Tag Archives: EUT

Canadian Solar Reports Second Quarter 2020 Results

August 7, 2020 TechENT Syndication Leave a comment

GUELPH, ON, Aug. 7, 2020 — Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ) today announced financial results for the quarter ended June 30, 2020.

Second Quarter 2020 Highlights

31% sequential increase in total module shipments to 2.9 GW, exceeding guidance of 2.5 GW to 2.7 GW.
Net revenue of $696 million exceeding guidance of $630 million to $680 million.
Gross margin of 21.2% exceeding guidance of 18.5% to 20.5%.
17% reduction in operating expenses compared to the second quarter of 2019.
Net income attributable to Canadian Solar of $20.6 million or $0.34 per diluted share.
Updated shipment guidance to 11 GW to 12 GW for 2020, and 18 GW to 20 GW for 2021.

Dr. Shawn Qu, Chairman and CEO, commented, "Despite challenging market conditions, second quarter results exceeded expectations both on revenue and profits. Over the past 19 years, we have built a strong foundation and track record based on technology innovation, all-around product execution, robust customer channels and prudent capital deployment. This foundation has helped us to dynamically adjust to changing market environments and consistently deliver a market-leading return on capital and equity.

Last week, we announced the plan to list our Module and System Solutions ("MSS") business on China’s stock market. If successful, it will give us greater access to additional, lower-cost sources of capital and allow us to grow faster at a time when we believe growth in the solar industry and market consolidation are both set to accelerate. We have started the pre-IPO capital raising process to bring in new partners to our MSS business and convert it into a Sino-foreign joint stock company, which is required by Chinese security regulations for listing in China’s stock market. This investment round is expected to be completed by the end of September, and will also allow us to immediately expand our manufacturing capacity using the best available technologies and equipment to support our newly set module shipment plan for 2021.

In addition, we believe the listing will help us unlock value for shareholders by addressing our valuation gap relative to China-listed solar companies. Meanwhile, as a Canadian-based global company, we remain fully committed to our NASDAQ listing and remain focused on expanding our Energy business worldwide by growing our high-quality project pipeline and sales, and increasing our partial ownership of select solar and storage projects."

Yan Zhuang, President and COO, said, "We are benefiting from a demand rebound across most of our markets, with our order backlog for the second half of 2020 and even next year already exceeding our previous expectations. While the current polysilicon supply disruption and shortage presents a near-term challenge, we are positioning ourselves for long-term growth. On the one hand, we will expand capacity and increase the level of vertical integration in our module business, which will allow us to capture more global market share, enhance pricing power, control costs and improve profitability in an industry that is rapidly consolidating. On the other hand, we are building our technological capabilities in the solar PV plus storage space, gearing up for new growth opportunities as adoption of clean solar energy accelerates."

Dr. Huifeng Chang, Senior VP and CFO, added, "As the industry demand and capital market conditions are both improving, we are working to strike a balance between investing for long-term growth and preserving cash. In the near term, uncertainties remain around the impact of the ongoing pandemic, geopolitical and policy risks. In the medium- to longer-term, the plan to list our MSS business in China’s stock market will give us the additional resources to deliver higher future earnings growth and return on capital. We remain disciplined in our capital allocation decisions, as always, and will continue to monitor the market and adjust to changes."

Second Quarter 2020 Results

Total module shipments in the second quarter of 2020 increased to 2,905 MW from 2,214 MW in the first quarter of 2020, and 2,143 MW in the second quarter of 2019. Growth in shipments was driven by moderate market share gains. Of the total, 281 MW was shipped to the Company’s utility-scale solar power projects in the second quarter of 2020.

Net revenue in the second quarter of 2020 was $696 million, compared to $826 million in the first quarter of 2020, and $1,036 million in the second quarter of 2019. Growth in module shipments and EPC service revenues were offset by lower average module selling prices ("ASP") and limited project sales. Project execution and sales schedules have been delayed due to the impact of COVID-19. That said, the Company is making headway and recently announced the financial closing of the 367 MWp Maplewood projects in Texas, for example.

Gross profit in the second quarter of 2020 was $147 million, compared to $223 million in the first quarter of 2020, and $183 million in the second quarter of 2019. Gross margin in the second quarter of 2020 was 21.2%, compared to 27.0% in the first quarter of 2020, and 17.6% in the second quarter of 2019. Gross margin was 18.2% excluding the benefit of a U.S. anti-dumping ("AD") and countervailing duty ("CVD") true-up of $20.4 million. The lower gross margin was anticipated given the significant decline in ASPs, partially offset by lower manufacturing costs.

Income from operations in the second quarter of 2020 was $45 million, compared to $113 million in the first quarter of 2020, and $61 million in the second quarter of 2019. The decline was partially offset by a 17% year-over-year reduction in the Company’s operating expenses to $102 million in the second quarter of 2020.

Non-cash depreciation and amortization charges in the second quarter of 2020 were $48 million, compared to $45 million in the first quarter of 2020, and $40 million in the second quarter of 2019.

Net foreign exchange loss in the second quarter was $4.5 million, compared to a net loss of $1 million in the first quarter of 2020 and a net gain of $4 million in the second quarter of 2019. The higher foreign exchange loss was mainly due to unfavorable moves in the Brazilian Real and the Thai Baht.

Income tax expense in the second quarter of 2020 was $9 million, compared to an income tax benefit of $29 million in the first quarter of 2020 and an income tax expense of $14 million in the second quarter of 2019.

Net income attributable to Canadian Solar in the second quarter of 2020 was $20.6 million, or $0.34 per diluted share, compared to net income of $110.6 million, or $1.84 per diluted share in the first quarter of 2020, and net income of $62.7 million, or $1.04 per diluted share in the second quarter of 2019.

Net cash used in operating activities in the second quarter of 2020 was approximately $114 million, compared to $105 million in the first quarter of 2019.

Module and System Solutions (MSS) Business Segment

Manufacturing Capacity

The table below sets forth the Company’s manufacturing capacity expansion plan until September 30, 2020. The Company is working on its new 2021 capacity expansion plans and will provide an update in the next quarter.

Manufacturing Capacity (MW)

	June 30, 2020 Actual	September 30, 2020 Planned	December 31, 2020 Planned
Ingot	1,850	1,920	1,920
Wafer	5,000	5,000	5,500
Cell	9,700	10,050	10,150
Module	13,950	14,010	16,060

The Company’s manufacturing capacity expansion plan is subject to change based on market conditions and the Company’s capital allocation plan.

Operating Results

The following table presents unaudited select results of operations data of the Company’s MSS business segment for the periods indicated.

MSS Business Segment Financial Results* (In Thousands of U.S. Dollars, Except Percentages and Unless Otherwise Stated)
	Three Months Ended			Six Months Ended
	June 30, 2020	March 31, 2020	June 30, 2019	June 30, 2020	June 30, 2019
Net revenues	706,155	689,799	673,116	1,395,954	1,142,017
Cost of revenues	557,263	540,931	519,376	1,098,194	889,040
Gross profit	148,892	148,868	153,740	297,760	252,977
Operating expenses	85,670	87,370	95,303	173,040	173,799
Income (loss) from operations	63,222	61,498	58,437	124,720	79,178
Gross margin	21.1%	21.6%	22.8%	21.3%	22.2%
Operating margin	9.0%	8.9%	8.7%	8.9%	6.9%

Includes effects of both sales to* third party customers and to the Company’s Energy Business Segment. Please refer to the attached financial tables for intercompany transaction elimination information. Income from operations reflect management’s allocation and estimate as some services are shared by the Company’s two business segments.

