1 Table of Contents
1 Table of Contents 2
1.1 List of Tables 7
1.2 List of Figures 8
2 Company Snapshot 9
2.1 Key Information 9
2.2 Company Overview 9
2.3 Financial Performance 9
2.4 Industry Outlook – Solar PV 9
2.5 SWOT Snapshot 10
3 Business Description 11
3.1 Business Overview 11
3.2 Solar Power Products 11
3.2.1 Overview 11
3.2.2 Production 12
3.2.3 Financials 12
3.2.4 Capital Expenditure 12
3.2.5 Market View 12
3.2.6 Key Strategies 13
3.3 Major Products and Services 14
3.3.1 Overview 14
4 Canadian Solar Inc., Solar Products Summary 15
4.1 Canadian Solar Inc., Solar Product Details 16
4.1.1 Canadian Solar Inc., Solar Product Details, CS5P-210/220/230 16
5 Canadian Solar Inc., Production Capacity 17
6 Canadian Solar Inc., Solar Contract Summary 18
6.1 Contract Information 19
6.1.1 Canadian Solar Inc., Turbine Contract Details, Canadian Solar Inc. Signs a Contract with Conergy AG 19
6.1.2 Canadian Solar Inc., Turbine Contract Details, Canadian Solar Inc. Receives Five Orders from Italy and the Czech Republic 20
6.1.3 Canadian Solar Inc., Turbine Contract Details, Canadian Solar Inc., Signs Five Sales Agreements in the Czech Republic and Italy 21
6.1.4 Canadian Solar Inc., Turbine Contract Details, Canadian Solar Signs a Contract to Supply Solar Modules for Bird's Nest Stadium 22
6.1.5 Canadian Solar Inc., Turbine Contract Details, Canadian Solar Signs a Contract to Supply 60 MWp Solar Modules for Projects in Spain 23
6.1.6 Canadian Solar Inc., Turbine Contract Details, Canadian Solar to Develop a Solar Park in Spain 24
6.1.7 Canadian Solar Inc., Turbine Contract Details, Canadian Solar Signs a Contract for Supply of Solar Modules in the US 25
6.1.8 Canadian Solar Inc., Turbine Contract Details, Canadian Solar Inc. to Develop a Solar Park in Suzhou 26
7 Canadian Solar Inc., Solar Parks Summary 27
7.1 Solar Park Information 28
7.1.1 Canadian Solar Inc., Solar Park Details, Yecla 28
7.1.2 Canadian Solar Inc., Solar Park Details, Thierhaupten 29
7.1.3 Canadian Solar Inc., Solar Park Details, disused coal mine-2 30
7.1.4 Canadian Solar Inc., Solar Park Details, Albacore 31
7.1.5 Canadian Solar Inc., Solar Park Details, Kettershausen 32
7.1.6 Canadian Solar Inc., Solar Park Details, Suzhou 33
8 History 34
9 Business Strategy 36
9.1 Mission Statement 36
9.2 Strategy 36
10 Value Chain Analysis 37
10.1 Equipment Manufacturing 37
10.1.1 Overview 37
10.1.2 Financials, Production and Major Projects 38
10.2 Project Development 38
10.2.1 Overview 38
10.2.2 Financials, Production and Major Projects 38
11 SWOT Analysis 39
11.1 Overview 39
11.2 Canadian Solar Inc. Strengths 40
11.2.1 Vertically Integrated Operations in China 40
11.2.2 Focused R&D Initiatives 40
11.2.3 Silicon Reclamation Program 41
11.2.4 Increased Revenues 41
11.3 Canadian Solar Inc. Weaknesses 42
11.3.1 Significant Revenue Generated from Few Customers 42
11.3.2 Declining Profit Margins 42
11.3.3 Negative Capital Returns 42
11.4 Canadian Solar Inc. Opportunities 43
11.4.1 Growing PV Market 43
11.4.2 Expansion into Other Global Markets 43
11.4.3 Solar Power Development Projects 43
11.5 Canadian Solar Inc. Threats 44
11.5.1 Shortage in the Supply of Raw Materials 44
11.5.2 Changes in Regulations and Policies 44
11.5.3 Dependence on a Limited Number of Suppliers 44
