The company has either acquired or set up a joint venture in the 11 PV power plants, which range in size from 2MW to 29MW. Construction is planned to begin in 2012 with the last project set to be completed in 2014.
The acquisitions form part of a strategic move by Canadian Solar to further cement its place in the US market. The company said in a statement that it expects that these projects will be the first of many, as it “expands from pure-play module sales in the United States to deeper collaboration with utility-scale project developers.”
The projects were spearheaded by Canadian Solar's US projects team, which was initiated to further the company’s project development presence in the US and complement its projects business in Canada. The Canadian business has already announced 340MW of projects in Ontario and has delivered engineering, procurement and construction services for three of those projects.
Shawn Qu, chief executive of Canadian Solar, said: “The investment we have made in starting the new US projects team signifies our continued commitment to the US market. The team's extensive solar experience enabled us to hit the ground running, with 11 projects in less than six months and the ability to now further grow our business in the US market."
Canadian Solar, which is already established in the US as supplier of solar modules, is hoping to boost its profits from expanding the US business into project development. By the end of 2012, the company estimates that its project solutions revenue will make up 25% of its total revenue, compared to 10% in 2011.
With operations in North America, Europe, Australia and Asia, Canadian Solar designs, manufactures and delivers solar products for on-grid and off-grid use.