The table below provides the geographic distribution of the net revenue of the MSS business:

*MSS Net Revenues Geographic Distribution (In Millions of U.S. Dollars, Except Percentages)**
	Q2 2020	% of Net Revenues	Q1 2020	% of Net Revenues	Q2 2019	% of Net Revenues
Asia	261	39	175	30	236	36
Americas	215	32	252	43	181	27
Europe and others	193	29	161	27	244	37
Total	669	100	588	100	661	100

*Excludes sales from the MSS business to the Energy business.

Canadian Solar shipped 2.9 GW of modules to more than 80 countries in the second quarter of 2020. The top five markets of the MSS business ranked by revenues were the U.S., Japan, China, Spain and Australia.

Multi-crystalline modules accounted for 65% of the Company’s module shipments in the second quarter of 2020, and mono-crystalline modules accounted for 35%. The Company has the flexibility to produce both multi-crystalline and mono-crystalline modules, with the mix decision depending on the relative profitability and levelized cost of electricity ("LCOE") of the alternative products.

Energy Business Segment

Energy Business Strategy

Canadian Solar has one of the world’s largest utility-scale solar project development platforms, with a track record of originating, developing, financing, building and bringing into commercial operation over 5.6 GWp of solar power plants across six continents. As a first mover, the Company has acquired extensive experience and built a leadership position in solar project development, with a current total project backlog and pipeline of 15.1 GWp.

Traditionally, the operating model for the Company’s Energy business has been to sell projects when they reach either their notice to proceed date ("NTP") or commercial operation date ("COD"), depending on the optimal exit point for each project based on its specific risk and return profile. In certain cases, the Company has retained a minority ownership interest in order to capture additional operational value throughout the partial ownership holding period, while accelerating capital turnover into developing new solar projects. An example of this is the Canadian Solar Infrastructure Fund ("CSIF"), a publicly traded investment fund akin to a real estate investment trust, holding operating solar assets in Japan. CSIF has been listed on the Tokyo Stock Exchange since 2017 and remains 15%-owned by the Company. In addition to continuing to grow its project backlog and pipeline, the Company is evaluating ways to replicate its successful Japanese strategy in other markets, focusing on those regions with strong energy demand, attractive power prices and project returns, and stable capital markets. There are two key benefits to this approach:

It will permit Canadian Solar to capture higher margins while recycling a large portion of capital. Meanwhile, it will allow the Company to build a base of stable and long-term cash flows from power sales, operations and maintenance ("O&M"), asset management and other services; and create new growth opportunities, including energy storage systems integration and optimization.
Over time, the addition of more predictable and stable revenues and cash flows from power sales, O&M, asset management and other services will help smooth typical lumpiness associated with the development and sale of solar power projects.

Management targets are to achieve the following project sales and accumulated project ownership retained in the next 5 years:

Energy Business Targets	2020	2021	2022	2023	2024
Annual Project Sales, GWp	1.1-1.3	1.8-2.3	2.4-2.9	3.2-3.7	3.6-4.1
Cumulative Projects Retained (including inventory to be sold), MWp	~30	~130	~410	~760	~960
Note: There are uncertainties regarding the closing dates of project sales in 2020 due to COVID-19 disruptions. Forecasts for annual project sales include both projects sold at NTP and COD, which have a significant impact on revenue but more limited impact on profits. Final timing and recognition of project sales may be impacted by various external factors. These targets are subject to change without notice.

To help finance this business strategy, the Company is evaluating ways to create capital partnerships with investors seeking long-term stable cash flows through investments in clean, profitable and countercyclical solar energy infrastructure investments, via public or private investment vehicles. Given the low interest rate environment, management believes the Company’s solar assets are highly attractive to investors seeking stable yields, which will help build sustainable long-term value for Canadian Solar’s shareholders. The Company will make further progress updates as it executes on this strategy.

Project Backlog and Pipeline

As of June 30, 2020, the Company’s total project backlog and pipeline totaled 15.1 GWp, of which the project backlog totaled 4.2 GWp. The backlog includes projects that have passed their Cliff Risk Date and are expected to be built in the next one to four years. A project’s Cliff Risk Date depends on the country where the project is located and is defined as the date on which the project passes the last of the high-risk development stages. This is usually the receipt of all required environmental and regulatory approvals, interconnection agreements, feed-in tariff ("FIT") arrangements and power purchase agreements ("PPAs"). All projects in the current backlog have secured a PPA or FIT or are reasonably assured of securing one.

The Company’s project pipeline totaled 10.9 GWp as of June 30, 2020. The pipeline includes early- to mid-stage project opportunities currently under development but that are yet to be de-risked.

Project Backlog and Pipeline (as of June 30, 2020)
Region	Backlog	Pipeline	Total
North America	1,544	4,101	5,645
Latin America	1,539	3,657	5,196
Europe, the Middle East and Africa ("EMEA")	383	2,148	2,531
Japan	220	0	220
Asia Pacific excluding Japan	547	927	1,474
China	0	80	80
Total	4,233	10,913	15,146
Note: Backlog represents the gross MWp size of projects, including 63 MWp in Latin America and 124 MWp in EMEA that have already been sold to third parties or are not owned by Canadian Solar.

The Company believes there are significant growth opportunities in the solar plus storage market, given declining battery storage costs, higher capacity needs and accelerating retirements of fossil fuel power plants. The Company further believes it is uniquely positioned to deliver solar plus storage solutions to its customers given its integrated business model as a top-tier module technology manufacturer and global project developer, and is committed to expanding its presence in this space.

The table below sets forth the Company’s storage project backlog and pipeline as of June 30, 2020, which almost doubled compared to the previous quarter.

	Backlog	Pipeline	Total
Storage (MWh)	1,201	3,482	4,683

Projects in Construction

In addition to its project backlog and pipeline, the Company has 839 MWp of solar projects in construction.

Projects in Construction (as of June 30, 2020)
Region	MWp	Expected COD
North America	32	2020-21
Latin America	732	2020-21
Japan	70	2020-21
Asia Pacific ex. Japan	5	2020
Total	839	–
Note: Latin America portfolio includes 508 MWp of projects already sold at NTP, with milestone revenue recognition over the 2019-2021 period.

The Company has a sizable amount of premium, high FIT projects in Japan. The table below sets forth the expected COD schedule of the Company’s project backlog in development and construction in Japan, as of June 30, 2020:

Expected COD Schedule (MWp)

	2020	2021	2022 and Thereafter	Total
	13	66	211	290

Solar Power Plants in Operation

As of June 30, 2020, the Company’s power plants in operation totaled 956 MWp, with an estimated total resale value of approximately $773 million to Canadian Solar. The estimated resale value is based on selling prices that Canadian Solar is currently negotiating or transaction prices of similar assets in the relevant markets.

North America	Latin America	Japan	Asia Pacific ex. Japan	China	Total
216	100	85	96	459	956
Note: The table represents the gross MWp size of the power plants in operation, including 108 MWp in North America and 26 MWp in Asia Pacific, excluding Japan, already sold to third parties.

Operating Results

The following table presents unaudited select results of operations data of the Company’s Energy business segment for the periods indicated.

