CANADIAN SOLAR INC. Investor Presentation
May 2024
Safe Harbor Statement
This presentation has been prepared by the Company solely to facilitate the understanding of the Company's business model and growth strategy. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the
Company or any of its affiliates, advisers or representatives will be liable (in negligence or otherwise) for any loss
howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.
This presentation contains forward-looking statements and management may make additional forward-looking
statements in response to your questions. Such written and oral disclosures are made pursuant to the Safe Harbor
provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to its future performance, consolidated results of operations and financial condition. These statements can be identified by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ
materially from expectations implied by these forward-looking statements as a result of various factors and assumptions.
Although we believe our expectations expressed in such forward-looking statements are reasonable, we cannot assure you that they will be realized, and therefore we refer you to a more detailed discussion of the risks and uncertainties contained in the Company's annual report on Form 20-F, as well as other documents filed with Securities & Exchange Commission. In addition, these forward-looking statements are made as of the current date, and the Company does not undertake to update forward-looking statements to reflect future events or circumstances, unless otherwise required by law.
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Our Mission
To power the world with solar energy and create a better and cleaner Earth for future generations
Our Business
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Canadian Solar at a Glance
A Top 5 Global Company
2001
Founded in Ontario Canada
2006
Listed on the NASDAQ as CSIQ
61 GW
Solar module capacity(1)
30 GWh
Battery energy storage capacity(2)
20+
Countries
22,000+
Dedicated workforce
- By December 31, 2024.
- By December 31, 2025.
- As of March 31, 2024.
With a Stellar Track Record
>125 GW | Cumulative |
modules delivered | |
globally(3) | |
>10 GWp | Solar power |
projects and battery | |
& | energy storage |
projects developed, | |
>3 GWh | |
built, and connected | |
globally (3) |
18.8% 3.7%
5-year average | 5-year average |
gross margin | net margin |
And World Class Brand
Top Bankable Manufacturer
(2022)
Tier 1 Solar Company
(2017-2023)
Sustainability Reporting of the Year
(2023)
Seal of Excellence for Sustainability
(2024)
Top Brand PV USA
(2024)
5
A Global Solar and Storage Manufacturing and Project Development Business
62%
Canadian Solar (NASDAQ: CSIQ)
$7.61B 16.8% $793M
FY23 Revenue FY23 Gross Margin FY23 EBITDA
$274M | $3.87 |
FY23 Net Income | FY23 Diluted EPS(1) |
80%(2)
CSI Solar
Vertically Integrated Manufacturing
Solar | Battery Energy Storage |
Recurrent Energy
Global Project Development
Solar | Battery Energy Storage |
30.7 GW
FY23 Shipments
>125 GW
Cumulative Shipments(4)
1.9 GWh(3) | >10 GWp |
FY23 Shipments | Track Record(4) |
$2.5B | 26 GWp |
Contracted Backlog(4) | Pipeline(4) |
>3 GWh
Track Record(4)
56 GWh
Pipeline(4)
- Diluted EPS includes the dilutive effect of convertible bonds. $3.87/share is calculated from total earnings of $279M (including 2.5% coupon of $5.3M) divided by diluted shares 72.2 million shares (including 6.3 million shares issuable upon the conversion of convertible bonds).
- In January 2024, Recurrent Energy secured a $500 million preferred equity investment commitment, convertible into common equity, from BlackRock, representing 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis.
(3) | Including approx. 760 MWh expected to be recognized as revenues in 2024 due to being shipments in late Q4 2023. | 6 |
(4) | Developed, built, and connected as of March 31, 2024; cumulative shipment, pipeline, and contracted backlog as of the same date. |
Premium Quality Solar PV Modules: Our Growth Story
Canadian's 20 Years of Double Digit Growth
Historical Solar PV Module Annual Shipments, GW
Canadian Solar has consistently outpaced the industry, gaining
market share. | 30.7 |
18 TW Cumulative Solar Capacity Base by 2050
Global Solar PV Cumulative Installations, GW
To achieve the 1.5ºC Paris Agreement goal,
solar PV's global installed capacity must reach
5.5 TW by 2030 and 18 TW by 2050.
18,200
0.2 0.3 0.8 1.3 1.5 1.9
21.1
14.5
11.3
8.6
6.9 6.6
4.4 5.2
2.8
Average annual installations
420 GW | |
60 GW | 160 GW |
8 GW | 5,500 |
2,500 | ||||||
1 | 102 | 241 | 416 | 791 | 956 | 1,234 |
2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
TODAY
Source: BNEF, IRENA World Energy Transitions Outlook 2023.
