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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

Envision Digital announces new management hires in ongoing global expansion

July 29, 2020 TechENT Syndication Leave a comment

Nine new senior executives signal Envision Digital’s rapid global expansion in key APAC and EMEA markets

SINGAPORE, July 29, 2020 — Global green tech, Artificial Intelligence and Internet of Things (AIoT) technology leader, Envision Digital International Pte Ltd (“Envision Digital”), today announced the appointment of nine new management hires as the company expands to deliver on its Net Zero Carbon and automation promises.

The appointments follow the recent announcement of Envision Digital’s expansion into the German marketplace, which marks the 12^th global office for the company.

Envision Digital brings together AIoT to enable machine to machine, no human touch, real-time optimisation of key assets in the energy, building, manufacturing and city spaces. This includes solutions for solar or wind electricity generation, smart battery charging and load balancing, heating ventilation and air conditioning, field fault detection, predictive maintenance and asset optimisation, security and safety, as well as alerting.

Sylvie Ouziel, International President of Envision Digital International, says: “I am thrilled to welcome those new executives to our global team. We share the same vision and ambition towards a decarbonised and efficient world which reconciles performance and sustainability. Given the extreme economic and societal challenges the planet is facing, our corporate focus is to continuously support sustainable business growth while ensuring safe and efficient operations for public and private organisations. I am confident that our new colleagues will massively contribute to collectively reach those objectives.”

Five of the nine new hires serve global remits and three of them are based in San Francisco, California. They are the Global Chief Product Integration Officer (CPIO), Chief Information Security Officer (CISO), and Global Common Products Lead. Based out of Paris, France is the new Head of Global Digital Grid and Vehicle to Grid (V2G) Centre of Excellence (CoE). Based out of Singapore is the new Head of the Smart City and Decarbonisation domain.

Thomas Kiessling has been appointed as Global Chief Product Integration Officer (CPIO). Thomas will coordinate the architecture of Envision Digital’s offerings between the technology platforms and functional domains to maximise client value whilst fostering reusability and interoperability. He will also play a leading role in promoting Envision Digital’s solutions to key industry stakeholders, including industry analysts, software and system integration partners. Thomas has held various C-suite roles in the past, such as serving as the Chief Product and Innovation Officer of Deutsch Telekom. His most recent role was co-founder and Chief Technology Officer (CTO) of predictive IoT platform, AMPLY Power, Inc., specialising in electric vehicle (EV) smart charging systems.

Al Ghous joins as Global Chief Information Security Officer (CISO), bringing over 18 years of experience in cybersecurity strategy and operations, information and product security, and risk management. Al joins from his previous role as Chief Security Officer (CSO) at ServiceMax, a global asset-centric field service management company. He is also the co-founder of SVCI, a group of CISOs that operate as an angel investor syndicate.

Matthew Brocklehurst joins as the Global Common Products Lead for Envision Digital, leading new innovations, products and platform strategy, and enhancing existing offerings with a focus on renewables and energy storage. Matthew joins from his previous role as CTO at Power Factors, a performance optimisation platform for the renewable energy industry.

Xavier Becuwe joins as Head of Global Digital Grid and V2G CoE. He will lead a team of experts based in Paris and take responsibility of Envision Digital’s solutions in the Smart Grid and V2G Ecosystem. Xavier brings more than 13 years of experience in smart technologies, with a focus on smart grid and electro-mobility, developing innovations, building capacity and delivering solutions to major customers across Europe and Asia.

Ynse de Boer joins as the Smart City and Decarbonisation International Domain Lead, based out of Singapore. He will lead the development and deployment of Smart City, Smart Spaces and Corporate Decarbonisation programs. In his previous role at Accenture, Ynse built and led Accenture’s Strategy and Sustainability practices for Asia Pacific based in Singapore first, and more recently for a region comprised of France, Belgium, Luxemburg and the Netherlands.

The global hires will report to Sylvie Ouziel, International President of Envision Digital.

In APAC, Envision Digital has hired a Delivery Lead based in Singapore, Envision Digital’s global headquarters.

Saqib Khan joins the APAC team as Delivery Lead, directly reporting to Robin Li, head of the Global Solutions and Services Centre (GSSC) in Singapore. Saqib will ensure delivery excellence of client projects across the region. Beyond management duties, his role includes defining solutions and leading the implementation of large programs notably related to smart plans and assets management, where his personal expertise lies. Saqib has previously held roles as a Consulting Director at Deloitte and Principal Director at Accenture.

Complementing the Envision Digital leadership team, three new hires take various roles in Europe across operations and finance.

Marc Chevenement joins as Operations Director of Envision Digital France. He will be responsible for end-to-end client and partner projects, developing new partnerships within various industry verticals, as well as supporting cross-entity battery and wind turbine projects. Marc brings experience in industrial operations and digital business transformation, previously holding a variety of roles in automotive, consulting, and insurance at PSA, Accenture and Allianz.

