{"id":1025,"date":"2022-09-01T22:01:32","date_gmt":"2022-09-01T13:01:32","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=1025"},"modified":"2022-09-01T22:01:32","modified_gmt":"2022-09-01T13:01:32","slug":"canadian-solar-reports-second-quarter-2022-results","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2022\/1025.html","title":{"rendered":"CANADIAN SOLAR REPORTS SECOND QUARTER 2022 RESULTS"},"content":{"rendered":"<p><span class=\"legendSpanClass\">GUELPH, ON<\/span>,\u00a0<span class=\"legendSpanClass\">Aug. 18, 2022<\/span>\u00a0\/PRNewswire\/ &#8212;\u00a0<span style=\"color: #993300;\"><a style=\"color: #993300;\" href=\"http:\/\/www.canadiansolar.com\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Canadian Solar Inc.<\/a>\u00a0(<\/span>&#8220;Canadian Solar&#8221; or the &#8220;Company&#8221;) (NASDAQ: CSIQ) today announced financial results for the second quarter ended\u00a0June 30, 2022, with solar module shipments, revenue and gross margin all at or exceeding the high end of prior guidance.<\/p>\n<p>&nbsp;<\/p>\n<p><b>Highlights<\/b><\/p>\n<ul type=\"disc\">\n<li>\u25cfSolar module shipments of 5.06 GW, at the high end of 4.9 GW to 5.1 GW guidance range.<\/li>\n<li>\u25cf62% increase in revenue year-over-year (&#8220;yoy&#8221;)\u3000<\/br>\n<p>\u3000to\u00a0$2.31 billion, above the high end of\u00a0$2.2 billion\u00a0to\u00a0$2.3 billion\u00a0guidance range.<\/li>\n<li>\u25cf16.0% gross margin exceeds the guidance range of 14.5% to 15.5%.<\/li>\n<li>\u25cfNet income attributable to\u00a0Canadian Solar\u00a0of\u00a0$74 million, or\u00a0$1.07\u00a0per diluted share.<\/li>\n<li>\u25cfAccelerating upstream capacity expansion plans to further increase control over supply chain.<\/li>\n<li>\u25cfGlobal Energy solar project pipeline expands to 26 GWp and storage pipeline expands to over 31 GWh,\u3000<\/br>\n<p>\u3000as of\u00a0June 30, 2022.<\/li>\n<li>\u25cfCarve-out IPO of\u00a0CSI Solar Co., Ltd.\u00a0(&#8220;CSI Solar&#8221; or the &#8220;CSI Solar\u00a0subsidiary&#8221;) remains on track awaiting\u3000<\/br>\n<p>\u3000completion of the CSRC registration.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><b>Second Quarter 2022 Results<\/b><\/p>\n<p>Total module shipments recognized as revenues in the second quarter\u00a0of 2022 were 5.06 GW, up 37% yoy. Of the total, 126 MW\u00a0were shipped\u00a0to the Company&#8217;s own utility-scale solar power projects.<\/p>\n<p>&nbsp;<\/p>\n<p>Net revenues in the second quarter of 2022 were\u00a0$2.31 billion, up 85%\u00a0quarter-over-quarter (&#8220;qoq&#8221;) and\u00a062% yoy. The sequential and yoy increases were mainly driven by higher project sales, higher solar shipment volumes and average selling price, and significant growth in the Company&#8217;s battery storage solutions business.<\/p>\n<p>&nbsp;<\/p>\n<p>Gross profit in the second quarter of 2022 was\u00a0$371 million, up 105% qoq and 101% yoy.\u00a0Gross margin in the second quarter of 2022 was 16.0%, above prior guidance, and compared to 14.5% in the first quarter of 2022. The sequential gross margin increase was mainly driven by higher module pricing, lower manufacturing costs from the depreciation of the Renminbi relative to the\u00a0U.S.\u00a0Dollar and scale benefits from higher volume.<\/p>\n<p>&nbsp;<\/p>\n<p>Total operating expenses in the second quarter of 2022 were\u00a0$255 million\u00a0compared to\u00a0$165 million in the first quarter of 2022 and\u00a0$158 million\u00a0in the second quarter of 2021.\u00a0The\u00a0sequential increase was mainly driven by higher shipping and handling expenses and an impairment charge related to certain manufacturing assets.<\/p>\n<p>&nbsp;<\/p>\n<p>Depreciation and amortization charges in the second quarter of 2022 were\u00a0$63 million,\u00a0compared to\u00a0$66 million\u00a0in the first quarter of 2022 and\u00a0$66 million\u00a0in the second quarter of 2021.<\/p>\n<p>&nbsp;<\/p>\n<p>Net foreign exchange and derivative gain in the second quarter of 2022 was $6\u00a0million, compared to a net gain of\u00a0$3 million\u00a0in the\u00a0first quarter of 2022 and a net loss of\u00a0$3 million\u00a0in the second quarter of 2021.<\/p>\n<p>&nbsp;<\/p>\n<p>Income tax expense in the second quarter of 2022 was $28\u00a0million, compared to a $5\u00a0million income tax benefit in the\u00a0first quarter of 2022\u00a0and a\u00a0$2 million\u00a0income tax benefit in the second quarter of 2021.\u00a0The expense was a result of the Company&#8217;s higher income before income tax.<\/p>\n<p>&nbsp;<\/p>\n<p>Net income attributable to\u00a0Canadian Solar\u00a0in the second quarter of 2022 was\u00a0$74 million, or\u00a0$1.07\u00a0per diluted share (&#8220;diluted EPS&#8221;), compared to net income of\u00a0$9 million, or\u00a0$0.14\u00a0per diluted share, in the first quarter of 2022, and net income of\u00a0$11 million, or\u00a0$0.18\u00a0per diluted share, in the second quarter of 2021.