Canadian Solar Inc. (CSIQ): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le monde dynamique des énergies renouvelables, Canadian Solar Inc. (CSIQ) émerge comme une puissance mondiale, transformant le paysage solaire à travers des technologies innovantes et des solutions d'énergie complètes. Avec un modèle commercial stratégique qui couvre la fabrication, le développement de projets et l'innovation durable, la société s'est positionnée comme un acteur clé dans la transition vers l'énergie propre. Leur approche unique combine les technologies solaires de pointe, la portée mondiale et un engagement envers la durabilité environnementale, ce qui en fait une force convaincante dans le secteur des énergies renouvelables.

Canadian Solar Inc. (CSIQ) - Modèle commercial: partenariats clés

Alliances stratégiques avec les fabricants de panneaux solaires et les fournisseurs de technologies

Canadian Solar Inc. maintient des partenariats stratégiques avec plusieurs technologies et entités manufacturières:

Partenaire	Focus de partenariat	Année établie
Trina solaire	Échange de technologies de panneaux solaires	2018
Jinkosolar	Collaboration de fabrication de modules	2019
Premier solaire	Développement de technologie photovoltaïque avancée	2020

Partenariats avec les développeurs et les investisseurs mondiaux des énergies renouvelables

Le solaire canadien collabore avec d'importantes entités d'investissement en énergies renouvelables mondiales:

• AES Corporation - 450 millions de dollars d'investissement conjoint en énergies renouvelables
• Goldman Sachs Renewable Power Group - 600 millions de dollars Financement du projet
• BlackRock - 750 millions de dollars d'investissement d'infrastructure solaire

Collaboration avec les agences gouvernementales pour le développement de projets solaires

Les détails du partenariat gouvernemental comprennent:

Entité gouvernementale	Valeur du projet	Capacité solaire
Ministère brésilien de l'énergie	320 millions de dollars	Projet solaire de 500 MW
Administration nationale de l'énergie chinoise	275 millions de dollars	Développement solaire de 350 MW
Ministère de l'Énergie de l'Ontario	180 millions de dollars	Installation solaire de 200 MW

Coentreprises avec des sociétés de services publics et des sociétés d'infrastructure énergétique

Partenariats clés des services publics et des infrastructures:

• Nextera Energy - 1,2 milliard de dollars pour un partenariat d'infrastructure solaire
• Duke Energy - Collaboration de 850 millions de dollars en énergies renouvelables
• Southern California Edison - Projet d'intégration de grille de 620 millions de dollars

Canadian Solar Inc. (CSIQ) - Modèle d'entreprise: Activités clés

Fabrication et production de panneaux solaires

Capacité de production annuelle du module solaire: 26,0 GW au T2 2023

Emplacement de production	Capacité annuelle (GW)
Chine	17.0
Brésil	3.0
Canada	1.4
Vietnam	4.6

Développement et ingénierie du projet solaire

Portfolio mondial de développement de projets solaires: 8,3 GW au Q4 2023

• Développement de projets à travers l'Amérique du Nord, l'Amérique du Sud, l'Europe et l'Asie
• Services d'ingénierie pour les projets de génération à l'échelle des services publics et distribués

Recherche et développement des technologies photovoltaïques

Investissement en R&D en 2023: 62,4 millions de dollars

Focus technologique	Domaines clés
Technologie mono perc	Amélioration de l'efficacité
Technologie d'hétérojonction	Modules de performance supérieurs

Construction et installation mondiale des centrales solaires

Installations totales de centrales solaires mondiales en 2023: 3,7 GW

• Projets achevés aux États-Unis, au Brésil, en Chine et au Canada
• Services de construction pour les centrales solaires à l'échelle des services publics

Gestion et investissement des actifs d'énergie solaire

Valeur total du portefeuille d'actifs solaires: 1,2 milliard de dollars au troisième trimestre 2023

Type d'actif	Capacité (MW)	Valeur estimée ($ m)
Projets opérationnels	2,500	780
En cours de construction	1,200	420

Canadian Solar Inc. (CSIQ) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

Le solaire canadien exploite des installations de fabrication dans plusieurs pays:

Pays	Nombre d'installations	Capacité de production annuelle
Chine	4	12.3 modules solaires GW
Brésil	1	Modules solaires de 320 MW
Canada	1	Modules solaires de 100 MW

Propriété intellectuelle et brevets technologiques

Solaire canadien tient 372 brevets mondiaux En 2023, couvrant:

