Canadian Solar Reports Fourth Quarter and Full Year 2016 Results

公開日 2017/03/22
CSI Solar Co., Ltd. 
Canadian Solar Inc. today announced its financial results for the fourth quarter and full year ended December 31, 2016. 

Fourth Quarter 2016 Highlights

- Total solar module shipments set a record high at 1,612MW, of which 1,581MW were recognized in revenue, compared to 1,161MW recognized in revenue in the third quarter of 2016, and fourth quarter 2016 guidance in the range of 1,400MW to 1,500MW.

- Net revenue was $668.4 million, compared to $657.3 million in the third quarter of 2016, and fourth quarter 2016 guidance in the range of $600 million to $750 million.

- Net revenue from the total solutions business as a percentage of total net revenue was 6.6% compared to 10.4% in the third quarter of 2016.

- Gross margin was 7.3% including an anti-dumping and countervailing duties (AD/CVD) true-up provision of $44.1 million associated with the prior years' module sales. If excluding this charge, the gross margin would be 13.9%, compared to 17.8% in the third quarter of 2016, and fourth quarter guidance in the range of 11.0% to 16.0%.

- Net loss attributable to Canadian Solar was $13.3 million, or $0.23 per diluted share, compared to net income of $15.6 million, or $0.27 per diluted share, in the third quarter of 2016.

- Non-GAAP adjusted net income attributable to Canadian Solar, which is adjusted to exclude the AD/CVD true-up provision of $44.1 million, net of income tax effect, was $14.2 million, or $0.24 per diluted share, in the fourth quarter of 2016. (For a reconciliation of GAAP to non-GAAP results, see accompanying tables "Reconciliation of U.S. GAAP to Non-GAAP Financial Measures.")

- Cash, cash equivalents and restricted cash balances at the end of the quarter totaled $1.01 billion, compared to $986.0 million at the end of the third quarter of 2016.

- Net cash used in operating activities was approximately $109.3 million, compared to net cash used in operating activities of $205.7 million in the third quarter of 2016.

- During the quarter the Company completed the sale of two solar power plants in Canada for over C$152.5 million ($115 million) and two solar power plants in China for RMB223.5 million ($32.2 million). The Company completed three additional solar power plant sales in Canada for over C$257 million ($195.32 million) on February 1, 2017.

- The Company's portfolio of operating solar power plants was 1,195.5MWp as of February 28, 2017, with an estimated total resale value of approximately $1.6 billion.

Full Year 2016 Results

- Total solar module shipments set a record high at 5,232MW in 2016, compared to 4,706MW in 2015, with 5,204MW recognized in revenue in 2016, compared to 4,384MW recognized in revenue in 2015, and full year 2016 guidance in the range of 5,073MW to 5,173MW.

- Net revenue was $2.85 billion, compared to $3.47 billion in 2015, and full year 2016 guidance in the range of $2.78 billion to $2.94 billion.

- Net revenue from the total solutions business was 6.9% of total net revenue, compared to 30.9% in 2015.

- Net income attributable to Canadian Solar was $65.2 million, or $1.12 per diluted share, compared to $171.9 million, or $2.93 per diluted share, in 2015.

- Non-GAAP adjusted net income attributable to Canadian Solar, which is adjusted to exclude the AD/CVD true-up provision of $44.1 million, net of income tax effect, was $92.7 million, or $1.60 per diluted share.

- Net cash used in operating activities was approximately $278.1 million, compared to net cash provided by operating activities of $413.7 million in 2015.

