 report highlighting a Silver EcoVadis rating elevated to the industry's top 4% in 2025, alongside an ISS ESG upgrade to B+ in . Battery storage shipments advanced, targeting 800 MWh in Q1 2025 and capacity expansion to 24 GWh by 2026, diversifying beyond modules vulnerable to price volatility. Industry-wide challenges, including overcapacity, policy shifts in key markets, and elevated financing costs, exacerbated Canadian Solar's module segment losses, though provided a partial offset with higher margins in Q2 2025. The company maintained module shipment guidance at 30–35 GW for 2025, emphasizing cost discipline and geographic diversification to navigate persistent low prices and trade barriers.

Corporate Structure and Operations

Manufacturing Facilities and Capacity

Canadian Solar operates over 20 manufacturing facilities for solar modules, cells, wafers, and systems, primarily located in and the , enabling from production onward. As of 2025, its total module production capacity reaches 51 GW annually, supported by 37 GW of wafer capacity, 32.4 GW of cell capacity, and production exceeding 30 GW. These figures reflect ongoing expansions to enhance amid global trade dynamics and demand growth. In , the core of CSI Solar's operations, facilities account for the bulk of production, with module capacity reported at 45 GW in mid-2024, supplemented by expansions in upstream processes like 28 GW of slicing and cell . This concentration leverages established but exposes the company to regional risks and tariffs. North American facilities emphasize module assembly and cell production to qualify for domestic content incentives under the U.S. . The Mesquite, Texas plant, a $250 million investment inaugurated in June 2024, delivers 5 GW of TOPCon module capacity, producing up to 20,000 panels daily and employing 1,500 workers at peak. A complementary cell facility in , launched with over $800 million in funding since October 2023, adds high-tech cell output for local integration, targeting 1,200 jobs. In , the , site maintains module production exceeding 500 MW annually, supporting early-stage R&D and North American logistics. Southeast Asian operations diversify upstream supply, including a 5 GW solar wafer plant in , , operational from March 2024 to serve U.S. exports and mitigate anti-dumping duties. Module assembly lines in countries like and further bolster capacity, though specific outputs vary with market shifts. manufacturing, at 15 GWh total capacity, integrates into select module facilities for hybrid solutions.

Supply Chain Dependencies and Management

Canadian Solar's supply chain for photovoltaic modules relies predominantly on upstream components such as polysilicon, ingots, wafers, and cells, with the global solar industry exhibiting heavy concentration in China, which accounts for over 80% of polysilicon production, 97% of wafer manufacturing, and substantial shares in other stages as of 2022. The company sources a significant portion of these materials from Chinese suppliers, including plans to construct approximately 50,000 tons of annual high-purity polysilicon capacity in Qinghai, China, announced in August 2022 by its subsidiary CSI Solar, to secure feedstock amid volatile pricing and availability. This dependency exposes Canadian Solar to geopolitical risks, including U.S. tariffs on Chinese solar imports and potential disruptions from supply gluts, as evidenced by CSI Solar's reported profit declines in Q1 2025 attributed to high trade barriers and supply-demand imbalances. To mitigate these vulnerabilities, Canadian Solar has pursued and geographic diversification, expanding module assembly and / production capacities to 20 GW by year-end 2023 while incorporating ESG criteria into supplier assessments, as detailed in its 2023 Report released in May 2024. The firm has shifted some manufacturing to the , leveraging incentives from the to establish facilities in and for module production starting in 2024, aiming to reduce reliance on Asian imports and enhance . Additionally, partnerships like the September 2024 agreement with SOLARCYCLE for U.S.-based panel support a approach to end-of-life management, addressing downstream dependencies on waste handling. Its 2024 Sustainability Report emphasizes robust , including supplier audits for labor standards and transparency in sourcing, though implementation faces challenges from opaque upstream supply chains dominated by state-subsidized Chinese entities. Notwithstanding these strategies, Canadian Solar contends with ethical and regulatory risks, including allegations of indirect links to forced labor in , China, through polysilicon suppliers, as raised in January 2023 critiques of its panels used in a project, prompting U.S. Customs and Border Protection scrutiny under the . Trade policies, such as prospective U.S. tariffs escalated in 2025 under the Trump administration, have prompted considerations of further manufacturing relocations by CSI Solar to evade duties, potentially increasing costs by 3-4 cents per watt for panels while straining global logistics. These factors underscore ongoing efforts to balance cost efficiencies with resilience, as outlined in the company's risk disclosures amid forecasts of continued Chinese market dominance through 2025.

