Type of ratings: Corporate

Rating value: BBB

Outlook: Stable

License: EthiFinance Ratings


Canadian Solar is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 19 years, Canadian Solar has successfully delivered over 59GW of premium-quality solar photovoltaic modules to customers in over 150 countries. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 6.1GWp in over 20 countries across the world. Currently, the Company has around 0.4GWp of projects in operation, 5.8GWp of projects under construction or in backlog (late-stage), and an additional 16.4GWp of projects in pipeline (mid-to-early stage). The company turnover in 2020 was $3,476.5M (+8.6% YoY) with an EBITDA of $453.2M (13.0% EBITDA margin). NFD/EBITDA stood at year end in 2.5 times.


Rating action: Under Observation

Review due to methodologies update.

Action date: 2022-11-08

Date last rating: 2022-08-08

Date first rating: 2021-12-03


Executive summary:


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