While the solar industry has experienced tremendous growth, the last few years have not been kind to the business that uses the sun to create electricity. Overcapacity and falling prices for photovoltaic (PV) modules that make up solar panels have combined to take a toll.

As the industry gathered in San Francisco this week for its premier trade show, Intersolar North America, Shawn Qu, president and CEO of Canadian Solar, noticed that the exhibit floor is less populated and many of his competitors are no longer around. Still he was able to reflect that his company, like himself, is a survivor in one of the most promising yet challenging business opportunities to come along in generations.

Qu is a Chinese immigrant who came to Canada in the late 1980s to earn a master's degree at the University of Manitoba and then a doctorate in material sciences from the University of Toronto. After working on solar projects for other companies, Qu started Canadian Solar in 2001.

Today, Canadian Solar is more than a survivor - it's a player on the international solar scene.

Canadian Solar designs, manufactures and delivers solar products and solar-system solutions for on- and off-grid use. A good example of the company's large-scale projects is the 30 megawatt (MW) solar power project in Tumushuke City, Xinjiang Uygur Autonomous Region in western China that was connected to the local grid in January.

The project is expected to produce enough electricity generation that the local utility will be able to cut its coal consumption by 13.4 thousand tons every year, reducing annual emissions of carbon dioxide and sulfur dioxide by 35 thousand tons and 114 tons, respectively.

The company operates two solar-panel factories in Canada (in Guelph and London, Ontario) and three in China. The Canadian facilities employ about 700. Canadian Solar, which went public (CSIQ) on the Nasdaq in 2006, reported 2013 revenue of $1.65 billion (C$1.76 billion). Despite the industry turmoil, Qu expects revenue to jump to $2.7 billion-$2.9 billion this year as several large projects come on line.

US investment bank FBR recently upgraded its outlook for Canadian Solar, citing the firm's geographically diverse project pipeline in markets such as Canada, China, Japan, and the US. In the fourth quarter of 2013, sales to the European markets represented 5.5percent of net revenue, sales to the Americas represented 32.1 percent, and sales to Asia and all other markets 62.4 percent.

"Every industry goes through up-and-down cycles so investors shouldn't be surprised," Qu said in an interview with China Daily. "Installation demand is more balanced this year. In our case, I think we have turned the corner by changing our business model so we can gain more revenue through our total solutions unit. Instead of just supplying the solar panels, we want to cover all aspects of the business including financing and managing operations."

Aside from British Columbia, Canada would seem to be an unlikely place for solar to succeed due to its long winters and lack of consistent sunshine. Qu said that thinking is outdated.

In northern Ontario, there are native communities and mines located far from the nearest grid connection. Diesel must be brought in to supply power. "We are working on solar projects that will provide electricity to these areas. Diesel is expensive and sometimes planes can't fly in because of bad weather. When you consider those factors, solar is a cost-effective power source for those areas," Qu said.

"While it is beneficial to have steady sunshine, that doesn't preclude solar from cold weather areas. The United Kingdom is one of the largest solar installation markets in Europe and I don't think anyone would think of the UK as having abundant sunshine," he added.

Qu is a Canadian citizen but spends most of his time in China checking in on the company's facilities. On his personal journey from China to Canada, Qu is grateful for the opportunities Canada has presented him.

"I was very happy during my days studying in Canada and afterward when I began my professional career. I wanted a chance to apply my knowledge in an area (renewable energy) that I think really can make a difference. The multiculturalism that exists in Canadian society allowed me to pursue a dream," he said.

paulwelitzkin@chinadailyusa.com