U.S. Anti-dumping and Countervailing Duty Provision for DOC Preliminary Rulings

- The Company booked a true-up provision of $44.1 million primarily associated with prior years' module sales from China to the U.S for the Anti-Dumping Duty (AD) and Countervailing Duty (CVD) preliminary results of the third administrative review (AR3) of Solar 1 (as defined below) by the U.S. Department of Commerce (DOC). The AR3 preliminary results were announced to the public on December 22, 2016 for AD and on January 9, 2017 for CVD. The preliminary results for the Company are hugely different from both the past rates imposed on the Company and the AR3 preliminary results on our peers. We are vigorously contesting the preliminary results and have filed Case Brief and Rebuttal Brief for AD with DOC on January 25, 2017 and February 3, 2017, respectively. DOC currently plans to issue its final results for AR3 AD on April 21, 2017 and AR3 CVD on May 9, 2017, with the discretion to extend these dates for up to 60 days. We expect to appeal any adverse DOC findings, if any, to the U.S. Court of International Trade.

- Canadian Solar's imports into the U.S. are subject to DOC AD/CVD orders on solar products incorporating solar cells from China ("Solar 1") and other solar products incorporating solar cells from Taiwan ("Solar 2"). Our Solar 1 imports are currently subject to a cash deposit rate of 8.52% for AD and 20.94% for CVD. In the AR3 of the Solar 1 orders, which cover the period of review from December 1, 2014 to November 30, 2015 for AD and from January 1, 2014 to December 31, 2014 for CVD, DOC calculated preliminary margins (i.e. duty rates) for Canadian Solar at 30.42% for AD and 20.98% for CVD.

- For Solar 2, we are still in the process of assessing the impact which could be positive or negative. For further information, for Chinese-origin products subject to the Solar 2 orders.

- Canadian Solar has ramped up its production facilities in South Eastern Asia in the course of 2016 and has not imported solar products from China to the U.S., or using Taiwanese solar cells in its solar products shipped into the U.S. since February of 2017.

Fourth Quarter 2016 Results

Net revenue in the fourth quarter of 2016 was $668.4 million, up 1.7% from $657.3 million in the third quarter of 2016 and down 40.3% from $1,120.3 million in the fourth quarter of 2015. Total solar module shipments in the fourth quarter of 2016 were 1,612MW, of which 1,581MW were recognized in revenue, compared to 1,161MW recognized in revenue in the third quarter of 2016 and 1,398MW recognized in revenue in the fourth quarter of 2015. Solar module shipments recognized in revenue in the fourth quarter of 2016 included 85.6MW used in the Company's total solutions business, compared to 16.3MW in the third quarter of 2016 and 63.8MW in the fourth quarter of 2015.

The following table is a summary of net revenue by geographic region based on the location of customers' headquarters (in millions of US$, except percentages).


Gross profit in the fourth quarter of 2016 was $49.0 million, compared $117.3 million in the third quarter of 2016 and $200.5 million in the fourth quarter of 2015. Gross margin in the fourth quarter of 2016 was 7.3%, compared to 17.8% in the third quarter of 2016 and 17.9% in the fourth quarter of 2015. The sequential decrease in gross margin was primarily due to the significant AD/CVD true-up provision that was estimated based on the preliminary annual review ("AR3") ruling by the U.S. Department of Commerce, as well as lower module average selling price which was partially offset by lower module manufacturing cost. Excluding $44.1 million AD/CVD true-up provision, gross margin in the fourth quarter of 2016 would have been 13.9%. The year-over-year decrease in gross margin was primarily due to lower module average selling price, higher AD/CVD charges, and lower contribution from the Company's higher margin total solutions business, partially offset by lower module manufacturing cost.

Total operating expenses were $60.7 million in the fourth quarter of 2016, down 32.8% from $90.3 million in the third quarter of 2016 and down 36.2% from $95.2 million in the fourth quarter of 2015.

Selling expenses were $42.7 million in the fourth quarter of 2016, up 25.9% from $34.0 million in the third quarter of 2016 and up 8.5% from $39.4 million in the fourth quarter of 2015. The sequential increase of $8.7 million was primarily due to an increase in shipping, handling and storage charges resulting from an increase in module shipment volume, as well as higher external sales commission. The year-over-year increase in selling expenses was primarily due to an increase in labor cost and higher shipping, handling and storage charges.