Global Presence and Subsidiaries

Canadian Solar operates facilities across and the , with over 20 sites dedicated to solar modules, , and related components. Key production locations include its module factory in , , , which serves as the company's global headquarters; facilities in for ingot and production; assembly plants in and ; and a module in , , which began operations following its announcement on June 15, 2023, with an initial capacity of 5 gigawatts annually. Additional expansions include a 5-gigawatt N-type solar facility in , slated to commence production in 2025. The company also maintains operations in for regional module assembly, supporting its presence in . The firm's global footprint extends to subsidiaries in 23 countries and regions across six continents, enabling sales, project development, and operations in , , , , the , , and . It serves active customers in more than 160 countries, leveraging localized entities for and . Notable subsidiaries include Recurrent Energy, a wholly owned development arm focused on solar and initiatives worldwide, which relocated its to , in 2021 and has developed over 12 gigawatts of projects. Another key entity is CSI Solar Co., Ltd., a majority-owned (approximately 64% held by Canadian Solar as of June 2023) that specializes in photovoltaic modules and solutions; it completed an on the in June 2023. CSI Energy Storage, integrated within CSI Solar, provides battery solutions for utility-scale projects. Regional subsidiaries facilitate tailored operations, such as Canadian Solar (Australia) Pty Limited for sales, Canadian Solar International Limited in for global coordination, and European entities like Canadian Solar , S.L., and Canadian Solar Netherlands Coöperatief U.A. for project execution and distribution in the . These structures support Canadian Solar's strategy of while mitigating geopolitical risks through diversified geographic exposure.

Products and Technology

Photovoltaic Modules

Canadian Solar produces crystalline silicon photovoltaic modules designed for utility-scale, commercial, and residential applications, emphasizing high power output, efficiency, and durability. The company's module portfolio has evolved from passivated emitter and rear cell (PERC) technology to advanced N-type tunnel oxide passivated contact (TOPCon) cells, which offer superior conversion efficiencies and reduced degradation rates compared to PERC due to lower recombination losses and better passivation. TOPCon modules achieve cell efficiencies around 25.0% and module efficiencies up to 23.2%, enabling higher energy yields in diverse environmental conditions. Key series include the TOPBiHiKu7 bifacial modules, utilizing 210 mm N-type TOPCon cells in a 132- or 120-cell configuration, with front-side power outputs reaching 725 W and bifaciality up to 85%, which boosts overall yield by capturing reflected light on the rear side. These modules measure approximately 2382 x 1134 x 30 mm and feature double-glass encapsulation for enhanced mechanical load resistance, withstand snow loads up to 5400 Pa and wind loads up to 2400 Pa. Monofacial variants like TOPHiKu6 provide outputs from 420 W to 575 W using 182 mm cells, targeting applications where bifacial gains are minimal. Warranties typically include 30 years for linear power output, with first-year degradation under 1% and annual degradation below 0.4% thereafter, supported by rigorous testing under IEC 61215 and IEC 61730 standards. In September 2025, Canadian Solar introduced low-carbon (LC) modules for utility-scale and commercial use, incorporating innovations in ingot utilization (20% higher rate), thinned wafers to 110 μm, and (HJT) cell technology to reduce manufacturing emissions while achieving up to 660 Wp output and 24.4% module efficiency. These modules prioritize environmental without compromising performance, with deliveries commencing in August 2025. Cumulative global module shipments reached 150 GW by May 2025, reflecting scaled production capacities exceeding 10 GW annually for advanced series like HiKu7 by late 2021, now expanded for lines. The modules' design focuses on low levelized cost of energy (LCOE) through features like excellent low-irradiance performance (up to 96.5% efficiency) and resistance to (PID), validated by third-party certifications. Canadian Solar's R&D efforts include world-record cell efficiencies, such as 23.81% for n-type large-area multi-crystalline , underpinning module advancements.

