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Canadian Solar Q2 earnings call highlights. Canadian Solar (NASDAQ:CSIQ) reported second-quarter 2026 revenue of $1.2 billion, reaching the high end of its guidance range, as stronger module shipments in the United States and accelerated energy-storage deliveries supported manufacturing performance. The company recorded a net loss attributable to shareholders of $77 million, or $1.40 per share, amid elevated freight costs and ramp-up expenses at its Jeffersonville, Indiana, solar-cell facility. CEO Colin Parkin said Canadian Solar recognized revenue on 3.1 gigawatts of solar modules during the quarter and shipped 3.7 gigawatt-hours of energy-storage products, exceeding its storage shipment guidance. The company recognized revenue on 3.3 gigawatt-hours of storage solutions. Gross margin was 13.9%, in line with management's outlook. Parkin said profitability was affected by higher freight expenses tied to geopolitical uncertainty, as well as near-term costs associated with bringing the Jeffersonville facility into production. The manufacturing segment recorded an operating loss of $49 million. U.S. Manufacturing expansion and backlog. Canadian Solar said its Jeffersonville plant is the first commercially operational heterojunction, or HJT, solar-cell manufacturing facility in the United States. Phase 1 of the facility is being ramped to 2.1 gigawatts of capacity and is expected to enter full-scale production on Oct. 1. The company plans to begin installing equipment for Phase 2 before year-end, with total nameplate cell capacity at Jeffersonville expected to reach 6.3 gigawatts in 2027. Combined with Canadian Solar's 10-gigawatt module plant in Texas, Parkin said the expansion would establish CSI Solar as one of North America's largest integrated photovoltaic manufacturers. Canadian Solar has secured more than 13 gigawatts of contracted backlog for domestically manufactured HJT and TOPCon n-type bifacial modules, with deliveries scheduled through 2029. Management said the backlog has a value exceeding $4.5 billion and includes agreements with U.S. utilities, independent power producers, developers and engineering, procurement and construction providers. Parkin said nearly half of quarterly module volume was shipped to North America. He also said freight costs should decline as the company expands production in the region, reducing its dependence on overseas shipping. While freight costs are incorporated into contracts, Parkin said domestic manufacturing should reduce logistics costs over time. Storage deliveries and data-center demand. Canadian Solar's e-STORAGE unit delivered energy-storage systems to utility-scale projects in North America, Europe, the Middle East and Africa, Asia-Pacific, and Latin America. The company said storage results exceeded guidance because deliveries accelerated for two projects in the U.S. and Canada. At quarter-end, e-STORAGE's contracted backlog stood at $3.5 billion, including long-term service agreements covering 34 gigawatt-hours of projects. Parkin said demand associated with data centers is moving from discussions toward contracted opportunities. Earlier in the year, e-STORAGE secured a contract with a major U.S. utility for a 500-megawatt, 2.5-gigawatt-hour direct-current project intended to support data-center grid infrastructure and resilience. Management said battery storage can help data centers address power availability and grid stability by increasing utilization of existing transmission infrastructure and responding to changes in electricity demand. The company said its storage offering includes internally produced battery cells, the SolBank platform, power-conversion equipment, energy-management controls, engineering and commissioning services, and long-term service agreements. Recurrent Energy results and portfolio actions. Recurrent Energy, Canadian Solar's project development business, generated $117 million of second-quarter revenue. CEO Dylan Marx said revenue declined sequentially because several project sales shifted into the second half of the year, though electricity sales increased following the commercial operation of a large solar asset in Spain. Recurrent Energy reported an operating loss of $19 million, reflecting muted project sales and a $24 million impairment charge associated with an upcoming Latin American project sale. During the quarter, Recurrent Energy brought a 426-megawatt solar asset in Spain into commercial operation and connected the 150-megawatt Carwarp project in Australia, which is supported by a long-term power purchase agreement with Microsoft. The unit also closed a $695 million construction financing and tax-equity package for its 330-megawatt Cobalt solar project in California. MUFG and NORD/LB provided construction loans, while Wells Fargo provided tax equity. As of June 30, Recurrent Energy had secured grid interconnections for about 6 gigawatts of solar and 13 gigawatt-hours of storage projects globally, excluding operating projects. Its total development pipeline included nearly 22 gigawatts of solar and 84 gigawatt-hours of storage. Marx said Recurrent Energy is pruning lower-margin opportunities, including scaling back its Europe, Middle East and Africa pipeline after reviewing permitting, technical and commercial viability. The company expects to selectively monetize operating, construction-stage and development assets in the second half to recycle capital, improve financial flexibility and address leverage. Balance sheet, policy and outlook. Chief Financial Officer Xinbo Zhu said operating cash flow was negative $181 million in the second quarter, primarily due to working-capital changes. Total assets rose to $16.1 billion, while total