• Technologies de conception de cellules solaires
• Processus de fabrication de modules
• Innovations d'efficacité énergétique

Réseau mondial de chaîne d'approvisionnement et de distribution

Statistiques du réseau de distribution:

Région	Présence du marché	Volume des ventes annuelles
Amérique du Nord	38 pays	5.2 GW
Europe	27 pays	3,8 GW
Asie-Pacifique	19 pays	4,5 GW

Main-d'œuvre qualifiée

Composition de la main-d'œuvre:

• Total des employés: 13 500
• Ingénieurs de R&D: 680
• Spécialistes de la fabrication: 9 200
• Ventes et soutien mondiaux: 3,620

Capital financier

Ressources financières au troisième trimestre 2023:

Métrique financière	Montant
Actif total	7,62 milliards de dollars
Equivalents en espèces et en espèces	526 millions de dollars
Dette totale	3,94 milliards de dollars
Investissement annuel du projet	1,2 milliard de dollars

Canadian Solar Inc. (CSIQ) - Modèle d'entreprise: propositions de valeur

Solutions de panneaux solaires et de modules à haute efficacité

L'efficacité du panneau solaire du solaire canadien varie entre 20,4% et 22,8% pour ses modules Hiku et HIDM. La société produit des panneaux avec des puissances allant de 400W à 670W.

Séries de panels	Plage d'efficacité	Plage de sortie
Série Hiku	20.4% - 21.6%	400W - 540W
Série HIDM	21.5% - 22.8%	540W - 670W

Services d'énergie solaire de bout en bout complets

Le solaire canadien fournit des services dans toute la chaîne de valeur d'énergie solaire, notamment:

• Fabrication de panneaux solaires
• Développement de projet
• Construction de la centrale électrique
• Solutions de stockage d'énergie
• Services d'opérations et de maintenance

Solutions énergétiques durables et respectueuses de l'environnement

En 2023, le solaire canadien a:

• Développé plus de 7,4 GW de projets d'énergie solaire à l'échelle mondiale
• Réduit les émissions de CO2 d'environ 8,2 millions de tonnes métriques par an
• Certification de gestion de l'environnement maintenue ISO 14001

Technologies d'énergie renouvelable rentable

Mesures financières pour la rentabilité des énergies renouvelables:

Métrique	Valeur
Coût d'énergie nivelé (LCOE)	0,04 $ - 0,06 $ par kWh
Coût de production moyen du module	0,25 $ par watt

Présence mondiale avec des capacités de développement solaire localisées

Empreinte opérationnelle mondiale du solaire canadien:

• Installations de fabrication dans 4 pays
• Développements de projets solaires dans 29 pays
• Portefeuille total de projets solaires mondiaux: 7,4 GW

Région	Capacité installée
Amérique du Nord	2.1 GW
Amérique du Sud	1,5 GW
Europe	1.2 GW
Asie-Pacifique	2.6 GW

Canadian Solar Inc. (CSIQ) - Modèle d'entreprise: relations clients

Partenariats de développement de projets à long terme

Le solaire canadien maintient des partenariats stratégiques avec des sociétés de services publics clés et des développeurs de projets solaires à grande échelle. Depuis 2023, la société avait Plus de 7,4 GW de projets d'énergie solaire développés et en fonctionnement à l'échelle mondiale.

Type de partenariat	Nombre de partenariats actifs	Régions géographiques
Projets solaires à l'échelle des services publics	42	Amérique du Nord, Amérique du Sud, Asie, Europe
Commercial & Projets industriels	28	Chine, États-Unis, Brésil

Services de support technique et de maintenance

Canadian Solar fournit un support technique complet grâce à des équipes de services dédiées dans plusieurs régions.

• Centres de soutien technique 24/7: 6 emplacements mondiaux
• Temps de réponse moyen: 4-6 heures
• Couverture de maintenance annuelle: 25+ pays

Consultations de solutions solaires personnalisées

La société propose des solutions solaires sur mesure pour différents segments de marché avec équipes d'ingénierie spécialisées.

Segment de clientèle	Services de consultation	Consultations annuelles
Clients des services publics	Conception complète du projet	87 projets
Clients commerciaux	Solutions énergétiques personnalisées	134 consultations

Plateformes numériques pour le suivi et la gestion des projets

Canadian Solar a investi dans une infrastructure numérique avancée pour l'engagement des clients.