	Energy Business Segment Financial Results (In Thousands of U.S. Dollars, Except Percentages and Unless Otherwise Stated)
		Three Months Ended			Six Months Ended
		June 30, 2020	March 31, 2020	June 30, 2019	June 30, 2020	June 30, 2019
Net revenues		26,661	238,088	374,938	264,749	406,525
Cost of revenues		15,083	148,339	353,529	163,422	375,703
Gross profit		11,578	89,749	21,409	101,327	30,822
Operating expenses		16,074	22,391	26,597	38,465	48,935
Income (loss) from operations		(4,496)	67,358	(5,188)	62,862	(18,113)
Gross margin		43.4%	37.7%	5.7%	38.3%	7.6%
Operating margin		-16.9%	28.3%	-1.4%	23.7%	-4.5%

Business Outlook

The Company’s business outlook is based on management’s current views and estimates given existing market conditions, order book, production capacity, anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, final customer demand, project construction and sale schedules, and the global impact of the ongoing COVID-19 pandemic. Management’s views and estimates are subject to change without notice.

For the third quarter of 2020, the Company expects total module shipments to be in the range of 2.9 GW to 3.1 GW, including approximately 300 MW of module shipments to the Company’s own projects that may not be immediately recognized as revenues. Total revenues are expected to be in the range of $840 million to $890 million, with gross margin expected to be between 14% and 16%.

For the full year of 2020, the Company now expects shipments to be in the range of 11 GW to 12 GW.

Management expects the demand in 2021 to be strong, according to various research reports and Canadian Solar’s own sales feedback. At the same time, industry consolidation is set to accelerate as customer preferences become more sophisticated around quality and service, increasingly choosing top tier solar brands.

As a result, Canadian Solar is positioning itself more assertively for returns-accretive growth. The Company is currently planning for 18 GW to 20 GW of shipments in 2021.

Dr. Shawn Qu, Chairman and CEO, commented, "We are encouraged to see demand rebounding globally, as more companies and consumers worldwide insist on sustainable power sources. For our Energy Business, our pipeline growth and project execution are making progress, although uncertainty remains around the timing and recognition of certain project sales. On the MSS side, we expect near-term margin pressure given cost increases from polysilicon supply shortages; however, given our leadership position in premium markets, we are able to share a portion of the higher costs with customers. Importantly, we expect the impact of the polysilicon supply disruption to lessen over the coming quarters as polysilicon suppliers restore their temporarily shut-down capacities and restart some of the currently idled, higher-cost capacities.

We plan to expand our market share as we increase our low-cost manufacturing capacity of high-quality modules, which will be supported by the pre-IPO round of capital raising for our MSS business. The improved access to capital through the expected China listing will help us to further capitalize on accelerating secular growth in solar demand, and to unlock sustainable value for our shareholders."

Changes to the Board of Directors

Mr. Karl Olsoni was nominated by the Company and approved by shareholders as a new independent director during the 2020 Annual Meeting of Shareholders. He will serve on the Audit and Compensation Committees. Mr. Olsoni has served as a strategic advisor to the Board of Directors since January 2020.

Furthermore, the Board of Directors has accepted the resignation of Mr. Robert K. McDermott, who has played an instrumental role in the Company’s success since his appointment as lead independent director in 2006. "On behalf of our Board of Directors and the Company, I thank Bob for his valuable service and contributions and wish him well in future endeavors," said Dr. Qu.

Recent Developments

On August 4, 2020, Canadian Solar announced that it commenced the construction of a 10 MWp solar power plant in Germany.

On July 27, 2020, Canadian Solar announced that a special committee of independent directors of the Company, with the assistance of outside financial and legal advisors, completed a review of strategic alternatives available to the Company and the board of directors of the Company decided to pursue a listing of the Company’s MSS business on either the Shanghai Stock Exchange’s Science and Technology Innovation Board or the Shenzhen Stock Exchange’s ChiNext Market.

On July 21, 2020, Canadian Solar announced its wholly-owned subsidiary Recurrent Energy closed $282 million of debt financing to construct its Maplewood and Maplewood 2 solar power projects totaling 367 MWp in Texas.

On June 23, 2020, Canadian Solar announced it signed two private power purchase agreements with Braskem S.A. and COPEL Energia for a total of 274 MWp of solar power projects in Brazil.

Conference Call Information

The Company will hold a conference call at 8:00 a.m. U.S. Eastern Daylight Time on August 7, 2020 (8:00 p.m., August 7, 2020 in Hong Kong) to discuss the Company’s second quarter 2020 results and business outlook. The dial-in phone number for the live audio call is 1-866-519-4004 (toll-free from the U.S.), +852-3018-6771 (local dial-in from Hong Kong) or +1 845-675-0437 (from international locations). The passcode for the call is 8068256. A live webcast of the conference call will also be available on the Investor Relations section of Canadian Solar’s website at www.canadiansolar.com.

A replay of the call will be available two hours after the conclusion of the call until 9:00 a.m. U.S. Eastern Daylight Time on Saturday, August 15, 2020 (9:00 p.m., August 15, 2020 in Hong Kong) and can be accessed by dialing +1-855-452-5696 (toll-free from the U.S.), +852-3051-2780 (local dial-in from Hong Kong) or +1-646-254-3697 (from international locations), with passcode 8068256. A webcast replay will also be available on the investor relations section of Canadian Solar’s at www.canadiansolar.com.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale solar power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 46 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release regarding the Company’s expected future shipment volumes, gross margins are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., India, China and Brazil; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F filed on April 28, 2020. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

FINANCIAL TABLES FOLLOW

The following tables provide unaudited select financial data for the Company’s Module and System Solutions ("MSS") and Energy businesses:

	Select Financial Data – Module and System Solutions, and Energy

	Three Months Ended June 30, 2020 (In Thousands of U.S. Dollars, Except Percentages)
	MSS	Energy	Elimination	Total
Net revenues	$706,155	$26,661	($36,970)	$695,846
Cost of revenues	557,263	15,083	(23,712)	548,634
Gross profit	148,892	11,578	(13,258)	147,212
Gross margin	21.1%	43.4%	—	21.2%
Income (loss) from operations	63,222	(4,496)	(13,258)	45,468

	Select Financial Data – Module and System Solutions, and Energy

	Six Months Ended June 30, 2020 (In Thousands of U.S. Dollars, Except Percentages)
	MSS	Energy	Elimination	Total
Net revenues	$1,395,954	$264,749	($139,222)	$1,521,481
Cost of revenues	1,098,194	163,422	(110,544)	1,151,072
Gross profit	297,760	101,327	(28,678)	370,409
Gross margin	21.3%	38.3%	—	24.3%
Income (loss) from operations	124,720	62,862	(28,678)	158,904

	Select Financial Data – Module and System Solutions, and Energy

	Three Months Ended June 30, 2020	Six Months Ended June 30, 2020
	(In Thousands of U.S. Dollars)
MSS Revenues:
Solar modules and other solar power products	$ 613,068	$ 1,158,962
Solar system kits	42,901	72,098
EPC services	3,164	3,922
Others (materials and components)	10,052	21,750
Subtotal	$ 669,185	$ 1,256,732
Energy Revenues:
Solar power projects	$ 2,685	$ 230,439
Electricity	1,882	2,930
O&M services	5,027	10,213
Others (EPC and development services)	17,067	21,167
Subtotal	$ 26,661	$ 264,749
Total net revenues	$ 695,846	$ 1,521,481

