Canadian Solar subsidiary CSI Solar plans to add wafer, cell, and module capacity, as well as battery system manufacturing capacity, in Yangzhou’s clean energy manufacturing industrial park.
CSI Solar, which has entered into an investment agreement with the municipal government of Yangzhou City in Jiangsu Province, China, did not reveal its investment figure.
CSI Solar will complete the project 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 phase II and III is subject to change.
CSI Solar 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.
Shawn Qu, Chairman and CEO of Canadian Solar, said: “Our capacity additions will further enhance our profitability in an environment of rapidly declining upstream raw material costs, and we are dynamically adjusting our capacity plans to account for a market backdrop with pockets of large supply as well as pockets of tight supply relative to demand.”