Energy Storage Solutions

Canadian Solar offers solutions primarily through its e-STORAGE , which specializes in the , , and integration of battery systems (BESS) for utility-scale, commercial and industrial (C&I), and residential applications. e-STORAGE, rebranded from CSI in July 2023, operates as a distinct business unit under CSI Solar and deploys modular, systems using lithium-iron-phosphate (LFP) batteries for applications such as shifting, , and grid stabilization. By September 2025, e-STORAGE had shipped approximately 13 GWh of storage capacity and targeted an annual capacity of 15 GWh by December 2025. Key products include the SolBank series, with SolBank 3.0 launched in December 2023 featuring higher (up to 45% capacity increase per unit), advanced fire safety protocols, smart liquid cooling, and 40% faster commissioning times compared to prior versions. Subsequent iterations, such as SolBank 3.0 Plus and the FlexBank modular system (10.836 MWh per container), emphasize scalability and integration with Canadian Solar's photovoltaic modules for hybrid solar-plus-storage projects. In September 2025, e-STORAGE introduced an 8.36 MWh next-generation modular BESS unit designed for utility-scale deployment, incorporating enhanced thermal management and grid-support features. For C&I applications, systems support parallel connectivity for capacities exceeding single-unit limits, while residential offerings include the EP Cube, a compact LFP-based system integrated with home solar setups for self-consumption and backup. e-STORAGE has secured multiple utility-scale contracts, demonstrating growing deployment. In January 2023, CSI Energy Storage (pre-) agreed to supply up to 550 MWh of SolBank units to Pulse Clean Energy for Canadian projects. By March 2025, e-STORAGE committed to delivering 1.8 GWh DC of BESS for a large-scale initiative. In April 2025, it signed a contract with Chile's Colbún for 228 MW/912 MWh of storage to augment an existing 8 MW/32 MWh system at a solar park, enabling and ancillary services. At in 2023, e-STORAGE reported a 26 GWh project pipeline, which expanded to 80 GWh by 2025 through Recurrent Energy, Canadian Solar's project development arm. These solutions prioritize LFP chemistry for safety and longevity, with system warranties typically spanning 10-15 years, though long-term performance data remains limited by the relative novelty of large-scale deployments.

Project Development Services

Canadian Solar's project development services are delivered primarily through its wholly-owned subsidiary Recurrent Energy, which focuses on utility-scale solar photovoltaic and battery energy storage systems. Established as the platform for these activities following a rebranding in April 2023, Recurrent Energy manages the full project lifecycle, encompassing site selection, design, interconnection applications, permitting, procurement, contract origination, financial structuring, construction oversight, and initial operations. This integrated approach leverages in-house expertise to mitigate risks and optimize project viability across diverse regulatory and market environments. Since initiating project development in 2010, Recurrent Energy has completed approximately 12 gigawatts peak (GWp) of solar projects and 6 gigawatt-hours (GWh) of energy storage systems now operational and connected to grids worldwide. The subsidiary maintains a robust pipeline of around 25 GWp in solar capacity and 69 GWh in battery storage under active development as of early 2025, spanning six continents for geographic diversification. This scale reflects capabilities in securing off-take agreements, navigating grid interconnections, and aligning projects with local energy policies, often integrating Canadian Solar's proprietary modules and storage solutions for enhanced efficiency. Recurrent Energy's services extend to post-development support, including power marketing and optimization to maximize revenue, with over 14 GW of assets under long-term operations and maintenance contracts. These efforts prioritize cost-effective execution and reliable performance, drawing on multidisciplinary teams experienced in utility-scale deployments that have contributed to global solar capacity expansions. The subsidiary's model emphasizes self-performance where feasible to control timelines and quality, though it collaborates with external partners for specialized financing or construction in select markets.

