Canada headquartered solar cell and module maker Canadian Solar, Inc. has raised $150 million in gross proceeds by selling more than 3.6 million common shares as at-the-market (ATM) offering program which it plans to primarily deploy on growing its battery storage business.
The proceeds will primarily be invested on expanding the company's battery storage business and growing the pipeline of this segment. Additionally, the management said it may use part of the proceeds to invest in or acquire businesses, assets or technologies 'complementary' to its business.
It may also invest in strengthening its portfolio of stable, cash-yielding solar power projects developed by the company. The company will later monetize the same through public vehicles in Brazil and European markets.
At the end of September 2021, Canadian Solar had 2.9 GWh of battery storage projects under construction with another 21 GWh of storage development pipeline. Going forward, it aims for 1.4 GWh to 1.5 GWh of battery storage shipments in 2022 (see Canadian Solar Q3/2021 Financial Results).