Canadian Solar surges on US expansion and manufacturing reshoring strategy

Canadian Solar

01/12/2025 13:01

** Shares of solar and battery company Canadian Solar CSIQ.O up 13% at $30.69 premarket

** Company to resume direct oversight of its U.S. operations and to continue reshoring manufacturing to North America

** Says it will form new joint ventures with American shareholders and its majority-owned subsidiary, CSI Solar

** Additionally, CSIQ 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

** CSIQ says total consideration for CSI Solar assets is about $50 million

** Company 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

** As of last close, CSIQ up 144.1% YTD

 (Reporting by Dharna Bafna in Bengaluru)

 ((Dharna.bafna@thomsonreuters.com))