Financial Performance and Market Position

Canadian Solar's expanded significantly from 2010 to 2022, driven by global demand for photovoltaic modules and increasing solar installations, reaching $6.6 billion in 2022, a 41.5% increase from 2021. However, growth slowed to 1.9% in 2023 at $7.6 billion, before contracting 21.3% to $6.0 billion in 2024 amid module price declines and industry oversupply. In the first half of 2025, quarterly revenues showed volatility, with Q1 at $1.2 billion and Q2 rising 42% sequentially to $1.7 billion, supported by battery storage sales but still only 4% higher year-over-year. Profitability metrics reflect margin pressures from commoditized solar products and raw material costs. Gross profit peaked at $1.3 billion in 2023 but fell to $999 million in 2024, with gross margins averaging around 14-16% in late 2024 quarters before dipping to 11.7% in Q1 2025. Net income turned marginally positive at $36 million for full-year 2024 but shifted to a trailing twelve-month loss of $6.9 million by mid-2025, with quarterly EPS losses including -$1.07 in Q1 2025 and -$0.53 in Q2 2025. These trends stem from intensified , particularly from lower-cost Chinese producers, and cyclical demand fluctuations rather than operational inefficiencies alone.
YearRevenue (USD billions)Gross Profit (USD millions)Net Income (USD millions)
20214.3909N/A
20226.61,263N/A
20237.61,280N/A
20246.099936
Diversification into and project development has provided some offset, contributing to Q2 2025 revenue gains, though module sales remain dominant and vulnerable to pricing wars. Overall, while scale has supported revenue volume, sustained profitability requires cost controls and higher-value segments amid geopolitical trade barriers affecting supply chains.

Stock Performance and Investor Relations

Canadian Solar Inc.'s common shares have traded on the under the CSIQ since the company's on November 16, 2006. The stock's performance reflects the cyclical volatility inherent to the photovoltaic industry, driven by fluctuations in polysilicon prices, module oversupply, trade tariffs, and shifts in global energy policies. From its IPO price range of $13.50–$15.50, CSIQ reached an all-time high closing price of $48.19 on May 17, 2007, amid early solar adoption growth, but subsequently declined sharply during the 2011–2012 industry downturn caused by Chinese manufacturing expansion and falling prices. Recovery phases occurred in the late , with shares peaking above $60 in July 2020 on heightened demand, though persistent pricing pressures and geopolitical tensions have constrained sustained gains. In recent years, CSIQ has traded in a narrower range amid intensified competition from low-cost Asian producers and U.S. import duties on solar components. The stock experienced a 52-week low of approximately $12.46 and high of $17.07 as of October 2025, closing at $15.00 on October 24, 2025. Market capitalization stood at roughly $948 million on October 23, 2025, with a negative price-to-earnings ratio of -137 reflecting quarterly losses, including a net loss attributable to common shareholders in recent periods due to high debt levels and margin compression from module price erosion. Trading volume averaged about 2.75 million shares daily in late October 2025, with shares outstanding at 66.97 million. Key downward pressures include reliance on Chinese supply chains vulnerable to export restrictions and subsidy distortions, while upside potential ties to expanding project pipelines and e-STORAGE deployments. The company does not pay regular dividends, prioritizing reinvestment in capacity expansions and project developments over shareholder distributions, resulting in a trailing of 0%. Shareholder returns have thus depended on capital appreciation, which has been uneven; for instance, a $1,000 investment at IPO would have grown modestly by October 2025, underperforming broader market indices like the due to sector-specific risks. Investor relations efforts are coordinated through the official website at investors.canadiansolar.com, which provides access to SEC filings, quarterly earnings releases, and transcripts. Canadian Solar conducts regular earnings conference calls—typically quarterly—and participates in industry events such as investor conferences hosted by firms like and JPMorgan, where management discusses module shipments, backlog growth (over 40 GW as of mid-2025), and strategies to mitigate impacts through diversified . The IR team, led by Harry Zhu, fields inquiries on financial health, ESG metrics, and geopolitical exposures, emphasizing the company's bankability evidenced by over $20 billion in financed projects since listing. No programs were active as of late 2025, with focus instead on debt reduction and Recurrent Energy's development pipeline.

