KITCHENER, Ontario — Canadian Solar Inc. (“Canadian Solar” or the “Company”) today announced a strategic initiative to resume direct oversight of its U.S. operations and to continue reshoring manufacturing to North America. The Company will form new joint ventures with American shareholders and its majority-owned subsidiary, CSI Solar Co., Ltd. (“CSI Solar”).
Canadian Solar, headquartered in Kitchener, Canada, will hold a 75.1% controlling stake in CS PowerTech, which will operate U.S.-based manufacturing and sales of solar modules, solar cells, and advanced energy storage systems. Additionally, Canadian Solar will acquire from CSI Solar, at fair market value based on third-party appraisal, 75.1% ownership of certain overseas facilities that support U.S. operations. The total consideration for these assets is approximately $50 million, subject to a one-time value adjustment to reflect changes in net asset value between the valuation baseline date and the closing date. Looking ahead, as part of its broader North American reshoring strategy, Canadian Solar will leverage its 24 years of global manufacturing expertise to launch additional joint ventures to partner with American companies in the solar, storage, and power industries.
Launching CS PowerTech and resuming manufacturing directly under the publicly traded parent company reflects Canadian Solar’s commitment to its North American homebase and to building a resilient, transparent, and diversified domestic supply chain. This initiative will not only create thousands of high-quality American manufacturing jobs but also bring investment and affordable clean energy benefits to communities across the country.
The proposed adjustments constitute a related-party transaction, remain subject to the Company’s board approval and CSI Solar minority shareholder approval, and may be adjusted based on forthcoming regulatory guidance and other considerations.
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