<\/p>\n<p>&nbsp;<\/p>\n<p>For the three months ended\u00a0June 30, 2022, diluted EPS of\u00a0$1.07\u00a0was calculated to include the dilution effect of the outstanding convertible notes. Diluted EPS of\u00a0$1.07\u00a0was calculated from total earnings of\u00a0$76 million, adding back the 2.5% coupon of\u00a0$1.3 million, divided by 71.1 million diluted shares, including 6.3 million shares issuable upon the conversion of the convertible notes. For the three months ended\u00a0March 31, 2022, diluted EPS of\u00a0$0.14\u00a0was calculated from total earnings of\u00a0$9 million\u00a0divided by 64.7 million diluted shares. For the three months ended\u00a0June 30, 2021, diluted EPS of\u00a0$0.18\u00a0was calculated from total earnings of\u00a0$11 million\u00a0divided by 61.3 million diluted shares.<\/p>\n<p>&nbsp;<\/p>\n<p>Net cash flow provided by operating activities in the second quarter of 2022 was\u00a0$293 million, compared to net cash\u00a0<span id=\"spanHghlt396c\">flow<\/span>\u00a0provided by operating activities of\u00a0$159 million\u00a0in the first quarter of 2022. The increase in operating cash inflow was mainly driven by higher earnings and monetization of project assets.<\/p>\n<p>&nbsp;<\/p>\n<p>Total debt was\u00a0$2.7 billion\u00a0as of\u00a0June 30, 2022, unchanged from\u00a0March 31, 2022. Non-recourse debt used to finance solar power projects decreased to $264\u00a0million as of\u00a0June 30, 2022, from $550\u00a0million as of\u00a0March 31, 2022, mainly due to the monetization of project assets.<\/p>\n<p>&nbsp;<\/p>\n<p><b>Corporate Structure<\/b><\/p>\n<p>The Company has two business segments: Global Energy and\u00a0CSI Solar, which operate as follows:<\/p>\n<p>&nbsp;<\/p>\n<p>The\u00a0<b>Global Energy<\/b>\u00a0segment carries out the Company&#8217;s global project development activities for both solar and battery storage project development, which include sourcing land, interconnection agreements, structuring PPAs and other permits and requirements. The Global Energy segment develops both stand-alone solar and stand-alone battery storage projects, as well as hybrid solar plus storage projects. Its monetization strategies vary between develop-to-sell, build-to-sell, and build-to-own, depending on business strategies and market conditions, with the goal of maximizing returns, accelerating cash turn, and minimizing capital risk.<\/p>\n<p>&nbsp;<\/p>\n<p>The\u00a0<b>CSI Solar<\/b>\u00a0segment consists of solar module manufacturing and total system solutions, including inverters, solar system kits and EPC (engineering, procurement and construction) services. The\u00a0CSI Solar\u00a0segment also includes the Company&#8217;s battery storage system integration business, delivering bankable, end-to-end, turnkey battery storage solutions for utility scale, commercial and industrial, and residential applications. These storage systems solutions are complemented with long-term service agreements, including future battery capacity augmentation services.<\/p>\n<p>&nbsp;<\/p>\n<p><b>Global Energy Segment<\/b><\/p>\n<p>Canadian Solar\u00a0has one of the world&#8217;s largest and most geographically diversified utility-scale solar and energy storage project development platforms, with a strong track record of originating, developing, financing, and building over 6.8 GWp of solar power plants across six continents. The Company has built a leadership position in solar project development with 26 GWp total pipeline, as well as in energy storage project development with over 31 GWh of aggregate pipeline.<\/p>\n<p>&nbsp;<\/p>\n<p>The continued pipeline expansion and strong project development track record will support Global Energy&#8217;s growth in three key areas:<\/p>\n<p>&nbsp;<\/p>\n<p>1.\u00a0<b>Project sales<\/b>: The Company plans to grow its volume of project sales by a compound annual growth rate of approximately 50% to 2026, while holding and accumulating assets through investment vehicles (see below) in order to better capture asset value.<\/p>\n<p>&nbsp;<\/p>\n<p>2.\u00a0<b>Investment vehicles<\/b>: The Company is optimizing its project monetization strategy by establishing local investment vehicles that will help maximize the value of its project assets. The Company also intends to retain minority ownership in these vehicles. By 2026, the Company plans to reach 1.3 GW of combined net ownership in solar power projects through these vehicles. This approach will help the Company build and grow a stable base of long-term cash flows from contracted electricity. The Company plans to recycle a large portion of the capital into developing new solar projects for growth. Meanwhile,\u00a0Canadian Solar\u00a0expects to capture additional operational value throughout the partial ownership period, including long-term cash flows from power sales, O&amp;M, asset management and other services (see point 3). The Company currently owns a 15% stake in the\u00a0Canadian Solar Infrastructure Fund\u00a0(&#8220;CSIF&#8221;, TSE: 9284), the largest Japanese infrastructure fund\u00a0listed on the\u00a0Tokyo Stock Exchange, and has also established the CSFS Fund I, a closed-ended alternative investment fund of a similar nature in\u00a0Italy. Through launching these localized vehicles,\u00a0Canadian Solar\u00a0is building its expertise in designing investment vehicles in local markets that will help maximize the value of its project assets.