Canadian Solar Reports 9% Annual Growth In 2020 Revenues

Canadian Solar Increased 2020 Annual Revenues By 9% Pocketing $147 Million Net Income; Planned STAR Market Listing On Track; Solar Project Pipeline Swells To Over 20 GW & Strong 2021 Guidance

Canadian Solar Reports 9% Annual Growth In 2020 Revenues

Canadian Solar is increasingly making inroads in battery storage space, expecting to capture close to 10% market share in the US in 2021. As of January 31, 2021, its total solar project pipeline grew to over 20 GW, while for battery storage its pipeline grew to around 9 GWh. (Source: Canadian Solar, Inc.)

  • Canadian Solar’s annual revenues in 2020 grew 9% to $3.5 billion, as it shipped 32% more modules with a total of 11.3 GW
  • Q4/2020 revenues added up to $1.04 billion with 13.6% gross margin and shipments of 3.0 GW
  • All its 2021 capacity expansion targets will produce its next generation, high-power, high-efficiency modules in the HiKu and BiHiKu product portfolios
  • Management said while polysilicon prices remained high in Q4/2020, and have grown since then, solar glass prices are starting to come down
  • In 2021, it has guided for total module shipments of 18 GW to 20 GW with $5.6 billion to $6.0 billion revenues

Canadian Solar exited 2020 with an annual growth of 9% in its net revenues that added up to $3.5 billion, and net income of $147 million. It was also the year when it shipped 11.3 GW modules, reflecting an increase of 32% on annual basis. In 2019, it shipped 8.6 GW of solar modules (see Canadian Solar Exits 2019 With $171.6 Million Net Income).

To these annual results, Q4/2020 module shipments added a total of 3 GW as guided, with a 14% sequential growth in revenues at $1.04 billion, and 13.6% gross margin. Its net income was a total of $7 million.

At the end of 2020, Canadian Solar’s total solar project pipeline grew to over 20 GW, and close to 9 GWh of battery storage pipeline. In 2021, it expects to deliver and capture approximately 10% market share in battery storage space in the US.

Management admitted polysilicon prices were elevated in Q4/2020 and have ‘recently increased another 25%’, however it is seeing solar glass prices starting to come down along with ‘early signals of normalizing shipping costs’.

President of Canadian Solar’s subsidiary CSI Solar Co., Ltd., Yan Zhuang said, “As solar transitions from a subsidy-driven to a market-driven industry, we need to fundamentally reevaluate today’s solar market dynamics. We are approaching the bottom of the solar cost curve and the era of ever-declining solar module prices is largely behind us. In fact, in the near term, solar module prices will increase. Hence, we are focusing on leveraging our competitive position in our diversified and premium end markets to deliver growth in higher value-add applications of solar solutions, including system integration with battery storage.”

Production expansion

On the manufacturing side, as previously guided Canadian Solar aims to increase its module production capacity from 16.1 GW at the end of 2020 to 25.7 GW by FY 2021 (see 20% Annual Revenue Growth For Canadian Solar In Q3/2020).

Canadian Solar specified all its 2021 capacity expansion targets will produce its next generation, high-power, high-efficiency modules in the HiKu and BiHiKu product portfolios.


In Q1/2021, the manufacturer expects total module shipments of 3.0 GW to 3.2 GW, including 300 MW for its own projects. Total revenues will be in the range of $1.0 billion to $1.1 billion, with gross margin of 16% to 18%. “Our Q1 profitability guidance also reflects the sale of high gross margin projects, particularly in Japan, which we have already announced,” explained company Chairman and CEO Dr. Shawn Qu.

For full year 2021, it reiterated total shipment guidance of 18 GW to 20 GW, and project sales guidance of 1.8 GW to 2.3 GW, and total revenue guidance of $5.6 billion to $6.0 billion.

Th management also provided an update for its planned listing for its Module and System Solutions (MSS) subsidiary CSI Solar in China saying it is on track with all targeted milestones complete. It now needs to submit official listing application to regulatory authorities and the stock exchange. It announced the plans to get listed in July 2020 (see Canadian Solar Wants Capital Market Access In China).

About The Author

Anu Bhambhani

SENIOR NEWS EDITOR Anu is our solar news whirlwind. At TaiyangNews, she covers everything that is of importance in the world of solar power. In the past 9 years that she has been associated with TaiyangNews, she has covered over thousands of stories, and analysis pieces on markets, technology, financials, and more on a daily basis. She also hosts TaiyangNews Conferences and Webinars. Prior to joining TaiyangNews, Anu reported on sustainability, management, and education for leading print dailies in India. [email protected]

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