Canadian Solar is one of the world's largest solar companies, operating two core businesses: manufacturing solar modules and battery energy storage systems (BESS), and developing utility-scale solar and storage power plants globally. On the manufacturing side, Canadian Solar designs and produces crystalline silicon solar modules, having shipped approximately 174 GW to customers in over 160 countries since inception. The company also manufactures utility-scale BESS under its "SolBank" brand and residential storage under "EP Cube," sold as integrated solutions with long-term service agreements. Module revenue is driven by shipment volume and average selling price, with the U.S. commanding pricing roughly three times the rest-of-world average, making it the most important market by margin. The project development business, Recurrent Energy, develops, builds, sells, and in some cases retains solar and storage projects across North America, Europe, Latin America, Japan, and Australia, with a total pipeline of 24 GW of solar and 83 GWh of storage. Recurrent generates revenue from project sales, electricity sales from owned assets under long-term PPAs, and O&M fees. Canadian Solar is making a large bet on U.S. domestic manufacturing, expanding its Texas module factory to 10 GW and building a greenfield solar cell factory in Indiana targeting 6.3 GW — moves driven by compliance with domestic content requirements and tariff rules that structurally favor U.S.-made products. BlackRock holds a 20% stake in Recurrent Energy via a $500M preferred share investment.