Canadian Solar subsidiary announced project plans to expand its solar and battery storage manufacturing capacity in China

Ontario — Canadian Solar announced that a wholly-owned subsidiary of its majority-owned subsidiary CSI Solar has entered into a multi-year investment agreement with the municipal government of Yangzhou City in Jiangsu Province, China.

Under the Agreement, 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 company says its project plan will be carried out in three phases, with phase I being 14 GW of wafer and cell capacity.

Phase I is expected to commence production in the second half of 2023, while the implementation of phases II and III is subject to change, at the Company’s discretion, based on market conditions and the Company’s assessments. With this announcement and considering the solar supply chain’s demand and supply backdrop, the Company updates its 2023 year-end capacities to 20 GW of ingot, 35 GW of wafer, and 50 GW of cell and modules.

The Company will provide further guidance on 2023 capital expenditures in the next earnings call.