11.5.4 Expiration of PRC Government Incentives 45
12 Competitors 46
13 Revenue Analysis 47
13.1 Revenue by Segment 47
13.2 Revenue by Geography 47
14 Financial and Operational Review 49
14.1 Financial Statements 49
14.2 Financial Ratios 50
15 Share Holding Structure 51
16 Key Employees 52
17 Key Employee Biographies 53
18 Locations And Subsidiaries 54
18.1 Head Office 54
18.2 Other Locations & Subsidiaries 54
19 Financial Deals Landscape 55
19.1 Canadian Solar Inc., Deals Volume Summary, 2004 to YTD 2008 55
19.2 Canadian Solar Inc., Deals Summary By Region, 2004 to YTD 2008 56
19.3 Canadian Solar Inc., Deals Summary, 2004 to YTD 2008 56
19.4 Canadian Solar Inc. Detailed Deal Summary 57
19.4.1 Equity Offerings 57
19.4.2 Debt Offerings 61
20 Recent Developments 64
20.1 New Contracts 64
20.1.1 Oct 09, 2008: CSI Receives Sales Contract With Systaic For 60 MW Solar Modules 64
20.1.2 Oct 06, 2008: CSI Wins Contract From Iliotec For Supply Of Solar Modules 64
20.1.3 Jul 15, 2008: CSI Signs 9 MW Sales Contract With Conergy For e-Modules 65
20.1.4 Jul 07, 2008: CSI Signs Five Sales Agreements In Italy And Czech Republic 65
20.1.5 Nov 16, 2007: CSI Signs New Contract With City Solar 65
20.1.6 Oct 22, 2007: LDK Signs Agreement With CSI For Supply Of Wafers 66
20.1.7 Oct 02, 2007: CSI Signs Supply Contract With American Capital 66
20.1.8 Sep 24, 2007: CSI To Build SSDP 67
20.1.9 Apr 02, 2007: JA Solar Signs Solar Cells Supply Agreement With CSI 67
20.1.10 Jan 24, 2007: SolarWorld Signs Contract With CSI For Silicon Wafers 67
20.2 Operations Updates 68
20.2.1 Oct 02, 2008: CSI Completes Phase-I Of Ingot And Wafer Plant 68
20.2.2 Jun 11, 2008: CSI Delivers BIPV Modules For 2008 Olympics 69
20.3 Financial Announcements 69
20.3.1 Nov 21, 2008: CSI Reports 3Q 2008 Results 69
20.3.2 Aug 13, 2008: CSI Reports 2Q 2008 Results 71
20.3.3 Jul 14, 2008: CSI Reports Preliminary 2Q 2008 Results 72
20.3.4 Jun 17, 2008: CSI Provides 2008 Guidance 73
20.3.5 May 13, 2008: CSI Declares Q1 2008 Results 73
20.3.6 Mar 05, 2008: CSI Declares Q4 2007 Results 75
20.3.7 Nov 14, 2007: CSI Declares Q3 2007 Results 77
20.3.8 Aug 14, 2007: CSI Declares Q2 2007 Results 78
20.3.9 May 14, 2007: CSI Declares Q1 2007 Results 78
20.3.10 Mar 14, 2007: CSI Declares Q4 2006 Results 79
20.4 Strategy and Business Planning 80
20.4.1 Apr 29, 2006: CNNC Signs Contract With CSIC 80
20.5 Other Significant Developments 81
20.5.1 Dec 23, 2008: CSI Announces Finishing Of Vineyard Solar Project In Italy 81
20.5.2 Sep 03, 2008: CSI Signs Supply Agreement With GCL Silicon 81
20.5.3 Jun 30, 2008: CSI Signs Ten-Year Wafer Supply Agreement With LDK 82
20.5.4 Jun 02, 2008: CSI Signs Five Year Solar Cells Supply Agreement With Neo Solar 82
20.5.5 Jun 02, 2008: CSI, Timminco Achieve Milestones To Launch e-Module Product. 83
20.5.6 May 12, 2008: CSI Appoints CFO 84
20.5.7 Feb 27, 2008: CSI Signs Wafer Supply Contracts With Four Wafer Suppliers 84
20.5.8 Nov 26, 2007: CSI Signs Solar Cell Supply Contract With Gintech 85
20.5.9 Nov 19, 2007: CSI Enters Into Purchase Agreements With China Sunergy 85
20.5.10 Sep 25, 2007: CSI Appoints New Directors 85
20.5.11 Jul 19, 2007: CSI Signs Loan Agreement With ICBC 85
20.5.12 May 29, 2007: CSI Enters Sales Contract In Germany 86