<\/p>\n<p>&nbsp;<\/p>\n<p>3.\u00a0<b>Services<\/b>:\u00a0Canadian Solar\u00a0currently manages over 3.1 GW of operational projects under long-term O&amp;M agreements, and an additional 2.4 GW of contracted projects that will be operated and maintained by the Company once they are placed in operation. The Company&#8217;s target is to reach 20 GW of projects under O&amp;M agreements by 2026.<\/p>\n<p>&nbsp;<\/p>\n<p>Management targets to achieve the following over the next few years:<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><b>Global Energy Targets<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>2021A<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>2022E<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>2023E<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>2024E<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>2025E<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>2026E<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Annual Project Sales, GWp<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">2.1<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">2.1-2.6<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">2.8-3.3<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">3.5-4.0<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">4.0-4.5<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">4.3-4.8<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Operational O&amp;M Projects, GWp<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">2.1<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">4.5<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">7.5<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">11<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">15<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">20<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Net Cumulative Projects Retained, MWp*<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">292<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">370<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">630<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">1,000<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">1,100<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">1,300<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Gross Cumulative Projects Retained, MWp*<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">748<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">1,500<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">2,580<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">3,500<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">4,000<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">5,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" rowspan=\"1\">*Net projects retained represents CSIQ&#8217;s net partial ownership of solar projects; the gross number represents the aggregate gross size of projects, including the share which is not owned by CSIQ.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p><i><u>Solar Project Pipeline<\/u><\/i><\/p>\n<p>As of\u00a0June 30, 2022, the Company&#8217;s total project pipeline was 26.2 GWp, including 1.3 GWp under construction, 3.9 GWp of backlog, and 21.0 GWp of projects in advanced and early-stage pipelines. We have updated our project pipeline classification as follows:<\/p>\n<ul type=\"disc\">\n<li><b>Backlog<\/b>\u00a0<b>projects<\/b>\u00a0are late-stage projects that have passed their Risk Cliff Date and are expected to start construction in the next 1-4 years. A project&#8217;s Risk Cliff Date is the date on which the project passes the last high-risk development stage and varies depending on the country where it is located. This is usually after the projects have received all the required environmental and regulatory approvals, and entered into interconnection agreements, feed-in tariff (&#8220;FIT&#8221;) arrangements and PPAs. Over 90% of projects in backlog are contracted (i.e., have secured a PPA or FIT), and the remaining are reasonably assured of securing PPAs.<\/li>\n<li><b>Advanced pipeline projects\u00a0<\/b>are mid-stage projects that have secured or have more than 90% certainty of securing an interconnection agreement.<\/li>\n<li><b>Early-stage Pipeline projects<\/b>\u00a0are early-stage projects controlled by\u00a0Canadian Solar\u00a0that are in the process of securing interconnection.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>The following table presents\u00a0<b>Global Energy&#8217;s total solar project development<\/b>\u00a0pipeline.