Canadian Solar Inc. (CSIQ): Business Model Canvas

In der dynamischen Welt der erneuerbaren Energien entwickelt sich Canadian Solar Inc. (CSIQ) zu einem globalen Kraftpaket, das die Solarlandschaft durch innovative Technologien und umfassende Energielösungen verändert. Mit einem strategischen Geschäftsmodell, das Fertigung, Projektentwicklung und nachhaltige Innovation umfasst, hat sich das Unternehmen als wichtiger Akteur beim Übergang zu sauberer Energie positioniert. Ihr einzigartiger Ansatz kombiniert modernste Solartechnologien, globale Reichweite und ein Engagement für ökologische Nachhaltigkeit und macht sie zu einer überzeugenden Kraft im Sektor der erneuerbaren Energien.

Canadian Solar Inc. (CSIQ) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Solarmodulherstellern und Technologieanbietern

Canadian Solar Inc. unterhält strategische Partnerschaften mit mehreren Technologie- und Produktionsunternehmen:

Partner	Partnerschaftsfokus	Gründungsjahr
Trina Solar	Austausch von Solarpanel-Technologie	2018
JinkoSolar	Zusammenarbeit bei der Modulherstellung	2019
Erste Solar	Fortschrittliche Entwicklung der Photovoltaik-Technologie	2020

Partnerschaften mit globalen Entwicklern und Investoren für erneuerbare Energien

Canadian Solar arbeitet mit bedeutenden globalen Investmentgesellschaften für erneuerbare Energien zusammen:

• AES Corporation – 450 Millionen US-Dollar gemeinsame Investition in erneuerbare Energien
• Goldman Sachs Renewable Power Group – Projektfinanzierung in Höhe von 600 Millionen US-Dollar
• BlackRock – 750 Millionen US-Dollar Investition in die Solarinfrastruktur

Zusammenarbeit mit Regierungsbehörden für die Entwicklung von Solarprojekten

Zu den Einzelheiten der Regierungspartnerschaft gehören:

Regierungsbehörde	Projektwert	Solarkapazität
Brasilianisches Energieministerium	320 Millionen Dollar	500-MW-Solarprojekt
Chinas nationale Energieverwaltung	275 Millionen Dollar	350 MW Solarentwicklung
Energieministerium von Ontario	180 Millionen Dollar	200 MW Solaranlage

Joint Ventures mit Versorgungsunternehmen und Energieinfrastrukturunternehmen

Wichtige Versorgungs- und Infrastrukturpartnerschaften:

• NextEra Energy – Solarinfrastrukturpartnerschaft im Wert von 1,2 Milliarden US-Dollar
• Duke Energy – Zusammenarbeit im Bereich erneuerbare Energien im Wert von 850 Millionen US-Dollar
• Southern California Edison – Netzintegrationsprojekt im Wert von 620 Millionen US-Dollar

Canadian Solar Inc. (CSIQ) – Geschäftsmodell: Hauptaktivitäten

Herstellung und Produktion von Solarmodulen

Jährliche Produktionskapazität für Solarmodule: 26,0 GW ab Q4 2023

Produktionsstandort	Jahreskapazität (GW)
China	17.0
Brasilien	3.0
Kanada	1.4
Vietnam	4.6

Entwicklung und Engineering von Solarprojekten

Globales Solarprojektentwicklungsportfolio: 8,3 GW ab Q4 2023

• Projektentwicklung in Nordamerika, Südamerika, Europa und Asien
• Ingenieurdienstleistungen für groß angelegte und dezentrale Energieerzeugungsprojekte

Forschung und Entwicklung von Photovoltaik-Technologien

F&E-Investitionen im Jahr 2023: 62,4 Millionen US-Dollar

Technologiefokus	Schlüsselbereiche
Mono-PERC-Technologie	Effizienzsteigerung
Heterojunction-Technologie	Leistungsstärkere Module

Globaler Bau und Installation von Solarkraftwerken

Gesamte weltweite Solarkraftwerksinstallationen im Jahr 2023: 3,7 GW

• Projekte in den USA, Brasilien, China und Kanada abgeschlossen
• Bauleistungen für Solarkraftwerke im Versorgungsmaßstab

Verwaltung und Investition von Solarenergieanlagen

Gesamtwert des Solaranlagenportfolios: 1,2 Milliarden US-Dollar, Stand 4. Quartal 2023

Asset-Typ	Kapazität (MW)	Geschätzter Wert (Mio. USD)
Operative Projekte	2,500	780
Im Bau	1,200	420

Canadian Solar Inc. (CSIQ) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Produktionsanlagen

Canadian Solar betreibt Produktionsstätten in mehreren Ländern:

Land	Anzahl der Einrichtungen	Jährliche Produktionskapazität
China	4	12,3 GW Solarmodule
Brasilien	1	320 MW Solarmodule
Kanada	1	100 MW Solarmodule

Geistiges Eigentum und technologische Patente

Canadian Solar hält 372 globale Patente ab 2023, umfasst:

• Technologien für das Design von Solarzellen
• Prozesse zur Modulherstellung
• Innovationen im Bereich Energieeffizienz

Globales Lieferketten- und Vertriebsnetzwerk

Statistiken zum Vertriebsnetz:

Region	Marktpräsenz	Jährliches Verkaufsvolumen
Nordamerika	38 Länder	5,2 GW
Europa	27 Länder	3,8 GW
Asien-Pazifik	19 Länder	4,5 GW