General and administrative expenses were $62.8 million in the fourth quarter of 2016, up 19.7% from $52.5 million in the third quarter of 2016 and up 20.1% from $52.3 million in the fourth quarter of 2015. The sequential increase in general and administrative expenses was primarily due to a $16.3 million asset impairment charge of module production lines in Canada and certain idle assets in China. The year-over-year increase in general and administrative expenses was primarily due to an increase in asset impairment charge and higher professional service fees.

Research and development expenses were $3.2 million in the fourth quarter of 2016, compared to $4.6 million in the third quarter of 2016 and $4.8 million in the fourth quarter of 2015.

Other operating income was $48.1 million in the fourth quarter of 2016, compared to $0.8 million in the third quarter of 2016 and $1.4 million in the fourth quarter of 2015. Other operating income in the fourth quarter of 2016 primarily represented a net gain from four projects the Company sold in Canada and China.

Loss from operations was $11.8 million in the fourth quarter of 2016, compared to income from operations of $27.0 million in the third quarter of 2016, and $105.3 million in the fourth quarter of 2015. Excluding the $44.1 million AD/CVD true-up provision, income from operations would have been $32.3 million. Operating margin was negative 1.8% in the fourth quarter of 2016, compared to 4.1% in the third quarter of 2016 and 9.4% in the fourth quarter of 2015. Excluding the $44.1 million AD/CVD true-up provision, operating margin would have been 4.8%.

Non-cash depreciation and amortization charges were approximately $19.3 million in the fourth quarter of 2016, compared to $25.4 million in the third quarter of 2016, and $24.7 million in the fourth quarter of 2015. Non-cash equity compensation expense was $2.2 million in the fourth quarter of 2016, compared to $1.8 million in the third quarter of 2016 and $1.4 million in the fourth quarter of 2015.

Interest expense was $22.9 million in the fourth quarter of 2016, compared to $18.8 million in the third quarter of 2016 and $17.1 million in the fourth quarter of 2015.

Interest income was $2.4 million in the fourth quarter of 2016, compared to $2.1 million in the third quarter of 2016 and $4.2 million in the fourth quarter of 2015. 

The Company recorded a gain on change in fair value of derivatives of $24.2 million in the fourth quarter of 2016, compared to a gain of $2.0 million in the third quarter of 2016 and a loss of $9.4 million in the fourth quarter of 2015. Foreign exchange loss in the fourth quarter of 2016 was $12.5 million compared to a foreign exchange gain of $4.4 million in the third quarter of 2016 and a foreign exchange gain of $11.3 million in the fourth quarter of 2015.

Income tax benefit was $10.6 million in the fourth quarter of 2016, compared to an income tax expense of $16 thousand in the third quarter of 2016 and $31.0 million in the fourth quarter of 2015.

Net loss attributable to Canadian Solar was $13.3 million or $0.23 per diluted share in the fourth quarter of 2016, compared to net income of $15.6 million, or $0.27 per diluted share, in the third quarter of 2016 and net income of $62.3 million, or $1.05 per diluted share, in the fourth quarter of 2015.

Non-GAAP adjusted net income attributable to Canadian Solar, which is adjusted to exclude the impact of the AD/CVD true-up provision, net of income tax effect, was $14.2 million, or $0.24 per diluted share in the fourth quarter of 2016. For a reconciliation of measures presented in accordance with generally accepted accounting principles in the United States ("GAAP") to the non-GAAP measures, a table is available at the end of this press release.

Financial Condition

The Company had $1.01 billion of cash, cash equivalents and restricted cash as of December 31, 2016, compared to $986.0 million as of September 30, 2016.

Accounts receivable, net of allowance for doubtful accounts, at the end of the fourth quarter of 2016 were $400.3 million, compared to $350.1 million at the end of the third quarter of 2016. Accounts receivable turnover was 65 days in the fourth quarter of 2016, compared to 68 days in the third quarter of 2016.

