odyd

Canadian Solar (CSIQ)

6,832 posts in this topic

Good find angelp. Also, about a month ago they "announced the appointment of Powermode as an authorised reseller for the South African market." Seems like they are making some good progress in South Africa.

http://www.esi-africa.com/node/15558

Another news item (on SPVI) concerning the ZEP Solar and SolarCity agreement;

"Zep Solar said it would produce and supply mounting hardware for Zep compatible modules, which includes tier 1 module manufacturers such as Sharp, Yingli Green, Canadian Solar and Trina Solar."

Finally, PricewaterhouseCoopers latest annual PV Sustainable Growth Index, has CSIQ moving up 9 spots from #15 to #6 on the list. FSLR moved up to #1 from #2. TSL moved down to #2 from #1 (expect a big drop in next year's report). LDK fell from #3 to #17.

http://www.pwc.com/en_US/us/technology/assets/pwc-pv-sustainable-growth-index.pdf

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That's very good news for c-Si and CSIQ. Too much talk about ELPS and too little production so far.

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Looks like SkyPower has completely re-done their website. Wasn't much to it before, with little real information. But this new site is greatly expanded and well set-up IMO.

Some comments from the new site;

The new joint venture is called CSSKY..."In June 2012, SkyPower entered into a 50:50 joint venture agreement with Canadian Solar Inc. (CSI) called CSSKY."

Also, on majority Owner CIM Group; "CIM Group manages over $9.5 billion in assets"

But most interesting was, under the About Us tab;

"Skypower has over 250 megawatts (MW) of awarded power purchase contracts including 67 MW of installed capacity operating today. These projects have produced over 100 million kilowatt hours of clean electricity to date. Our pipeline includes more than 8,400 MW at various stages of development worldwide. With offices in over 24 countries across the globe, SkyPower helps local markets meet their increasing needs for new investment in cleaner energy solutions."

and under Projects;

"6,800 MW in applications— One of the largest development pipelines of solar projects in North America"

So, they now have offices in over 24 countries globally (was 22 in Sept.)...interesting that they chose "in over"...must not want to be continually updating the site because they're expanding so quickly???

And 6.8 GW in applications (over 2 GW in development stage) in North America, with 8.4 GW worldwide, means they have about 1.6 GW outside of North America. Not too bad considering they just started the joint-venture with CSIQ about 6-months ago.

The more I look at this relationship they've forged with Skypower, the more I like it. They're both going to go a lot farther than they could have done by themselves...even taking into acount the 50:50 split...IMO). I think the long-term significance of this joint venture when announced totally flew under the radar screen and has been almost completely ignored to date by analysts and shorter-term investors (since no real impact to the bottom line would be expected until 2014 at the earliest). But for long-term (multi-year) investors like me, watching Skypower's exploding growth has me very excited about CSIQ's future prospects for many years down the road.

(Just a thought not backed up by a single fact...wouldn't it make sense at some point for the CIM group to just buy-out CSI, and just become one huge global force in the solar development industry?...it will probably never be cheaper than now to buy up a company like CSI). To be clear though, I personally would prefer a long multi-year run up on company valuation (then the buyout... ^^ ), rather than a quick short-term return, unless that amount was really worth it...

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They've just updated their presentation again (Dec. 3rd, 2012) Some changes I noticed; - Updated Industry Rank slide-4...moved up to #3 from #4 (switched places with TSL). - Moved Canada "circle" over to where it belonged on the annual solar yield scale (on Retail Grid Parity slide-7) - Added U.S. pipeline map, slide-23 But the 2 most interesting changes; - slide-15 Cost Roadmap...lowered Q4 poly/wafer cost to 22c from 25c...lowering total cost to 57c from previous 60c. - slide-17...revised cell efficiency roadmap. Now has hetero-junction target for 2013 at 23%, up from 21.5% (they must be onto something...the efficiency line now takes a noticeable turn upward). Overall, one of the best, most informative investor presentations in the industry in my opinion.

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and under Projects;

"6,800 MW in applications— One of the largest development pipelines of solar projects in North America"

So, they now have offices in over 24 countries globally (was 22 in Sept.)...interesting that they chose "in over"...must not want to be continually updating the site because they're expanding so quickly???

And 6.8 GW in applications (over 2 GW in development stage) in North America, with 8.4 GW worldwide, means they have about 1.6 GW outside of North America. Not too bad considering they just started the joint-venture with CSIQ about 6-months ago.

Sorry to quote myself, but I think someone from Skypower read my post and realized they messed up on the "6,800 MW" part under Projects...it's been changed to 8,400MW. So never-mind on my conclusion that they have 1.6 GW outside NA. But one still says NA, while the other says global. Maybe someone from Skypower can update to clarify which one's right, and how much they have outside NA.

Also, didn't notice this before, but if you click on the Contact tab (and not on Careers below it), they have a real nice map of their global offices, and which ones are CS-SKY ones. Looks like they have 12 in the joint venture, primarily in South America and Africa...nice...

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There's a good article IMO in RE World that covers the general state of the industry today from manufacturing to downstream and leasing and financing. In the article, it quotes a recent research report from GTM that has CSIQ as 1 of the 4 that are "highly likely to become industry leaders";

"Of the 49 firms that the report charts, GTM predicts that only Canadian Solar, Trina Solar, Yingli and Sunpower are highly likely to become industry leaders. It rates First Solar, Hyundai Heavy Industries, Talesun, Rensola, JA Solar, Suntech and Jinko solar as possibly becoming market leaders but states it’s unclear at this time."

A couple other good quotes from the article;

"“If you are in downstream you are healthy. If you’re manufacturing, you’re not healthy,” Prabhu put it simply."

"Lahey said this is a huge milestone for solar, one that “few technologies in the cleantech world have achieved.” U.S banks are increasingly putting up large amounts of money to fund solar leasing programs. “With solar approaching grid parity in several large markets, these mature companies are starting to view the industry as less risky,” said Lahey."

"Recurrent Energy’s Arno Harris acknowledges that this is a “stressful” time in the solar industry. “It’s difficult on individual companies and stressful on people who work in the industry," he said. But he points out that these are the type of growing pains that the industry must experience in order to get stronger.""

On that last point, being an investor I concur with the stress part...

http://www.renewableenergyworld.com/rea/news/article/2012/12/strategic-investing-in-the-solar-industry-who-is-buying-whom-and-why

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