Competitive Advantages and Challenges

Canadian Solar derives key competitive advantages from its diversified , which encompasses photovoltaic module manufacturing, systems, and downstream project development services, allowing for integrated value chain control and revenue diversification beyond pure module sales. This supports cost efficiencies, as evidenced by the company's competitive cost structure and strong focus, which have enabled innovations such as a 22.80% conversion efficiency record for its N-type solar modules announced in mid-2023. Additionally, Canadian Solar's global manufacturing footprint across , , and other regions provides flexibility in serving diverse markets and navigating regional incentives, contributing to its recognition as the top-ranked company in energy and utilities by Newsweek's 2024 World's Most Trustworthy Companies list based on stakeholder surveys and metrics. The company's emphasis on bankability and long-term partnerships, bolstered by its listing since 2006 and a track record of delivering large-scale projects, enhances its appeal to investors and off-takers compared to less established peers. In module shipments, Canadian Solar held a of approximately 5-6% globally in Q4 2024, trailing leaders like but outperforming in project EPC services where its end-to-end capabilities provide a . Despite these strengths, Canadian Solar faces significant challenges from global solar module oversupply, primarily driven by excess capacity in , which has exerted downward pressure on prices and eroded margins across the industry. In Q1 2025, the company reported module shipments of around 6.9 GWp—a slight increase year-over-year—but incurred net losses of $42.6 million due to these pricing dynamics and higher operating costs. Intense competition from lower-cost rivals like and , coupled with Canadian Solar's relatively weaker solvency metrics (e.g., a of 1.07 as of mid-2025), heightens vulnerability to market volatility. Trade policy uncertainties, including potential U.S. tariffs on solar imports under evolving administrations, further complicate operations, as seen in a 21.28% year-over-year revenue decline to $5.99 billion in Q4 2024, reflecting heightened caution among investors. Currency fluctuations, given the company's multinational revenue streams (with significant exposure to emerging markets), add to financial risks, potentially amplifying losses if the Canadian dollar strengthens against trading partners' currencies. These factors underscore Canadian Solar's need to accelerate U.S. domestic manufacturing expansions to qualify for incentives like the Inflation Reduction Act, though scaling such facilities amid competitive pressures remains a persistent hurdle.

Notable Projects

Major Solar Power Plants

Canadian Solar, through its subsidiary Recurrent Energy, has developed several utility-scale solar power plants exceeding 100 MW in capacity, contributing to its portfolio of over 12 GWp of operational solar projects globally. These projects often involve bifacial modules manufactured by Canadian Solar and are typically sold to investors upon reaching commercial operation, reflecting a developer-sell model focused on upstream value capture. One of the largest is the Suntop Solar Farm, a 150 MWdc facility in , , which achieved commercial operation in and was sold to CalEnergy Resources, a subsidiary, later that year. Paired with the adjacent Solar Farm at 110 MWdc, the two sites together total approximately 345 MWp and supply power under long-term agreements, including to Amazon for over two-thirds of output. Suntop represented the largest solar farm commissioned in in , utilizing Canadian Solar modules and highlighting the company's role in scaling renewable capacity in competitive markets. In the United States, Recurrent Energy brought Liberty Solar online in October 2024, a 134 MWdc (100 MWac) project near , , featuring single-axis tracking and Canadian Solar panels. Similarly, the 127 MWdc Bayou Galion Solar project in northeast commenced operations in November 2024, financed with $160 million and backed by a , underscoring demand from tech firms for .
Project NameCapacityLocationOperational DateKey Details
Suntop Solar Farm150 MWdc, 2022Sold to CalEnergy; largest Australian commissioning in 2022; PPA with Amazon.
Gunnedah Solar Farm110 MWdc, 2022Sold with Suntop; contributes to 345 MWp combined output.
Liberty Solar134 MWdc (100 MWac), USAOctober 2024Single-axis tracking; uses Canadian Solar modules.
Bayou Galion Solar127 MWdcLouisiana, USANovember 2024Microsoft-backed PPA; $160M financing.
Internationally, Horus Solar (118.75 MWp, ) and Cafayate Solar (100 MWp, , operational since 2019) exemplify Recurrent Energy's diversification, with the latter delivering power under long-term contracts before a planned sale in 2025. These projects leverage local grid integration and incentives, though outcomes depend on regulatory stability and reliability.

