Aug 10, 2023
Canadian Solar Inc. (NASDAQ: CSIQ) and EDF Renewables North America today announced the signing of a multi-year module supply agreement to deliver up to 7-gigawatts (GW) of high efficiency N-type TOPCon solar modules to be produced at Canadian Solar's new factory in Mesquite, Texas.
Under the agreement, Canadian Solar will be supplying its latest high efficiency N-Type TOPCon (Tunnel Oxide Passivated Contact) solar modules to support EDF Renewables' project pipeline in the U.S. between 2024 and 2030. The TOPCon modules will solidify Canadian Solar's mission to provide the best return on investment for its customers. TOPCon modules boast high conversion efficiencies of up to 22.5%, a low temperature coefficient of -0.30%/degrees C, low LID (Light Induced Degradation) resulting in a low power degradation, and improved bifaciality over Mono-PERC modules, all resulting into an increased energy production.
In July 2023, Canadian Solar announced it would invest over $250 million in a state-of-the-art solar photovoltaic module factory in Mesquite, Texas. Once fully ramped up, the factory would have an annual output of 5 GW and create approximately 1,500 skilled jobs. Production is expected to start in Q4 2023.
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Mr. Tristan Grimbert, President and CEO of EDF Renewables North America, said, "The module supply agreement demonstrates our commitment to domestic sourcing and represents a pivotal step for EDF Renewables, enabling us to achieve key milestone dates and execute a schedule for the construction of our robust solar pipeline. We are genuinely excited about our capacity to develop and build solar projects utilizing 'Made-in-USA' solar modules aligning with IRA guidelines. This substantial commitment enhances our ability to minimize risks linked to trade uncertainties and supply chain fluctuations, ultimately propelling our projects towards successful realization.
He added, "Today we solidify our existing partnership, formed in 2019, and also demonstrate our confidence in Canadian Solar. It is a testament to our shared commitment to advancing sustainable energy solutions to decarbonize the grid."
Dr. Shawn Qu, Chairman and CEO of Canadian Solar commented, "This agreement is a testament of the strong relationship and long history of cooperation between our two companies at a global level in the U.S. and in Brazil. We are excited to work with EDF Renewables North America as we bring a stable supply of clean and reliable solar energy to the U.S. market, powered by solar modules made locally, under the backdrop of the Inflation Reduction Act. We look forward to further collaborations and investments contributing to a more global, sustainable, and resilient clean energy supply chain."