Canadian Solar’s reported scale spans module deliveries, project development, manufacturing, battery storage and renewable-energy investment. The figures below cover worldwide and segment-level results through 2024, with dates, definitions and forecast limitations stated explicitly.
Key Canadian Solar Statistics
The most useful headline figures are:
- More than 118 GW of photovoltaic modules delivered worldwide through 2023 was reported by Canadian Solar.
- Around 10 GWp of solar projects developed, built and connected worldwide since 2010 through 2023 was reported by the company.
- 3.3 GWh of battery-storage projects developed, built and connected worldwide since 2010 through 2023 was reported by Canadian Solar.
- 30.7 GW of CSI Solar module shipments globally in 2023 represented a 45% year-over-year increase.
- 31.1 GW of CSI Solar module shipments globally in 2024 represented 1% year-over-year growth.
- 8.6 GW shipped to the Americas in 2023, compared with 6.0 GW in 2022.
- 14.1 GW shipped to Asia in 2023, compared with 9.7 GW in 2022.
- $7.6 billion of consolidated Canadian Solar revenue in 2023 was a reported full-year record.
- $274 million of 2023 net income attributable to shareholders equaled $3.87 per diluted share.
- 16.8% consolidated gross margin in 2023 compared with 16.9% in 2022.
- 60.2 GW of annual module nameplate capacity at December 31, 2024 was reported across Canadian Solar’s manufacturing network.
- 20.0 GWh of annual battery-energy-storage-system manufacturing capacity at December 31, 2024 was reported.
- 6.6 GWh of CSI Solar storage shipments globally in 2024 included 2.2 GWh in Q4.
- A 63 GWh e-STORAGE pipeline and $2.6 billion contracted backlog as of January 31, 2024 were reported by Canadian Solar.
- 1.2 GW of Recurrent Energy project sales in 2024 was reported for the full year.
- A 27 GWp solar and 63 GWh storage development pipeline as of June 30, 2024 was reported for Recurrent Energy.
Contents
- Canadian Solar scale and cumulative deployment
- Canadian Solar module shipments and regional trends
- Canadian Solar revenue, margins and cash
- Canadian Solar manufacturing capacity and cost trends
- Canadian Solar battery-storage statistics and pipeline
- Canadian Solar project development and investment
Canadian Solar Scale and Cumulative Deployment Statistics
Canadian Solar’s cumulative figures combine equipment deliveries with project activity. The measures are company-reported and cover different populations, so module deliveries should not be treated as installations or operating assets.
- Canadian Solar reported more than 118 GW of photovoltaic modules delivered worldwide through the 2023 annual-report release. Canadian Solar Files Annual Report on Form 20-F for Year Ended December 31, 2023
- Since entering project development in 2010, the company had developed, built and connected around 10 GWp of solar power projects worldwide through 2023. This is cumulative project activity, not total global installations. Canadian Solar Files Annual Report on Form 20-F for Year Ended December 31, 2023
- The same release reported 3.3 GWh of battery-storage projects developed, built and connected worldwide since 2010 through 2023.
