Solar module maker Canadian Solar‘s net income surged 130% year-over-year (YoY) to $170 million for the second quarter (Q2) of the financial year (FY) 2023, driven by increased module shipments and improved margins.

The module manufacturer’s engineering, procurement, and construction subsidiary CSI Solar shipped 8.2 GW of solar modules to over 70 countries during the quarter, a 62% rise YoY. The top five markets ranked by shipments were China, Brazil, the U.S., Spain, and Germany.

Net revenues for the April-June quarter were up 2% YoY to $2.4 billion.

“We completed the IPO of our CSI Solar subsidiary, raising approximately $975 million in gross proceeds to support our ambitious growth plans across our solar and battery energy storage businesses. We also continued to strengthen our competitive position in core markets such as the U.S., where we are making long-term investments and building a state-of-the-art 5 GW solar module manufacturing plant under the backdrop of the Inflation Reduction Act,” said Shawn Qu, Chairman and CEO of Canadian Solar.

The company’s project pipeline at the end of the quarter showcased significant growth. The solar project development pipeline is 25 GW, with 1.6 GW currently under construction, 6.2 GW in backlog, and 17.2 GW in advanced and early-stage pipelines.

The company’s battery storage project development pipeline also witnessed substantial growth, totaling 51.7 GWh. This includes 1.7 GWh under construction and backlog and 50 GWh in advanced and early-stage pipelines.

Earlier this month, Canadian Solar and EDF Renewables North America signed a multi-year module supply agreement to deliver up to 7 GW of high-efficiency N-type TOPCon solar modules.

In June this year, Canadian Solar announced the establishment of a 5 GW solar photovoltaic module manufacturing facility in Mesquite, Texas. This facility, representing an investment of over $250 million, will produce approximately 20,000 high-power modules daily.

The company recently revealed the pricing for the shares of CSI Solar, its majority-owned subsidiary, as part of its proposed initial public offering on the Shanghai Stock Exchange.