Boston, MA, 04/08/2014 (usastockreports) – The Manufacturer’s Life Insurance Company (Manulife) agreed to give ~ C$50.5 million financial support to Canadian Solar for its Mighty Solar power project. This project expects to be operation by 2Q2014 and will be a part of Concord Green Energy Inc. (Concord). As per Ontario’s Feed-In-Tariff Program, Canadian Solar Inc. (NASDAQ:CSIQ)’s 10 MW power project will supply energy to Ontario Power Authority for 20 years.
Canadian Solar Inc. (NASDAQ:CSIQ) raises fund to support development of pipeline projects and take the advantage of increasing opportunities. The Company has flexible balance sheet with strong cash flow position which help the Company to fund late-stage solar projects. As of December 31, 2013, Canadian Solar has a cash balance of $679.4 million and external borrowings of $201.9 million only for utility-scale solar power projects. It includes both short-term borrowings and log-term debt.
Canadian Solar provides utility services that spread over residential, commercial and industrial solar power systems. The Company had a strong pipeline of late-stage utility solar projects of ~1.3 GW DC. The projects are either owned by the Company or co-partnered with financial partners and global utility providers.
Candian Solar expects profitable growth for its solar module business due to robust demand across many geographies and expect a conversion of pipeline projects in next 2-3 years. The Company expects growth in China, Japan, Canada, India and the U.S. energy market in 2014. With current orders, customer demand and solar projects in module business, the Company is looking for strong demand of its products in 2014. Therefore, Canadian Solar expects module shipments of ~2.5 GW to 2.7 GW and net revenue at a range of $2.7 billion to $2.9 billion in FY2014.
Canadian Solar Inc. (NASDAQ:CSIQ) continues to develop, manufacture and sale to solar products and focus on total solutions business for photovoltaic power generation across key geographies.