Solar module maker Canadian Solar‘s net income surged 809% year-over-year (YoY) to $84 million for the first quarter (Q1) of the financial year (FY) 2023, fueled by increased module shipments and improved margins.

The module manufacturer’s engineering, procurement, and construction subsidiary CSI Solar shipped 6.1 GW of solar modules to 70 ‘countries in Q1, a 66% rise YoY. The top five markets ranked by shipments were China, Brazil, the U.S., Spain, and Germany.

Net revenues for the January-March quarter were up 36% YoY to $1.7 billion. The increase was mainly driven by a significant increase in solar module shipments, partially offset by lower module ASPs and lower revenues from utility-scale battery storage solutions and project sales due to the timing of projects.

“We started the year strong with 36% YoY revenue growth and a 750% increase in diluted earnings per share. We remain focused on profitable growth and continue to optimize our cost structure through vertical integration. With the imminent IPO of our CSI Solar subsidiary, we will have a new platform to raise investment capital and further strengthen our leading position in solar and battery storage manufacturing,” said Shawn Qu, Chairman and CEO.

The company’s project pipeline at the end of the quarter showcases significant growth. The solar project development pipeline is an impressive 24.6 GW, with 1.7 GW currently under construction, 5.2 GW in backlog, and 17.7 GW in advanced and early-stage pipelines.

The company’s battery storage project development pipeline also demonstrates a strong focus on energy storage solutions, totaling 47.4 GWh. This includes 300 MWh under construction, 1.7 GWh in backlog, and an impressive 45.4 GWh in advanced and early-stage pipelines.

The China Securities Regulatory Commission approved the registration of CSI Solar to issue an initial public offering. Qu said CSI expects the completion of the IPO by the second quarter of the current financial year.

Earlier this year, CSI Solar entered a multi-year investment agreement with the municipal government of Yangzhou City in Jiangsu Province of China for capacity additions across the company’s solar and battery storage supply chain.