Canadian Solar has several Canadian, U.S. projects due in operation in 2015-2016 period

Canadian Solar (NASDAQ: CSIQ) said May 7 that during the first quarter of 2015, its late-stage, utility-scale solar projects increased by approximately 1.0 GW to 2.5 GW, principally due to the acquisition of Recurrent Energy LLP.

These projects include owned and joint-venture projects, as well as projects where the company provides engineering, procurement, and construction (EPC) services.

In Canada, as previously announced, the company closed the sale of three solar power plants (GoldLight, Glenarm, and CityLights) totaling 30 MW (ac) and valued at over C$202 million (US$162 million). The company’s late stage, utility-scale solar project pipeline in Ontario, Canada, now stands at approximately 184.2 MW (dc), representing a revenue opportunity of approximately C$600 million as the projects are completed and revenue can be recognized under U.S. GAAP rules.

The company’s late-stage, utility-scale solar projects in Ontario are, as of March 31:

Canadian Solar developed projects

  • Alfred, 14.1 MW (dc), in engineering phase, expected commercial operation in Q4 2015;
  • Illumination LP, 14 MW (dc). engineering phase, Q4 2015;
  • Beam Light LP, 14 MW (dc), engineering phase, Q4 2015;
  • Earth Light LP, 14.1 MW (dc), engineering phase, Q4 2015;
  • Lunar Light LP, 14 MW (dc), in construction, Q2 2015;
  • Aria LP, 14.8 MW (dc), engineering phase, Q4 2015;

Third Party Developed (EPC)

  • Samsung Phase I, 133.6 MW (dc), in construction, Q2 2015;
  • Samsung Phase II, 141 MW (dc), in construction, Q3 2015.

At the end of the first quarter of 2015, the company’s late-stage, utility-scale solar project pipeline in the United States totaled approximately 1.0 GW (dc). Permitting is completed for six and procurement is completed for five of the seven projects acquired from Recurrent Energy, and the company expects to break ground on three projects in the next three months. The company’s late stage pipeline in the U.S. are:

  • Astoria, 131 MW (dc), California, commercial operation in 2016;
  • Astoria 2, 100 MW (dc), California, commercial operation in 2016;
  • Project A, 78 MW (dc), California, commercial operation in 2016;
  • Mustang, 134 MW (dc), California, commercial operation in 2016;
  • Tranquility, 258 MW (dc), California, commercial operation in 2016;
  • Project B, 200 MW (dc), Texas, commercial operation in 2016;
  • Project C, 120 MW (dc), California, commercial operation in 2016.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented: “This is an exciting time for us to be in the solar industry. All of our hard work since founding the Company has positioned Canadian Solar as a strong global leader of the solar industry. We are in the right markets with an excellent team capable of delivering on our growth strategy. We have always taken a long-term view on the solar energy market. Our goal is to build upon Canadian Solar’s strengths, to create sustainable value for our shareholders.

“We are positive in our outlook for 2015 given our pipeline of solar projects in key markets worldwide. Based on recent market reports and our own intelligence, we believe that Tier 1 demand may exceed Tier 1 supply later this year. This is driven by policy factors, such as the acceleration of demand in the U.S. ahead of the investment tax credit (ITC) expiration in 2016 and the higher target for the domestic China market in 2015, along with continued strength in markets where we have an established leadership presence. Favorable economic conditions have swung the energy demand pendulum further toward solar, which is resulting in rising demand worldwide. As we have done in the past, we will likely make strategic capacity additions in order to meet the increased demand levels we are seeing and anticipate. We plan to update the market on our business and progress around our evaluation of a potential YieldCo structure at our Investor Day on May 18, 2015.”

In recent developments:

  • On April 6, Canadian Solar announced that its wholly owned subsidiary, Canadian Solar Solutions, had completed the sale of the third 10 MW (ac) solar power plant, “CityLights,” to Renewable Energy Trust Ontario Holdings INC/ULC (RET Capital), at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis. This plant uses Canadian Solar’s CSX-P-300|305P panels..
  • On March 31, Canadian Solar announced that it had completed the acquisition of Recurrent, a leading North American solar energy developer, from Sharp Corp.
  • On March 30, Canadian Solar announced it had completed the sale of the 10 MW (ac) GoldLight solar plant to an affiliate of DIF Infrastructure III. The GoldLight plant commenced commercial operation on Jan. 30 and will sell electricity under a 20-year Ontario Power Authority feed-in tariff contract.

Founded in 2001 in Canada, Canadian Solar is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions. Canadian Solar has a geographically diversified pipeline of utility-scale solar power projects.In the past 14 years, Canadian Solar has successfully deployed over 9 GW of premium quality modules in over 70 countries around the world.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.