Canadian Solar hits Q1 500MW

Canadian Solar says it has shipped up to 500MW of PV modules in the first quarter of 2014, surpassing earlier guidance of 470MW to 490MW.

It expects revenue to reach $460m to $470m, with a gross margin of 14% to 15%, according to preliminary results it released for the three months to 31 March.

In March, Canadian Solar forecast 2.5GW to 2.7GW of shipments in 2014. It said it anticipates full-year net revenue of $2.7bn to $2.9bn, with its downstream Total Solutions unit to account for roughly half of the total.

In April, it won a 43MW order for one of Japan’s largest solar projects to date.

And last week, it secured C$115.5m ($105.2m) in short-term construction financing from the National Bank of Canada to support development of 30MW of solar at three sites.

The company, which analyst IHS recently ranked as the world’s third-biggest solar panel supplier, has scheduled an earnings release and conference call for 16 May.