	Canadian Solar Inc.
	Unaudited Condensed Consolidated Statements of Operations
	(In Thousands of U.S. Dollars, Except Share and Per Share Data and Unless Otherwise Stated)

		Three Months Ended			Six Months Ended
		June 30,	March 31,	June 30,	June 30,	June 30,
		2020	2020	2019	2020	2019

Net revenues		$ 695,846	$ 825,635	$ 1,036,275	$ 1,521,481	$ 1,520,994
Cost of revenues		548,634	602,438	853,633	1,151,072	1,230,913

	Gross profit	147,212	223,197	182,642	370,409	290,081

Operating expenses:
	Selling expenses	53,463	52,659	45,361	106,122	83,292
	General and administrative expenses	46,354	52,961	65,735	99,315	117,159
	Research and development expenses	10,924	10,056	12,133	20,980	25,298
	Other operating income	(8,997)	(5,915)	(1,329)	(14,912)	(3,015)
Total operating expenses		101,744	109,761	121,900	211,505	222,734

Income from operations		45,468	113,436	60,742	158,904	67,347
Other income (expenses):
	Interest expense	(16,960)	(19,013)	(20,654)	(35,973)	(42,352)
	Interest income	2,081	2,779	4,452	4,859	6,481
	Gain (loss) on change in fair value of derivatives, net	(2,349)	33,109	(12,489)	30,759	(13,748)
	Foreign exchange gain (loss), net	(2,192)	(34,119)	16,415	(36,311)	3,828
	Investment income (loss)	1,525	(14,012)	2,002	(12,487)	2,547
Other expenses, net		(17,895)	(31,256)	(10,274)	(49,153)	(43,244)

Income before income taxes and equity in earnings of unconsolidated investees		27,573	82,180	50,468	109,751	24,103
Income tax benefit (expense)		(8,899)	29,051	(13,951)	20,154	(6,423)
Equity in earnings of unconsolidated investees		1,739	16	23,740	1,755	25,721
Net income		20,413	111,247	60,257	131,660	43,401

Less: Net income (loss) attributable to non-controlling interests		(191)	616	(2,425)	425	(2,116)

Net income attributable to Canadian Solar Inc.		$ 20,604	$ 110,631	$ 62,682	$ 131,235	$ 45,517

Earnings per share – basic		$ 0.35	$ 1.86	$ 1.05	$ 2.20	$ 0.77
Shares used in computation – basic		59,371,856	59,376,332	59,547,209	59,539,092	59,389,975
Earnings per share – diluted		$ 0.34	$ 1.84	$ 1.04	$ 2.18	$ 0.76
Shares used in computation – diluted		59,793,196	60,084,298	60,260,410	60,127,369	60,272,536

	Canadian Solar Inc.
	Unaudited Condensed Consolidated Statement of Comprehensive Income
	(In Thousands of U.S. Dollars)

		Three Months Ended			Six Months Ended
		June 30,	March 31,	June 30,	June 30,	June 30,
		2020	2020	2019	2020	2019
Net Income		20,413	111,247	60,257	131,660	43,401
Other comprehensive income (net of tax of nil):
Foreign currency translation adjustment		30,997	(45,971)	(11,170)	(14,974)	4,815
De-recognition of commodity hedge and interest rate swap		4,439	—	—	4,439	—
Loss on changes in fair value of derivatives		(104)	(4,011)	(3,310)	(4,115)	(5,680)
Comprehensive income		55,745	61,265	45,777	117,010	42,536
Less: comprehensive income(loss) attributable to non-controlling interests		3,802	(1,441)	(1,028)	2,361	(5,355)
Comprehensive income attributable to Canadian Solar Inc.		51,943	62,706	46,805	114,649	47,891

Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets
(In Thousands of U.S. Dollars)

		June 30,	December 31,
		2020	2019
ASSETS
Current assets:
	Cash and cash equivalents	$ 578,815	$ 668,770
	Restricted cash	398,739	526,723
	Accounts receivable trade, net	421,691	436,815
	Accounts receivable, unbilled	16,096	15,256
	Amounts due from related parties	18,052	31,232
	Inventories	547,106	554,070
	Value added tax recoverable	109,358	108,920
	Advances to suppliers	49,504	47,978
	Derivative assets	5,989	5,547
	Project assets	653,750	604,083
	Prepaid expenses and other current assets	397,300	253,542
Total current assets		3,196,400	3,252,936
Restricted cash		16,766	9,927
Property, plant and equipment, net		970,065	1,046,035
Solar power systems, net		49,654	52,957
Deferred tax assets, net		136,267	153,963
Advances to suppliers		41,484	40,897
Prepaid land use right		58,800	60,836
Investments in affiliates		79,322	152,828
Intangible assets, net		22,430	22,791
Project assets		492,519	483,051
Right-of-use assets		30,162	37,733
Other non-current assets		164,661	153,253
TOTAL ASSETS		$ 5,258,530	$ 5,467,207

Canadian Solar Inc.
Unaudited Condensed Consolidated Balance Sheets (Continued)
(In Thousands of U.S. Dollars)

		June 30,	December 31,
		2020	2019
Current liabilities:
	Short-term borrowings	$ 1,015,749	$ 933,120
	Long-term borrowings on project assets – current	179,978	286,173
	Accounts payable	460,817	585,601
	Notes payable	472,000	544,991
	Amounts due to related parties	3,989	10,077
	Other payables	448,973	446,454
	Advance from customers	69,546	134,806
	Derivative liabilities	10,461	10,481
	Operating lease liabilities	17,218	18,767
	Other current liabilities	112,496	121,527
Total current liabilities		2,791,227	3,091,997
Accrued warranty costs		47,280	55,878
Long-term borrowings		580,442	619,477
Derivatives liabilities		5,374	1,841
Liability for uncertain tax positions		15,543	15,353
Deferred tax liabilities		54,689	56,463
Loss contingency accruals		26,828	28,513
Operating lease liabilities		15,523	20,718
Financing liabilities		75,457	76,575
Other non-current liabilities		97,207	75,334
Total LIABILITIES		3,709,570	4,042,149
Equity:
	Common shares	686,425	703,806
	Treasury stock	—	(11,845)
	Additional paid-in capital	22,989	17,179
	Retained earnings	924,836	793,601
	Accumulated other comprehensive loss	(126,193)	(109,607)
Total Canadian Solar Inc. shareholders’ equity		1,508,057	1,393,134
Non-controlling interests in subsidiaries		40,903	31,924
TOTAL EQUITY		1,548,960	1,425,058
TOTAL LIABILITIES AND EQUITY		$ 5,258,530	$ 5,467,207

About Non-GAAP Financial Measures

To supplement its financial disclosures presented in accordance with GAAP, the Company uses non-GAAP measures which are adjusted from the most comparable GAAP measures for certain items as described below. The Company presents non-GAAP net income and diluted earnings per share so that readers can better understand the underlying operating performance of the business before the impact of AD/CVD true-up provisions. The non-GAAP numbers are not measures of financial performance under U.S. GAAP, and should not be considered in isolation or as an alternative to other measures determined in accordance with GAAP. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited.

