The Chinese-Canadian solar group Canadian Solar Inc. updated its guidance for the fourth quarter and full year 2017 in part to reflect the timing of certain utility-scale solar project sales. In the guidance released in November, the company noted that in September and October 2017, it had entered into definitive agreements with two buyers to sell a portfolio of six solar power projects in California, totaling 703 MW.

The parties hoped to close the transactions in the fourth quarter of 2017 or the first quarter of 2018, depending on the timing of receipt of the required governmental approvals. These transactions were not completed in 2017 and have not yet received the required government approvals. As a result, the company now expects its total revenue for the fourth quarter of 2017 to be in the range of $1.04 billion to $1.08 billion, compared to $1.77 billion to $1.81 billion guided previously.

Meanwhile, Canadian Solar updates its solar module shipment guidance for the fourth quarter of 2017 to be in the range of approximately 1,720 MW to 1,820 MW, compared to 1,650 MW to 1,750 MW guided previously. On the other hand, in the fourth quarter of 2017, the company sold a portfolio of Japanese solar projects to Canadian Solar Infrastructure Fund, Inc., which went public in October 2017, as well as sold certain other solar projects in the U.S. and other countries.

For the full year 2017, Canadian Solar now expects its total solar module shipments to be in the range of approximately 6.8 GW to 6.9 GW, compared to 6.7 GW to 6.8 GW guided previously. The company now expects its total revenue for the full year 2017 to be in the range of $3.33 billion to $3.37 billion, compared to $4.05 billion to $4.09 billion previously guided.