14GW! CSI Solar a Subsidiary of Canadian Solar to Launch Silicon Wafer Project in China

PVTIME – On 29 November 2023, CSI Solar Co., Ltd. (688472.HS), a subsidiary of Canadian Solar Inc. (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ), announced its plan to use part of the excess funds to invest in the mono-crystalline silicon wafer project initiated by its subsidiary in Yangzhou City, China.

This particular project aims to produce 14GW of mono-crystalline silicon solar wafers per year, with a total investment of 900 million yuan. And CSI Solar proposed to use the surplus funds of 500 million yuan, accounting for 19.02% of the total amount of the company’s surplus funds.

The project mainly involves the construction of a slicing workshop, a warehouse, a waste water treatment plant and other construction works, as well as the purchase of equipment, in order to expand the mass production of solar energy mono-crystalline silicon wafer products and consolidate CSI Solar’s dominant position in the market.

On 30 October 2023, Canadian Solar announced its plan to build a 5GW solar cell manufacturing facility at the River Ridge Commerce Center in Jeffersonville, Indiana, US.

As these projects come online, Canadian Solar’s production capacity will continue to grow.

Its production capacity in 2019 was 5GW of silicon wafers, 9.6GW of cells and 13.04GW of modules. Its production target in 2023 including 21GW of silicon wafers, 50GW of cells, 75GW of modules, which will be increase in silicon wafers 3.2 times, cell 4.21 times, module 3.37 times, respectively, compared with those in 2019.

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