Statement of Operations Data:
(In Thousands of U.S. Dollars, Except Share and Per Share Data)

		Three Months Ended		Six Months Ended
		June 30, 2020	June 30, 2019	June 30, 2020	June 30, 2019

GAAP net income attributable to Canadian Solar Inc.		20,604	62,682	131,235	45,517
Non-GAAP income adjustment items:
	AD/CVD provision true-up	(20,397)	(21,617)	(20,397)	(21,617)
	Tax impact	5,054	5,365	5,054	5,365
Non-GAAP net income attributable to Canadian Solar Inc.		5,261	46,430	115,892	29,265

GAAP income per share – diluted		$ 0.34	$ 1.04	$ 2.18	$ 0.76
Non-GAAP income per share – diluted		$ 0.09	$ 0.77	$ 1.93	$ 0.49
Shares used in computation – diluted		59,793,196	60,260,410	60,127,369	60,272,536

Related Links :

http://www.canadiansolar.com

PR Newswire

ReneSola Power Secures US$12 Million Bridge Financing

July 24, 2020 TechENT Syndication Leave a comment

STAMFORD, Conn., July 24, 2020 — ReneSola Ltd (NYSE: SOL) (“ReneSola Power” or the “Company”), a leading fully-integrated solar project developer today announced that it successfully closed a bridge financing with Eiffel Energy Transition Fund to finance the construction of ReneSola Power’s 19 MW solar projects in Poland.

This new facility provides an injection of 10.64 million euros (US$12.1 million) of new capital. It is the second bridge financing that Eiffel Energy Transition Fund has provided to ReneSola Power to support its project development and execution efforts in Poland and Hungary.

Mr. Yumin Liu, ReneSola Power Chief Executive Officer, commented, “We are excited to once again partner with Eiffel Energy Transition Fund. This new facility demonstrates their confidence in our ability to successfully develop and build projects in various target markets. Despite ongoing challenging macro conditions related to COVID-19, we have begun construction of the 19 MW solar projects in Poland. We are very pleased with our progress, and look forward to further supporting solar deployment in the years ahead.”

Mr. Pierre-Antoine Machelon, fund manager of Eiffel Energy Transition, said, “We are very pleased to build on our initial partnership with ReneSola Power to help expedite growth in the Polish market, and contribute to the acceleration of the renewable energy transition across the region. The strong engagement of ReneSola Power, coupled with the quality of the processes being put in place locally, were key in the selection of these projects.”

Mr. Josef Kastner, CEO of ReneSola Power Europe, commented, “We have successfully developed solar projects in Poland and have sold over 81 MW of projects in the last four years. Poland remains a key market for ReneSola Power, and we are committed to our strategy to further expand our business and become a major player in Poland and other European markets.”

About ReneSola Power

ReneSola Power (NYSE: SOL) is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company’s strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.

About Eiffel Energy Transition

Eiffel Energy Transition Fund S.L.P. is a specialized €350m fund reserved for professional investors. It provides flexible bridge financing for renewable energy and energy efficiency projects across Europe. The fund has already financed over 1,000 projects, representing more than 1GW of green energy capacity. Eiffel Energy Transition is managed by Eiffel Investment Group and is sponsored by the European Investment Bank, the French environmental agency (ADEME) as well as mutual insurance companies and first rank banks.

About Eiffel Investment Group

Eiffel Investment Group is an asset management firm and a leader in business financing. The group addresses the funding needs of European SMEs and midcaps across their entire capital structure: credit (liquid credit, private debt), equity (listed shares, private equity, convertible bonds). Eiffel Investment Group manages more than 2 billion euros for major European institutional investors and 25,000 private clients.

Related Links :

http://www.renesolapower.com

PR Newswire

JinkoSolar Large-Area N-Type Monocrystalline Silicon Solar Cell Reaches Record High Efficiency of 24.79%

July 20, 2020 TechENT Syndication Leave a comment

SHANGRAO, China, July 20, 2020 — JinkoSolar Holding Co., Ltd. (the “Company,” or “JinkoSolar”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that the maximum solar conversion efficiency of its large-area N-type monocrystalline silicon solar cells reached 24.79%, and have set a world record for large-size contact-passivated solar cells. This result was independently confirmed by the Institute for Solar Energy Research in Hamelin (ISFH), Germany.

JinkoSolar’s R&D teams of experts in silicon wafer, solar cells and solar modules have made significant breakthroughs in the field of high efficiency and high power of cells and modules for many years.The record-breaking mono-crystalline silicon solar cell was fabricated on a high quality CZ mono-Si substrate, with a practical size of 267.72cm², and several advanced technologies have been implemented to achieve this new record of 24.79%, including passivating contact technologies, advanced diffusion system, surface passivation and advanced anti-reflection technologies, and a series of material upgrade were integrated into the cell process. The record-breaking mono-crystalline silicon solar cell will be gradually applied to product production.

“JinkoSolar has reached a key R&D milestone and our commitment towards technological innovation in silicon material, cell fabrication and module processing technologies has led to multiple world records for the efficiency of solar cells and modules. We are very proud to break the world record with advanced large-area N-type cell in the world, and this innovative cell technology also holds the world record for PV module efficiency,” commented Dr. Jin Hao, CTO of JinkoSolar. “We will constantly invest in upgrading technologies to achieve mass production, and to lead the way by providing high efficiency and competitive industrial products for our global customers.”

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, and other countries and regions. JinkoSolar has built a vertically integrated solar product value chain, with an integrated annual capacity of 17.5 GW for mono wafers, 10.6 GW for solar cells, and 16 GW for solar modules, as of March 31, 2020.

JinkoSolar has over 15,000 employees across its 7 productions facilities globally, 14 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, United States, Mexico, Brazil, Chile and Australia, and global sales teams in China, United Kingdom, France, Spain, Bulgaria, Greece, Ukraine, Jordan, Saudi Arabia, Tunisia, Morocco, Kenya, South Africa, Costa Rica, Colombia, Panama, Kazakhstan, Malaysia, Myanmar, Sri Lanka, Thailand, Vietnam, Poland and Argentina.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends, “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

Ms. Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: pr@jinkosolar.com

Related Links :

http://www.jinkosolar.com

PR Newswire

Shanghai Electric’s SEunicloud Platform Wins World’s First Industrial Intelligence Award at WAIC 2020

July 18, 2020 TechENT Syndication Leave a comment

SHANGHAI, July 18, 2020 — Shanghai Electric (SHA:601727/HK:02727) announced today that its SEunicloud platform has won the world’s first industrial intelligence award at the 2020 World Artificial Intelligence Conference (WAIC) Summit. The platform earned the “Zhan Lu” Award in the Best Service sector. WAIC 2020 was held at the Golden Hall of the Shanghai Expo Center on July 9. The Award was jointly established by Forbes China and the Global Industrial Intelligence Summit to recognize achievements in global-oriented industrial intelligence.

Huang Ou, deputy secretary and president of the Party Committee of Shanghai Electric Group witnesses the official launch of the Industry-Finance Integration of Industrial Internet Program in the 2020 World Artificial Intelligence Conference (WAIC) Summit

Huang Ou, the deputy secretary of the Party Committee and president of Shanghai Electric Group, noted, “In the future, Shanghai Electric will continue to develop the SEunicloud platform and improve the service model industrial Internet platform within the Yangtze River Delta regional radiation throughout the country and even the world.”

This year’s event was organized by the committee of the World Artificial Intelligence Congress and co-hosted by the China Institute of Information and Communication and the Industrial Internet Industry Alliance, among others. The Summit focused on “Innovation, Integration and Build the Future of Intelligent Industry.” The program included sharing the technological frontiers of industrial blockchain, industrial big data and industrial Internet industry platform as well as exploring new models of industrial Internet industry chain finance.