Energy Storage and Hybrid Projects

Canadian Solar's subsidiary e-STORAGE specializes in utility-scale battery systems (BESS), employing SolBank 3.0 enclosures with lithium-iron-phosphate cells for enhanced safety, density, and commissioning efficiency. As of June 30, 2025, e-STORAGE had shipped over 13 GWh of BESS solutions globally, supporting grid stability and renewable integration. Key standalone storage projects include the Crimson Storage facility in , a 350 MW / 1,400 MWh system that achieved operation in 2022, providing flexible capacity to the state's grid. In March 2025, e-STORAGE contracted to supply 576 MWh DC for the White Tank Battery project in , utilizing approximately 120 SolBank 3.0 enclosures to shift output. That same month, agreements were secured for 1.8 GWh DC across multiple U.S. sites, including 806 MWh in and 998 MWh elsewhere, in partnership with Aypa Power. In April 2025, e-STORAGE committed to a 228 MW / 912 MWh system for the Sur BESS project, featuring advanced liquid cooling. In October 2025, e-STORAGE expanded its Aypa partnership with the Elora and Hedley projects in , delivering 420 MW / 2,122 MWh using SolBank 3.0 to bolster grid capacity. Recurrent Energy, another Canadian Solar subsidiary, develops hybrid solar-plus-storage projects alongside standalone systems, with a pipeline exceeding 25 GWp solar and 69 GWh storage as of late 2025. Notable hybrids include the Carwarp Energy Park in , where a 171 MW solar farm financial close in 2024 precedes a co-located 120 MW BESS for Stage 2 integration. In , a 100 MW hybrid PV project in Holingola, , operational by mid-2024, combines photovoltaic generation with storage to replace conventional power in an industrial area. These initiatives reflect Canadian Solar's strategy to pair solar assets with BESS for improved dispatchability and revenue through arbitrage and ancillary services.

Pipeline and Future Developments

As of June 30, 2025, Canadian Solar's solar development pipeline, primarily managed through its Recurrent Energy, totaled 27.3 GWp, comprising 2.0 GWp under , 4.2 GWp in backlog, and 21.1 GWp in early- to mid-stage development. This pipeline excludes projects in and spans diverse geographies including , , , and , reflecting a strategy to mitigate regional risks through global diversification. In parallel, the company's energy storage pipeline has expanded significantly, reaching approximately 80 GWh of battery capacity across various development stages as of October 1, 2025, driven by its e-STORAGE division. Key advancements include a partnership expansion with Aypa Power for 2.1 GWh of battery storage projects in , , announced on October 1, 2025, which builds on prior collaborations and targets grid-scale deployments to support renewable integration. Additionally, Recurrent Energy's storage pipeline stood at over 69 GWh globally (excluding ) as of March 31, 2025, with ongoing financings such as the $825 million closure for energy projects on October 21, 2025, signaling progression toward construction. Future developments emphasize hybrid solar-storage integrations and technological enhancements, with Recurrent Energy advancing projects like a 171 MW solar facility in that reached financial close in 2025, incorporating power purchase agreements for long-term revenue stability. The pipeline supports Canadian Solar's broader goal of scaling to over 25 GWp in operational solar capacity historically developed, while e-STORAGE shipments exceeded 13 GWh by late 2025, positioning the company for increased hybrid deployments amid rising demand for dispatchable renewables.