The 2023 portfolio snapshot separates operating assets from development stages:
| Portfolio status | Solar projects | Storage projects | Definition |
|---|---|---|---|
| Operating | About 1 GWp | 600 MWh | Company portfolio snapshot in 2023 |
| Under construction or late-stage backlog | 7.4 GWp | About 3.5 GWh | Not equivalent to commissioned capacity |
| Advanced and early-stage pipeline | 19.9 GWp | 51 GWh | Development status, not committed construction |
These figures were reported in the company’s 2023 annual-report release. Canadian Solar Files Annual Report on Form 20-F for Year Ended December 31, 2023
Canadian Solar Module Shipments and Regional Trends
CSI Solar shipped 30.7 GW of modules globally in full-year 2023, up 45% year over year. Q4 2023 recognized shipments were 8.2 GW, up 26% year over year but down 2% quarter over quarter, including 47 MW sent to Canadian Solar’s own utility-scale projects. Canadian Solar Reports Fourth Quarter and Full Year 2023 Results
Regional shipment data showed growth across the company’s reported categories:
| Region | 2022 shipments | 2023 shipments |
|---|---|---|
| Americas | 6.0 GW | 8.6 GW |
| Asia | 9.7 GW | 14.1 GW |
| Europe and other regions | 5.4 GW | 8.0 GW |
These are Canadian Solar’s regional shipment classifications for the full years 2022 and 2023. Form 20-F for Canadian Solar INC filed 04/26/2024
Quarterly recognized shipments then varied across 2024. Q1 shipments were 6.3 GW, up 4% year over year, and included 236 MW for the company’s own utility-scale projects. Canadian Solar Reports First Quarter 2024 Results and Announces Appointment of Chief Financial Officer
Q2 shipments reached 8.2 GW, up 30% quarter over quarter, with modules and system kits shipped to more than 70 countries and 135 MW sent to Canadian Solar’s own utility-scale projects. Canadian Solar Reports Second Quarter 2024 Results
Q4 2024 recognized shipments were 8.2 GW, down 2% quarter over quarter and up 1% year over year; 401 MW went to the company’s own utility-scale projects. CSI Solar’s full-year 2024 shipments totaled 31.1 GW, up 1% year over year. Canadian Solar Reports Fourth Quarter and Full Year 2024 Results CSI Solar FY2024 Q4 and Full Year Performance Overview
Canadian Solar Revenue, Profitability and Cash-Flow Data
Canadian Solar reported $7.6 billion of consolidated revenue in full-year 2023, with $274 million of net income attributable to shareholders, or $3.87 per diluted share. Q4 2023 revenue was $1.7 billion, down 8% quarter over quarter and 14% year over year. Canadian Solar Reports Fourth Quarter and Full Year 2023 Results
Segment and consolidated results provide different views of the business:
| Measure | 2022 | 2023 |
|---|---|---|
| CSI Solar revenue | — | $7,230.6 million, up 3.7% |
| Solar-module revenue | — | $6,001.1 million, up 4.5% |
| Solar-system-kit revenue | — | $679.4 million, up 26.2% |
| Battery-energy-storage-solutions revenue | — | $248.6 million, down 52.6% |
| Consolidated gross profit | $1,263.1 million | $1,280.0 million |
| Consolidated gross margin | 16.9% | 16.8% |
The segment revenue comparisons are against 2022, while the table’s dash indicates that the supplied figures do not state the corresponding 2022 dollar amount. Form 20-F for Canadian Solar INC filed 04/26/2024
CSI Solar’s gross margin was 15.3% in 2023 versus 16.5% in 2022, while Recurrent Energy’s margin rose to 41.1% from 19.6%; project-sales mix affects the segment comparison. Consolidated operating expenses were $826.7 million in 2023, down 8.9% from 2022. Form 20-F for Canadian Solar INC filed 04/26/2024
In 2024, Q1 revenue was $1.3 billion with a 19.0% gross margin and $12 million of net income attributable to Canadian Solar, or $0.19 per diluted share. Q2 net revenue was $1.6 billion and gross margin was 17.2%. Canadian Solar Reports First Quarter 2024 Results and Announces Appointment of Chief Financial Officer Canadian Solar Reports Second Quarter 2024 Results
Q4 2024 revenue was $1.5 billion and gross profit was $217 million. Gross margin was 14.3%, compared with 16.4% in Q3 2024 and 12.5% in Q4 2023; Canadian Solar also reported $1.1 billion of 2024 capital expenditures and $2.3 billion in cash at December 31, 2024. Canadian Solar Reports Fourth Quarter and Full Year 2024 Results
Canadian Solar Manufacturing Capacity and Cost Trends
At December 31, 2024, Canadian Solar reported annual nameplate capacity of 60.2 GW for modules, 48.4 GW for cells, 31.0 GW for wafers and 25.0 GW for ingots. These are manufacturing-network capacity figures, not actual production. CANADIAN SOLAR INC. December 31, 2024 Form 20-F
