Canadian Solar Invests Over $800M In Indiana, Plans For 1,200 High-Tech Jobs By 2025

Canadian Solar Inc. -0.19% Pre

Canadian Solar Inc.

CSIQ

21.13

21.13

-0.19%

0.00% Pre

Canadian Solar Inc (NASDAQ:CSIQdisclosed establishing a 5 GW Solar photovoltaic cell production facility at the River Ridge Commerce Center in Jeffersonville, Indiana.

The company announced an investment of over $800 million, creating around 1,200 skilled high-tech jobs once production is fully ramped up.

CSIQ expects an annual output of 5 GW, equivalent to around 20,000 high-power modules daily.

The company plans to use produced solar cells at this facility at the previously announced 5 GW module assembly plant in Mesquite, Texas, with production expected to begin by the end of 2025. 

Thomas Koerner, Senior Vice President, said, "This is the second of the anticipated long-term investments we expect to make in the U.S. as we think strategically about a local, sustainable and clean energy supply chain and to fulfill the long-term requirements of the local-content rules of the recently established IRA."

Last week, CSIQ disclosed that e-STORAGE, which is part of its majority-owned subsidiary CSI Solar Co., Ltd, won a supply and integration contract for 1 GWh DC of energy storage solutions for DEPCOM Power, Inc. and Tucson Electric Power (TEP) in Arizona.

Also ReadCanadian Solar Cuts FY23 Revenue Guidance Post Mixed Q2 Performance

Price Action: CSIQ shares are trading higher by 0.49% at $19.31 on the last check Monday.

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