2000 | 2012 | 2015 | 2017 | 2020 | 2021 | 2022 | 2025E | 2030E | 2050E |
TOMORROW
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Today, Solar Is a Hugely Underpenetrated yet Cost-effective Source of Energy
Massive Headroom for Solar | Attractive Returns with Module at Record Low Cost | ||
Electricity Generation by Fuel Type | Solar PV Module Cost, $/W | ||
105.7 | |||
Coal, 35% |
Gas, 23% | 29.3 | ||||||||||||||||||||||||||||
Hydro, 15% | |||||||||||||||||||||||||||||
Nuclear, 10% | 12.7 | 7.9 | |||||||||||||||||||||||||||
Solar, 5% | 5.5 | 4.9 | 4.4 | 1.9 | 0.6 | 0.2 | 0.3 | 0.3 | 0.2 | ||||||||||||||||||||
1990 | 1992 | 1994 | 1996 | 1998 | 2000 | 2002 | 2004 | 2006 | 2008 | 2010 | 2012 | 2014 | 2016 | 2018 | 2020 | 2022 | 1975 | 1980 | 1985 | 1990 | 1995 | 2000 | 2005 | 2010 | 2015 | 2020 | 2021 | 2022 | 2023 |
Source: BP Energy Outlook 2021, International Energy Agency (IEA), BNEF, S&P Global.
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"Solar + Energy Storage" Will Lead the Terawatt Generation
Massive Growth in Both Solar and Energy Storage | "Solar + Energy Storage" Key to Energy Transition | |
Global Solar Cumulative
Installations, GW
1,600 | |
28% | |
CAGR | |
141 | |
2013 | 2023 |
Global Energy Storage | Mean Unsubsidized Levelized Cost of Energy (LCOE) and |
Cumulative Installations, GWh | Levelized Cost of Storage (LCOS), $/MWh |
1,114 | 359 | PV + 4 Hour Energy | |||||||||||||||
275 | Storage (FTM) | ||||||||||||||||
$65-91/MWh | |||||||||||||||||
55% | |||||||||||||||||
CAGR | Nuclear | ||||||||||||||||
180 | |||||||||||||||||
135 | 168 | Gas Peaker | |||||||||||||||
123 | 117 | Coal | |||||||||||||||
111 | 91 | ||||||||||||||||
70 | |||||||||||||||||
83 | 65 | CCGT* | |||||||||||||||
60 | Solar | ||||||||||||||||
14 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2023E | 50 | Wind | |
2018 | 2028 | ||||||||||||||||
While global solar cumulative installations reached 1 TW in 2022, global
energy storage system cumulative installations are expected to reach 1 Solar + 4 hour energy storage is increasingly competitive. TWh by 2028.
Source: S&P Global, Wood Mackenzie, Lazard 2023 LCOE and LCOS Reports.
*CCGT = Combined Cycle Gas Turbine.
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Success Driven by Global-local Team and Culture of Diversity
North America
Canada
Guelph: Global HQ
U.S.
Austin: North America HQ
Mesquite, Texas
Jeffersonville, Indiana
Walnut Creek
San Francisco
New York City
Manufacturing operations
Europe
Germany | Spain | Netherlands |
Munich, EMEA CSIS HQ | Madrid: EMEA RE HQ | Amsterdam |
Frankfurt | Sevilla, Barcelona, Badajoz | |
U.K. | Italy | |
London | Milan | |
Colchester | Rome | |
Poland | France | |
Warsaw | Biarritz |
Latin
America
Brazil | |
São Paulo | Middle East |
Mexico | |
and Africa | |
Mexico City | |
Colombia | U.A.E. |
Bogotá | Dubai |
Chile | South Africa |
Santiago | Cape Town |
Asia Pacific
P.R. China
Suzhou: China HQ
Yancheng
Yangzhou
Funing
Suqian
Luoyang
Baotou
Hohhot
Jiaxing
Xining
Beijing
Jinan
Guangzhou
Kunming
Wuhan
Wuhu
Hong Kong, SAR
Taiwan, China
Hsinchu
Japan
Tokyo
Osaka
South Korea
Seoul
Gwangju
India
New Delhi
Thailand
Chonburi
Vietnam
Hai Phong
Malaysia
Kuala Lumpur
Singapore
Singapore
Australia
Melbourne
Sydney
Note: Showing office locations only. Certain offices are shared between the CSI Solar and Recurrent Energy businesses. Canadian Solar may do business in more locations than shown on the map.
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Disclaimer
Canadian Solar Inc. published this content on 20 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 May 2024 04:18:06 UTC.
