Canadian Solar Inc. (Nasdaq: CSIQ) is one of the world's leading and largest providers of solar modules. Headquartered in Kitchner, Ontario since its inception in 2001, the company has swelled its operations into eight countries.
In 2010, Canadian Solar posted revenues of US$1.5 billion and shipped of 803 MW of solar modules. Of its 16 subsidiaries, nine are located in China making it one of the country's fastest growing solar companies.
Continuing to grow its reach in China, Canadian Solar announced that it has entered a joint-venture with Suzhou GCL Photovoltaic Technology Co., Ltd., a subsidiary of GCL-Poly Energy Holdings Limited to build a 600 MW capacity wafer plant in Suzhou.
The project's first phase will cost approximately US$77 million. This announcement moves Canadian Solar closer to its goal to grow its solar cell capacity to 1.4GW by the middle of 2011. In addition to noting that the Suzhou project's wafer capacity can be expanded to 1.2GW, the company also said that it plans to announce another joint venture to build a 600 MW solar cell facility early 2012.
"This is a major strategic development for Canadian Solar, GCL and the broader solar industry," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.
He added, "This joint-venture will supplement our other wafer arrangements and make Canadian Solar fully prepared to compete at 2GW scale by early 2012."
Image Credit: bradleyolin via Flickr
Joseph Baker is a freelance writer living in Vancouver BC. His areas of focus include renewable energy, sustainability and climate change.
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