Inventories at the end of the fourth quarter of 2016 were $295.4 million, compared to $313.9 million at the end of the third quarter of 2016. Inventory turnover was 48 days in the fourth quarter of 2016, compared to 56 days in the third quarter of 2016.

Accounts and notes payable at the end of the fourth quarter of 2016 were $736.8 million, compared to $801.9 million at the end of the third quarter of 2016.

Excluding the borrowings included in 'Liabilities held-for-sale', short-term borrowings at the end of the fourth quarter of 2016 were $1.60 billion, compared to $1.51 billion at the end of the third quarter of 2016, long-term borrowings at the end of the fourth quarter of 2016 were $493.5 million, compared to $615.8 million at the end of the third quarter of 2016.

The Company had approximately $993.0 million in non-recourse bank borrowings at the end of the fourth quarter of 2016. Senior convertible notes totaled $125.6 million at the end of the fourth quarter of 2016, compared to $125.4 million at the end of the third quarter of 2016. Total borrowings directly related to utility-scale solar power projects, which includes $915.2 million of non-recourse borrowings, were $1.19 billion at the end of the fourth quarter of 2016, compared to $1.18 billion at the end of the third quarter of 2016.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: "Results for the fourth quarter and full year 2016 were inline with our expectations, other than the unfavorable preliminary ruling on AD/CVD rates by U.S. Department of Commerce. We achieved record high total solar module shipments in the fourth quarter and the full year 2016. Despite strong demand levels, our revenue for both the fourth quarter and full year was lower compared to the prior year's periods due to the industry-wide declines in average selling price that have been persistent all year. We will continue to work to offset any negative impact of future declines in average selling price with the introduction of new products and through our supply chain and manufacturing efficiency programs. Importantly, we are actively monetizing our operating solar power plant assets. This includes the recent sale of five operating solar power plants in Canada for over $310 million (two sales closed in the fourth quarter of 2016; three additional sales closed in the first quarter of 2017). In addition, we closed the sales of two operating solar power plants in China in the fourth quarter of 2016 for over $32 million. We are also well underway in the sale process of our operating solar power plants in the U.S. and are targeting closure in the coming months. We plan to continue to execute on our strategy in the downstream energy business of developing solar power projects for sale to end customers, so as to deleverage our balance sheet and redeploy our capital to support the profitable growth of our business."

Dr. Huifeng Chang, Senior Vice President and Chief Financial Officer of Canadian Solar, added: "Our fourth quarter of 2016 gross margin was impacted by the significant AD/CVD true-up that was based on the preliminary Department of Commerce ruling. We plan to vigorously contest the preliminary results in the final phase of the DOC reviews. Excluding the AD/CVD adjustment, the gross margin in the fourth quarter of 2016 would have been 13.9%, which is inline with our guidance range of 11.0% to 16.0%. We continue to execute on our cost down model through diligent management of our existing manufacturing and supply chain assets, while enhancing our cost profile and competitive position with the selective expansion of our state-of-the-art manufacturing capacity. We expect to be even more vertically integrated and geographically diversified as we seek to maintain our industry leading cost position. During the quarter, we successfully restored two cell production lines, with a total capacity of 240MW, at our Funing cell factory, which had previously been damaged by a tornado in June of 2016. We expect to restore an additional 1.2GW by the end of the first half of 2017. The construction of our new 850MW cell plant in Southeast Asia was completed in February 2017 and production is ramping up. All of the equipment we are installing in our new cell factories features the latest production technologies, which gives us further cost and efficiency advantages and the desired capacity customers are seeking, while allowing us to sunset less efficient, legacy capacity."

Utility-Scale Solar Project Pipeline

The Company divides its utility-scale solar project pipeline into two parts: an early-to-mid-stage pipeline and a late-stage pipeline. The late-stage pipeline includes primarily projects that have energy off-take agreements and are expected to be built within the next two to four years. The Company cautions that some late-stage projects may not reach completion due to such risks as failure to secure permits and grid connection, among others .