<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"7\" rowspan=\"1\"><b>Total Project Pipeline (as of\u00a0June 30, 2022) \u2013 MWp*<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\"><b>Region<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>In<br \/>\nConstruction<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Backlog<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Advanced<br \/>\nPipeline<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Early-Stage<br \/>\nPipeline<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Total<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\">North America<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211;<\/td>\n<td colspan=\"1\" rowspan=\"1\">601<\/td>\n<td colspan=\"1\" rowspan=\"1\">2,767<\/td>\n<td colspan=\"1\" rowspan=\"1\">4,736<\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>8,104<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\">Latin America<\/td>\n<td colspan=\"1\" rowspan=\"1\">907**<\/td>\n<td colspan=\"1\" rowspan=\"1\">2,469**<\/td>\n<td colspan=\"1\" rowspan=\"1\">3,417<\/td>\n<td colspan=\"1\" rowspan=\"1\">1,040<\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>7,833<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\">Europe, the\u00a0Middle East\u00a0and\u00a0Africa\u00a0(&#8220;EMEA&#8221;)<\/td>\n<td colspan=\"1\" rowspan=\"1\">21<\/td>\n<td colspan=\"1\" rowspan=\"1\">379<\/td>\n<td colspan=\"1\" rowspan=\"1\">4,033<\/td>\n<td colspan=\"1\" rowspan=\"1\">1,811<\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>6,244<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\">Japan<\/td>\n<td colspan=\"1\" rowspan=\"1\">145<\/td>\n<td colspan=\"1\" rowspan=\"1\">157<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211;<\/td>\n<td colspan=\"1\" rowspan=\"1\">105<\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>407<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\">Asia Pacific\u00a0excluding\u00a0Japan\u00a0and\u00a0China<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211;<\/td>\n<td colspan=\"1\" rowspan=\"1\">38<\/td>\n<td colspan=\"1\" rowspan=\"1\">137<\/td>\n<td colspan=\"1\" rowspan=\"1\">1,762<\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>1,937<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\">China<\/td>\n<td colspan=\"1\" rowspan=\"1\">250<\/td>\n<td colspan=\"1\" rowspan=\"1\">300<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211;<\/td>\n<td colspan=\"1\" rowspan=\"1\">1,170<\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>1,720<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\"><b>Total<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>1,323<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>3,944<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>10,354<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>10,624<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>26,245<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" rowspan=\"1\"><i>*All numbers are gross MWp.<\/i><\/p>\n<p><i>**Including 311 MWp in construction and 517 MWp in backlog that are already sold to third parties<\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p><i><u>Battery Storage Project Pipeline<\/u><\/i><\/p>\n<p>In addition to developing utility-scale solar power projects, the Global Energy segment has also been developing hybrid solar plus energy storage projects, as well as stand-alone battery storage projects. Since the first quarter of 2021, the Company has been co-hosting energy storage facilities with solar power plants on the same piece of land for nearly all projects under development. By using a single interconnection point per project, the Company expects to significantly enhance the efficiency of its development and the value of its assets under development.<\/p>\n<p>&nbsp;<\/p>\n<p>Canadian Solar&#8217;s\u00a0storage development business model also includes signing storage tolling agreements with a variety of power purchasers, including community choice aggregators, investor-owned utilities, universities, and public utility districts. In addition, the Company has signed development services agreements to retrofit operational solar projects with battery storage, many of which were previously developed by the Company.<\/p>\n<p>&nbsp;<\/p>\n<p>The table below sets forth\u00a0<b>Global Energy&#8217;s total storage project development<\/b>\u00a0pipeline.<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"7\" rowspan=\"1\"><b>Storage<\/b><b>\u00a0Project Development Backlog and Pipeline<\/b>\u00a0<b>(as of\u00a0June 30, 2022) \u2013 MWh<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\"><b>Region<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>In<br \/>\nConstruction<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Backlog<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Advanced<br \/>\nPipeline<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Early-Stage<br \/>\nPipeline<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Total<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\">North America<\/td>\n<td colspan=\"1\" rowspan=\"1\">1,400<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211;<\/td>\n<td colspan=\"1\" rowspan=\"1\">6,319<\/td>\n<td colspan=\"1\" rowspan=\"1\">8,760<\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>16,479<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\">Latin