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Thanks Odyd,

First I've heard of these Quartech modules, but I went to the product tab and sure enough it was there...looks like it is in response to Kyocera's awarded patent in Japan for the 3-busbar solar cell structure...

No press release or comments in the CC on this...CSIQ is staying very tight-lipped lately on everything they're doing...

I sure hope that's a good thing....

Looks like the year is going to be back end loaded. Does anyone have any realistic estimates for Q1 and Q2 without any project revenues in them, as well as full 2013? I would think 2nd half is going to be big, which could explain the recent price action.

From their 20-F page 78
"our liquidity position will benefit from the cash flows expected to be received from the sale of solar project assets beginning in the second half of 2013;"

The revenue breakdown is interesting. In their total solutions segment the system kits have been solid the past 3 years, but in 2011 EPC was high and then in 2012 EPC was low as projects became high:

http://phx.corporate-ir.net/phoenix.zhtm…nNpZD01Nw%3d%3d

Anyone that follows CSIQ (e.g. nano) that can elaborate on what we should read into this?

explo, that is interesting...thanks for pointing out.

In 2011, the EPC revenues were dominated by 3 SkyPower projects totaling 29.5 MW AC (1 of those was Thunder Bay that was chosen by Intersolar North America as a 2012 Solar Project Award Finalist). That's about $3.70/W, which sounds about right for EPC as those FIT 1.0 projects are selling at over $5/W.

In 2011 they made the decision to move up to development, with the first big win being the $500 Mil. TransCanada projects late in the year. And since then most of the deals have been for development...they do very little EPC only work now (relative to the development side). On my sheet it is less than 20% of total project/EPC MW's, so maybe about 10% of total project/EPC revenues.

I hope that answers your question.

Also, thanks Odyd for that cash flow analysis.

Thanks, my guess is they had a significant EPC unit in 2011 and that still remains, but can be fully utilized for internal sales now that CSIQ develops a lot of own projects.

Odyd, that's news to me...good find (I don't think I would have ever made it down that far in that extremely long document). Doesn't look like they are having any problems whatsoever financing all that construction work going on now...

Explo, as you said the EPC work still remains, but is now mostly an internal "subset" of the total project costs.

Hi guys,

I didn't find in Canadian's 20-F any news about Jv with Sky Power on EPC projects in solar emerging market.
Has anyone informations about it ?
Thx.

adetur, with a quick look using the search feature I found the following;

In June 2012, we also launched a 50/50 international
joint venture with SkyPower to focus on developing solar power plants in
selected emerging markets. (pg 46)





On May 23, 2012, the Company established a joint
venture, CSI SkyPower, for cash consideration of $3,428,751. CSI holds a 50%
voting interest and two of four board members are designated by CSI and, as
such, CSI is considered to have significant influence over the investee. (pg
F-32)