Canadian Solar to resume direct oversight of U.S. operations

Canadian Solar (CSIQ) announced a strategic initiative to resume direct oversight of its U.S. operations and to continue reshoring manufacturing to North America. The Company will form new joint ventures with American shareholders and its majority-owned subsidiary, CSI Solar. Canadian Solar, headquartered in Kitchener, Canada, will hold a 75.1% controlling stake in CS PowerTech, which will operate U.S.-based manufacturing and sales of solar modules, solar cells, and advanced energy storage systems. Additionally, Canadian Solar will acquire from CSI Solar, at fair market value based on third-party appraisal, 75.1% ownership of certain overseas facilities that support U.S. operations. The total consideration for these assets is approximately $50 million, subject to a one-time value adjustment to reflect changes in net asset value between the valuation baseline date and the closing date.