Canadian Solar Expands U.S. Manufacturing Footprint with HJT Factory Launch — Canadian Solar Inc.

Event summary

Canadian Solar opened the first phase of its HJT solar cell factory in Jeffersonville, Indiana, marking the first commercial-scale HJT facility in the U.S.
Q2 2026 revenue hit $1.2 billion, exceeding guidance, with energy storage shipments of 3.7 GWh surpassing expectations.
Gross margin of 13.9% was in line with guidance but down sequentially due to tariff refund absence and normalized energy storage margins.
Total debt increased to $7.1 billion, primarily due to new non-recourse debt for U.S. solar and battery energy storage projects.
Recurrent Energy closed $695 million in project financing for its 330 MW Cobalt Solar facility in California.

The big picture

Canadian Solar's strategic pivot towards U.S. manufacturing, highlighted by the launch of its HJT factory, positions it as a key player in the North American solar market. The company's ability to balance project development with selective asset sales will be crucial in managing debt levels and protecting profitability. The resolution of patent litigation and recognition of its modules for severe hail zones further strengthen its market position.

What we're watching

U.S. Manufacturing Strategy: How Canadian Solar's focus on U.S. manufacturing will impact its competitive position and profitability amid global macroeconomic uncertainties.
Energy Storage Growth: Whether the company can sustain the rapid growth in energy storage shipments and maintain margins in a competitive market.
Project Development Pipeline: The pace at which Canadian Solar can execute on its extensive project development pipeline and monetize high-margin opportunities.