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					</table><p>Solar module maker <a href="https://www.canadiansolar.com/" target="_blank" rel="noopener">Canadian Solar</a>‘s net income in the third quarter (Q3) of 2023 was recorded at $22 million, a year-over-year (YoY) decrease of 71% from $78 million.</p>
<p>The revenue for Q3 of 2023 was $1.8 billion, a 4% YoY decrease. This decline was attributed to lower project sales and a decrease in module average selling price, partially offset by increased solar module shipment volumes.</p>
<p>Total operating expenses for Q3 of 2023 amounted to $225 million, a 17% YoY decrease compared to $274 million in Q3 of 2022. The sequential increase was attributed to higher transportation costs, the TOPCon production ramp-up, and increased research and development expenses.</p>
<p>This increase was partially offset by a reduction in share-based compensation following the successful CSI Solar IPO in the second quarter of 2023.</p>
<p>Depreciation and amortization charges for Q3 of 2023 were $76 million, a 35.7% increase YoY up from $56 million. The sequential increase was primarily due to the company&#8217;s ongoing capacity expansion.</p>
<p>Total module shipments recognized as revenues during the quarter were 8.3 GW, indicating a 39% YoY increase. Of this total, 82 MW were shipped to the company&#8217;s utility-scale solar power projects.</p>
<p>As of September 30, 2023, Canadian Solar&#8217;s total debt stood at $3.3 billion, unchanged from the previous quarter. This total debt included $1.72 billion, $1.38 billion, and $227 million related to CSI Solar, Recurrent Energy, and convertible bonds.</p>
<p>Dr. Shawn Qu, Chairman and CEO, said, &#8220;We delivered solid profitability in the third quarter of 2023 with continued progress on our capacity diversification, despite lower-than-expected market demand growth due to the higher interest rate environment driving higher inventories in certain markets. We significantly ramped up our capacity in the latest N-type TOPCon cell technology, which now accounts for half of our total cell capacity and is expected to reach 60% by the end of 2023.&#8221;</p>
<p><strong>9M 2023 </strong></p>
<p>For the first nine months (9M) of the year, Canadian Solar recorded a net income of $366.83 million, a YoY increase of 83.6% compared to $199.73 million.</p>
<p>Revenue for 9M was posted at $5.91 billion, a marginal YoY increase of 7.5%.</p>
<p>Total operating expenses for the period came to $ 613.84 million, a YoY decrease of 11.5%</p>
<p>The company said it continued its strategic, long-term investments in crucial premium markets, evidenced by the recent announcement of a 5 GW solar cell facility in Jeffersonville, Indiana, and a 5 GW solar wafer facility in Thailand.</p>
<p>Both facilities are poised to cater to U.S. customers. These developments are set to complement the existing 5 GW solar module facility in Mesquite, Texas, scheduled to commence production in a few weeks.</p>
<p>In June this year, Canadian Solar <a href="https://www.mercomindia.com/canadian-solar-establish-5-gw-module-production-facility-texas" target="_blank" rel="noopener">announced</a> 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.</p>
<p>The company recently <a href="https://www.mercomindia.com/canadian-solar-subsidiary-ipo-pricing-shanghai-bourse" target="_blank" rel="noopener">revealed</a> 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.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
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<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Canadian Solar’s Net Income Drops 71% As Module Prices Decline

<p>The Distribution Companies (DISCOMs) in states that joined the Ujwal DISCOM Assurance Yojana (<a href="https://www.uday.gov.in/home.php" target="_blank" rel="noopener">UDAY</a>) program have cut down their financial losses from ₹515.9 billion (~$8.14 billion) in the Financial Year (FY) 2016 to ₹348.3 billion (~$5.49 billion) in 2017.</p>
<p>Addressing the Lok Sabha, the Minister for Power, R. K. Singh said, “According to the data submitted by states, the participating states have achieved an improvement of 1 percent in aggregate Technical and Commercial (AT&amp;C) losses and ₹0.17 (~$0.003)/kWh in the gap between average cost of supply and average revenue realized in FY2017.” The AT&amp;C losses stood at 21 percent in the year 2016.</p>
<p>The states of Andhra Pradesh, Assam, Bihar, Chhattisgarh, Haryana, Karnataka, Kerala, Madhya Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Sikkim, Uttar Pradesh and Uttarakhand have increased tariffs in the year 2017-18. “To further aid in the strengthening of DISCOMs, the government has sanctioned an amount of ₹2.33 billion (~$36.8 million) for online monitoring of rural feeders in the country.</p>
<p>Lakshadweep has also shown its willingness to join UDAY and a Memorandum of Understanding (MoU) is under scrutiny.</p>
<p>Mercom had <a href="https://mercomindia.com/nagaland-andaman-nicobar-islands-dadra-nagar-haveli-daman-diu-join-uday-program/" target="_blank" rel="noopener">previously reported</a> that with the joining of Nagaland and the union territories of Andaman &amp; Nicobar Islands, Dadra &amp; Nagar Haveli, and Daman &amp; Diu, the number of UDAY signatories has reached 31 (27 states and 4 union territories). While most of them have joined the program for a financial turnaround of their DISCOMs, few have joined for the operational and technical makeover of these utilities.</p>
<p>In <a href="https://mercomindia.com/%E2%82%B92-09-trillion-discom-debt-taken-states-uday/" target="_blank" rel="noopener">August 2017</a>, Mercom reported, states participating in the UDAY program have taken over debt of ₹2.09 trillion (~$32.5 billion) from their DISCOMs. This is almost half of the ₹4.3 trillion (~$64 billion) of debt by state DISCOMs.</p>
<p>According to the Integrated Rating for State Power Distribution Utilities Report by the Ministry of Power in <a href="https://mercomindia.com/mercom-exclusive-india-power-utilities-performance-ratings-improve-dont/" target="_blank" rel="noopener">May 2017</a>, four Gujarat state power distribution utilities (DISCOMs) emerged as top performers for the fifth year in a row. Tripura replaced Meghalaya at the bottom of the rating table.</p>
<p>Image credit: Mercom India</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/saumy/" class="vcard author" rel="author"><span class="fn">Saumy Prateek</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Saumy Prateek</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/saumy/" target="_blank" rel="noopener">More articles from Saumy Prateek</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/saumy-edited-1.png" width="79" height="102" /><a href="https://mercomindia.com/author/saumy/" rel="noopener"><strong>Saumy Prateek, </strong> </a>is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism &amp; Mass Communication from the Manipal Institute of Communication at Manipal University.<a href="https://mercomindia.com/author/saumy/">More articles from Saumy Prateek.</a></div>
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States Under UDAY Program Cut Down Financial Losses in 2017

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