Canadian Solar unit plans polysilicon factory in China

A unit of CSI Solar Co Ltd, which is fully owned by photovoltaic (PV) module maker Canadian Solar Inc (NASDAQ:CSIQ), intends to build a polysilicon factory in the Chinese province of Qinghai.

The subsidiary has entered into an investment agreement with the municipal government for the construction of a facility with the capacity to produce some 50,000 tonnes of high-purity polysilicon per year.

Canadian Solar said in a statement today that this new factory should start operation in mid-2024 and will form part of a wider plan to build a solar manufacturing industrial park in Haidong. If given the green light by its board of directors, CSI Solar could also establish there production facilities for ingots, wafers, cells, modules and other auxiliary materials.

"We are pleased to further increase the level of vertical integration of our manufacturing capacity by adding polysilicon production capabilities. This will help us better control costs, technology and product quality, and thereby further improve our pricing power and margins. Furthermore, approximately 90% of Qinghai's installed power capacity is clean energy,” commented Shawn Qu, Chairman and CEO of Canadian Solar.

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