Canadian Solar reports record high 3.75 bn revenue

Canadian Solar reports record high 3.75 bn revenue

Canadian Solar (NASDAQ: CSIQ) announced its fourth quarter financial results today with net revenue at an annual record high of US$3.47 billion, compared to $2.96 billion in 2014. 

Net revenue was also at a quarterly record high of $1,120.3 million, compared to $849.8 million in the third quarter of 2015.

Dr. Shawn Qu, chairman and CEO of Canadian Solar, said “This was a record breaking year for Canadian Solar. Our track record of consistent and reliable execution continues to reinforce our competitive position and strong bankability. This in turn is providing us with excellent support from financial institutions and investors worldwide.”

Throughout the quarter, the firm completed the sale of three solar power plants in Canada evaluated at over $144.5 million.

The company recently started the operation and ownership of solar plants totalling 114.0 MWp, including 14.1 MWp in Canada, 6.2MWp in Japan, 22.9 MWp in the United Kingdom and 100.8 MWp in China. 

In Pirapora, Minas Gerais, Brazil, the firm won bids for three solar projects totalling 110.0 MWp and these plants will be connected to the grid in 2017 and 2018. 

@RGNonline