Canadian Solar: 21.1GW of module shipments in 2022, a year-on-year increase of 45%

On March 21, 2023, Canadian Solar Inc. (NASDAQ: CSIQ, hereinafter referred to as "Canadian Solar" or the "Group") announced that it will end the fourth quarter of 2022 as of December 31, 2022. and annual financial reports.

In the fourth quarter of 2022, the Group has sold a total of 6.4 GW of solar modules to more than 70 countries, an increase of 68% year-on-year; the top five markets for shipments are China, the United States, Brazil, Spain and Germany.

In 2022, the group's sales will be US$7.47 billion (approximately RMB 50.273 billion), a year-on-year increase of 42%; net profit will be US$240 million (approximately RMB 1.615 billion), and diluted earnings per share will be US$3.44 (approximately RMB 23.15) ; Module shipments were 21.1 GW, a year-on-year increase of 45%; total annual shipments of energy storage systems were 1.79 GWh, doubling year-on-year;

Solar power plant project layout and planning

As of January 31, 2023, Canadian Solar Group (CSIQ) has a total global solar power plant project reserve of about 25 GW. Among them, the total amount of solar power station projects under construction is about 1.8 GW, the total amount of solar power station projects in the late stage of project development is about 4.9 GW, and the total amount of solar power station projects in the early/middle stage of project development is about 18 GW.

About 1.77 GW of global solar power plant projects under construction, respectively located in: 1,400 MW in Latin America (including 645 MW of power plant projects held by third parties or sold to third parties), 89 MW in EMEA (Europe, Middle East, Africa) , Japan 36 megawatts, China 250 megawatts.

About 4.87 GW of solar power plant projects in the late stage of project development are located in: 422 MW in North America, 2,397 MW in Latin America and 971 MW in China (including 282 MW of power plant projects owned by third parties or sold to third parties) , EMEA (Europe, Middle East, Africa) 936 MW, Japan 149 MW, Asia Pacific (excluding Japan and China) 3 MW. (*The power station project in the late stage of project development refers to a solar power station that has signed a PPA power sale agreement or has obtained FIT, the project is safe and reliable, and will be completed in the next one to four years.)

About 6.86 GW of solar power plant project reserves in the middle of project development are located in: North America 2,310 MW, Latin America 908 MW, EMEA (Europe, Middle East and Africa) 3,509 MW, Japan 3 MW, Asia Pacific (excluding Japan and China) 135 MW. (*The power station project in the middle stage of project development refers to the project that has more than 90% certainty and can sign the PPA power sales agreement.)

About 11.22 GW of solar power plant project reserves in the early stage of project development are located in: North America 4,324 MW, Latin America 510 MW, EMEA (Europe, Middle East and Africa) 2,803 MW, Japan 55 MW, Asia Pacific (excluding Japan and China) 2,058 MW, China 1,475 MW. (*The power station project in the early stage of project development refers to the project that is in the process of securing the signing of the PPA power sales agreement.)

Energy storage project layout and planning

As of January 31, 2023, the total global energy storage project reserve of Canadian Solar Group (CSIQ) is 46,866 MWh. Among them, the total amount of energy storage projects under construction is 320 MWh, the total amount of energy storage projects in the late stage of project development is 2,868 MWh, and the total amount of energy storage projects in the early/middle stage of project development is 43,678 MWh. The 320 MWh energy storage projects under construction are located in: 20 MWh in Asia-Pacific (excluding Japan and China), and 300 MWh in China.

The 2,868 MWh energy storage projects in the late stage of project development are located in: 2,300 MWh in Latin America, 110 MWh in EMEA (Europe, Middle East and Africa), and 458 MWh in Asia Pacific (excluding Japan and China).

The 8,368 MWh energy storage projects in the middle of project development are located in: 4,098 MWh in North America, 1,650 MWh in Latin America, and 2,620 MWh in EMEA (Europe, Middle East and Africa).

35,310 MWh of energy storage projects in the early stage of project development are located in: North America 15,382 MWh, Latin America 970 MWh, EMEA (Europe, Middle East and Africa) 9,999 MWh, Japan 19 MWh, Asia Pacific (not Including Japan and China) 1,640 MWh, China 7,300 MWh.

Solar power plants and energy storage power plants in operation

As of January 31, 2023, the total number of solar power plant systems in operation of Canadian Solar Group (CSIQ) worldwide is about 574 MW, located in: Latin America 336 MW, Japan 140 MW, Asia Pacific (excluding Japan and China) 12 MW, China 86 MW, the estimated resale value is about 620 million US dollars (about 4.315 billion yuan); the total amount of energy storage power station systems in operation is about 280 MWh, which is the Canadian Solar Group ( CSIQ) holds the remaining 20% stake in the 1,400 MWh Crimson energy storage project in California, USA.

Canadian Solar expects that by June 2023, the company's silicon ingot, silicon wafer, cell and module production capacity will reach 20.4 GW, 21 GW, 26 GW and 36.7 GW respectively. It is estimated that by December 2023, the production capacity of silicon ingots, silicon wafers, cells and modules will reach 20.4 GW, 35 GW, 50 GW and 50 GW respectively.

For the full year of 2023, the Group expects the total shipments of components to be between 30 GW and 35 GW, and the total shipments of large-scale energy storage systems are expected to be between 1.8 GWh and 2.0 GWh. The annual sales in 2023 are expected to be between US$8.5 billion and US$9.5 billion (approximately RMB 59.16-66.12 billion).

Source: Canadian Solar