Canadian Solar, a leading solar energy company headquartered in Guelph, Ontario, revealed its plan on Monday to invest a substantial $800 million in the development of a state-of-the-art solar photovoltaic (PV) cell production facility at the River Ridge Commerce Center in Jeffersonville, Indiana.
The facility is projected to have the capability to produce cells with an impressive annual output of 5 gigawatts (GW), which is equivalent to an astonishing 20,000 high-power modules per day.
The company has indicated that the solar cells manufactured at the Jeffersonville facility will find their application at the 5 GW module assembly plant in Mesquite, Texas. This module assembly plant, located in Mesquite, represents Canadian Solar's inaugural manufacturing facility within the United States, an announcement made in June.
Shares of Canadian Solar saw a positive response to this development, with the stock trading up by 1.56% at $19.51 during premarket trading sessions.
The production activities at the Jeffersonville facility are anticipated to commence by the end of 2025, solidifying Canadian Solar's commitment to expanding its manufacturing presence in the United States.
