Canadian Solar has seen an upturn in demand in the third quarter and now expects solar module shipments in the 1.18GW-1.23GW range, compared with previous expectations of 970MW-1.02GW.
The company now expects its total revenue for the third quarter of 2015 to be in the range of $805m to $815m, up from $570m to $620m.
The company’s subsidiary Recurrent Energy also completed the sale to Southern Power of 51% of the 200MW Tranquillity solar power project in California.
Canadian Solar chairman and chief executive officer Shawn Qu said: “We ended the third quarter with stronger than expected demand in our solar module business, led by the US, the UK, Canada and Japan.
“We also benefitted from the sale of a controlling interest in our 200MW Tranquillity project in California.
“We are entering the fourth quarter of 2015 in an excellent competitive and financial position.
“We expect to see continued robust demand levels in our solar module business and we continue to execute on our already robust and steadily expanding utility-scale solar project development pipeline.”
Separately, on 19 October, the company reached an agreement with LDK Solar to settle a legal dispute related to a December 2012 arbitration award decision by the former Shanghai branch of the China International Economic and Trade Arbitration Commission.
Under this agreement, Canadian Solar will incur a cost of RMB132.7m ($20.9m) and LDK will waive any rights and benefits in connection with the December 2012 arbitration award decision.
Canadian Solar will also purchase from LDK approximately 64.3 million pieces of wafers at market prices over a three-year period starting on 11 December.
Image: the company now expects solar module shipments in the 1.18GW-1.23GW range (Canadian Solar)
