Canadian Solar

What Canadian Solar does

Canadian Solar Inc. (NASDAQ: CSIQ), founded in 2001 by Shawn Qu and headquartered in Guelph, Ontario, Canada, is a vertically integrated solar power company that manufactures photovoltaic modules, inverters, and battery energy storage systems (BESS), and develops, constructs, and operates utility-scale solar power plants through its Recurrent Energy subsidiary. With 10,000+ employees, wholly owned subsidiaries in over 20 countries, and customer reach across more than 160 countries, the company generated approximately $6 billion in annual revenue in FY2024 and operates two principal business lines: (i) the manufacture and global sale of solar PV modules and inverters, historically contributing 69.1% of net revenue, and (ii) solar power project development, EPC services, and O&M, supplemented by energy storage sales through the e-STORAGE (utility and C&I) and EP Cube (residential) sub-brands.

The company's technology stack centers on n-type TOPCon (Tunnel Oxide Passivated Contact) solar cells, bifacial modules in the BiHiKu and BiKu series, high-density HiDM modules, and lithium iron phosphate (LFP) battery storage systems, supported by a portfolio of 2,286 valid patents, 177 GW of cumulative module shipments, 20 GWh of battery storage shipments, and Tier 1 bankability ratings from BloombergNEF and S&P Global. A $250 million Mesquite, Texas module plant employing 1,400 workers, with additional factories under construction in Kentucky and Indiana, anchors a major U.S. manufacturing expansion begun in 2023, complementing existing production in Suzhou, China.

Canadian Solar monetizes through hardware sales (modules, inverters, and BESS) and through build-to-sell and build-to-hold utility-scale project development. Hardware is distributed via an authorized distributor network (CED Greentech, Soligent, Krannich Solar, WESCO, Charge Solar) across North America, Canada, and the Caribbean, while utility-scale projects are sold or developed directly by Recurrent Energy and CSI Solar under combined module, EPC, and O&M contracts. The company serves four primary segments — utility-scale developers, commercial and industrial facilities, residential homeowners, and utility energy storage operators — using a hybrid GTM that pairs direct enterprise sales for large utility installations with indirect channel sales for distributed module volumes.

Name

Canadian Solar

Legal name

Canadian Solar Inc.

Website

https://csisolar.com

Company type

Public

Founded year

2001

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Canadian Solar is a vertically integrated solar power company that manufactures PV modules, inverters, and battery storage systems, and develops utility-scale solar projects. It serves utility, commercial, residential, and storage customers in 160+ countries through direct sales and authorized distributors.

Ownership category

akta.pro rank

Product category

Solar Photovoltaic Equipment Manufacturing

NAICS

Solar Electric Power Generation (221114), Electric Power Generation, Transmission and Distribution (2211), Battery Manufacturing (33591)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600), Electric Services (4911)

akta.pro primary industry

Solar PV Module Manufacturing (Cells, Modules, Thin-Film) (EUAMABAD)

akta.pro secondary industries

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Solar Distribution & Wholesale Supply (Channel, Procurement, Logistics) (EUAMABAK), Solar Inverters, Power Electronics & MLPE (String/Central Inverters, Optimizers, Microinverters) (EUAMABAE), PV Balance of System (BOS) & Electrical Infrastructure (Inverters, Transformers, Cabling, Substations) (EUACAGAC)

Keywords

• Solar PV modules
• Utility-scale solar projects
• Battery energy storage
• Commercial and industrial solar
• Solar inverter systems

Headquarters

HQ city

Guelph

HQ country

Canada

HQ region

North America

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Solar PV Module Manufacturing and Sales: Manufacturing and global sale of solar photovoltaic modules, inverters, and related components. The company has built manufacturing facilities in the US (Texas, Kentucky, Indiana) as part of expansion strategy. Contributed to 69.1% of total net revenue historically.
2. Solar Power Project Development: Development, construction, operation, management and sale of utility-scale solar PV projects. Works with both build-to-sell and build-to-hold business models. Includes EPC (Engineering, Procurement, Construction) services and O&M (Operations and Maintenance).
3. Energy Storage Solutions: Battery energy storage system (BESS) solutions including utility-scale storage, commercial & industrial storage, and residential storage (EP Cube). 20 GWh of battery storage system shipments reported.

Go-to-market motion3 records

Distribution channels7 records

Marketing channels8 records

Core offering

Canadian Solar manufactures and globally sells solar photovoltaic modules (TOPCon, bifacial and HiDM high-density product families), solar inverters, and lithium iron phosphate (LFP) battery energy storage systems for utility, commercial/industrial and residential applications. Through its Recurrent Energy subsidiary, it also develops, builds, owns and operates utility-scale solar power plants and provides EPC and O&M services, making it an integrated solar and energy storage supplier with both a build-to-sell and a build-to-hold business model.