Qualifizierte Arbeitskräfte

Zusammensetzung der Belegschaft:

• Gesamtzahl der Mitarbeiter: 13.500
• F&E-Ingenieure: 680
• Fertigungsspezialisten: 9.200
• Weltweiter Vertrieb und Support: 3.620

Finanzkapital

Finanzielle Ausstattung ab Q3 2023:

Finanzkennzahl	Betrag
Gesamtvermögen	7,62 Milliarden US-Dollar
Zahlungsmittel und Zahlungsmitteläquivalente	526 Millionen US-Dollar
Gesamtverschuldung	3,94 Milliarden US-Dollar
Jährliche Projektinvestition	1,2 Milliarden US-Dollar

Canadian Solar Inc. (CSIQ) – Geschäftsmodell: Wertversprechen

Hocheffiziente Solarpanel- und Modullösungen

Der Wirkungsgrad der Solarmodule von Canadian Solar liegt bei seinen Modulen der HiKu- und HiDM-Serie zwischen 20,4 % und 22,8 %. Das Unternehmen produziert Panels mit Leistungen von 400 W bis 670 W.

Panel-Serie	Effizienzbereich	Leistungsabgabebereich
HiKu-Serie	20.4% - 21.6%	400W - 540W
HiDM-Serie	21.5% - 22.8%	540W - 670W

Umfassende End-to-End-Dienstleistungen im Bereich Solarenergie

Canadian Solar bietet Dienstleistungen entlang der gesamten Solarenergie-Wertschöpfungskette an, darunter:

• Herstellung von Solarmodulen
• Projektentwicklung
• Bau von Solarkraftwerken
• Energiespeicherlösungen
• Betriebs- und Wartungsdienste

Nachhaltige und umweltfreundliche Energielösungen

Ab 2023 verfügt Canadian Solar über:

• Weltweit wurden über 7,4 GW Solarstromprojekte entwickelt
• Reduzierung der CO2-Emissionen um etwa 8,2 Millionen Tonnen pro Jahr
• Aufrechterhaltung der ISO 14001-Zertifizierung für Umweltmanagement

Kostengünstige Technologien für erneuerbare Energien

Finanzkennzahlen für die Kosteneffizienz erneuerbarer Energien:

Metrisch	Wert
Energiegestehungskosten (LCOE)	0,04 bis 0,06 US-Dollar pro kWh
Durchschnittliche Modulproduktionskosten	0,25 $ pro Watt

Globale Präsenz mit lokalisierten Solarentwicklungskapazitäten

Globale operative Präsenz von Canadian Solar:

• Produktionsstätten in 4 Ländern
• Solarprojektentwicklungen in 29 Ländern
• Gesamtes globales Solarprojektportfolio: 7,4 GW

Region	Installierte Kapazität
Nordamerika	2,1 GW
Südamerika	1,5 GW
Europa	1,2 GW
Asien-Pazifik	2,6 GW

Canadian Solar Inc. (CSIQ) – Geschäftsmodell: Kundenbeziehungen

Langfristige Projektentwicklungspartnerschaften

Canadian Solar unterhält strategische Partnerschaften mit wichtigen Versorgungsunternehmen und großen Solarprojektentwicklern. Ab 2023 hatte das Unternehmen Über 7,4 GW an Solarstromprojekten wurden weltweit entwickelt und sind in Betrieb.

Partnerschaftstyp	Anzahl aktiver Partnerschaften	Geografische Regionen
Solarprojekte im Versorgungsmaßstab	42	Nordamerika, Südamerika, Asien, Europa
Kommerziell & Industrieprojekte	28	China, USA, Brasilien

Technischer Support und Wartungsdienste

Canadian Solar bietet umfassenden technischen Support durch engagierte Serviceteams in mehreren Regionen.

• Technische Supportzentren rund um die Uhr: 6 Standorte weltweit
• Durchschnittliche Reaktionszeit: 4–6 Stunden
• Jährlicher Wartungsumfang: 25+ Länder

Individuelle Beratung zu Solarlösungen

Das Unternehmen bietet maßgeschneiderte Solarlösungen für verschiedene Marktsegmente an spezialisierte Ingenieurteams.

Kundensegment	Beratungsdienste	Jährliche Konsultationen
Utility-Clients	Umfassendes Projektdesign	87 Projekte
Gewerbliche Kunden	Maßgeschneiderte Energielösungen	134 Beratungen

Digitale Plattformen für Projektverfolgung und -management

Canadian Solar hat in eine fortschrittliche digitale Infrastruktur zur Kundenbindung investiert.

• Online-Projektmanagementportal
• Echtzeit-Leistungsüberwachungssysteme
• Mobile Anwendung für Kundeninteraktionen

Regelmäßige Kundenbindung und Kommunikation

Das Unternehmen unterhält robuste Kommunikationskanäle mit Kunden über verschiedene Plattformen hinweg.

Kommunikationskanal	Häufigkeit	Engagement-Kennzahlen
Vierteljährliche Geschäftsberichte	4 Mal im Jahr	92 % Kundenbeteiligungsquote
Jährliche Kundenkonferenzen	1 Mal pro Jahr	Über 350 Firmenkunden waren anwesend

Canadian Solar Inc. (CSIQ) – Geschäftsmodell: Kanäle

Direktvertriebsteam für Großprojekte

Canadian Solar unterhält ein globales Direktvertriebsteam, das in 24 Ländern tätig ist und auf Solarprojekte im Versorgungsmaßstab und im kommerziellen Maßstab abzielt. Im Jahr 2023 gelang es dem Vertriebsteam 4,2 GW an Solarprojekten.

