Canadian Solar's (CSIQ) Arm Buys Solar Portfolio in Spain

Core Viewpoint - Canadian Solar Inc.'s subsidiary, Recurrent Energy, has acquired a solar photovoltaic portfolio in southern Spain, enhancing its position in the European solar market and supporting its goal to start construction on over 1 GW of solar projects in Spain by 2024 [1][3]. Group 1: Project Details - The acquired portfolio, located in Carmona, Seville, has a generation capacity of over 420 MWp and consists of four projects (Rey I, II, III, and IV) [1][2]. - The Rey solar portfolio is projected to generate approximately 916 GWh of clean electricity annually, displacing around 184,000 tons of carbon dioxide emissions, and will provide electricity to about 275,000 homes in the Carmona region [2]. Group 2: Market Prospects - Canadian Solar's expansion in the EMEA region contributed 25% to its total revenues in 2023, indicating a strong foothold in the European solar market [3]. - The company has a solar development project pipeline of 9,915 MWp in the EMEA region as of January 31, 2024, which is expected to enhance its revenue generation prospects [3]. Group 3: Industry Growth - SolarPower Europe projects that solar installations in Europe will grow from 56 GW in 2023 to 62 GW in 2024, reflecting an 11% year-over-year increase [4]. - The growth in the European solar market is anticipated to benefit companies like Canadian Solar, which is actively expanding its operations in the region [4]. Group 4: Peer Companies - Enphase Energy has expanded its presence in Europe, with 31% of its total revenues coming from the region in 2023, and a long-term earnings growth rate of 17.3% [5][6]. - SolarEdge has a significant presence in Europe, with 64% of its total revenues derived from the region in 2023, and a long-term earnings growth rate of 14.8% [5][6]. - Emeren Group has been active in Europe since 2012, with 68% of its total revenues from the region in Q3 2023, and a projected sales increase of 48.8% in 2024 [6][7].