Late-Stage Utility-Scale Solar Project Pipeline

As of February 28, 2017, the Company's late-stage solar project pipeline, including those in construction, totaled approximately 2.1GWp, which included 538.5MWp in Japan, 401MWp in the U.S., 400MWp in China, 399MWp in Brazil, 132MWp in India, 118MWp in Australia, 68MWp in Mexico, 26MWp in the United Kingdom and 6MWp in Africa.

In the United States, as previously announced, four projects (Astoria, Astoria 2, Garland and Roserock) totaling 715 grossMWp commenced commercial operation in the fourth quarter of 2016. In addition, the new late-stage 92MWp IS 42 project acquired during the quarter is in construction and expected to reach commercial operation by the end of 2017. Two other projects (Tranquillity 8 and Gaskell West 1) are currently under development and are expected to reach commercial operation before the end of December 2018.

In January 2017, the Company announced the signing of a 20-year Power Purchase Agreement ("PPA") for 60MWac of solar power plant Tranquillity 8 Verde with the Sacramento Municipal Utility District ("SMUD"). Construction of the project, located in Fresno County, California, is expected to begin in mid-2017 and will begin delivering power to SMUD by early 2018. Tranquillity 8 Verde is part of the 281MWdc Tranquillity 8 Project. The remaining volume will be purchased by MCE, Pacific Gas & Electric ("PG&E") and Southern California Edison ("SCE") under long-term power purchase agreements.

In the fourth quarter of 2016, the Company executed a 20-year PPA for 28MWdc of solar power plant Gaskell West 1 with SCE. Construction of the project is expected to begin in late 2017 and will begin delivering power to SCE by mid-2018. Gaskell West 1 is part of the 175MWdc Gaskell West project located in Kern County, California.

The Company's late-stage, utility-scale solar project pipeline in the U.S. as of February 28, 2017 is detailed in the table below.


In Japan, during the fourth quarter of 2016, the Company started commercial operation of three solar power plants, with a total capacity of approximately 37MWp, bringing the totalMW of solar power plants in commercial operation to 59.5MWp. As of February 28, 2017, the Company's pipeline of late-stage utility-scale solar power projects totaled approximately 538.5MWp, including 211.8MWp in construction and 14.8MWp at the ready-to-build stage. The expected commercial operation schedule of the Company's late­ stage, utility ­scale solar power projects in Japan as of February 28, 2017 is detailed in the table below.


As of February 28, 2017, Canadian Solar executed interconnection agreements for 375MWp of projects that are in construction and under development. Since January 1, 2017, Canadian Solar executed interconnection agreements for 21.49MWp of projects. The Company expects that, by April 1, 2017, it will have executed interconnection agreements for an additional 28.0MWp of projects, thereby securing the existing feed-in-tariff contract subject to meeting the commercial operation date (COD) deadline. Projects with a total capacity of 71.4MWp will participate in a bid for a utility upgrades and will keep their current FIT while the bid process is underway. It is expected interconnection agreements for 43.5MWp of projects will not be signed by April 1, 2017 and those projects will lose their current FIT.

In Brazil, the Company's late-stage, utility-scale solar project pipeline as of February 28, 2017 is detailed in the table below.


* The Company completed the sale of 80% interest in Pirapora I in the fourth quarter of 2016. And Canadian Solar supplies the modules for this project.

In January 2017, the Company announced that it received $20 million in unsecured funding from the China and Portuguese-speaking Countries Cooperation and Development Fund ("CPD Fund") to support the development of eligible projects in Brazil, including the 192MWp Pirapora I Project in the state of Minas Gerais.

Solar Power Plants in Operation

In addition to its late stage, utility­ scale solar project pipeline, the Company had a portfolio of solar power plants in operation totaling 1,195.5MWp as of February 28, 2017. The resale value of these plants is estimated at approximately $1.6 billion. For the Company's tax equity deal projects in the U.S., only class B share value of the projects was included in the aforementioned resale value. The Company cautions, however, that market conditions may change resulting in different sale values if and when the Company ultimately sells these plants.

