Canadian Solar Inc (NASDAQ:CSIQ)’s Latest Updates

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Dallas, Texas 05/28/2014 (FINANCIALSTRENDS) – Canadian Solar Inc (NASDAQ:CSIQ) is one of the largest solar power companies in the world. It has now announced that the company has entered into the agreement with GCL-Poly Solar System Integration. The latter is the subsidiary of GCL-Poly Energy Holdings Limited. Via the agreement they will establish a JV to build the manufacturing site that will produce crystalline silicon-solar cells in Funing, in the Jiangsu Province, China. Under terms of this agreement, CSIQ will own 80 percent & GCL will own 20 percent of equity in this Joint Venture.

The initial phase

During the initial phase, this new solar-cell plant will have 300Megawats of annual production capacity. It expects the multi-crystalline cell conversion efficiency at this Funing plant to touch 19% by 2014-end. This new site can also accommodate the annual production capacity of upto 1.2GW in solar cells, if it is fully built. This decision to now expand beyond its initial phase will also be subject to the market conditions. With addition of this Funing plant, the company’s annual cell-manufacturing capacity will now total 1,560 MW, up from the 1,500MW at 2013-end.

CEO speak

Chairman of GCL-Poly, Mr. Gongs an Zhu said that they are pleased to deepen their strategic cooperation with CSIQ, which is one of the leading solar-module suppliers in the world & a leading solar-energy solutions provider. By leveraging its competitive advantages of both the companies, their goal is to now manufacture the top quality solar-cells at the industry leading cost structure and to deliver very competitive solar energy to thousands of homes across the globe. Canadian Solar’s Chairman & Chief Executive Officer, Dr. Shawn Qu said that they are delighted to enter this JV agreement with GCL, the largest wafer-producer in the world, on the solar-cell factory in China.