Controversies and Criticisms

Allegations of Forced Labor in Supply Chain

In 2021, a report by Sheffield Hallam University's Helena Kennedy Centre for International Justice, titled "In Broad Daylight," documented forced labor involving Uyghur and other Turkic Muslims in Xinjiang's polysilicon production, a key input for solar photovoltaic (PV) modules, asserting that nearly half of global polysilicon originated from the region with ties to state-sponsored labor transfer programs. The analysis highlighted supply chain opacity, noting that downstream manufacturers, including those assembling modules in China, often lacked verifiable audits excluding forced labor risks. Canadian Solar, which produces solar modules primarily through its CSI Solar subsidiary in China, faced scrutiny as part of this industry-wide exposure, though the report did not identify the company as a direct participant. A follow-up Sheffield Hallam study in 2023, "Over-Exposed: Uyghur Region Exposure Assessment for Solar Industry Sourcing," reiterated persistent risks, finding that major solar firms continued indirect sourcing from Xinjiang-linked entities despite heightened regulatory scrutiny under laws like the U.S. (UFLPA), which presumes goods from the region involve forced labor absent rebuttal evidence. Canadian Solar did not respond to requests for comment on these findings from the Business & Human Rights Resource Centre, which tracked corporate engagements with the research. Critics, including investor groups, argued that the company's reliance on Chinese suppliers—where polysilicon traceability remains challenging due to commingled materials—heightened vulnerability, as internal audits may not detect upstream forced labor without third-party verification excluding origins. In response, Canadian Solar's CEO and Chairman Shawn Qu stated in May that internal investigations uncovered "no evidence of forced labor within our company or our ," emphasizing a zero-tolerance policy and ongoing supplier audits. The company affirmed compliance efforts with international standards, including the UFLPA, through supply chain mapping and risk assessments, though specifics on polysilicon sourcing diversification were not publicly detailed beyond general commitments. Specific allegations surfaced in project contexts, such as a 2023 U.S. solar installation in using Canadian Solar panels, where the for a Prosperous America cited Sheffield Hallam evidence linking component origins to Xinjiang polysilicon producers implicated in forced labor transfers. In the UK, opposition to Canadian Solar's proposed 2,100-acre solar farm in in 2023 invoked similar concerns, prompting . In June 2022, the Shareholder Association for Research and Education (SHARE) submitted a proposal to Canadian Solar's annual meeting, urging enhanced board oversight and on Xinjiang risks, including public reporting on supplier audits; shareholders voted to deselect certain board members cited for inadequate response to these issues. These actions underscored demands for greater transparency, with proponents arguing that industry-wide polysilicon dominance by Xinjiang firms—estimated at 35-45% of global supply during peak periods—necessitated proactive divestment from at-risk entities.

Dependence on Chinese Operations and Geopolitical Risks

Canadian Solar's manufacturing operations are predominantly located in , where the company produces the majority of its solar modules and benefits from access to local raw materials and supply chains. supplies roughly 80% of essential inputs like polysilicon for production, giving Canadian Solar cost advantages but tying its output to regional production dynamics. The company's 2025 Form 20-F discloses that a significant portion of its facilities are in , subjecting it to operational vulnerabilities such as supply disruptions, labor regulations, and infrastructure dependencies unique to that market. This reliance extends to financing, with Canadian Solar holding letters of credit valued at $150 million and short-term notes totaling $1.4 billion from Chinese banks as of recent reports. While the company has pursued diversification—such as expanding module production in the United States under incentives from the — remains central to its capacity, with over 50 GW of module manufacturing attributed to facilities there. Oversupply in 's solar sector has depressed global module prices, impacting Canadian Solar's margins despite its scale. Geopolitical tensions exacerbate these dependencies, particularly U.S.-China trade frictions that impose tariffs on solar imports originating from . In December 2022, the U.S. Department of Commerce ruled that Canadian Solar evaded antidumping and by routing Chinese-origin panels through , leading to penalties and heightened scrutiny. U.S. Customs and Border Protection has detained Canadian Solar imports from amid enforcement of the , signaling broader risks of shipment holds and barriers. Escalating tariffs under U.S. shifts, including potential 100% duties on Chinese solar products announced in 2024, threaten to increase costs and force rerouting, though Canadian Solar's U.S. expansions aim to mitigate this. The company's Form 20-F explicitly warns of risks from geopolitical instability, including trade wars and changes that could restrict exports or raise compliance burdens.

