PVTIME – On 28 April, Canadian Solar confirmed its approval of a proposal to terminate a 14 GW solar monocrystalline silicon wafer project and redirect the remaining oversubscribed funds towards share repurchases. The project, which was led by a Canadian Solar subsidiary in Yangzhou in the Jiangsu Province, has been discontinued in order to optimise the use of resources.
The project was originally budgeted at 900 million yuan and comprised 500 million yuan in oversubscribed funds and 400 million yuan in self-raised funds. It was expected to be completed by May 2026. As of 31 March 2026, 40.7764 million yuan of the raised funds had been invested, leaving 467.5343 million yuan, including interest and wealth management returns.
The company cited an ongoing imbalance in the global PV industry’s supply and demand as a key factor, noting that existing silicon wafer capacity sufficiently meets current business requirements and that further investment would result in idle capacity and inefficient use of resources. Canadian Solar also highlighted the significant volatility in silicon wafer prices since 2025, driven by shifts in supply and demand, intensified competition, and technological adjustments.
Canadian Solar explained that price increases face challenges in terms of transmission within the industrial chain, creating uncertainty over the project’s profitability and investment returns. Following a prudent re-evaluation, termination was deemed necessary to enhance the efficiency of the raised funds, support stable operations, and protect the long-term interests of shareholders.
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