Canadian Solar recorded a gain on change in fair value of derivatives in the first quarter of 2018 of $4.5 million, compared to a loss of $7.8 million in the first quarter of 2017. Foreign exchange loss was $8.5 million, compared to a gain of $14.2 million in the prior year period.
For the second quarter, the company expects the total solar module shipments to be in the range of approx. 1.50 – 1.60 Gigawatt (GW). Revenue is expected to be in the range of $690 million to $730 million.
On May 14, Canadian Solar acquired the rights to an 8MW greenfield development project portfolio in South Korea.
Dr. Shawn Qu, Chairman and CEO said, “We expect a shift in global demand to developing markets to offset China, India and the US. We also expect demand in other markets to improve, including Europe, Africa, Argentina and Mexico. These trends align themselves with the company’s global footprint and should serve as a catalyst for continued growth.”