Canadian Solar (CSIQ) Arm Gets $51M Financing for Horus Project

Group 1: Project Financing and Details - Canadian Solar Inc.'s subsidiary, Recurrent Energy, secured $51 million in non-recourse project financing for the 119 MW Horus solar project in Mexico, enhancing CSIQ's presence in the solar market [1] - The financing is provided by Korea Eximbank ($43 million) and KEB Hana Bank ($8 million) [1] - The Horus project, with Recurrent Energy holding 49% ownership, began commercial operations in March 2023 and utilizes Canadian Solar's high-efficiency BiHiku bifacial modules [2] Group 2: Market Opportunities in Mexico - Mexico's solar market is expected to grow significantly, with a projected CAGR of 8.9% from 2024 to 2029, driven by increased investment and favorable government policies [3] - In Q3 2023, 12% of Canadian Solar's revenues came from Latin America, including Mexico, with 684 MWp of solar power plants operational and a project pipeline of 5,358 MWp in the region [3] Group 3: Global Solar Market Trends - The global solar market is expanding rapidly, with a projected CAGR of 28.82% from 2024 to 2029, influenced by installation activities, decreasing prices, and rising electricity costs from conventional sources [4] - Canadian Solar has a strong global presence, operating in 30 countries with over 26 manufacturing facilities across Asia and the Americas [4] Group 4: Competitor Insights - Enphase Energy has shipped over 73 million microinverters globally and has a long-term earnings growth rate of 17.3% [5] - SolarEdge shipped 12.63 GW of energy in 2023, with a long-term earnings growth rate of 14.8% and a 62.5% increase in share price over the past five years [6] - First Solar is expanding its manufacturing capacity and expects a 35.5% increase in sales for 2024 compared to 2023 [6]