CSIQ - Canadian Solar to add capacity across solar battery supply chain in China

Canadian Solar ( NASDAQ: CSIQ ) unveiled plans Monday to expand its solar and battery storage manufacturing capacity in China, through an investment agreement with the municipal government of Yangzhou City in Jiangsu province.

Subsidiary CSI Solar said it plans to add vertically integrated high efficiency wafer, cell and module capacity, as well as battery system manufacturing capacity, in Yangzhou's clean energy manufacturing industrial park.

Canadian Solar ( CSIQ ) said it expects the project's Phase 1, which would add 14 GW of wafer and cell capacity, will begin production in H2 2023, with the implementation of Phase 2 and Phase 3 subject to change based on market conditions and the company's assessments.

Following the announcement, Canadian Solar ( CSIQ ) said it now expects to end 2023 with 20 GW of ingot, 35 GW of wafer, and 50 GW of cell and module capacity.

"Our capacity additions will further enhance our profitability in an environment of rapidly declining upstream raw material costs," Chairman and CEO Shawn Qu said.

Canadian Solar ( CSIQ ) is rapidly growing, but there's a fair amount of volatility in its revenue growth rates, Michael Wiggins de Oliveira writes in an analysis posted recently on Seeking Alpha .

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