debt increased to $7.1 billion, mainly because of non-recourse construction financing for U.S. solar and storage projects under Recurrent Energy. Capital expenditures were $172 million in the quarter, largely directed toward U.S. manufacturing initiatives. Canadian Solar expects full-year 2026 capital expenditures of approximately $1.3 billion, including spending on Jeffersonville's second phase, expanded module capacity in Mesquite, Texas, and an energy-storage facility in Southeast Asia. The company ended the quarter with $1.9 billion in cash. Management also discussed the Trump administration's Section 232 announcement related to imported polysilicon and derivative products. Parkin said the company views the policy direction as supportive of domestic manufacturing and expects it to strengthen U.S. solar pricing. Thomas Koerner, Corporate Senior Vice President, said the stated value of the company's 13-gigawatt domestic-module backlog does not yet include potential Section 232-related adjustments. For the third quarter, Canadian Solar expects to recognize revenue from 3.5 gigawatts to 3.8 gigawatts of module shipments and deliver 3.4 gigawatt-hours to 3.8 gigawatt-hours of energy storage. Revenue is projected at $1.3 billion to $1.5 billion, with gross margin expected between 13.5% and 15.5%. The company reiterated full-year U.S. shipment guidance of 6.5 gigawatts to 7 gigawatts of modules and 4.5 gigawatt-hours to 5.5 gigawatt-hours of energy storage. Parkin said Canadian Solar expects U.S. solar and storage volumes to increase sequentially in each remaining quarter of 2026. About Canadian Solar (NASDAQ:CSIQ). Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world's largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications. In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.

$695M Financing Secured for 330 MW Cobalt Solar Recurrent Energy, a subsidiary of Canadian Solar, has secured $695 million in project financing and tax equ

$695 million financing advances Cobalt Solar construction in Riverside County, California. Home " Energy " Solar " $695 million financing advances Cobalt Solar construction in Riverside County, California. Published on Aug 13, 2026 Discover more Business News construction news Product Reviews & Price Comparisons Recurrent Energy has closed $695 million in project financing and tax equity for its Cobalt Solar facility in Riverside County, California, allowing the company to ramp up construction of the 330 MW project ahead of a planned commercial operation date by the end of 2027. The project, located approximately 20 miles west of Blythe, is already under construction. Blattner Energy will serve as its engineering, procurement and construction contractor. The financing combines approximately $484 million in debt with a $211 million tax equity investment. Mitsubishi UFJ Financial Group and Nord/LB led the debt financing, while Wells Fargo provided the tax equity investment. Financing supports the project's next construction phase. The debt package includes construction and term loans, a tax equity bridge loan and a letter of credit facility. Recurrent Energy closed the financing as it prepares to increase construction activity at Cobalt Solar. The company has not released a detailed construction schedule or a percentage-complete figure. The funding marks a key milestone for the project because it provides the financing structure needed to continue work toward the end-of-2027 commercial operation target. Project combines solar generation and battery storage. Discover more Electricity Energy & Utilities Cloud Storage Cobalt Solar is being developed in eastern Riverside County's Chuckwalla Valley. Project records describe a solar photovoltaic facility with battery storage, an electrical substation and associated infrastructure connecting the project to Southern California Edison's Colorado River Substation. Permitting documents anticipated approximately 36 months of construction beginning in December 2024. The work includes site preparation, grading and access-road construction, followed by installation of solar arrays, battery equipment, inverters, the substation and operations facilities. Recurrent Energy now identifies the project as a 330 MW facility. A California water-board permit, however, describes an up-to-250 MW alternating-current photovoltaic facility. The company has not explained the difference between the two figures, so both capacities remain attributable to their respective sources. Discover more Metals & Mining Project also targets local economic benefits. Recurrent Energy expects Cobalt Solar to generate approximately $14 million in property-tax revenue for Riverside County. Once operating, the facility is expected to produce enough electricity to power the equivalent of approximately 82,000 homes annually. With financing now closed, the project has moved past a major funding milestone. Recurrent Energy's next task is to convert that financing into construction progress as Cobalt Solar works toward its planned 2027 start of commercial operations. Cobalt Solar project factsheet. * Project: Cobalt Solar * Location: Riverside County, California, approximately 20 miles west of Blythe * Developer: Recurrent Energy * EPC contractor: Blattner Energy * Latest announced capacity: 330 MW * Capacity described in water-board permit: Up to 250 MW AC * Current status: Under construction * Target commercial operation: End of 2027 * Total financing: $695 million * Debt financing: Approximately $484 million * Debt financing leads: MUFG and Nord/LB * Tax equity: $211 million from Wells Fargo * Estimated Riverside County property-tax revenue: Approximately $14 million * Estimated annual electricity equivalent: Approximately 82,000 homes