A major topic of WAIC 2020 was the building of a new ecological structure for the industrial Internet. To this end, in the hope of accelerating the evolution of its work, Shanghai Electric upgraded the company’s digital solution platform SEunicloud. The platform empowers intelligent wind power operation, remote thermal power operation, machine tool maintenance, energy storage and distribution. Using SEunicloud, Shanghai Electric has been providing efficient solutions, including troubleshooting, remote operations, maintenance, and energy planning to meet demands in various scenarios.

The SEunicloud platform is also equipped with an intelligent supply chain solution that is designed to match factory production with power plant demand directly. The DES-PSO energy planning solution of the platform features design and planning, investment analysis and risk assessment functions. These allow customers to evaluate the financial viability of large-scale energy production projects before commissioning their construction. The Shanghai Electric E-Commerce solution component of the platform is a one-stop platform equipped with spare parts, maintenance services, transformation optimization and more. This facilitates the online delivery of more than 22,000 spare parts products and 70 standard repair packages—all at near factory price.

The summit also announced the official launch of the Industry-Finance Integration of Industrial Internet Program. After the formation of the consortium, Shanghai Electric will jointly promote the construction of a public service platform for industrial Internet finance and build a credible, interoperable and coordinated industrial Internet financial system.

Photo – https://photos.prnasia.com/prnh/20200718/2860773-1-a?lang=0
Logo – https://photos.prnasia.com/prnh/20200424/2786026-1-LOGO?lang=0

Related Links :

http://www.shanghai-electric.com

PR Newswire

Electrolux Q2 Interim Report 2020: Navigating Through Challenging Market With Reinforced Strategy

July 17, 2020 TechENT Syndication Leave a comment

STOCKHOLM, July 17, 2020 — The comments and figures in this report refer to continuing operations unless otherwise stated

Highlights of the second quarter of 2020

Net sales amounted to SEK 23,476m (29,232). Organic sales declined by 16.6%, due to lower volumes. The development of the coronavirus pandemic impacted market demand significantly in our main markets and also resulted in supply constraints in North America.
Operating income amounted to SEK -62m (1,219), corresponding to a margin of -0.3% (4.2).
Comprehensive cost measures executed to mitigate the effects from the pandemic on earnings.
Negative currency impact on operating income of approximately SEK 360m.
Income for the period amounted to SEK -141m (1,006), and earnings per share was SEK -0.49 (3.50).
Operating cash flow after investments was SEK 122m (-25).

President and CEO Jonas Samuelson’s comment

The coronavirus pandemic affects all of us, personally and professionally. Our top priority is to safeguard the health and safety of our employees and to ensure business continuity as household appliances are essential for consumers’ daily life.

During the months of March through May, we experienced significant volume drops across most of our regions due to the pandemic. As restrictions were eased or removed, demand picked up in June, even if the pace of recovery varies greatly between regions. In some markets, such as many European countries, the recovery pace in the latter part of the quarter has been faster than predicted. It was therefore encouraging that we in June had an organic growth of 3%. I am also pleased that despite challenging conditions we improved our mix this quarter as well. A good example is Australia where newly launched products continue to gain good traction.

We have also delivered on the temporary cost and cash mitigation actions initiated in March; well above our expectations. This shows that both agility and cost focus are part of our DNA. We continue to follow through on our re-engineering and streamlining initiatives, yielding further structural efficiencies to strengthen our cost competitiveness also longer term. As we earlier announced, the coronavirus situation leads to delays in some of our strategic investments of up to half a year and has also impacted the ramp-up of our new Anderson factory in the U.S. due to supply disruptions from Mexico and shutdowns/ absenteeism, which also have impacted all our North American plants. This of course pushes cost savings from these investments forward, but I want to emphasize that we still expect our re-engineering and streamlining initiatives to generate approximately SEK 3.5bn of annual cost savings, with full effect from 2024.

Despite the strong cost reduction execution in the quarter, it was not possible to offset both the 17% organic sales drop and a significant currency headwind and, as we have previously communicated, the quarter was slightly loss-making.

The pandemic situation remains fluid, creating an extraordinary degree of uncertainty over what the full global impact on demand will be for the second half of the year. It depends on several factors such as virus resurgences, the extent of additional restrictive measures and the effectiveness of the massive stimulus packages on consumer confidence and demand. In the near term, we see good demand, partially driven by pent-up demand from April/May and the strong stimulus programs. However, for the full year 2020 we continue to expect negative demand in most of our main markets. Hence, as previously communicated, we expect a material financial impact related to the pandemic for the full year 2020, primarily due to the impact in the second quarter.

The increased time spent at home due to the pandemic has quickly changed consumer behavior. The importance of high-quality appliances with relevant features and benefits become more apparent. On the same note, we see consumers paying more attention to health and hygiene; meaning there is an increasing need for products that can boost wellbeing such as vacuum cleaners, air and water purifiers, dish washers and washing machines. Finally, consumers have become more digital and online purchases are growing significantly. These changes in consumer behavior reinforce our strategy and we keep accelerating innovation to deliver relevant products and services, including further development of our e-commerce capabilities.

Our strong commitment to sustainability remains unchanged and we see an opportunity to increase sustainable efforts as people change their behaviors due to the crisis.

Although we are experiencing a challenging time, I am confident that Electrolux remains well positioned to create value. I especially want to thank my colleagues for their great commitment as we continue to execute on our strategy.

Telephone conference 09.00 CET

A telephone conference is held at 09.00 CET today, July 17. Jonas Samuelson, President and CEO and Therese Friberg, CFO will comment on the report.

Details for participation by telephone are as follows:

Participants in Sweden: +46-8-566-426-51

Participants in UK/Europe: +44-3333-000-804

Participants in US: +1-631-9131-422

Pin code: 74667634#

Slide presentation for download:

www.electroluxgroup.com/ir

Link to webcast:

https://edge.media-server.com/mmc/p/7owdv3p7

For further information, please contact:

Sophie Arnius
Head of Investor Relations
+46-70-590-80-72

Asa Ohman
Electrolux Press Hotline
+46-8-657-65-07

This is information that AB Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 0800 CET on July 17, 2020.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/electrolux/r/electrolux-q2-interim-report-2020-navigating-through-challenging-market-with-reinforced-strategy,c3155766

The following files are available for download:

https://mb.cision.com/Main/1853/3155766/1280479.pdf

Release

PR Newswire

Gastech Virtual Summit to Take Place from September 7-11

July 15, 2020 TechENT Syndication Leave a comment

Registration for the virtual summit now open

Summit will include online strategic and technical conference sessions streamed live or available on demand

Hosted on a fully interactive platform, delegates will gain insights into the latest commercial strategies and trends dominating the gas, LNG and energy industry

LONDON, July 15, 2020 — dmg events announced, today, registration is open for the first Gastech Virtual Summit, that will take place from September 7-11. The Summit will include strategic and technical content streamed online, enabling the Gas, LNG and Energy industry to connect and engage virtually to address the collective challenges and opportunities the industry faces.

The Gastech Virtual Summit 2020 will feature 200+ industry leaders who will outline strategies and visions for confronting the new and changed energy markets. The Summit will also showcase the latest and peer-reviewed research on new technologies and business strategies to help companies thrive in challenging times and exclusive keynote addresses from globally renowned leaders in the technology space.