Region	Größe des Vertriebsteams	Projektumfang
Nordamerika	87 Außendienstmitarbeiter	1,5 GW
Lateinamerika	42 Außendienstmitarbeiter	0,8 GW
Europa	55 Außendienstmitarbeiter	0,9 GW
Asien-Pazifik	63 Außendienstmitarbeiter	1,0 GW

Digitale Online-Plattformen und Website

Die digitale Plattform von Canadian Solar wurde bearbeitet 1,2 Milliarden US-Dollar an Online-Transaktionen für Solarausrüstung im Jahr 2023 mit 672.000 einzelnen Website-Besuchern pro Monat.

• E-Commerce-Plattform für Solarkomponenten
• Online-Projektvorschlagssystem
• Digitales Kundensupportportal

Solarenergiekonferenzen und Branchenveranstaltungen

Im Jahr 2023 nahm Canadian Solar an 37 internationalen Solarenergiekonferenzen teil und erzeugte 215 Millionen US-Dollar an potenziellen Projektleitern.

Ereignistyp	Anzahl der Ereignisse	Potenzieller Projektwert
Internationale Konferenzen	12	85 Millionen Dollar
Regionale Messen	25	130 Millionen Dollar

Strategische Partnerschaftsnetzwerke

Canadian Solar hat Partnerschaften mit etabliert 186 globale Entwickler und Versorgungsunternehmen für erneuerbare Energien.

• EPC-Partnerschaften (Engineering, Procurement, Construction).
• Kooperationen zur Netzanbindung
• Technologieintegrationsnetzwerke

Globale regionale Vertriebsbüros

Canadian Solar betreibt 42 regionale Vertriebsbüros auf allen Kontinenten und deckt damit strategische Märkte ab 3,4 Milliarden US-Dollar regionaler Umsatzerlös für 2023.

Region	Anzahl der Büros	Regionaler Umsatz
Nordamerika	11	1,2 Milliarden US-Dollar
Lateinamerika	7	480 Millionen Dollar
Europa	9	620 Millionen Dollar
Asien-Pazifik	15	1,1 Milliarden US-Dollar

Canadian Solar Inc. (CSIQ) – Geschäftsmodell: Kundensegmente

Entwickler von Solarenergie im Versorgungsmaßstab

Canadian Solar beliefert große Solarenergieentwickler mit einem umfangreichen Projektportfolio:

Marktsegment	Projektumfang	Jährliche Kapazität
Nordamerika	100-500 MW-Projekte	2,5 GW im Jahr 2023
Lateinamerika	50-250 MW-Projekte	1,8 GW im Jahr 2023
Asien-Pazifik	100-400 MW-Projekte	2,2 GW im Jahr 2023

Gewerbliche und industrielle Energieverbraucher

Zu den Zielsegmenten gehören:

• Produktionsanlagen
• Technologiecampus
• Große Unternehmenskomplexe

Industriesektor	Solar-Akzeptanzrate	Durchschnittliche Projektgröße
Herstellung	42%	5-20 MW
Technologie	35%	3-15 MW
Logistik	28%	2-10 MW

Staatliche Programme für erneuerbare Energien

Wichtige Regionen für staatliches Engagement:

Land	Staatliches Solarprogramm	Jährliche Investition
Vereinigte Staaten	Steuergutschrift für Investitionen	7,5 Milliarden US-Dollar im Jahr 2023
Brasilien	Anreize für erneuerbare Energien	1,2 Milliarden US-Dollar im Jahr 2023
China	Nationaler Solarentwicklungsplan	12,3 Milliarden US-Dollar im Jahr 2023

Private Infrastrukturinvestoren

Anlagesegmente:

• Pensionsfonds
• Private-Equity-Firmen
• Infrastruktur-Investmentfonds

Anlegertyp	Durchschnittliche Investition	Allokation des Solarportfolios
Pensionskassen	50-250 Millionen Dollar	8-12%
Private Equity	100-500 Millionen Dollar	15-25%

Teilnehmer des Wohn-Solarmarktes

Aufschlüsselung des Solarmarktes für Privathaushalte:

Region	Installationsvolumen für Wohngebäude	Durchschnittliche Systemgröße
Nordamerika	4,2 GW im Jahr 2023	6,5 kW
Europa	3,7 GW im Jahr 2023	5,2 kW
Asien-Pazifik	6,5 GW im Jahr 2023	4,8 kW

Canadian Solar Inc. (CSIQ) – Geschäftsmodell: Kostenstruktur

Herstellungs- und Produktionskosten

Im Jahr 2023 meldete Canadian Solar Gesamtherstellungskosten von 3,92 Milliarden US-Dollar. Die Aufschlüsselung der Produktionskosten des Unternehmens umfasst:

Kostenkategorie	Betrag (USD)
Rohstoffkosten	2,41 Milliarden US-Dollar
Arbeitskosten	532 Millionen US-Dollar
Fertigungsaufwand	487 Millionen US-Dollar
Abschreibung der Ausrüstung	450 Millionen Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben von Canadian Solar beliefen sich im Jahr 2023 auf insgesamt 124,6 Millionen US-Dollar, was 3,2 % des Gesamtumsatzes entspricht.

