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Canadian Solar Ships More Energy Storage in Q2; Solar Modules Up Sequentially

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Canadian Solar (CSIQ) battery energy storage shipments totaled 3.7 gigawatt-hours, up 82% from the prior quarter, as the company shipped to utility-scale projects worldwide, it said on Thursday.

Energy storage shipments were also higher by 73% from a year earlier and exceeded the company's guidance range of 2.8 GWh to 3.2 GWh.

As of June 30, the e-storage unit dedicated to battery systems secured a contracted backlog of $3.5 billion, while the total project development pipeline stood at 84.1 GWh.

The company said 600 megawatt-hours of that pipeline were under construction, while 4.4 GWh were in a backlog and 79.1 GWh were in advanced and early-stage development.

In terms of solar modules, Canadian Solar shipped 3.1 gigawatts during the quarter, up 25% sequentially but down 60% from a year ago.

The corresponding project development pipeline as of June 30 stood at 21.7 GW, according to the report, with 1.7 GW under construction, 2.2 GW in backlog, and 17.7 GW in advanced and early-stage development.

In Q3, Canadian Solar expects battery energy storage shipments to be in the range of 3.4 GWh to 3.8 GWh. Solar module shipments are projected to be in the range of 3.5 GW to 3.8 GW.

Price: $13.02, Change: $-0.85, Percent Change: -6.13%

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