The event’s high-level strategic conference will provide the Gas, LNG and Energy industry a unique opportunity to assess the industry’s long-term prospects as governments engage with the energy trilemma of energy security of supply, affordability and sustainability and assess the prospects for demand and investment recovery and changes to supply in a post COVID-19 world.

Delegates can register for the Gastech Virtual Summit 2020 at www.gastechevent.com/gvs. All strategic conference and technical conference sessions will be streamed live, but delegates will be able to catch-up in their own time or revisit sessions through the event’s on-demand service.

Nick Ornstien, Vice President Energy for dmg events said: “Gastech has sat at the heart of the Gas, LNG and Energy conversation for 49 years. It is a global platform with the power to convene industry leaders to drive the conversations, collaboration and connections that address the future challenges and opportunities in an evolving energy market and the increasing focus on Environmental, Social and Governance issues.

“Building on from Gastech’s renowned strategic conference, the Gastech Virtual Summit will deliver advanced insights into the latest commercial strategies and trends dominating the natural gas industry, providing delegates with fast track information on how best to align business models.

“Hosted on our fully interactive platform, delegates will gain insights from our sessions, develop and share ideas by participating in live Q and As and audience polls, and develop and deepen relationships with industry peers via our exclusive global network programme – wherever they are in the world,” added Ornstien.

Among those confirmed to take part in the virtual conference are Maarten Wetselaar, Integrated Gas & New Energies Director and Member of the Executive Committee, Shell; Laurent Vivier, Senior Vice President Gas, Total; Peter Clarke, Senior Vice President, ExxonMobil Upstream Oil and Gas Company; H.E. Nadeem Babar, Special Assistant to the Prime Minister (SAPM) on Petroleum Division, Islamic Republic of Pakistan; Eugene Kaspersky, CEO, Kaspersky Lab; Irtiza Sayyed, President, LNG Market Development, ExxonMobil; Thomas Siebel, Chairman and Chief Executive Officer, C3.ai; Niek den Hollander, Chief Commercial Officer, Uniper; Jun Nishizawa, Executive Vice President, Group CEO, Natural Gas Group, Mitsubishi Corporation; Jane Liao, CEO, Natural Gas Business, CPC Corporation and Alex Volkov, Vice President, Global LNG Marketing, ExxonMobil.

The topics which the Gastech Virtual Summit 2020 will cover include the role of natural gas in the energy transition; the criticality of IoT and data security in the future of the energy industry; the impact of deregulation on markets and investment; opportunities and challenges to the energy sector posed by Industry 4.0; hydrogen’s ability to deliver on decarbonisation commitments and what impact environmental activism will have on the emerging growth opportunities for the industry.

Alongside the Gastech Virtual Summit’s strategic conference, delegates will be able to attend the event’s technical conference that will earn attendees 28 accredited CPD hours. The technical conference sessions will feature certified content delivered by industry leaders on recovery, the new post-pandemic energy landscape and how the industry can capitalise and build on reduced emissions for a sustainable and secure long-term energy future.

The Gastech Virtual Summit 2020 is being held in place of the Gastech exhibition and conference, scheduled to take place in Singapore, in September. dmg events and the Gastech Governing Body, in consultation with Enterprise Singapore and the Singapore Tourism Board collectively took the decision to postpone that event, to next year, due to concerns around the global pandemic, accessibility and the wellbeing of speakers, delegates, exhibitors and visitors.

About Gastech

Gastech has united the global gas, LNG and energy industries for almost 50 years and continues to do so, placing its emphasis on the future and convening the global community. With the industry’s support, Gastech is the heart of the global gas, LNG and energy conversation – bringing together companies, organisations and individuals alike to shape the future of energy. From NOCs, IOCs, utility companies, EPC contractors, E&P companies, service companies, technology providers, shipbuilders and manufacturers – Gastech brings the energy value chains together for progressive discussions, business transactions and cross sector collaboration.

For more information please visit www.gastechevent.com

PR Newswire

JinkoSolar to Supply 126 MW of Modules for a Utility PV Project in Chile

July 6, 2020 TechENT Syndication Leave a comment

SHANGRAO, China, July 6, 2020 — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE:JKS), one of the largest and most innovative solar module manufacturers in the world, today announced that it will supply 126 MW of solar modules for the expansion of an existing 160 MW solar PV park in Chile.

The local contractor recently announced the 126 MW expansion of an existing 160 MW PV park located in the Antofagasta Region. The existing PV plant has been in operation since 2016 and already has 668,160 JinkoSolar panels installed which generate 400 GWh per year. The expansion will add an additional 315,900 JinkoSolar bifacial modules.

Once the expansion is complete and begins operations, the PV plant will have a total of 984,060 JinkoSolar photovoltaic panels consisting of both monofacial and bifacial modules that are able to generate 789 GWh per year.

“This is the second project in Latin America to be equipped with our bifacial modules with transparent backsheets,” commented Mr. Alberto Cuter, General Manager LATAM of JinkoSolar. “Chile is the largest market for utility scale projects in the region and we are continuously working to promote our high-quality modules there in order to support the development of renewable energy. The expansion of the PV plant equipped with our bifacial modules has already generated lower LCOE and is able to compete with traditional sources of energy. We are expecting to sell more bifacial modules in the coming few months across the region.”

About JinkoSolar Holding Co., Ltd.

To find out more, please see: www.jinkosolar.com

Safe Harbor Statement

For investor and media inquiries, please contact:

Ms. Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: pr@jinkosolar.com

Related Links :

http://www.jinkosolar.com

PR Newswire

Canadian Solar Inc. Announces Results of 2020 Annual and Special Meeting of Shareholders

June 27, 2020 TechENT Syndication Leave a comment

GUELPH, Ontario, June 27, 2020 — Canadian Solar Inc. (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that it held an Annual and Special Meeting of Shareholders on June 24, 2020. The shares represented at the meeting voted on the following matters:

With respect to the election of directors, the Company nominated seven individuals. Each of Mr. Shawn (Xiaohua) Qu, Mr. Harry E. Ruda, Mr. Andrew (Luen Cheung) Wong, Mr. Arthur (Lap Tat) Wong, Ms. Lauren C. Templeton, and Mr. Karl E. Olsoni received a greater number of votes in favour than withheld. Mr. Robert K. McDermott received a greater number of votes withheld than in favour, and, as a consequence, under the Corporate Governance Guidelines of the Company, he is required to tender his resignation to the Chairman of the Board, such resignation to take effect on acceptance by the Board. The Board will consider his resignation pursuant to the Corporate Governance Guidelines and report its decision by subsequent press release.
The requisite majority of the shares represented at the meeting required for approval were voted in favour of the re-appointment of Deloitte Touche Tohmatsu Certified Public Accountants LLP as the auditors of the Company and to authorize the directors of the Company to fix their remuneration;
The requisite majority of the shares represented at the meeting required for approval were voted in favour of the special resolution authorizing and approving the continuance of the Company from the federal jurisdiction of Canada to either the provincial jurisdiction of the Province of British Columbia or the Province of Ontario; and
The requisite majority of the shares represented at the meeting required for approval were voted in favour of the ordinary resolution authorizing and approving the extension of the expiry date of the amended and restated share incentive plan of the Company from September 20, 2020 to June 30, 2029.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar power companies. It is a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions and has a geographically diversified pipeline of utility-scale solar power projects in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 43 GW of premium-quality, solar photovoltaic modules to customers in over 150 countries. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Related Links :

http://www.canadiansolar.com

PR Newswire

JinkoSolar Receives Determination in German Court in Patent Litigation Brought by Hanwha Q CELLS

June 19, 2020 TechENT Syndication Leave a comment

SHANGHAI and MUNICH, June 19, 2020 — JinkoSolar Holding Co., Ltd. (“JinkoSolar”) (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, today responded to the Regional Court of Düsseldorf’s recent determination concluding that third-party cell technology contained in certain JinkoSolar modules, no longer in production, infringes a patent held by Hanwha Q CELLS. JinkoSolar believes the Düsseldorf court came to an erroneous conclusion and will appeal the decision. JinkoSolar is also challenging the Hanwha patent’s validity at the European Patent Office (“EPO”).

