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

0
688

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.

This report is for information purposes only, and is neither a solicitation or recommendation to buy nor an offer to sell securities. Financials Trend is not-a-registered-investment-advisor. Financials Trend is not a broker-dealer. Information, opinions and analysis contained herein are based on sources believed to be reliable, but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. The opinions contained herein reflect our current judgment and are subject to change without notice. Financials Trend accepts no liability for any losses arising from an investor's reliance on the use of this material. Financials Trend sometimes gets compensated up to one hundred and fifty thousand dollars per month for featuring particular stocks. See site disclaimer for complete compensation. Financials Trend and its affiliates or officers currently hold no shares of these stocks. Financials Trend and its affiliates or officers will purchase and sell shares of common stock of these stocks, in the open market at any time without notice. Financials Trend will not update its purchases and sales of these stocks in any future postings on Financials Trend's websites. Certain information included herein is forward-looking within the context of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning manufacturing, marketing, growth, and expansion. The words "may", "would," "will," "expect," "estimate," "anticipate," "believe," "intend," " project," and similar expressions and variations thereof are intended to identify for ward-looking statements. Such forward- looking information involves important risks and uncertainties that could affect actual results and cause them to differ materially from expectations expressed herein. *Financials Trend does not set price targets on securities. Never invest into a stock discussed on this web site or in this email alert unless you can afford to lose your entire investment.