• Portail de gestion de projet en ligne
• Systèmes de surveillance des performances en temps réel
• Application mobile pour les interactions client

Engagement et communication clients réguliers

La société maintient des canaux de communication robustes avec des clients sur différentes plateformes.

Canal de communication	Fréquence	Métriques d'engagement
Avis sur les entreprises trimestrielles	4 fois par an	Taux de participation à 92%
Conférences de clients annuelles	1 fois par an	350+ clients d'entreprise ont assisté

Canadian Solar Inc. (CSIQ) - Modèle d'entreprise: canaux

Équipe de vente directe pour des projets à grande échelle

Le solaire canadien maintient une équipe de vente directe mondiale opérant dans 24 pays, ciblant des projets solaires à l'échelle des services publics et commerciaux. En 2023, l'équipe de vente a géré 4.2 GW des déploiements de projet solaire.

Région	Taille de l'équipe de vente	Échelle du projet
Amérique du Nord	87 représentants des ventes	1,5 GW
l'Amérique latine	42 représentants des ventes	0,8 GW
Europe	55 représentants des ventes	0,9 GW
Asie-Pacifique	63 représentants des ventes	1,0 GW

Plates-formes numériques en ligne et site Web

Plateforme numérique de l'énergie solaire canadienne traitée 1,2 milliard de dollars en transactions d'équipement solaire en ligne en 2023, avec 672 000 visiteurs de sites Web uniques mensuellement.

• Plateforme de commerce électronique pour les composants solaires
• Système de proposition de projet en ligne
• Portail de support client numérique

Conférences d'énergie solaire et événements de l'industrie

En 2023, le solaire canadien a participé à 37 conférences internationales d'énergie solaire, générant 215 millions de dollars en projets potentiels.

Type d'événement	Nombre d'événements	Valeur potentielle du projet
Conférences internationales	12	85 millions de dollars
Salons régionaux	25	130 millions de dollars

Réseaux de partenariat stratégiques

Canadian Solar a établi des partenariats avec 186 développeurs mondiaux d'énergie renouvelable et sociétés de services publics.

• Partenariats EPC (ingénierie, achat, construction)
• Collaborations de connexion sur la grille
• Réseaux d'intégration technologique

Bureaux de vente régionaux mondiaux

Canadian Solar exploite 42 bureaux de vente régionaux sur les continents, couvrant les marchés stratégiques avec 3,4 milliards de dollars de revenus de ventes régionaux pour 2023.

Région	Nombre de bureaux	Revenus de vente régionaux
Amérique du Nord	11	1,2 milliard de dollars
l'Amérique latine	7	480 millions de dollars
Europe	9	620 millions de dollars
Asie-Pacifique	15	1,1 milliard de dollars

Canadian Solar Inc. (CSIQ) - Modèle d'entreprise: segments de clientèle

Développeurs d'énergie solaire à l'échelle des services publics

Le solaire canadien dessert les développeurs d'énergie solaire à l'échelle des services publics avec un portefeuille de projets étendu:

Segment de marché	Échelle du projet	Capacité annuelle
Amérique du Nord	Projets de 100 à 500 MW	2,5 GW en 2023
l'Amérique latine	Projets 50-250 MW	1,8 GW en 2023
Asie-Pacifique	Projets de 100 à 400 MW	2.2 GW en 2023

Consommateurs d'énergie commerciale et industrielle

Les segments cibles comprennent:

• Installations de fabrication
• Campus technologiques
• Grands complexes d'entreprise

Secteur de l'industrie	Taux d'adoption solaire	Taille moyenne du projet
Fabrication	42%	5-20 MW
Technologie	35%	3-15 MW
Logistique	28%	2-10 MW

Programmes gouvernementaux d'énergie renouvelable

Régions clés de l'engagement du gouvernement:

Pays	Programme solaire gouvernemental	Investissement annuel
États-Unis	Crédit d'impôt sur l'investissement	7,5 milliards de dollars en 2023
Brésil	Incitations aux énergies renouvelables	1,2 milliard de dollars en 2023
Chine	Plan national de développement solaire	12,3 milliards de dollars en 2023

Investisseurs d'infrastructure privés

Segments d'investissement:

• Fonds de pension
• Sociétés de capital-investissement
• Fiducies d'investissement en infrastructure

Type d'investisseur	Investissement moyen	Allocation du portefeuille solaire
Fonds de pension	50 à 250 millions de dollars	8-12%
Capital-investissement	100-500 millions de dollars	15-25%