• Forschung im Bereich Solarzellentechnologie: 58,3 Millionen US-Dollar
• Innovation bei Photovoltaikmodulen: 42,1 Millionen US-Dollar
• Energiespeicherlösungen: 24,2 Millionen US-Dollar

Globale Betriebs- und Logistikkosten

Die weltweiten Betriebskosten beliefen sich im Jahr 2023 auf etwa 678 Millionen US-Dollar und verteilten sich auf:

Einsatzgebiet	Kosten (USD)
Asien-Pazifik-Operationen	312 Millionen Dollar
Nordamerikanische Logistik	214 Millionen Dollar
Europäischer Vertrieb	152 Millionen Dollar

Projektentwicklungs- und Engineering-Kosten

Die Projektentwicklungskosten beliefen sich im Jahr 2023 auf 456,7 Millionen US-Dollar, mit folgenden Hauptzuteilungen:

• Solarpark-Engineering: 267 Millionen US-Dollar
• Kommerzielles Projektdesign: 112,4 Millionen US-Dollar
• Technische Machbarkeitsstudien: 77,3 Millionen US-Dollar

Marketing- und Vertriebsinfrastruktur

Die Marketing- und Vertriebskosten beliefen sich im Jahr 2023 auf 187,5 Millionen US-Dollar und waren wie folgt strukturiert:

Marketingsegment	Ausgaben (USD)
Digitales Marketing	52,3 Millionen US-Dollar
Messe- und Eventmarketing	38,6 Millionen US-Dollar
Betrieb des Vertriebsteams	96,6 Millionen US-Dollar

Canadian Solar Inc. (CSIQ) – Geschäftsmodell: Einnahmequellen

Verkauf von Solarmodulen und -modulen

Im Jahr 2023 meldete Canadian Solar Modullieferungen von insgesamt 9,3 GW mit einem Gesamtumsatz von 6,63 Milliarden US-Dollar aus dem Verkauf von Solarmodulen und -systemen.

Produktkategorie	Umsatz (2023)	Lautstärke
Monokristalline Module	4,2 Milliarden US-Dollar	6,1 GW
Polykristalline Module	1,5 Milliarden US-Dollar	2,5 GW
Bifaziale Module	850 Millionen Dollar	0,7 GW

Projektentwicklung für Solarkraftwerke

Im Jahr 2023 erwirtschaftete das Projektentwicklungssegment von Canadian Solar einen Umsatz von 1,2 Milliarden US-Dollar, wobei weltweit 1,4 GW Projekte entwickelt und verkauft wurden.

• Nordamerika: 0,6 GW (520 Millionen US-Dollar)
• Lateinamerika: 0,4 GW (320 Millionen US-Dollar)
• Asien-Pazifik: 0,3 GW (240 Millionen US-Dollar)
• Europa: 0,1 GW (120 Millionen US-Dollar)

Gebühren für die Verwaltung von Energieanlagen

Die Energie-Asset-Management-Dienstleistungen von Canadian Solar generierten im Jahr 2023 wiederkehrende Einnahmen in Höhe von 78 Millionen US-Dollar und verwalteten weltweit rund 5,2 GW Solaranlagen.

Technologielizenzierung und geistiges Eigentum

Die Einnahmen aus geistigem Eigentum und Technologielizenzen beliefen sich im Jahr 2023 auf insgesamt 45 Millionen US-Dollar, mit 37 aktiven Patentlizenzvereinbarungen.

Langfristige Stromabnahmeverträge

Stromabnahmeverträge (Power Purchase Agreements, PPAs) trugen im Jahr 2023 210 Millionen US-Dollar zum Umsatz von Canadian Solar bei und deckten 1,1 GW an in Betrieb befindlichen Solarkraftwerken ab.

Region	PPA-Kapazität	Einnahmen
Vereinigte Staaten	0,5 GW	95 Millionen Dollar
Brasilien	0,3 GW	65 Millionen Dollar
China	0,2 GW	40 Millionen Dollar
Andere Märkte	0,1 GW	10 Millionen Dollar

Canadian Solar Inc. (CSIQ) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Canadian Solar Inc. (CSIQ) over the competition as of late 2025. It's about integrated offerings, leading technology, and de-risked supply chains.

Integrated solar and battery energy storage solutions (BESS) via e-STORAGE

Canadian Solar Inc. delivers combined solar and energy storage solutions through its e-STORAGE subsidiary, which is a key differentiator. You see this in their massive pipeline and recent delivery numbers. As of September 30, 2025, Canadian Solar Inc. had shipped over 16 GWh of battery energy storage solutions globally. The contracted backlog for e-STORAGE stood at $3.1 billion as of October 31, 2025. The residential energy storage business is specifically on track to become profitable in 2025.

The scale of their integrated pipeline is substantial:

• Global battery energy storage development pipeline: 81 GWh as of late 2025.
• Quarterly BESS shipments hit a record of 2.7 GWh in Q3 2025.
• Total connected battery energy storage projects globally since 2010: 6 GWh.

They back this up with long-term commitments, like securing 20-year Long-Term Service Agreements (LTSA) for major US projects totaling 1,804 MWh DC.

