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Canadian Solar has announced the construction of a new plant to expand its share of the renewable energy market. The unit will receive investments of US$ 8,87 billion.
A Canadian Solar announced the development of a new integrated manufacturing plant for photovoltaic components in West China. The factory will be the result of an investment of 60 billion yuan, equivalent to US$8,87 billion. The unit will be installed in the Zero Carbon Industrial Park in Haidong, in the province of Qinghai, the works should be completed by the end of 2027.
New Canadian Solar factory can produce 10 GW of photovoltaic cells
It is estimated that 250 thousand tons of industrial silicon, 50 GW of monocrystalline silicon bars and 200 thousand tons of high purity polysilicon will be produced. Monocrystalline silicon wafers, photovoltaic modules, photovoltaic cells, auxiliary materials of 10 GW each per year will also be produced. According to Wang Huajie, mayor and deputy secretary of the Haidong Municipal Committee, Canadian Solar's new factory project, divided into eight subprojects, is the one that attracted the most investment in Haidong City in recent years, as well as being the largest scale. .
A Canadian Solar also announced an investment agreement with the municipal government of Haidong to build an initial renewable energy facility in the Industrial Park with a capacity of approximately 50 tons of high purity polysilicon per year.
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Work on the new plant will begin in 2022, with production expected to start in mid-2024. According to Canadian Solar CEO Shawn Qu, the company is very happy to further expand the level of vertical integration of its production capacity, including polysilicon production capacities.
Carbon footprint reduction
According to the executive, this investment will help the company to better control its costs, product quality and technology and, in this way, improve even more its power to define margins and prices. In addition, around 90% of the installed energy capacity at the site is renewable energy.
Qu points out that having its production facilities renewable energy located in Qinghai will help Canadian Solar reduce the carbon footprint of its products, particularly considering the high energy consumption for the products to be manufactured. According to Canadian Solar, it is estimated that about 20 thousand people are employed, with annual sales estimated at around 120 billion yuan.
Canadian Solar announces new production strategy
Qinghai province is very famous for providing excellent conditions for power transmission between various regions, as well as great potential for installing renewable energy.
In May of this year, for example, Canadian Solar announced a new solar production strategy, generating more own production capacity to reduce its exposure to price volatility.
The company division's greater vertical integration gives CSI Solar greater control over costs, product quality and technology. General director for Latin America, Pedro Alves, says that these investments in renewable energy are important for the company to be able to keep up with the expansion of demand in the global market and, in particular, its demand in the domestic market, which over the years strengthens itself as one of the fastest growing in the world.
