Canadian Solar gets Shanghai listing, builds Texas factory

Canadian Solar Inc. though based in Guelph, Ont. gets most of its revenue outside Canada and continues to move ahead with expansion plans.

While its primary listing is in New York, it completed a secondary listing in Shanghai this month and also announced it is building a factory in Texas.

Here’s an update:

Canadian Solar Inc. Recent price US $37.13 (All figures in U.S. dollars.)

 Background: Canadian Solar (NDQ: CSIQ) is one of the world’s largest manufacturers of solar panels. It has evolved from a low-cost manufacturer into one that adds value all along the chain including battery storage and solar power plants.

 Performance: Canadian Solar’s shares tend to be volatile, but they are up 23% year-to-date with strong financial performance and the launch of a secondary listing in Shanghai acting as catalysts.

Recent Developments: Canadian’s Solar latest quarter beat estimates. Revenue rose 36% year-over-year to $1.7 billion, while net income was $84 million or $1.19 per diluted share versus $6.6 million, or $0.11 per share a year ago.  

On June 9, Canadian Solar completed a US $845 million initial public offering on the Shanghai Stock Exchange’s Sci-Tech Innovation Board. Canadian Solar owns about 62% of CSI Solar Co. and the cash raised is earmarked for investment in China.

On June 15, Canadian Solar announced a US$250 million investment in a solar panel facility in Mesquite, Texas which will create 1,500 jobs and begin production at the end of this year. It will allow Canadian Solar to access U.S. government subsidies for solar energy and is its first US manufacturing facility.