America<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211;<\/td>\n<td colspan=\"1\" rowspan=\"1\">1,300<\/td>\n<td colspan=\"1\" rowspan=\"1\">2,806<\/td>\n<td colspan=\"1\" rowspan=\"1\">970<\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>5,076<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\">EMEA<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211;<\/td>\n<td colspan=\"1\" rowspan=\"1\">82<\/td>\n<td colspan=\"1\" rowspan=\"1\">1,324<\/td>\n<td colspan=\"1\" rowspan=\"1\">4,178<\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>5,584<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\">Japan<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211;<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211;<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211;<\/td>\n<td colspan=\"1\" rowspan=\"1\">19<\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>19<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\">Asia Pacific, excluding\u00a0Japan\u00a0and\u00a0China<\/td>\n<td colspan=\"1\" rowspan=\"1\">20<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211;<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211;<\/td>\n<td colspan=\"1\" rowspan=\"1\">2,320<\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>2,340<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\">China<\/td>\n<td colspan=\"1\" rowspan=\"1\">&#8211;<\/td>\n<td colspan=\"1\" rowspan=\"1\">300<\/td>\n<td colspan=\"1\" rowspan=\"1\">100<\/td>\n<td colspan=\"1\" rowspan=\"1\">1,400<\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>1,800<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" rowspan=\"1\"><b>Total<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>1,420<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>1,682<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>10,549<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>17,647<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>31,298<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p><i><u>Solar Power Plants and Battery Storage Projects in Operation<\/u><\/i><\/p>\n<p>As of\u00a0June 30, 2022, the Company&#8217;s solar power plants in operation totaled 311 MWp, with a combined estimated net resale value of approximately\u00a0$270 million\u00a0to Canadian\u00a0Solar. The estimated resale value is based on selling prices that\u00a0Canadian Solar\u00a0is currently negotiating or comparable asset sales.<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"5\" rowspan=\"1\"><b>Solar Power Plants in Operation \u2013 MWp*<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>Latin America<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>Japan<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>Asia Pacific\u00a0<\/b><\/p>\n<p><b>ex.\u00a0Japan\u00a0and\u00a0China<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>China<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>Total<\/b><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">166<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">48<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">15<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">82<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>311<\/b><\/td>\n<\/tr>\n<\/tbody>\n<tbody>\n<tr>\n<td colspan=\"5\" rowspan=\"1\">*All numbers are net MWp owned by\u00a0Canadian Solar; total gross MWp of projects is 577 MWp, including volume that is already sold to third parties.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<\/div>\n<p><i><u>Operating Results<\/u><\/i><\/p>\n<p>The following table presents select unaudited results of operations data of the Global Energy segment for the periods indicated.<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"7\" rowspan=\"1\"><b>Global Energy Segment Financial Results<\/b><b>(<\/b><b>In Thousands of\u00a0U.S.\u00a0Dollars, Except Percentages)<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Net revenues<\/td>\n<td style=\"text-align: center;\" colspan=\"3\" rowspan=\"1\"><b>Three Months Ended<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\"><b>Six Months Ended<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Net revenues<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>June 30,<\/b><\/p>\n<p><b>2022<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>March 31,<\/b><\/p>\n<p><b>2022<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>June 30,<\/b><\/p>\n<p><b>2021<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>June 30,<\/b><\/p>\n<p><b>2022<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\"><b>June 30,<\/b><\/p>\n<p style=\"text-align: center;\"><b>2021<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Net revenues<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">553,984<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">92,966<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">280,614<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">646,950<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">751,676<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Cost