CSI Solar Co. Ltd., a majority-owned subsidiary of Canadian Solar Inc., has entered right into a multi-year funding settlement with the municipal authorities of Hohhot, in Inner Mongolia, China, to take a position and execute on its beforehand introduced capability growth and vertical integration plans.
The preliminary part of the funding contains 20 GW of ingot, 40 GW of crucible, 10 GW of wafer, 10 GW of cell, 5 GW of module and 5 GW of ancillary merchandise manufacturing capacities. The ingot capability is predicted to start manufacturing in March 2024, and the remaining capacities are anticipated to start manufacturing within the second half of 2024. Total capital expenditures for the preliminary part of this funding is predicted to be roughly $1.6 billion, most of which is able to happen in 2024.
“We are building new solar manufacturing capacity with cutting-edge technologies to meet the strong demand from our customers,” feedback Dr. Shawn Qu, Canadian Solar chairman and CEO. “In addition to its abundant supply of polysilicon and quartzite, Inner Mongolia has plenty of wind and solar resources and the local renewable energy penetration is increasing steadily, helping us reduce the carbon footprint of our supply chain.”