Financial and Operational Criticisms

Canadian Solar has faced scrutiny over its profitability, with the company reporting net losses in multiple quarters despite revenue growth and steady module shipments. In Q1 , Canadian Solar endured losses amid persistently low solar module prices driven by global oversupply, even as shipments increased slightly year-over-year. The firm posted a surprise net loss of $0.53 per share in Q2 on revenue of $1.69 billion, missing expectations due to inventory write-downs and tariff-related costs, which triggered a 16% plunge in its stock price. Analysts have highlighted margin compression from rising input costs, such as polysilicon, and structural challenges like high trade barriers, forecasting a shift from profits to losses in the near term. The company's has drawn criticism for elevated levels, with total exceeding $5 billion as of March 31, 2025, up from $5.1 billion at year-end 2024, primarily from borrowings for capacity expansions, , and project developments. Canadian Solar's stands at 2.34, significantly higher than industry averages, signaling heavier reliance on leverage that amplifies risks in a volatile sector. Negative has failed to cover obligations adequately, raising concerns, while has not supported reported earnings, potentially indicating unsustainable financial practices. Critics attribute these issues to bloated accumulation from solar and asset growth, compounded by increased U.S.-based capital expenditures. Operationally, Canadian Solar has encountered challenges from practices scrutinized for evading tariffs, with the U.S. Department of Commerce determining in December 2022 that the company routed Chinese-made panels through third countries to circumvent anti-dumping duties. This has prompted considerations of manufacturing relocation amid high trade barriers and severe supply-demand imbalances, as evidenced by sharply reduced Q1 2025 profits and plans to shift production away from tariff-impacted regions. Additionally, the company faces legal pressures, including a filed by Maxeon Solar alleging violations related to tunnel oxide passivated contact () technology, which Canadian Solar denies and plans to contest vigorously. These operational hurdles, including exposure to global oversupply dynamics, have been cited as undermining efficiency and long-term competitiveness despite expansion efforts.

Awards and Recognition

Product and Brand Awards

Canadian Solar's solar photovoltaic modules have earned recognition for performance, reliability, and quality from independent testing organizations. In 2024, the company received the "Top Performer" designation in the Kiwa PVEL PV Module Reliability Scorecard, evaluating module reliability through rigorous stress tests on production-line modules. This accolade highlights the durability of models like the TOPHiKu6 series under accelerated environmental stressors. Additionally, Canadian Solar's modules secured "Top PV " ratings for highest quality and efficiency in evaluations dating back to earlier models, though recent confirmations emphasize ongoing leadership in U.S. market standards. The company's has been affirmed through customer perception surveys and . EUPD Research awarded Canadian Solar the "Top PV Award 2024," based on installer and end-user feedback assessing , product quality, and after-sales service in the U.S. residential and commercial segments. In , it was named "Best PV Module Manufacturer" by industry analysts, reflecting strong regional performance in project deliveries and manufacturing investments. Canadian Solar's products have also garnered design-focused awards. The EP Cube residential system won the Red Dot Design Award in 2025 for its modular, ultra-slim configuration offering up to 40 kWh capacity and 12 kVA output, praised for innovation in usability and aesthetics among global entries. It further received the 2025 iF Design Award and Gold at the MUSE Design Awards, recognizing excellence in form, function, and integration.
YearAwardCategoryIssuer/Source
2024Top PerformerModule ReliabilityKiwa PVEL
2024Top Brand PVBrand Perception ()EUPD Research
2024Best PV Module ManufacturerRegional Excellence ()Industry Recognition
2025Red Dot DesignProduct Design (EP Cube)Red Dot
2025iF Design & MUSE GoldProduct Design (EP Cube)iF & MUSE

Sustainability and Financial Accolades

Canadian Solar has received several recognitions for its environmental, social, and governance (ESG) performance. In April 2025, the company's ISS ESG rating was upgraded to B+ from B the previous year, achieving Prime ESG status, which reflects improvements in governance and practices as assessed by . Its CDP score advanced to B in the 2024 questionnaire, up from C in 2023, indicating enhanced disclosure and management of climate-related risks. Additionally, EcoVadis awarded Canadian Solar a Silver rating in 2024, positioning it in the top 4% of companies assessed in its industry and top 9% overall. The company earned the Green Project Bond of the Year award from Environmental Finance in April 2024 for its JPY 18.5 billion ($120 million) green private placement completed in 2023, which supported projects and demonstrated innovative financing for sustainable initiatives. In October 2023, Canadian Solar was recognized with the of the Year – Global award by Environmental Finance, highlighting transparent and comparable ESG disclosures. On the financial side, Canadian Solar was included in S&P Global Commodity Insights' Premier List of Tier 1 Cleantech Companies for 2025, based on criteria including gigawatt-scale module and shipments alongside strong financial performance and a robust project pipeline. This designation underscores the company's bankability and operational scale in the solar sector. Earlier, in 2019, it received Project Finance Borrower of the Year from Power Finance & Risk, tied to regional financing deals.

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