San Francisco, July 16, 2012 — Canadian Solar is exploring the possibility of building a factory to manufacture 700 MW per year of solar cells. The facility would likely be built in China.
Canadian Solar officials said at a press conference that China could be a good spot for the factory since the company already manufactures in that country. There have been no reports of financial details.
Solar equipment manufacturers have struggled to reduce production costs as prices for panels that convert sunlight into electricity have plummeted by more than half in the past year on a supply glut.
That has forced several companies in China, Europe and the U.S. to shutter operations, and many more are expected to merge or shut down as the fledgling industry undergoes a shakeout.