On February 11, Atlas issued an announcement on the progress of the signing of the Lease Contract and related transactions between subsidiaries and related parties, which made a more detailed disclosure of the company's previous overseas business adjustments.
The announcement shows that due to the relevant provisions of the "Big and American Act" of the United States, without business adjustment, the main business entities of Atlas in the United States will lose their eligibility for 45X advanced manufacturing tax credits in early 2026. Customers who purchase Atlas components and energy storage products may also lose eligibility for 45Y credits and 45E tax credits, including additional credits for local components (except for some customer projects that have reached substantial start-up conditions by December 31, 2025).
In this regard, Atlas has adjusted its business in the U.S. market, combined with overseas production capacity and local laws and regulations, designed a parallel model of equity transfer and leasing- Atlas will operate in a joint venture with its controlling shareholder CSIQ, and Atlas will lease factories in the U.S. and Thailand. Details are as follows:
The assets involved in this lease mainly include: Atlas' 5GW PV module factory in Texas, USA (Canadian Solar USModule Manufacturing) Corporation (hereinafter referred to as "USMM"), which has actually reached production capacity in 2025; Canadian Solar US Cell Manufacturing Corporation (hereinafter referred to as "USCM") in Indiana, USA, is still under construction. It is expected to reach production capacity in mid-2026; Canadian Solar Manufacturing (Thailand) Co., Ltd. ( "THSM"), a photovoltaic asset in Chonburi, Thailand, It includes PV slice assets and battery production line assets .
It is reported that Atlas has completed the signing of four lease contracts on December 31, 2025, and another contract involving the lease of land and factory buildings involved in the manufacture of photovoltaic wafers in Thailand is scheduled to be signed in April 2026. The lease term of the above
five lease contracts is 5 years . Among them, the American factory involves a clear lease contract, the five-year lease expires, and the lessee does not breach the contract, the lessee has the right to renew the lease for 5-15 years , but the two contracts of the Thai factory do not explicitly stipulate.
Atlas expects that the above asset leasing will generate pre-tax profits of 431 million yuan, 667 million yuan, 731 million yuan, 796 million yuan and 883 million yuan respectively from 2026 to 2030.
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