Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, announced this week it’s plans to partner with Photowatt, a subsidiary of EDF Energies Nouvelles and ECM Greentech, a group that is in the forefront of silicon crystallization equipment and process in France.
The three companies intend to set up a joint venture (“JV”) specialized in low-carbon production of advanced technology silicon ingots and wafers in France. EDF Energies Nouvelles through its subsidiary Photowatt, Canadian Solar and ECM Greentech would own 60%, 30% and 10% of the equity in the JV respectively.
The JV partners are pioneers in high performance of casting mono technology, which gives the JV the potential to deliver the mono-crystalline silicon solar performance at the multi-crystalline cost. Meanwhile, the technology developed by the JV partners would contribute to one of the lowest carbon footprints in manufacturing solar products. France is a leader in low-carbon ingot and wafer production.
“This cooperation is a win-win for each party involved. The French government’s ongoing annual solar energy program of 2,500 MWp tendering, together with EDF Group’s target of building 30 GWp of solar projects in Francebetween 2020 and 2035 will create great opportunities for solar energy market there. We are happy to participate in the leading development of this next generation of low carbon solar energy production. Canadian Solar has over 16 years of manufacturing experience in the solar industry and has deployed over 25 GWs of solar modules around the world. This new carbon technology, coupled with high efficiency will speed up the energy generation grid parity,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
The establishment of the JV is being reviewed and subject to the clearance by the relevant competition authorities.