Canadian Solar Rises on Plan to Reshore to North America

Canadian Solar Inc. rose more than 10% after the solar giant said it will take direct oversight over its U.S. operations and work to move manufacturing to North America as Washington steps up scrutiny of imports from China.

The Kitchener, Canada-based company said it set up a joint venture called CS PowerTech with its majority-owned Chinese unit CSI Solar Co. Canadian Solar will hold a controlling stake in the new venture, which will operate US-based manufacturing and sales of solar panels and energy storage systems, according to a statement Monday. As part of the arrangement, Canadian Solar will acquire from CSI Solar 75.1% of three overseas factories that serve the US market, for a total value of $50 million.