High-efficiency, cost-competitive N-Type TOPCon solar modules

Canadian Solar Inc. is pushing the envelope on module performance with its N-Type TOPCon technology. They launched the TOPBiHiKu CS6.2 module series in August 2025, which achieves a conversion efficiency of up to 24.4% and a maximum power output up to 660 Wp. This technology is designed to directly improve project economics for you.

Here's how the new module technology translates to cost savings and performance:

Metric	Value/Range	Context
Maximum Efficiency	24.4%	For the TOPBiHiKu CS6.2 module series.
Bifaciality Rate	Up to 90%	Maximizes energy capture from the rear side.
LCOE Reduction	Up to 5%	Compared to today's standard TOPCon PV modules.
Temperature Coefficient	-0.28%/°C	Enables up to 2% lower Balance of System (BOS) costs.
Full Year 2025 Module Shipments Forecast	25 GW to 30 GW	Total module shipments expected for CSI Solar.

The TOPBiHiKu7 series specifically is noted to reduce Levelized Cost of Electricity (LCOE) by approximately 3.2% versus conventional modules. That's real money saved over the life of a project.

Bankable project development and long-term asset operation

You want to know that the projects Canadian Solar Inc. develops will secure financing, and their long history helps here. The company has been publicly listed on the NASDAQ since 2006, which adds a layer of transparency. Since starting project development in 2010, they have connected approximately 12 GWp of solar power projects globally. This track record supports their large pipeline, which for Recurrent Energy stood at 25.1 GWp of solar projects as of September 30, 2025.

Geographically diversified project pipeline mitigating regional policy risk

The pipeline is spread out, which helps manage the risk of any single country's policy changing suddenly. As of September 30, 2025, the total global solar project development pipeline was 25.1 GWp. The battery storage pipeline was 80.6 GWh at that time. The company is actively securing positions in key markets, having secured safe harbor for 1.5 GW of solar and 2.5 GWh of battery storage in the U.S. alone.

Secure, locally-made supply for U.S. customers via domestic production

For U.S. customers, the value proposition is a secure, localized supply chain, largely driven by the Inflation Reduction Act investments. Canadian Solar Inc. opened its 5 GW module assembly plant in Mesquite, Texas, in late 2024. They are also building a 5 GW solar cell factory in Jeffersonville, Indiana, with production expected to start by the end of 2025. This Indiana cell plant is a projected investment of over $800 million and is set to create about 1,200 jobs. The total investment across their U.S. manufacturing expansion is more than $1.2 billion. Furthermore, the company is restructuring to take direct control of these U.S. assets through a new joint venture, CS PowerTech, where Canadian Solar Inc. holds a controlling 75.1% stake.

Key domestic manufacturing milestones include:

• Texas module assembly capacity: 5 GW, operational since late 2024.
• Indiana cell factory investment: Over $800 million projected.
• U.S. storage factory (Kentucky) Phase I expected start: December 2026.
• Overseas facilities acquired to support U.S. operations: Approximately $50 million consideration.

Finance: draft 13-week cash view by Friday.

Canadian Solar Inc. (CSIQ) - Canvas Business Model: Customer Relationships

You're looking at how Canadian Solar Inc. (CSIQ) manages its relationships across its diverse customer base, which spans from massive utility developers to smaller, transactional distributors. It's a mix of deep partnership and high-volume sales, and the numbers show where the focus is shifting.

Dedicated Account Management for Utility-Scale Developers and IPPs

For the Independent Power Producer (IPP) segment, primarily served by the Recurrent Energy subsidiary, the relationship is about long-term commitment and project pipeline integration. This isn't just selling a component; it's securing a long-term customer for project development services or large-scale module supply. We see this commitment in the volume of modules Canadian Solar Inc. dedicates to its own projects.

For example, in the second quarter of 2025, Canadian Solar Inc. shipped 672 MW of modules to its own utility-scale solar power projects. This internal consumption is a direct indicator of the dedicated relationship management with its own development arm. To be fair, this number was lower in the first quarter of 2025, coming in at 413 MW shipped to its own utility-scale projects. Management has guided for approximately 1 GW of module shipments to its own projects for the full year of 2025.

The overall global solar project development pipeline for Recurrent Energy stood at approximately 25 GWp as of September 30, 2025. This pipeline size necessitates very close, dedicated account management for securing the necessary component supply contracts.

Long-Term Service Agreements (LTSAs) for BESS Projects

The relationship for Battery Energy Storage Systems (BESS) is heavily weighted toward multi-decade service commitments, which lock in recurring revenue streams for Canadian Solar Inc.'s e-STORAGE division. These Long-Term Service Agreements (LTSAs) are crucial for bankability and customer confidence.

As of October 31, 2025, e-STORAGE's contracted backlog reached $3.1 billion. The company has been securing significant, long-duration service contracts:

• Secured a 20-year LTSA for a 20.7 MW / 56 MWh DC energy storage project in Lower Saxony, Germany, developed by Kyon Energy.
• Secured Battery Supply Agreements and 20-year LTSAs for two major US projects with Aypa Power: one in California (160 MW AC / 806 MWh DC) and one in Texas (200 MW AC / 998 MWh DC).
• Signed a battery supply agreement and 20-year LTSA with Strata Clean Energy for a 100 MW/576 MWh DC system in Arizona.

By June 30, 2025, Canadian Solar Inc. had shipped over 13 GWh of battery energy storage solutions globally.