Importantly, the scope and impact of the Düsseldorf court’s decision is limited to Germany. Additionally, the decision relates to third-party cells included in older versions of JinkoSolar-branded modules which are no longer in production. As such, the decision has no impact on current JinkoSolar customers, and JinkoSolar may continue to import and sell modules that use its own cell technology to customers in Germany.

“We respectfully disagree with the recent decision of the Düsseldorf court, which did not take any independent expert evidence and based its decision on one sided allegations,” said Kangping Chen, CEO of JinkoSolar. “We continue to believe that Hanwha’s claims are without merit and were brought solely to slow down our business momentum. We will pursue all legal avenues to vigorously defend against Hanwha’s claims, including contesting the validity of the patent associated with the cell technology in question. Providing JinkoSolar’s customers with industry-leading solar modules remains our top priority and we will continue to work tirelessly to achieve that end.”

About JinkoSolar Holding Co., Ltd.

To find out more, please see: www.jinkosolar.com

Safe-Harbor Statement

For investor and media inquiries, please contact:

In China:
Ripple Zhang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5183-3105
Email: ir@jinkosolar.com

Christian Arnell
Christensen
Tel: +86-10-5900-2940
Email: carnell@christensenir.com

In the U.S.:
Ms. Linda Bergkamp
Christensen
Tel: +1-480-614-3004
Email: lbergkamp@ChristensenIR.com

Related Links :

http://www.jinkosolar.com

PR Newswire

Sungrow Smart Energy Virtual Show: a bulk of the latest innovations shine in the marketplace

June 15, 2020 TechENT Syndication Leave a comment

HEFEI, China, June 15, 2020 /PRNewswire/ — Sungrow, the global leading inverter solution supplier for renewables, is unveiling a variety of the latest PV and energy storage innovations at its Smart Energy Virtual Show taking place on June 15-19. The Company bridges channels between participants and industry professionals from authorities including SPE, EASE, and offers exclusive webinars in terms of niche markets and flagship products, illustrating its determination on technical innovation and expansion of global footprints.

Sungrow Virtual Booth

Beyond a virtual booth, latest product portfolio is starring

The fully-immersive virtual booth keeps everybody safe and healthy given the current coronavirus situation. While the intriguing part of the virtual show is not only the distinctive booth design but a dozen of the latest competitive PV and energy storage product portfolios for utility-scale, commercial and residential applications, Which garnered global unique views of over 10,000 on the first day.

Optimized for utility-scale PV plants, Sungrow is debuting comprehensive solutions ranging from 125kW to 6.25MW, for instance, the SG6250HV-MV turnkey solution, a brand-new 1500V multi-MPPT string inverter SG125HX that is compatible with over 500Wp bifacial modules, the world’s most powerful 1500V string inverter SG250HX and its medium-voltage turnkey station MVS6750-LV which is preassembled for easy O&M.

Featured commercial inverters ranging from 33kW to 110kW and residential inverters available from 2kW to 20kW tailored to distributed generation markets are another eye-catching due to the compact design, high productivities and multiple demand satisfied.

Among others, participants can check out Sungrow all-in-one energy storage systems such as a “3MW-1 Hour” system for utility-scale applications and a “50kW-3 Hour” system for commercial projects, which are fully integrated and of high efficiency and safety.

Outlook from professionals, benefiting your business

Drawing on experience gleaned from both fields of solar and energy storage, an unprecedented lineup of speakers gives impactful insights for participants.

Brittney Elzarei, Policy Manager from EASE (European Association for the Storage of Energy), shared the latest ESS policies in the key European markets and changes amid coronavirus on June 15^th, indicating that we can expect strong impetus of energy storage development in Europe as it’s a special drive of the local decarbonization and energy transition.

The Europe market outlook 2020-2024 to be presented by Raffaele Rossi, Policy Analyst at SPE (SolarPower Europe) on June 19^th is believed to show in-depth guidance for the foreseeable future.

In addition, Sungrow technical and service team is giving expertise on the latest innovations and specific trainings for installers and distributors.

“It is a pleasure to join this remarkable smart energy virtual show, where I can explore key highlights of cutting-edge new products aired exclusively. I’ve also gained reliable and practical insights from speakers and networking slots without restrictions,” commented a participant at the virtual show.

Technical innovations never settle

“We keep exploring on technical innovations and are delighted to roll out the latest PV and ESS solutions in this spectacular way. Indeed, the virtual show illustrates our features and embodies more perspectives from our partners which all participants can reap a lot,” said James Wu, Vice President of Sungrow.

Being a leading player with over 100GW deployed around the globe, Sungrow is dedicated to the sustainable development and joined RE100 to affirm the commitment to source 100% renewable electricity by 2028. Sungrow, with 100% bankability, is poised to usher in a new prospect of accelerating its steps in fulfilling its mission of “Clean power for all”.

About Sungrow

Sungrow Power Supply Co., Ltd (“Sungrow”) is the world’s most bankable inverter brand with over 100 GW installed worldwide as of December 2019. Founded in 1997 by University Professor Cao Renxian, Sungrow is a leader in the research and development of solar inverters, with the largest dedicated R&D team in the industry and a broad product portfolio offering PV inverter solutions and energy storage systems for utility-scale, commercial, and residential applications, as well as internationally recognized floating PV plant solutions. With a strong 23-year track record in the PV space, Sungrow products power installations in over 60 countries, maintaining a worldwide market share of over 15%. Learn more about Sungrow by visiting www.sungrowpower.com.

Photo – https://photos.prnasia.com/prnh/20200615/2830728-1?lang=0

techENT

Tag Archives: EUT

Canadian Solar Reports Second Quarter 2020 Results

ReneSola Power Secures US$12 Million Bridge Financing

JinkoSolar Large-Area N-Type Monocrystalline Silicon Solar Cell Reaches Record High Efficiency of 24.79%

Shanghai Electric’s SEunicloud Platform Wins World’s First Industrial Intelligence Award at WAIC 2020

Electrolux Q2 Interim Report 2020: Navigating Through Challenging Market With Reinforced Strategy

Gastech Virtual Summit to Take Place from September 7-11

JinkoSolar to Supply 126 MW of Modules for a Utility PV Project in Chile

Canadian Solar Inc. Announces Results of 2020 Annual and Special Meeting of Shareholders

JinkoSolar Receives Determination in German Court in Patent Litigation Brought by Hanwha Q CELLS

Sungrow Smart Energy Virtual Show: a bulk of the latest innovations shine in the marketplace

Tech Your Way