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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">
<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/2022/10/Picture1.jpg" width="50" /></p>
<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 National Thermal Power Corporation (<a href="https://www.ntpc.co.in/" target="_blank" rel="noopener noreferrer">NTPC</a>) has floated an operation and maintenance (O&amp;M) tender for a 15 MW solar power project installed at Jayant, Singrauli in Madhya Pradesh.</p>
<p>The deadline for the submission of bids is November 27, 2019, while the bid opening date has been scheduled for November 29, 2019.</p>
<p>The interested bidders need to pay a sum of ₹200,000 (~$2,787) as the earnest money deposit (EMD) to participate in this tender.</p>
<p>The scope of work includes round the clock deployment of a qualified engineer and a highly skilled technician for each shift for the smooth and safe operation and monitoring of the solar project.</p>
<p>The work also involves continuous monitoring of various parameters of the solar project and hourly logging of all important operational parameters. The successful bidder must ensure the generation and compilation of all types of available reports through SCADA (supervisory control and data acquisition). The bidder should ensure the deployment of a minimum of 16 unskilled workers per day for washing all 62,640 solar panels six days a week.</p>
<p>Earlier this year, the Ministry of New and Renewable Energy (MNRE) <a href="https://mercomindia.com/mnre-asks-robotics-for-water-solar/" target="_blank" rel="noopener noreferrer">issued</a> a letter recommending efficient utilization of water for cleaning utility-scale solar projects.</p>
<p>The ministry said that project developers are currently using too much water for cleaning solar modules, and they should try and minimize wastage. The ministry has also recommended the use of robotic cleaning technology, which uses less water for cleaning solar projects. Water is scarce in most regions where solar projects have been developed in India. Currently, developers must seek permission from local authorities to get access to groundwater and canals. Given the fact that the projects are in remote locations, it is also difficult for developers to arrange water from other sources to maintain their projects.</p>
<p>Regarding the technical specifications of this NTPC tender, the successful bidder must use water guns during water washing and use suitable wipers for washing and cleaning of solar panels.</p>
<p>The scope of work also involves the tilting of all modules (62,640) to the required angle as per NTPC guidelines. During the tilting of the photovoltaic module, a damaged string monitoring box or any damaged part is to be reported, and the bidder should take necessary corrective action. The NTPC will provide all required spares.</p>
<p>The successful bidder will also have to take the responsibility of the day-to-day maintenance work, including predictive, preventive, and breakdown maintenance of the 132 kV line.</p>
<p>The contract period is for two years. However, it may be extended at the discretion of the NTPC for another three months at the same rate and terms and conditions.</p>
<p>In March 2019, Mercom reported that the NTPC <a href="https://mercomindia.com/ntpc-tender-solar-madhya-pradesh/" target="_blank" rel="noopener noreferrer">issued</a> a tender for the operation and maintenance of the power evacuation system of the Rajgarh solar project for two years. The project is in Madhya Pradesh.</p>
<p>According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener noreferrer">India Solar Project Tracker</a>, out of the 873.5 MW large-scale projects in operations across India, 300 MW is installed in the state of Madhya Pradesh.</p>
<p>Previously, it was reported that the National Thermal Power Corporation <a href="https://mercomindia.com/ntpc-floats-tender-1-gw-solar-projects/" target="_blank" rel="noopener noreferrer">invited</a> bids for the development of grid-connected solar projects up to a capacity of 1,000 MW.</p>
<p>Image credit: LeafVac</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/anjana/" class="vcard author" rel="author"><span class="fn">Anjana Parikh</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2019/06/Anjana2.png" width="112" height="121" />Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.</p>
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NTPC Floats O&M Tender for a 15 MW Solar Project in Madhya Pradesh

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