Transactional Sales for Solar Modules to Distributors and Installers

The bulk of Canadian Solar Inc.'s module revenue comes from transactional sales to distributors and installers in the merchant market. This is a volume-driven relationship where price competitiveness and supply reliability are key. The scale of these sales is substantial, though subject to market pricing fluctuations.

Here's a look at the module shipment volumes recognized as revenue, which largely represent these transactional sales, noting that the Q3 2025 number reflects a sequential drop after a strong Q2:

Reporting Period	Total Module Shipments (GW)	Shipments to Own Projects (MW)	Estimated Transactional/Distributor Volume (GW)
Q3 2025	5.1	Not explicitly stated, but total was 5.1 GW	Less than 5.1 (after subtracting own projects)
Q2 2025	7.9	672	Approximately 7.228
Q1 2025	6.9	413	Approximately 6.487

The company is actively managing this channel, expecting total module shipments for the full year 2026 to be in the range of 25 GW to 30 GW.

Strategic, Long-Term Supply Contracts with Key Customers

Canadian Solar Inc. solidifies relationships with major developers through strategic, long-term supply contracts, often tied to its own manufacturing capacity, like the new Texas facility. This provides the customer with supply security and Canadian Solar Inc. with committed volume.

The framework agreement with Sol Systems is a prime example. This strategic relationship involves Canadian Solar Inc. supplying Sol Systems with modules from its Mesquite, Texas factory to support Sol Systems' project pipeline in the US between 2024 and 2025. Sol Systems itself is a significant player, operating and building over 2 GW of solar projects valued at more than $2 billion for various US entities. This contract ensures Canadian Solar Inc. is the partner of choice for a key market leader.

The modules supplied under this agreement are the high-efficiency N-Type TOPCon TOPBiHiKu7 bifacial modules, with the Texas plant having a planned output of 5 GW of annual production capacity.

Finance: draft 13-week cash view by Friday.

Canadian Solar Inc. (CSIQ) - Canvas Business Model: Channels

You're looking at how Canadian Solar Inc. (CSIQ) gets its products and projects to market as of late 2025. It's a mix of direct selling for big deals and using partners for broader module distribution, plus a dedicated arm for project development.

Direct sales force to global utility-scale project developers and EPCs

The direct sales channel is heavily tied to the utility-scale segment managed by Recurrent Energy, but the CSI Solar manufacturing arm also supplies its own projects directly. In the second quarter of 2025, Canadian Solar Inc. shipped 672 MW of solar modules directly to its own utility-scale solar power projects. For the first quarter of 2025, this internal transfer was 413 MW. The company's overall contracted backlog for its e-STORAGE battery solutions stood at $3.1 billion as of October 31, 2025, which represents future direct or channel-facilitated revenue visibility.

Global network of distributors and installers for module sales in over 60 countries

CSI Solar uses a wide distribution network for its module sales. In the second quarter of 2025, CSI Solar shipped 7.9 GW of solar modules and system kits to more than 70 countries. The top five markets by shipment volume for Q2 2025 were the U.S., China, Pakistan, Spain, and Australia. For the full year of 2025, total module shipments are forecasted to be between 25 GW and 30 GW.

The scale of module distribution channels can be seen in the quarterly shipment data:

Period Ended	Total Module Shipments (GW)	Shipments to Own Projects (MW)	Top 5 Markets
Q1 2025	6.9	413	Not specified
Q2 2025	7.9	672	U.S., China, Pakistan, Spain, Australia
Q3 2025	5.1	Not specified	U.S., China, Spain, Pakistan, South Africa

Recurrent Energy subsidiary for project development and asset sales

Recurrent Energy, Canadian Solar Inc.'s subsidiary, drives the project development and asset sales channel. As of March 31, 2025, Recurrent Energy held a global solar project development pipeline of approximately 27 GWp and a battery energy storage project development pipeline of 76 GWh. By June 30, 2025, the solar pipeline stood at approximately 27.3 GWp with a battery storage pipeline of 80.2 GWh. Since 2010, Recurrent Energy has developed, built, and connected over 12 GWp of solar power projects and 6 GWh of battery energy storage projects globally. In the second quarter of 2025 alone, Recurrent Energy monetized over 200 MW of projects in Europe through asset sales.

New U.S. joint ventures (e.g., CS PowerTech) for domestic sales and operations

Canadian Solar Inc. announced a strategic initiative on December 1, 2025, to resume direct oversight of U.S. operations by forming new joint ventures. The primary entity is CS PowerTech, in which Canadian Solar will hold a 75.1% controlling stake. This venture will operate U.S.-based manufacturing and sales for solar modules, cells, and advanced energy storage systems. The total consideration for the acquisition of 75.1% ownership in specific overseas facilities supporting U.S. operations within this structure is approximately $50 million. The company plans to launch additional joint ventures with American partners as part of this reshoring strategy.

The company's total debt, including financing liabilities, was $5.7 billion as of March 31, 2025.

Canadian Solar Inc. (CSIQ) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Canadian Solar Inc. (CSIQ) as of late 2025. The business model clearly splits between selling manufactured goods (CSI Solar) and developing/selling power assets (Recurrent Energy).

Utility-scale solar and BESS project developers and Independent Power Producers (IPPs)

This group is the primary focus of the Recurrent Energy segment. As of September 30, 2025, the total global solar project development pipeline stood at 25.1 GWp. Recurrent Energy is actively managing this pipeline, which includes 3.4 GWp in backlog-projects expected to start construction in the next 1-4 years. The battery energy storage project development pipeline was even larger, totaling 80.6 GWh as of that same date. The e-STORAGE division, which serves this segment, had a contracted backlog of $3.1 billion as of October 31, 2025, giving clear line of sight to future revenue. To be fair, only 33 MW of solar modules were shipped to Canadian Solar's own utility-scale projects in Q3 2025, showing that the majority of their project business is development and sale, not self-consumption.

