Ahead of its 5 GW solar manufacturing facility coming online in Texas, Canada-headquartered solar PV manufacturer Canadian Solar has landed a contract for 7 GW of its n-type TOPCon solar panels from EDF Renewables North America. The long-term contract needs to be delivered between 2024 and 2030.
Through its US– based subsidiary Canadian Solar (USA), the company will deliver modules under the daily operating sales contract signed. Of the 7 GW, EDF is expected to confirm 3 GW capacity 2 years in advance. Financial terms of the deal were not disclosed.
Canadian Solar says TOPCon modules offer up to 22.5% conversion efficiency and come with low temperature coefficient of –0.30%/degrees C, and improved bifaciality, thus offering higher energy production for a solar installation, compared to mono-PERC modules. The deal gives a big boost for Canadian Solar's US manufacturing fab that's planned to come online around 2023-end in Mesquite, Texas (see Texas It Is For Canadian Solar).
While not expected to make a difference to the module supplier's business in 2023, Canadian Solar expects this transaction to have a positive impact on its financials in the future.
Long-term and big volume supply contracts are becoming a norm in the US after the market, like the rest of the world, suffered major supply chain challenges over the last 2 years, compounded by trade conflicts over Chinese modules.
"We are genuinely excited about our capacity to develop and build solar projects utilizing 'Made-in-USA' solar modules aligning with IRA guidelines. This substantial commitment enhances our ability to minimize risks linked to trade uncertainties and supply chain fluctuations, ultimately propelling our projects towards successful realization," said EDF Renewables North America's President and CEO Tristan Grimbert.
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