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INVESTMENTS IN AFFILIATES

12 Months Ended

Dec. 31, 2024

INVESTMENTS IN AFFILIATES

INVESTMENTS IN AFFILIATES

11. INVESTMENTS IN AFFILIATES

Investments in affiliates consist of the following:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	December 31,				​	December 31,				​
​	​	2023				​	2024				​
​		​	Carrying		Ownership		​	Carrying		Ownership
​	​	​	Value	​	Percentage	​	​	Value	​	Percentage
Lingang Frontier (Yangzhou) CSI New Energy Investment Fund, LP	​	$	42,357	​	44.3	%	$	54,254	​	44.9	%
Suzhou Financial Leasing Co., Ltd.		​	30,048	​	3.0	​	​	32,578	​	3.0	​
RE Crimson Holdings LLC	​	​	26,551	​	20	​	​	25,230	​	20	​
Panati Holding S.A.	​	​	28,185	​	30	​	​	21,199	​	30	​
Marangatu Holding S.A.	​	​	30,790	​	30	​	​	19,640	​	30	​
Canadian Solar Infrastructure Fund, Inc.	​	​	17,677	​	14.5	​	​	17,078	​	14.9	​
Lavras Solar Holding S.A.	​	​	12,881	​	20	​	​	12,296	​	20	​
Others		​	48,439	​	2.2-49	%	​	50,705	​	1.8-49	%
Total		$	236,928	​	​	​	$	232,980	​	​	​

​

11. INVESTMENTS IN AFFILIATES (Continued)

In 2023, CSI Solar established Lingang Frontier (Yangzhou) CSI New Energy Investment Fund, LP, holding an effective interest of 44.3% and 44.9% as of December 31, 2023 and 2024, respectively. In 2015, CSI Solar jointly established Suzhou Financial Leasing Co., Ltd., holding an effective interest of 3.0% as of December 31, 2023 and 2024. One of five board members is designated by CSI Solar. These investments are accounted for under the equity method due to CSI Solar’s significant influence over the investees.

In 2022, the majority interests in Marangatu Holding S.A. (“Marangatu”) and Panati Holding S.A. (“Panati”) were sold to unrelated third parties. Following these sales, the Company retained a 30% interest in each investee, recognized revenue of $12,007 and $2,259, respectively, for the year ended December 31, 2022, and derecognized net assets of $6,267 and $2,262, respectively.

In 2017, Canadian Solar Infrastructure Fund, Inc. (“CSIF”) completed its IPO. As of December 31, 2023 and 2024, the Company held 65,672 units in CSIF, representing 14.5% and 14.9% of total units, respectively. One of three board members represents the Company. Given CSIF’s board structure and voting requirements, the Company is considered to have significant influence over the investee and applies the equity method.

Equity in earnings of affiliates were $15,440 and $14,610 for the years ended December 31, 2022 and 2023, respectively, and equity in losses of affiliates was $12,136 for the year ended December 31, 2024.

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- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

+ References

Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478156/740-323-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 323
-Publisher FASB
-URI https://asc.fasb.org/323/tableOfContent

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- References

No definition available.

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