Global distributors and installers of solar modules and system kits

This is the bread-and-butter for the CSI Solar manufacturing division. These customers buy the modules and system kits to deploy in smaller commercial, residential, or utility projects globally. In the third quarter of 2025, CSI Solar shipped 5.1 GW of solar modules and system kits. The top five markets for these shipments in Q3 2025 were the U.S., China, Spain, Pakistan, and South Africa. For the full year of 2025, the guidance for total module shipments recognized as revenue was between 25 GW and 30 GW. Honestly, the geographic mix is managed for profitability; they noted a sequentially higher share of shipments went to the profitable North American market in Q3 2025.

Commercial and industrial (C&I) customers for solar and storage solutions

While not broken out as a distinct revenue line, C&I is a key area for growth, especially when bundled with storage. The Chairman and CEO noted healthy traction in Q3 2025 from emerging segments like data center power, which falls under the C&I umbrella. The energy storage business, e-STORAGE, is a major component here, with forecasts suggesting total energy storage shipments for the full year 2025 were expected to be between 7 GWh and 9 GWh.

Governments and utilities purchasing long-term power (PPA buyers)

These buyers are the ultimate off-takers for the projects developed by Recurrent Energy. The projects in Recurrent Energy's backlog are typically contracted, meaning they have secured a Power Purchase Agreement (PPA) or Feed-in Tariff (FIT). As of March 31, 2025, a significant portion of the 4.5 GWp in backlog projects were contracted. Furthermore, the company has a history of connecting projects, having brought approximately 12 GWp of solar power projects and 6 GWh of battery energy storage projects globally since 2010.

Residential customers (emerging profitability driver via residential storage systems)

This is an area Canadian Solar Inc. is actively cultivating for future stable earnings. The company confirmed that its residential energy storage business is on track to become profitable in 2025. This segment is smaller than the utility-scale focus but represents a strategic move into distributed energy solutions.

Here's a quick look at the scale of the project development pipeline as of late 2025:

Asset Type	Pipeline Metric (as of Sep 30, 2025)	Under Construction/Backlog	Advanced/Early Stage
Solar Projects (GWp)	25.1 GWp	5.4 GWp (2.0 GWp const. + 3.4 GWp backlog)	19.7 GWp
Battery Storage (GWh)	80.6 GWh	6.5 GWh	74.1 GWh

The CSI Solar segment is expected to ship between 4.6 GW and 4.8 GW in Q4 2025, with total module shipments for the full year 2025 guided between 25 GW and 30 GW.

The key customer groups and their associated scale metrics are:

• Utility-scale developers: Pipeline of 25.1 GWp solar and 80.6 GWh BESS.
• Distributors/Installers: Shipped 5.1 GW in Q3 2025.
• Storage Backlog: e-STORAGE contracted backlog reached $3.1 billion as of October 31, 2025.
• Residential Storage: Targeted to achieve profitability in 2025.
• Total 9M 2025 Revenue: $4.38 billion.

Finance: draft 13-week cash view by Friday.

Canadian Solar Inc. (CSIQ) - Canvas Business Model: Cost Structure

You're looking at the major outflows that keep Canadian Solar Inc. running, especially as they navigate supply chain pressures and massive build-out plans. Honestly, the cost structure is dominated by manufacturing the physical product and funding the enormous pipeline of projects they are developing.

Cost of Goods Sold (COGS) for solar modules and BESS, facing rising input costs

The cost of making and delivering the solar modules and battery energy storage systems (BESS) is the single largest cost component. For the third quarter of 2025, Canadian Solar Inc. reported net revenues of $1.5 billion. With a Gross Profit of $256 million for that same period, the implied Cost of Goods Sold (COGS) was approximately $1.244 billion ($1,500 million Revenue - $256 million Gross Profit). This reflects the pressure you're seeing; the Q3 2025 Gross Margin was 17.2%, which was down sequentially from 29.8% in Q2 2025. Management noted that sequential lower margins reflect the impact of rising solar manufacturing costs, driven in part by supply chain price increases. The company is actively managing this by allocating module volumes toward higher-margin markets.

Significant capital expenditures (CapEx), approximately $1.2 billion for 2025, mainly for U.S. expansion

Canadian Solar Inc. has a firm plan for capital deployment this year, heavily weighted toward building out domestic manufacturing capacity, particularly in the U.S. The full-year 2025 CapEx outlook remains set at around $1.2 billion. This is a substantial commitment, showing where they are putting their money to secure future competitiveness. Here's a look at what they spent in the first half of the year:

• Q1 2025 Capital Expenditures: $256 million, primarily for U.S. manufacturing initiatives.
• Q2 2025 Capital Expenditures: $173,000,000, mainly reflecting payments for existing capacities.

The focus on U.S. facilities, like the module factory in Mesquite, Texas, and the Kentucky energy storage plant, is a key driver for this spending. Still, construction in progress on their balance sheet increased 52% year-to-date (in RMB) to 6.31 billion RMB, signaling continued aggressive investment.