Matthias Felber joins as Head of Operations for Envision Digital’s Germany retail activities, coordinating and implementing Envision Digital’s EV charging solution. Matthias brings over 20 years of experience across a range of business verticals, most recently serving as Managing Director of strategic digital consultancy, Neusta Accelerate.

Sabine Moser joins as the Finance Director of Envision Digital in Germany. She joins from intelligent automation solution provider, KUKA, previously serving as the Director of Finance for the EMEA region.

Sabine and Matthias will report to the new Managing Director of Envision Digital Germany, Drazen Nikolic, who was appointed in May this year, while Marc will report to Sylvie Ouziel, International President of Envision Digital.

About Envision Digital

Envision Digital is a global AIoT technology leader headquartered in Singapore with over 500 employees across 12 offices in China, France, Norway, the Netherlands, the United Kingdom and the United States.

Envision Digital owns EnOS™ – the world-class AIoT operating system which currently connects and manages over 63 million smart devices and 120GW of energy assets globally. Its monitoring, advanced analytics, forecasting and optimising applications provide insights to help clients better manage their assets and portfolio performance. Its offering extends to Smart Renewables (Solar, Wind); Smart Cities; Connected Energy; and Smart Plants; partnering governments and companies in their digital transformation journey.

As a major player in AIoT operating systems, Envision Digital is growing an ecosystem of partners to enable energy and digital transformation globally. Its growing list of over 250 customers and partners spans across ten industries and includes: Accenture, Amazon Web Services, GovTech Singapore, Keppel, Microsoft, Nissan, PSA International, PTT, Sonnen, Tableau and Total.

For more information, visit www.envision-digital.com

Related Links :

http://www.envision-digital.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

Nine Leading Businesses Launch New Initiative to Accelerate Progress to a Net Zero Future

July 21, 2020 TechENT Syndication Leave a comment

Initiative is committed to leading by example, charting the course for other businesses to follow

REDMOND, Washington, July 21, 2020 — The heads of nine companies today announced the establishment of a new initiative to accelerate the transition to a net zero global economy. The initiative, known as Transform to Net Zero, intends to develop and deliver research, guidance, and implementable roadmaps to enable all businesses to achieve net zero emissions.

The Initiative will be led by founding members including A.P. Moller – Maersk, Danone, Mercedes-Benz AG, Microsoft Corp., Natura &Co, NIKE, Inc., Starbucks, Unilever, and Wipro, as well as Environmental Defense Fund (EDF). The Initiative is supported by BSR, which is serving as the Secretariat for the Initiative.

Transform to Net Zero will focus on enabling the business transformation needed to achieve net zero emissions no later than 2050, in addition to driving broader change with a focus on policy, innovation, and finance. The outputs of the initiative will be widely available to all, though additional companies may join. The Initiative intends to complete the outputs of this work by 2025.

The work will be led by the following principles:

Focused on transformation: Delivering on our individual commitments and translating into action, which will include corporate strategy, governance and accountability, finance and operations, risk management, procurement, innovation and R&D, marketing, and public affairs.
Led by science and best practice data and methods: Committed to standardized approaches to achieve what the best available science requires for a 1.5 degree C world; committed to improving the quality and availability of research, data, and tools for all; committed to the highest return for the climate on investment.
Leveraging existing efforts: Committed to open collaboration with existing net zero initiatives (sign-on, advocacy, sectorial, methodology efforts) to leverage existing work and advance business transformation to net zero.
Strong governance and oversight: At the highest levels of the company, governance and oversight structures will work to achieve net zero, including through developing innovative products, services, and business models.
Robust reduction and removal across the extended enterprise: Net zero requires emissions reductions across the entire value chain, including impact of products and services and supply chain. Net zero requires us to achieve greenhouse gas (GHG) emissions reductions aligned with the latest science and increase our capacity for GHG removals in the near term to be the path to get companies–and the world–to net zero no later than 2050 to ensure a stable climate, and will mean a mix of climate-positive actions should be pursued.
Investment in innovation: Substantial commitment and willingness to invest in and accelerate innovation to achieve net zero transformation, including partnering with others.
Policy engagement: Advancing public policy that enables and accelerates progress towards net zero, and engagement with bodies such as trade associations to achieve this objective.
Transparency and accountability: Public reporting and disclosure on progress towards net zero transformation to key stakeholders, including investors, customers, consumers, and where required–regulators; sharing information with all stakeholders on good practice to net zero transformation.
Just and sustainable transition: We know that marginalised groups and low-income communities bear the greatest impacts of climate change. Therefore, we will help enable conditions needed to achieve effective, just, and sustainable climate solutions for people of all gender, race, or skills.