The sale of projects recorded as 'Project assets' (build ­to ­sell) on the balance sheet will be recorded as revenue once revenue recognition criteria are met, and the gain from sale of projects recorded as 'Assets held-for-sale' and 'Solar power systems, net' (build­ to­ own) on the balance sheet will be recorded within 'Other operating income (expenses)' in the income statement.

The Company's total portfolio of solar power plants in operation as of February 28, 2017 is detailed in the table below.


Manufacturing Capacity

The Company plans to expand its ingot, wafer, cell and module capacities by December 31, 2017 to 1.7GW, 4.0GW, 4.49GW and 6.97GW, respectively.


The Company plans to increase its ingot manufacturing capacity to 1.7GW by December 31, 2017 in order to reduce the purchase cost of ingots and thus reduce its all-in module manufacturing costs.

The Company's wafer manufacturing capacity is expected to reach 2.0GW by June 30, 2017 and 4.0GW by December 31, 2017, all of which will use diamond wire-saw technology. Diamond wire-saw technology works compatibly with the Company's proprietary and highly efficient Onyx black silicon multi-crystalline solar cell technology, reducing silicon usage and therefore manufacturing cost.

The Company's solar cell manufacturing capacity as of December 31, 2016 was 2.44GW. The Company restored two cell production lines, with a total capacity of 240MW, at its Funing cell factory in December 2016. The Company expects to restore an additional 480MW and 720MW cell capacity at its Funing cell factory in March and June 2017, respectively. Construction of the Company's new 850MW cell plant in Southeast Asia was completed in February of 2017 and production started to ramp up in March of 2017. The Company's cell manufacturing capacity is expected to reach 4.49GW by June 30, 2017.

The Company expects that its total worldwide internal module capacity will reach approximately 7.0GW by June 30, 2017.

Business Outlook

The Company's business outlook is based on management's current views and estimates with respect to operating and market conditions, its current order book and the global financing environment. It is also subject to uncertainty relating to customer final demand and solar project construction schedule. Management's views and estimates are subject to change without notice.

For the first quarter of 2017, the Company expects total solar module shipments to be in the range of approximately 1.15GW to 1.2GW, including approximately 120MW of shipments to the Company's utility-scale solar power projects that may not be recognized as revenue in first quarter 2017. Total revenue for the first quarter of 2017 is expected to be in the range of $570 million to $590 million. Gross margin for the first quarter is expected to be between 13% and 15%.

For the full year 2017, the Company expects total module shipments to be in the range of approximately 6.5GW to 7.0GW, with approximately 6.17GW recognized in revenue. The Company expects to connect (COD) approximately 1GW to 1.2GW of new solar projects globally in 2017. These projects are located in the U.S., Japan, China, UK, India, Brazil and Africa. Total revenue for the full year 2017 is expected to be in the range of $4.0 billion to $4.2 billion. We expect 50% to 60% of the total full year 2017 revenue to come from our Solar Module and Components Business, while the balance will come from our Energy Business. The Energy Business revenue will mainly come from monetization of the Company's high quality solar power plant assets in the U.S., Japan, China, UK and Brazil. The Company expects its cost of production will decrease throughout the year as new internal wafer, cell and module capacity comes online, both inside and outside China, and the percentage of external purchases and OEM is reduced. Management expects that the increase in vertical integration along the manufacturing steps will help the Company maintain or improve its gross margin.

Recent Developments

On February 6, 2017, Canadian Solar announced that it completed the sale of three utility-scale solar farms, SSM 1 Solar ULC, SSM 2 Solar ULC, and SSM 3 Solar ULC, totaling 59.8MW AC ("SSM Portfolio") to Fengate SSM Holdco LP, an affiliate of Fengate Real Asset Investments, for over C$257 million ($195.32 million). The transaction was closed on February 1, 2017 and the Company expects to recognize the difference between the sale proceeds and the book value of the projects under 'Other income (expenses)' in the income statement for the first quarter of 2017.