Differentiator

Problem solved

Functional benefit

Brands

• Recurrent Energy: Project development subsidiary focused on utility-scale solar project development, construction, and operations
• e-STORAGE
• EP Cube

Products and services

• Solar PV Modules (TOPCon, bifacial BiHiKu/BiKu, HiDM series) High-efficiency solar photovoltaic modules, including TOPCon cell-based modules, bifacial BiHiKu/BiKu dual-glass modules that capture light from both sides, and HiDM high-density modules that increase power output per square meter, sold to utility, commercial and residential customers globally through authorized distributors and direct channels.
• Solar Inverters Grid-tied solar inverters sold alongside PV modules to convert DC output from solar arrays into usable AC power for utility, commercial and residential solar systems, supported by regional service teams (Americas, EMEA, Australia, Japan, China, Latin America).
• Commercial & Industrial (C&I) Energy Storage Systems (FlexBank, KuBank) Battery energy storage systems using LFP chemistry for commercial and industrial customers, designed to reduce demand charges, provide backup power, support solar self-consumption and optimize energy costs, offered alongside the FlexBank and KuBank storage platforms.
• Utility-Scale Energy Storage Systems (e-STORAGE) Grid-scale lithium iron phosphate (LFP) battery energy storage solutions offered through the e-STORAGE subsidiary for utilities, developers and grid operators to provide frequency regulation, renewable integration, capacity firming and peak demand management.
• EP Cube Residential Energy Storage Residential home battery energy storage product marketed under the EP Cube sub-brand, enabling homeowners to store solar energy, reduce electricity bills, and provide backup power for their households.
• Utility-Scale Solar Power Project Development (Recurrent Energy) End-to-end development, construction, ownership, operation, management and sale of utility-scale solar PV power plants worldwide via the Recurrent Energy subsidiary, executed under both build-to-sell and build-to-hold business models and incorporating EPC (Engineering, Procurement, Construction) and O&M (Operations and Maintenance) services.

Quantifiable outcome

• Solar technology cost reduction from $128 per watt to approximately 25 cents per watt over 50 years
• +3 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• University of New South Wales (UNSW)coreStrategic or Co-development Partner · 1 January 2018Strategic partnership with UNSW's School of Photovoltaic and Renewable Energy Engineering for collaboration on Advanced Hydrogenation Technology to solve light induced degradation (LeTID) issues in solar cells. Canadian Solar sent research team in 2018 to transfer technology to production facilities. UNSW described as 'West Point of the solar army' by CEO Dr. Shawn Qu.
• Green Sun RisingminorImplementation/ SI/ Consulting PartnerInstallation partner for Sachs Harbour remote community solar project. Rented U-Haul and drove shipment from Windsor, Ontario to Yellowknife (6 days), then transported materials by chartered airplane to Sachs Harbour.
• Lungi Sierra Leone CharityminorStrategic or Co-development PartnerHumanitarian partnership for solar power installation at Evans Medical Center in Lungi, Sierra Leone. Canadian Solar donated MaxPower CS6U-P 330W solar modules for the project.
• SegenSolar (Pty) Ltd.minorImplementation/ SI/ Consulting PartnerSouth African industry partner that supplied inverter, charge controller and electrical components for Evans Medical Center solar installation.
• Schletter GroupminorImplementation/ SI/ Consulting PartnerIndustry partner that contributed mounting system for Evans Medical Center solar installation in Sierra Leone.
• Electric FutureminorImplementation/ SI/ Consulting PartnerSpecialized solar installation company that carried out installation and commissioning for Evans Medical Center project in Lungi, Sierra Leone.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• JA Solar Technology: Chinese-headquartered PV module manufacturer with comparable n-type cell technology and global distribution network. Competes directly in Tier 1 bankability rankings and overlaps Canadian Solar's utility-scale and rooftop module offerings.
• Sungrow Power Supply: Leading solar inverter and energy storage system manufacturer with comparable product breadth in PV+ESS integrated solutions. Competes directly with Canadian Solar's inverter and battery storage offerings (e-STORAGE, FlexBank, KuBank).
• JinkoSolar: One of the world's largest PV module manufacturers, also a BloombergNEF Tier 1 producer. Directly competes with Canadian Solar across utility-scale, C&I, and residential module markets globally, with overlapping TOPCon/PERC product portfolios and similar distribution breadth.
• Enphase Energy: U.S.-headquartered solar inverter and energy storage technology company (microinverters, IQ batteries). Competes with Canadian Solar in residential and C&I inverter and storage markets, particularly in North America.
• Fluence Energy: Global utility-scale battery energy storage system integrator and solutions provider. Directly competes with Canadian Solar's e-STORAGE business for grid-scale BESS contracts at IPPs and utilities.
• Trina Solar: Vertically integrated PV module manufacturer and utility-scale project developer with comparable TOPCon technology, global distribution, and Tier 1 bankability. Competes head-to-head with Canadian Solar across residential, commercial, and utility segments.
• LONGi Green Energy Technology: World's largest monocrystalline silicon wafer and module producer, competing in the same TOPCon/PERC technology generations and global module channels. Overlaps Canadian Solar's product portfolio across utility, C&I, and residential markets.
• First Solar: U.S.-headquartered thin-film (CdTe) PV module manufacturer with strong utility-scale focus and U.S. manufacturing footprint. Direct competitor for IRA-eligible domestic-content solar modules and utility-scale project supply.
• SunPower: U.S. residential and commercial solar module and energy solutions provider. Competes with Canadian Solar in the U.S. residential and C&I segments with comparable high-efficiency module technology.

Broad incumbents

• Tesla (Energy Business): Tesla Energy (Megapack, Powerwall, solar roof) competes broadly with Canadian Solar in utility-scale energy storage and residential solar+storage. Although a much larger and diversified player, Tesla's storage products directly target Canadian Solar's e-STORAGE and EP Cube offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Canadian_Solar
• YouTubeyoutube.com/c/CanadianSolarInc
• Facebookfacebook.com/Canadian.Solar.CSIQ
• LinkedInlinkedin.com/company/canadian-solar-inc-
• Instagraminstagram.com/canadiansolar

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Canadian Solar