Canadian Solar Inc. has announced today that it is restructuring its United States operations, resuming direct control over its manufacturing assets in solar and storage while reshoring operations.
The company announcement details that it would form a new joint venture, CS PowerTech, to operate its U.S. manufacturing and sales divisions. For the generation and energy storage side, this new entity will oversee both solar module and cell production, as well as the manufacturing and sales of its energy storage systems (ESS), branded as e-STORAGE.
Canadian Solar will hold a controlling 75.1% stake in CS PowerTech, along with acquiring “specific overseas facilities that support US operations,” effectively moving these critical assets out from under the purview of its majority-owned, China-listed subsidiary, CSI Solar, which is based in Suzhou. The transaction is valued at approximately $50 million, determined by “fair market value based on third-party appraisal”, said the release.
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