Canadian Solar CEO sees new 700-MW factory as likely

SAN FRANCISCO (Reuters) - Canadian Solar Inc Chief Executive Shawn Qu said on Tuesday he expected to make a decision soon on whether to build a new factory that could produce 700 megawatts per year of new, more efficient solar cells.

The solar equipment market has been oversupplied for some time, and Qu said at the Intersolar conference in San Francisco that making the decision was tough at the moment. But he added: "I think there's a good chance we will make this move."

Asked about the location, he told Reuters it was likely to be in China, and that a decision could be made within months. He declined to comment on the potential cost.

The factory will produce Canadian Solar's new ELPS (Efficient, Long-Term, Photovoltaic Solution) technology, which Qu said enables solar cells to collect more light and therefore produce power more efficiently. (Reporting by Braden Reddall in San Francisco; editing by Carol Bishopric)

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