On January 26, 2017, Canadian Solar announced the sale of 30MWp of solar modules to Wirsol's 30MWp solar photovoltaic (PV) power plant in Delfzijl, Netherlands.

On January 24, 2017, Canadian Solar announced that Recurrent Energy, a wholly owned subsidiary and leading solar project developer in the U.S., signed a 20-year PPA for 60MWac of solar power plant with the Sacramento Municipal Utility District (SMUD).

On January 18, 2017, Canadian Solar announced that it started commercial operation of two solar PV power plants, totaling 12.7MWp in Japan (the 10.2MWp Aomori Solar Power Plant in Rokunohe Town, Aomori Prefecture and the 2.5MWp Saitama Minano Power Plant in Minano Town, Saitama Prefecture).

On January 17, 2017, Canadian Solar announced that Recurrent Energy, a wholly owned subsidiary, energized commercial operation of the adjacent 100MWac/131MWp Astoria and 75MWac/100MWp Astoria 2 solar projects located in Kern County, California.

On January 5, 2017, Canadian Solar announced that Canadian Solar Solutions Inc., a wholly owned subsidiary, completed the sale of its 10MW AC BeamLight LP ("BeamLight") and its 10MW AC Alfred solar power plants to 9285806 Canada Inc. and Concord BeamLight GP2 Ltd., affiliates of Concord Green Energy Inc. for over C$152.5 million ($115 million). The transaction closed on December 29, 2016 and the Company recognized the difference between the sales proceeds and the book value of the projects under 'Other income (expenses)' in the income statement for the fourth quarter of 2016.

On January 3, 2017, Canadian Solar announced that CSI New Energy Holding Co., Ltd., a wholly owned subsidiary, completed the sale of two solar power plants in Jiangsu Province, China to Shenzhen Energy Nanjing Holding Co., Ltd., a member of Shenzhen Energy Group Co., Ltd., for approximately RMB223.48 million ($32.2 million). The transactions closed on December 30, 2016 and the Company recognized the difference between the sales proceeds and the book value of the projects under 'Other income (expenses)' in the income statement for the fourth quarter of 2016. 

On December 19, 2016, Canadian Solar announced that it secured GBP49.3 million ($62.8 million) in non-recourse term loan facilities to refinance a portfolio of ten solar power plants, with total capacity of 50MW, in the United Kingdom. National Westminster Bank, a subsidiary of RBS Group, provided the 18.7 year term facility. Part of the proceeds will be used to repay a construction loan of GBP 28.1 million ($35.8 million).

On December 14, 2016, Canadian Solar announced the commercial operation of the 200MWac/272MWp Garland Solar Facility in California. The Garland Solar Facility was developed by Recurrent Energy and its majority interests are owned by Southern Company subsidiary Southern Power.

On December 12, 2016, Canadian Solar announced the commencement of solar module manufacturing in Sorocaba, Brazil. The new state-of-the-art manufacturing facility will be Brazil's largest, with 380MW annual capacity of made-in-Brazil solar modules. 

On December 5, 2016, Canadian Solar announced that it closed JPY14.9 billion ($141.5 million) senior and subordinate non-recourse term loan facilities to finance the construction and operation of a 55MWp solar power plant in the Yamaguchi prefecture, Japan. The facilities were arranged by Hanwha Asset Management and have a maturity of 17 years.


この記事で言及した企業のENFプロフィール

CSI Solar Co., Ltd. (ソーラー素材): https://jp.enfsolar.com/csi-canadian-solar
CSI Solar Co., Ltd. (ソーラーパネル): https://jp.enfsolar.com/csi-canadian-solar
CSI Solar Co., Ltd. (ソーラーコンポーネント): https://jp.enfsolar.com/csi-canadian-solar
CSI Solar Co., Ltd. (ソーラー施工): https://jp.enfsolar.com/csi-canadian-solar
PV業界のニュースは無料で再発行されますので、あなたのニュースを に送ってください