Research and development (R&D) for next-generation solar and storage technology

Investing in R&D is crucial to stay ahead, but Canadian Solar Inc. has been trimming this area amid market softness. For the first nine months of 2025, R&D expenditure decreased by 22%, totaling 498 million RMB. Looking at the most recent quarterly data available in USD (in millions):

Period	R&D Expense (Millions USD)
Q3 2025	$19.999
Q2 2025	$24.719

Reducing R&D during a downturn risks falling behind on next-generation technology like N-type cells. You see the actual Q3 2025 spend was $19,999 (assuming the source data is in thousands of USD).

Project development costs (permitting, land acquisition, interconnection)

While specific dollar amounts for pure development costs aren't itemized in the latest reports, the size of the pipeline shows the scale of these ongoing expenditures. As of September 30, 2025, Canadian Solar Inc. held a global solar project development pipeline of approximately 25 GWp and a battery energy storage project development pipeline of 81 GWh. This pipeline includes 2.0 GWp under construction and 3.4 GWp in backlog. The debt structure reflects this, with $3.5 billion of the total debt attributed to Recurrent Energy, the development arm. The increase in total debt from June 30, 2025, to September 30, 2025, was mainly due to new borrowings for development of projects and operational assets.

Interest expense on total debt of $6.4 billion as of September 30, 2025

The balance sheet carries significant leverage to fund growth and development. Total debt, including financing liabilities, stood at $6.4 billion as of September 30, 2025. This debt is allocated across the business units:

• CSI Solar related debt: $2.7 billion
• Recurrent Energy related debt: $3.5 billion
• Convertible notes: $0.2 billion

For Q3 2025, Canadian Solar Inc.'s EBIT was reported at $99.0M, resulting in an interest coverage ratio of 1x. This 1x coverage means that the earnings before interest and taxes barely cover the interest payments, which is definitely a near-term risk you need to watch. The Current Portion of Long-Term Debt was $2.4B USD as of that same date.

Canadian Solar Inc. (CSIQ) - Canvas Business Model: Revenue Streams

You're looking at how Canadian Solar Inc. actually brings in the money as we head into the end of 2025. It's a mix of selling hardware, selling completed assets, and keeping some assets to generate power. Honestly, the guidance has shifted, reflecting market realities.

Full-Year 2025 Revenue Expectation

The latest full-year 2025 revenue guidance has been adjusted. Canadian Solar Inc. now expects total revenue for the full year 2025 to be between $5.6 billion and $6.3 billion. This compares to an earlier projection of $7.3 billion to $8.3 billion. For context, the second quarter of 2025 saw net revenues of $1.7 billion, and third quarter 2025 net revenues landed at $1.5 billion.

Sales of Solar Modules and System Kits (CSI Solar Segment)

This is the core manufacturing and sales engine, CSI Solar. They ship modules globally, with the U.S., China, Pakistan, Spain, and Australia being top markets in Q2 2025. The company is managing volume carefully, prioritizing profitable markets. For the full year 2025, CSI Solar's total module shipments recognized as revenues are guided to be in the range of 25 GW to 27 GW, which includes approximately 1 GW shipped to the company's own projects. In Q2 2025, they shipped 7.9 GW of modules.

Sales of Battery Energy Storage Systems (BESS) and Solutions (e-STORAGE)

The e-STORAGE business is a major growth driver, even with margin normalization. Full-year 2025 storage shipment guidance remains firm at 7 GWh to 9 GWh, including about 1 GWh for internal projects. The third quarter of 2025 saw a record quarterly shipment of 2.7 GWh, exceeding the guidance range of 2.1 GWh to 2.3 GWh for that quarter. The contracted backlog for e-STORAGE stood at $3.1 billion as of October 31, 2025. That backlog was $3 billion as of June 30, 2025.

You can see the volume targets for the hardware segments here:

Metric	Full Year 2025 Guidance	Q2 2025 Actual	Q3 2025 Actual
Module Shipments (GW)	25 to 27 GW	7.9 GW	5.1 GW
BESS Shipments (GWh)	7 to 9 GWh	(Not explicitly stated for Q2)	2.7 GWh

Sale of Developed Solar and BESS Projects (Recurrent Energy Segment)

Recurrent Energy monetizes its development pipeline through project sales, which can cause revenue lumpiness. In the third quarter of 2025, this segment generated $12 million in revenue, and they monetized over 500 MW of projects, including two high-margin sales. The pipeline remains substantial, which is key for future sales. Here's what the development pipeline looked like as of June 30, 2025:

• Global solar project development pipeline: approximately 27.3 GW.
• Solar pipeline under construction: 2 GW.
• Solar pipeline in backlog: 4.2 GW.
• Global BESS project development pipeline: 80.2 GWh.

Electricity Revenue from the Operating IPP Portfolio (Stable, Diversified Cash Flows)

While the primary revenue from Recurrent Energy comes from project sales, the company also holds an Independent Power Producer (IPP) portfolio that generates stable electricity revenue. Specific figures for the full-year 2025 electricity revenue aren't explicitly broken out in the latest guidance summaries, but the business structure supports this stream. For instance, in 2024, Recurrent Energy brought a record 1.3 GWp of solar projects to commercial operation. This operational portfolio provides the steady, recurring cash flows you'd expect from a utility asset base. The company has developed, built, and connected approximately 12 GWp of solar power projects globally since 2010.

Finance: draft 13-week cash view by Friday.