What's Going On With Canadian Solar?

Canadian Solar Inc. CSIQ shares are rising Thursday. The company announced that it is establishing a solar PV module production facility in Mesquite, Texas, Canadian Solar's first United States manufacturing facility.

What To Know: Annual output of 5 GW is expected, equivalent to approximately 20,000 high-power modules per day, as well as the creation of  approximately 1,500 skilled jobs.

"Canadian Solar's new $250 million manufacturing plant in Mesquite will bolster Texas' status as the energy capital of the world and secure our leadership as a global tech hub," said Governor Greg Abbott. "I thank Canadian Solar for choosing Texas for their next U.S. business investment and for creating 1,500 new jobs in the region to help boost the community for generations to come."

The news is representative of the growth of renewable energy in Texas as a solar and battery storage project developer. In fact, Canadian Solar also relocated Recurrent Energy, its 17-year-old U.S. subsidiary, to Austin in 2021.

Shawn Qu, founder and CEO of Canadian Solar, aptly acknowledged the influential position the factory is in, allowing the company to better provide U.S. customers with the most advanced technology.

Related Link: Why JinkoSolar Stock Is Moving Today

CSIQ Price Action: Shares of CSIQ were up 4.73% at $39.14 at the time of publication, according to Benzinga Pro.

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