Commentary:

A.P. Moller – Maersk
Soren Skou, CEO of A.P. Moller – Maersk, said: “A.P. Moller – Maersk is committed to a carbon-neutral future of transport and logistics. To contribute to the Paris agreement’s goal, we announced our ambition of having net-zero CO2 emissions by 2050 back in 2018. Since then we have taken several concrete actions to decarbonise the industry. The overall target of keeping global warming below 1.5 degrees can only be reached through strong alliances across sectors and businesses. We are therefore happy to join Microsoft and other global companies in the Transform to Net Zero initiative.”

BSR
Aron Cramer, President and CEO of BSR, said: “Over the past decade, many businesses have committed to net zero targets. It is now time to accelerate the actions needed to achieve this essential goal. Our window for staying under 1.5 degrees of warming is closing, and fast. We are now in a decisive decade, in which we must urgently decarbonize the economy, if we are to stave off the worst impacts of climate change. That’s why Transform to Net Zero is so important. More than just setting a high bar for inspiration, Transform to Net Zero will provide companies with an actionable roadmap enabling them to transform their businesses to thrive in and shape a net zero economy.”

Danone
Emmanuel Faber, Chairman and CEO of Danone, said: “Our One Planet. One Health frame of action puts the climate at the core of the food system transformation. Carbon neutrality is therefore not optional for Danone, it is a way to reinvent our growth model. This revolution cannot be achieved alone. That’s why I truly believe in the collective power of Transform to Net Zero. Let’s share best practices and build new systems to create the evidence-based solutions that will help us drive the change and keep global warming under 1.5°C.”

Environmental Defense Fund
Fred Krupp, President of Environmental Defense Fund, said: “The gap between where we are on climate change and where we need to be continues to widen. So does the gap between businesses that just talk about action and those that are actually getting the job done. This new initiative holds tremendous potential for closing these gaps. Especially if other businesses follow in the coalition’s footsteps, leading by example and using the most powerful tool that companies have for fighting climate change: their political influence.”

Mercedes-Benz AG
Ola Kallenius, Chairman of the Board of Management of Daimler AG and Mercedes-Benz AG, said: “If there is one lesson we can learn from dealing with the COVID-19-pandemic it is how much we can achieve if we act together. This is the only way we can also win the fight against climate change. We need to set common goals and implement measures to achieve them. That’s why we are joining ‘Transform to Net Zero.’ Our mission at Mercedes-Benz is CO2-neutral mobility. We are making good progress towards this end and we are determined to follow through.”

Microsoft
Brad Smith, President, Microsoft, said: “No one company can address the climate crisis alone. That’s why leading companies are developing and sharing best practices, research, and learnings to help everyone move forward. Whether a company is just getting started or is well on its path, Transform to Net Zero can help us all turn carbon commitments into real progress toward a net zero future.”

Natura &Co.
Roberto Marques, Executive Chairman of the Board and group CEO of Natura &Co., said: “At Natura &Co we truly believe in cooperation. We recently released our 2030 Commitment to Life in which we set for all our business the target to become net carbon zero in ten years. But to address the climate crises the world is facing, we need to help each other to do more and faster. The Net Zero initiative strives to do just that, bringing together companies committed to making the right changes at the right pace. We are committed to build a brighter future that will allow not only a greener world for future generations but the economic recovery under new premises that that society is demanding.”

NIKE, Inc.
Andy Campion, Chief Operating Officer, NIKE, Inc., said: “When it comes to protecting the playing field we share–our planet–there isn’t a moment to lose. That’s why we aren’t waiting for solutions to climate change, we’re coming together as global leaders to create them. If we act now, and work together, we can drive meaningful progress toward a more sustainable future. We’ll be relentless in our pursuit of ensuring a healthy planet for generations of athletes to come.”

Starbucks
Kevin Johnson, Starbucks President and Chief Executive Officer, said: “Starbucks aspires to be a resource-positive company by building on our long history in sustainability. Joining Transform to Net Zero aligned with our aspiration for a more sustainable future. Partnering with other like-minded companies, we will open-source best practices, advocate for positive government policies, and support a just transition. We believe in driving real change and encourage other organizations to join us in this critical effort for humanity.”

Unilever
Alan Jope, Unilever CEO, said: “The climate crisis is not only a threat to our environment, but also to lives and livelihoods, and it is critical that we all play a part in addressing it. The business world of the future cannot look like it does now; in addition to decarbonisation, a full system transformation is needed. That’s why we’re pleased to join other leading businesses as a founding member of Transform to Net Zero so we can work together and accelerate the strategic shift that is needed to achieve net zero emissions; in Unilever’s case, by 2039.”