of\u00a0revenues<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">473,979<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">75,130<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">268,855<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">549,109<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">626,892<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Gross profit<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">80,005<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">17,836<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">11,759<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">97,841<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">124,784<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Operating expenses<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">24,326<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">18,847<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">15,632<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">43,173<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">43,576<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Income (loss) from<br \/>\noperations*<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">55,679<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">(1,011)<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">(3,873)<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">54,668<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">81,208<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><i>Gross margin<\/i><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">14.4\u00a0%<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><i>19.2\u00a0%<\/i><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">4.2\u00a0%<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">15.1\u00a0%<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">16.6\u00a0%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><i>Operating margin<\/i><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">10.1\u00a0%<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><i>-1.1\u00a0%<\/i><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">-1.4\u00a0%<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">8.5\u00a0%<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">10.8\u00a0%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" rowspan=\"1\"><i>* Income (loss) from operations reflects management&#8217;s allocation and estimate as some services are shared by the\u3000Company&#8217;s two business segments.<\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p><b>CSI Solar Segment<\/b><\/p>\n<p>CSI Solar&#8217;s\u00a02022 and 2023 capacity expansion targets are set forth below.<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"text-align: left;\" colspan=\"5\" rowspan=\"1\"><b>Manufacturing Capacity, GW*<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Dec. 2021<br \/>\n<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Jun. 2022<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Dec. 2022<br \/>\n<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Dec. 2023<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Actual<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Actual<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Plan<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Plan<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Ingot<\/td>\n<td colspan=\"1\" rowspan=\"1\">5.4<\/td>\n<td colspan=\"1\" rowspan=\"1\">5.4<\/td>\n<td colspan=\"1\" rowspan=\"1\">20.4<\/td>\n<td colspan=\"1\" rowspan=\"1\">25.0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Wafer<\/td>\n<td colspan=\"1\" rowspan=\"1\">11.5<\/td>\n<td colspan=\"1\" rowspan=\"1\">11.5<\/td>\n<td colspan=\"1\" rowspan=\"1\">20.0<\/td>\n<td colspan=\"1\" rowspan=\"1\">25.0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Cell<\/td>\n<td colspan=\"1\" rowspan=\"1\">13.9<\/td>\n<td colspan=\"1\" rowspan=\"1\">13.9<\/td>\n<td colspan=\"1\" rowspan=\"1\">19.8<\/td>\n<td colspan=\"1\" rowspan=\"1\">35.0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Module<\/td>\n<td colspan=\"1\" rowspan=\"1\">23.9<\/td>\n<td colspan=\"1\" rowspan=\"1\">27.9<\/td>\n<td colspan=\"1\" rowspan=\"1\">32.0<\/td>\n<td colspan=\"1\" rowspan=\"1\">50.0<\/td>\n<\/tr>\n<\/tbody>\n<tbody>\n<tr>\n<td colspan=\"5\" rowspan=\"1\">*Nameplate annualized capacities at said point in time. Capacity expansion plans are subject to change without notice based on market conditions and capital allocation plans.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p><i><u>Operating Results<\/u><\/i><\/p>\n<p>The following table presents select unaudited results of operations data of the\u00a0CSI Solar\u00a0segment for the periods indicated.<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"10\" rowspan=\"1\"><b>CSI Solar Segment Financial Results<\/b><b>*<\/b><\/p>\n<p><b>(In Thousands of\u00a0U.S.