20.5.13 Jan 31, 2007: CSI Signs Distribution Contract With Pro Solar 86
20.5.14 Jan 24, 2007: CSI And Solar World Enters Into EUR180 Million Supply Contract 86
21 Appendix 87
21.1 Methodology 87
21.2 About Global Markets Direct 87
21.3 Contact Us 87
21.4 Disclaimer 88
1.1 List of Tables
Table 1: Canadian Solar Inc., Key Facts, 2007 9
Table 2: Canadian Solar Inc., Solar Products 15
Table 3: Canadian Solar Inc. ,Turbine Technical Details, CS5P-210/220/230 16
Table 4: Canadian Solar Inc., Solar Production Capacity 17
Table 4: Canadian Solar Inc., Solar Contracts Analysis 18
Table 5: Canadian Solar Inc., Solar Contract Details, Canadian Solar Inc. Signs a Contract with Conergy AG 19
Table 6: Canadian Solar Inc., Solar Contract Details, Canadian Solar Inc. Receives five Orders From Italy and the Czech Republic 20
Table 7: Canadian Solar Inc., Solar Contract Details, Canadian Solar Inc., Signs Five Sales Agreements in the Czech Republic And Italy 21
Table 8: Canadian Solar Inc., Solar Contract Details, Canadian Solar Signs a Contract to Supply Solar Modules for Bird's Nest Stadium 22
Table 9: Canadian Solar Inc., Solar Contract Details, Canadian Solar Signs a Contract to Supply 60 MWp Solar Modules for Projects In Spain 23
Table 10: Canadian Solar Inc., Solar Contract Details, Canadian Solar to Develop a Solar Park in Spain 24
Table 11: Canadian Solar Inc., Solar Contract Details, Canadian Solar Signs a Contract for Supply of Solar Modules in the US 25
Table 12: Canadian Solar Inc., Solar Contract Details, Canadian Solar Inc. to Develop a Solar Park in Suzhou 26
Table 13: Canadian Solar Inc., Solar Park Analysis 27
Table 14: Canadian Solar Inc., Solar Park Details, Yecla 28
Table 15: Canadian Solar Inc., Solar Park Details, Thierhaupten 29
Table 16: Canadian Solar Inc., Solar Park Details, disused coal mine-2 30
Table 17: Canadian Solar Inc., Solar Park Details, Albacore 31
Table 18: Canadian Solar Inc., Solar Park Details, Kettershausen 32
Table 19: Canadian Solar Inc., Solar Park Details, Suzhou 33
Table 20: Canadian Solar Inc., SWOT Analysis , 2007 39
Table 21: Canadian Solar Inc., Revenue by Segment, USD Absolute, 2003-2007 47
Table 22: Canadian Solar Inc., Revenue by Geography, USD Absolute, 2003-2007 48
Table 23: Canadian Solar Inc., Financial Statements, USD Absolute, 2003-2007 49
Table 24: Canadian Solar Inc., Financial Ratios, USD Absolute, 2003-2007 50
Table 25: Canadian Solar Inc., Share Holding Structure 2007 51
Table 26: Canadian Solar Inc., Key Employees, 2007 52
Table 27: Canadian Solar Inc., Other Locations 54
Table 28: Canadian Solar Inc., Deals Summary, 2004 to YTD 2008 55
Table 29: Canadian Solar Inc., Deals Summary by Region, 2004 to YTD 2008 56
Table 30: Canadian Solar Inc., Deals Summary, 2004 to YTD 2008 56
Table 31: Canadian Solar Completes Public Offering Of $119 Million 57
Table 32: Canadian Solar Completes Initial Public Offering Of $94.5 Million 59
Table 33: Canadian Solar Completes Placement Of $75 Million Convertible Senior Notes 61
Table 34: Canadian Solar Completes Private Placement For $11.65 Million 63
1.2 List of Figures
Figure 1: Canadian Solar Inc., Value Chain Analysis 37
Figure 2: Canadian Solar Inc., Deals Volume Summary, 2004 to YTD 2008 55
