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Energy

Canadian Solar Soaking China’s Sun, and Money (CSIQ)

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By Douglas A. McIntyre Updated Published
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solar-panel-pic11Solar maker Canadian Solar Inc. (NASDAQ:CSIQ) is incorporated in Canada, but all operations are based in China. The company has announced that three Chinese banks will kick in a total of $2.2 billion “in potential credit facilities that can be used to finance domestic and overseas solar projects where Canadian Solar is the provider of solar modules.” Canadian Solar may establish a holding company in China to “manage these and other transactions.”

The company also announced a $1.1 million matching fund from the government of Suzhou New District for building new PV solar installations in the district. The funds are available only to Canadian Solar.

It is interesting that the amount of backing that the Chinese government is willing to put into manufacturing is a few orders of magnitude greater than its willingness to invest in domestic projects. China appears to have decided to support domestic PV solar manufacturing in whatever way necessary to keep the industry afloat in the country.

The news has bumped the share price by 4.5% in pre-market trading, to $5.80. The company’s 52-week range is $3.00-$51.80.

Paul Ausick
April 28, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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