\u00a0Dollars, Except Percentages)<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td style=\"text-align: center;\" colspan=\"4\" rowspan=\"1\"><b>Three Months Ended<\/b><\/td>\n<td colspan=\"3\" rowspan=\"1\"><b>Six Months Ended<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>June 30,<br \/>\n2022<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>March 31,<br \/>\n2022<\/b><\/td>\n<td colspan=\"2\" rowspan=\"1\"><b>June 30,<\/b><\/p>\n<p style=\"text-align: center;\"><b>2021<\/b><\/p>\n<\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\"><b>June 30,<br \/>\n2022<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\"><b>June 30,<\/b><\/p>\n<p><b>2021<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Net revenues<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">1,816,410<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">1,209,994<\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\">1,183,958<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">3,026,404<\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\">1,879,110<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Cost of\u00a0revenues<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">1,526,755<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">1,034,165<\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\">1,028,470<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">2,560,920<\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\">1,656,164<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Gross profit<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">289,655<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">175,829<\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\">155,488<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">465,484<\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\">222,946<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Operating expenses<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">227,262<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">143,931<\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\">140,516<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">371,193<\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\">260,642<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Income (loss) from operations<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">62,393<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">31,898<\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\">14,972<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">94,291<\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\">(37,696)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><i>Gross margin<\/i><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">15.9\u00a0%<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><i>14.5\u00a0%<\/i><\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\">13.1\u00a0%<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">15.4\u00a0%<\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\">11.9\u00a0%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><i>Operating margin<\/i><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">3.4\u00a0%<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><i>2.6\u00a0%<\/i><\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\">1.3\u00a0%<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">3.1\u00a0%<\/td>\n<td style=\"text-align: center;\" colspan=\"2\" rowspan=\"1\">-2.0\u00a0%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"10\" rowspan=\"1\"><i>*<\/i><i>I<\/i><i>ncludes\u00a0<\/i><i>effects of both sales to\u00a0<\/i><i>third-part<\/i><i>y customers\u00a0<\/i><i>and to\u00a0<\/i><i>the Company&#8217;s Global En<\/i><i>ergy\u00a0<\/i><i>segment<\/i><i>.<\/i><i>\u00a0Please refer to the\u3000attached financial tables for intercompany transaction elimination information. Income (loss) from operations reflects\u3000management&#8217;s allocation and estimate as some services are shared by the Company&#8217;s two business segments.<\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>&nbsp;<\/p>\n<p>The table below provides the geographic distribution of the net revenues of\u00a0CSI Solar:<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"9\" rowspan=\"1\"><b>CSI Solar Net Revenues Geographic Distribution* (In Millions of\u00a0U.S.\u00a0Dollars, Except Percentages)<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>Q2 2022<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>% of Net<br \/>\nRevenues<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>Q1 2022<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>% of Net<br \/>\nRevenues<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>Q2 2021<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>% of Net<br \/>\nRevenues<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Asia<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">587<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">33<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">473<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">41<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">527<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">46<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Americas<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">742<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">42<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">453<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">39<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">421<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">37<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Europe\u00a0and others<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">431<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">25<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">231<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">20<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">201<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\">17<\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Total<\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>1,760<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>100<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>1,157<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>100<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>1,149<\/b><\/td>\n<td style=\"text-align: center;\" colspan=\"1\" rowspan=\"1\"><b>100<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>*Excludes sales from\u00a0CSI Solar\u00a0to Global Energy.<\/p>\n<\/div>\n<p>&nbsp;<\/p>\n<p>CSI Solar\u00a0shipped 5.06 GW of modules to more than 70\u00a0countries in the second\u00a0quarter of 2022.\u00a0The top five markets ranked by shipments were\u00a0China, the\u00a0U.S.,\u00a0Spain,\u00a0Brazil\u00a0and\u00a0Germany.<\/p>\n<p>&nbsp;<\/p>\n<p><i><u>Battery Storage Solutions<\/u><\/i><\/p>\n<p>Within\u00a0CSI Solar, the battery storage solutions team provides customers with competitive turnkey, integrated battery storage solutions, including bankable and fully wrapped capacity and performance guarantees. These guarantees are complemented with long-term service agreements, which include future battery capacity augmentation services and bring in long-term, stable income.<\/p>\n<p>&nbsp;<\/p>\n<p>The table below sets forth\u00a0<b>CSI Solar&#8217;s\u00a0battery storage system integration&#8217;s<\/b>\u00a0project pipeline as of\u00a0June 30, 2022.<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>LTSA (Long<br \/>\nTerm Service<br \/>\nAgreement)<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Contracted\/<\/b><\/p>\n<p><b>In Construction<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Forecast<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Pipeline<\/b><\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>Total<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"1\" rowspan=\"1\">Storage (MWh)<\/td>\n<td colspan=\"1\" rowspan=\"1\">861<\/td>\n<td colspan=\"1\" rowspan=\"1\">1,892<\/td>\n<td colspan=\"1\" rowspan=\"1\">40<\/td>\n<td colspan=\"1\" rowspan=\"1\">8,242<\/td>\n<td colspan=\"1\" rowspan=\"1\"><b>11,035<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>LTSA projects are operational battery storage projects delivered by\u00a0CSI Solar\u00a0that are under multi-year long-term service agreements and generate recurring earnings. Contracted\/in construction projects are expected to be delivered within the next 12 to 18 months. Forecast projects include those that have more than 75% probability of being contracted within the next 12 months, and the remaining pipeline includes projects that have received exclusivity agreements or have been shortlisted, but still have a below 75% probability of being contracted.<\/p>\n<p>&nbsp;<\/p>\n<p id=\"PURL\"><img loading=\"lazy\" decoding=\"async\" title=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN48635&amp;sd=2022-08-18\" alt=\"Cision\" width=\"12\" height=\"12\" \/>\u00a0View original content:<span style=\"color: #993300;\"><a id=\"PRNURL\" style=\"color: #993300;\" href=\"https:\/\/www.prnewswire.com\/news-releases\/canadian-solar-reports-second-quarter-2022-results-301608382.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">https:\/\/www.prnewswire.com\/news-releases\/canadian-solar-reports-second-quarter-2022-results-301608382.html<\/a><\/span><\/p>\n<p>SOURCE\u00a0Canadian Solar Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GUELPH, ON,\u00a0Aug. 18, 2022\u00a0\/PRNewswire\/ &#8212;\u00a0Canadian Solar Inc.\u00a0(&#8220;Canadian Solar&#8221; or the &#038;#8220 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1025","post","type-post","status-publish","format-standard","hentry","category-results"],"_links":{"self":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/comments?post=1025"}],"version-history":[{"count":24,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1025\/revisions"}],"predecessor-version":[{"id":1064,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1025\/revisions\/1064"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=1025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=1025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=1025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}