Canadian Solar Inc.(the "Company", "we" or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar companies, today announced the acquisition of, or joint venture in 122MW of utility-scale solar development projects within the United States. The 11 photovoltaic (PV) power plants range in size from 2MW to 29MW and construction is planned to begin in 2012 with the last project set to be completed in 2014. Canadian Solar expects that these projects will be the first of many, marking a strategic move for the Company as it expands from pure-play module sales in the United States to deeper collaboration with utility-scale project developers.
The projects were spearheaded by Canadian Solar's U.S. Projects Team, which was initiated to further the Company's project development presence in North America. This is the second market in which Canadian Solar has engaged in project development. The Company already has a notable projects business in Canada that previously announced approximately 340MW of projects in Ontario and has successfully delivered turnkey EPC services for three of those projects.
"Canadian Solar's Projects Team complements our business strategy, offering our customers and partners a more complete solution package," said Dr. Shawn Qu, CEO of Canadian Solar. "Additionally, the investment we have made in starting the new U.S. Projects Team signifies our continued commitment to the U.S. market. The team's extensive solar experience enabled us to hit the ground running, with 11 projects in less than six months and the ability to now further grow our business in the U.S. market."
Canadian Solar has already established itself as one of the largest solar module suppliers to the U.S. market. Canadian Solar believes that its expansion into project development provides the Company an opportunity for continued growth and the ability to create jobs at a time when many other solar companies are being forced to cut back. As Canadian Solar continues to expand its project pipeline, the Company expects to see an increase in revenue from its project solutions business. The Company estimates that its project solutions revenue will make up 25 percent of its total revenue in 2012, compared to 10 percent in 2011.
