Canadian Solar: Making Moves in America
Canadian Solar, Inc. is at it again. Just one day after signing a 17-megawatt supply agreement with an independent power producer in Ontario, the company announced it had acquired 122 MW of solar projects in the United States.
In total, Canadian Solar has acquired 11 photovoltaic solar power plants that range in size from 2 MW to 29 MW. Still in the developmental phase, construction at the project sites is expected to begin this year with the last power plant to be complete by 2014.
This acquisition marks the first solar development projects in the United States for the Canadian-based company. Canadian Solar has already established itself as a major supplier of solar panels for the U.S. market.
This move was predicated by the company’s belief that expanding its project development arm represent one of the best opportunities for sustainable growth. Despite an insecure regulatory environment, The United States is one of the most desirable countries to invest in renewable energy, especially solar power.
Canadian Solar expects the growth of its project pipeline will increase the revenue generated from its project solutions division markedly. In 2011, project solutions generated 10% of the company’s revenue; this number is expected to jump to 25% in 2012. The company already has an established project pipeline in Canada, where it has 340 MW of projects in the development phase.
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