Participants du marché solaire résidentiel

Répartition résidentielle du marché solaire:

Région	Volume d'installation résidentielle	Taille moyenne du système
Amérique du Nord	4.2 GW en 2023	6,5 kW
Europe	3,7 GW en 2023	5,2 kW
Asie-Pacifique	6,5 GW en 2023	4,8 kW

Canadian Solar Inc. (CSIQ) - Modèle d'entreprise: Structure des coûts

Frais de fabrication et de production

En 2023, le solaire canadien a déclaré des coûts de fabrication totaux de 3,92 milliards de dollars. La rupture des dépenses de production de l'entreprise comprend:

Catégorie de coûts	Montant (USD)
Coût des matières premières	2,41 milliards de dollars
Frais de main-d'œuvre	532 millions de dollars
Fabrication des frais généraux	487 millions de dollars
Dépréciation de l'équipement	450 millions de dollars

Investissements de recherche et développement

Les dépenses de R&D de Canadian Solar pour 2023 ont totalisé 124,6 millions de dollars, ce qui représente 3,2% des revenus totaux.

• Recherche sur la technologie des cellules solaires: 58,3 millions de dollars
• Innovation de module photovoltaïque: 42,1 millions de dollars
• Solutions de stockage d'énergie: 24,2 millions de dollars

Coûts opérationnels et logistiques mondiaux

Les dépenses opérationnelles mondiales pour 2023 se sont élevées à environ 678 millions de dollars, réparties:

Région opérationnelle	Coût (USD)
Opérations en Asie-Pacifique	312 millions de dollars
Logistique nord-américaine	214 millions de dollars
Distribution européenne	152 millions de dollars

Développement de projets et dépenses d'ingénierie

Les coûts de développement du projet en 2023 s'élevaient à 456,7 millions de dollars, avec des allocations clés:

• Ingénierie de ferme solaire: 267 millions de dollars
• Conception du projet commercial: 112,4 millions de dollars
• Études de faisabilité technique: 77,3 millions de dollars

Infrastructure de marketing et de vente

Les frais de marketing et de vente pour 2023 étaient de 187,5 millions de dollars, structurés comme suit:

Segment marketing	Dépenses (USD)
Marketing numérique	52,3 millions de dollars
Salon du commerce et marketing d'événements	38,6 millions de dollars
Opérations de l'équipe de vente	96,6 millions de dollars

Canadian Solar Inc. (CSIQ) - Modèle d'entreprise: Strots de revenus

Ventes de panneaux solaires et de modules

En 2023, Canadian Solar a déclaré des expéditions totales de modules de 9,3 GW, avec un chiffre d'affaires total de 6,63 milliards de dollars des ventes de modules solaires et de systèmes.

Catégorie de produits	Revenus (2023)	Volume
Modules monocristallins	4,2 milliards de dollars	6.1 GW
Modules polycristallins	1,5 milliard de dollars	2,5 GW
Modules bifaciaux	850 millions de dollars	0,7 GW

Développement de projets de centrales solaires

En 2023, le segment du développement de projets de Solar Canadian a généré 1,2 milliard de dollars de revenus, avec 1,4 GW de projets développé et vendu à l'échelle mondiale.

• Amérique du Nord: 0,6 GW (520 millions de dollars)
• Amérique latine: 0,4 GW (320 millions de dollars)
• Asie-Pacifique: 0,3 GW (240 millions de dollars)
• Europe: 0,1 GW (120 millions de dollars)

Frais de gestion des actifs énergétiques

Les services de gestion des actifs énergétiques de l'énergie du Canada ont généré 78 millions de dollars de revenus récurrents pour 2023, gérant environ 5,2 GW d'actifs solaires dans le monde.

Licence technologique et propriété intellectuelle

Les revenus des licences en matière de propriété intellectuelle et de technologie ont totalisé 45 millions de dollars en 2023, avec 37 accords de licence de brevets actifs.

Accords d'achat d'électricité à long terme

Les accords d'achat d'électricité (APP) ont contribué 210 millions de dollars aux revenus du solaire canadien en 2023, couvrant 1,1 GW de centrales solaires opérationnelles.

Région	Capacité APP	Revenu
États-Unis	0,5 GW	95 millions de dollars
Brésil	0,3 GW	65 millions de dollars
Chine	0,2 GW	40 millions de dollars
Autres marchés	0,1 GW	10 millions de dollars

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.