Wipro
Thierry Delaporte, Chief Executive Officer and Managing Director, Wipro Limited, said: “We are pleased to be a founding member of Transform to Net Zero. It is closely aligned with our values and our commitment to sustainability. Climate change is a defining challenge for our times and we firmly believe that businesses must step up and address the challenges head-on. A partnership forum like this can help catalyse and accelerate such a response and guide our future engagements across the value chain through a collaborative spirit of innovative, transformational solutions.”

Related Links :

http://www.transformtonetzero.org/

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

Growatt introduces new generation three-phase inverter into Brazilian market

July 11, 2020 TechENT Syndication Leave a comment

SAO PAULO, July 11, 2020 — Growatt, one of the world’s top 5 three-phase string inverter suppliers according to IHS Markit, introduces MAC series of its X generation inverters for three-phase solar PV market in Brazil. The new inverter series provide flexibility to meet the grid requirement of different voltages for commercial and industrial (C&I) solar plants, including MAC 15-36KTL3-XL for three-phase application at 220V and MAC 50-70KTL3-X LV/MV at 380V

Growatt’s MAC inverter provides better performance and higher ROI. The inverter comes with a maximum efficiency of 98.8% and a maximum DC voltage at 1100V. It has 3 MPPTs to improve the capability to handle irregular roofs when designing the PV system. It’s also compatible with bifacial modules and can lower LCOE for system owners. MAC inverter has very appealing and user-friendly design with OLED display and touch button that has a longer lifespan and can last over three million clicks!

Additionally, MAC has the local WiFi function for installers and service engineers for the purpose of configuration and troubleshooting. The inverter also works with a variety of devices through communication options such as 4G, GPRS and WiFi for remote monitoring, which can reduce onsite visits and O&M costs. System owners can also log onto Growatt’s ShinePhone App to check power generation and carbon emissions reduction.

“With the introduction of MAC 15-36KTL3-XL and MAC 50-70KTL3-X LV/MV, we can now meet the requirements of most C&I solar plants in Brazil,” said William Xu, Growatt Brazil Sales Manager. “Growatt is committed to the development of solar energy in Brazil. With our service center established in Mogi das Cruzes early last year, we have a stronger foundation to expand our businesses across Brazil along with our partners!”

About Growatt

Growatt is a global leader of PV inverters, storage and smart energy solutions. Growatt ranked in top 10 global PV inverter suppliers in 2019 according to IHS Markit. The company was also among the top 3 global suppliers of single-phase inverters and the top 5 of three-phase string inverters. By far, Growatt has shipped 17GW of PV systems and established an extensive service network with 13 branch offices and warehouses worldwide.

Related Links :

http://www.growatt.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

Quantron AG Implements Fuel Cell Trucks in Europe

June 17, 2020 TechENT Syndication Leave a comment

The Energon is the first in Quantron’s upcoming fuel cell product range. Production is scheduled to start in mid-2022.

AUGSBURG, Germany, June 17, 2020 /PRNewswire/ —

Quantron AG active in the field of hydrogen since its foundation

Quantron AG has been working on hydrogen propulsion for commercial vehicles since its foundation and now, with the new Energon, offers a 44-tonne truck with fuel cell for freight transport that can be fully integrated into logistics processes. It has a range of about 700 km. The 130 kW fuel cell used, supported by a 110 kWh LFP battery, powers the 340 kW engine, which is equipped with a 2-speed transmission.

Quantron AG – Energon Hydrogen Heavy-Duty

Quantron AG is working hard on other vehicles in order to be able to offer a wide range of fuel cell solutions for companies and local authorities in the near future.

Advantages of the fuel cell

A hydrogen vehicle is an electric vehicle that obtains its energy from a chemical reaction of hydrogen and oxygen in the so-called fuel cell. The electricity generated in this process is either consumed directly in the engine or buffered in the on-board battery. Due to the high system efficiency of the fuel cell, hydrogen trucks have identical performance characteristics to normal diesel trucks. But there is one decisive advantage: the local freedom from emissions of CO2, nitrogen oxides and particulate matter. This is because the electrochemical reaction in the fuel cell produces only water vapor, which is then released into the environment when the truck is driven. Added to this are the general advantages of an e-vehicle. Because hydrogen trucks also enjoy tax and toll exemptions as well as lower maintenance and operating costs than trucks with conventional diesel engines.

Pre-orders with a price advantage of 10,000 € are possible at www.quantron.net.

Photo – https://techent.tv/wp-content/uploads/2020/06/quantron-ag-implements-fuel-cell-trucks-in-europe.jpg

Contact:
Serhat Yilmaz
s.yilmaz@quantron.net
+49-(0)821-24-99-790

techENT

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

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Quantron AG Implements Fuel Cell Trucks in Europe

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