The same date’s reported annual battery-energy-storage-system manufacturing capacity was 20.0 GWh; no dedicated battery-cell manufacturing capacity was reported. A June 2024 snapshot listed 20.4 GW of ingot, 28.0 GW of wafer, 48.4 GW of cell and 60.0 GW of module nameplate capacity. CANADIAN SOLAR INC. December 31, 2024 Form 20-F Canadian Solar Reports Second Quarter 2024 Results
The December 2024 plan listed 25.0 GW of ingot, 31.0 GW of wafer, 48.4 GW of cell and 61.0 GW of module capacity. This was a management estimate subject to market and capital-allocation changes. Canadian Solar Reports Second Quarter 2024 Results
CSI Solar’s China monthly average module manufacturing cost fell from $0.236 per watt in 2022 to $0.169 per watt in 2023, including purchased polysilicon and wafers. Canadian Solar also recorded $113.1 million of inventory write-downs in 2023; that charge is not the same as a cash production cost. Form 20-F for Canadian Solar INC filed 04/26/2024
The Mesquite, Texas, module facility was described as a 5 GW facility beginning production in late 2023. A planned 5 GW U.S. solar-cell facility in Jeffersonville, Indiana, was listed for Q4 2025 in the investor presentation; planned timing and commissioning were not guaranteed. Canadian Solar Reports Fourth Quarter and Full Year 2023 Results CSI Solar FY2024 Q4 and Full Year Performance Overview
Canadian Solar Battery-Storage Statistics and Pipeline
CSI Solar shipped 6.6 GWh of storage globally in full-year 2024, including 2.2 GWh in Q4. These are segment shipment figures and should not be confused with operating storage capacity. CSI Solar FY2024 Q4 and Full Year Performance Overview
Canadian Solar reported a 63 GWh e-STORAGE pipeline and $2.6 billion contracted backlog as of January 31, 2024. By June 30, 2024, the backlog remained $2.6 billion and the pipeline was reported at 66 GWh; pipeline and backlog are different measures, and backlog is not recognized revenue. Canadian Solar Reports Fourth Quarter and Full Year 2023 Results Canadian Solar Reports Second Quarter 2024 Results
The company’s 2023 portfolio release reported 600 MWh of battery-storage projects in operation, about 3.5 GWh under construction or in backlog, and an additional 51 GWh in advanced and early-stage development worldwide. The development figure is an estimate of project status, not committed construction. Canadian Solar Files Annual Report on Form 20-F for Year Ended December 31, 2023
The Q3 2024 release forecast Q4 2024 CSI Solar storage shipments at 2.0–2.4 GWh, including about 1.2 GWh for Canadian Solar’s own projects. This was a forecast rather than an observed result. Canadian Solar Investor Presentation – December 2024
The December 2024 investor presentation cited a third-party forecast of global energy-storage capacity additions growing 32% annually and exceeding 1 TWh by 2027. That outlook describes the global market, not Canadian Solar’s own shipments. Canadian Solar Investor Presentation – December 2024
Canadian Solar Project Development and Investment Trends
Recurrent Energy reported 1.2 GW of project sales in full-year 2024, $323 million of revenue, $65 million of gross profit and a 20.2% gross margin. It also reported a $90 million operating loss; project sales are not the same as newly commissioned company-owned capacity. CSI Solar FY2024 Q4 and Full Year Performance Overview
Q4 2024 Recurrent Energy project sales were 540 MW, with $188 million of revenue, $14 million of gross profit and a 7.5% gross margin. These are segment results for the quarter, not consolidated Canadian Solar results. CSI Solar FY2024 Q4 and Full Year Performance Overview
BlackRock committed $500 million to invest in Recurrent Energy in 2024. The commitment is an investment measure, not revenue or project capital expenditure. Canadian Solar Reports Fourth Quarter and Full Year 2023 Results
As of June 30, 2024, Recurrent Energy’s total development pipeline reached 27 GWp of solar and 63 GWh of storage. This is a development pipeline rather than commissioned capacity, and its geography is reported as Recurrent Energy’s business scope. Canadian Solar Reports Second Quarter 2024 Results
Across these statistics, consolidated company figures, CSI Solar measures and Recurrent Energy measures should be read within their stated scopes. Shipment totals recognized as revenue are not identical to manufacturing output or installations, while capacity plans, backlogs and pipelines are not guaranteed operating assets.