Shares of Canadian Solar are soaring more than 8.3 percent in early trading on Monday following an announcement by the company that it has experienced higher-than-expected solar demand in Q3.

The news comes during a big week for two other solar companies, First Solar, Inc. FSLR 2.99% and SolarCity Corp SCTY 1.93%, both of which report earnings on Thursday.

New Demand Projections

Canadian Solar now projects Q3 solar module shipments to come in between 1.18 GW and 1.23 GW compared to a previous projected range of between 970 MW and 1.02 GW. In addition, the company raised its Q3 revenue guidance range from $570–$620 million to $805–$815 million, excluding about 99 MW of utility-scale shipments that will not be recorded as Q3 revenue.

Canadian Solar also announced that it has sold 51 percent of its interest in the 200 MW Tranquility project to Southern Power, a subsidiary of Southern Co SO 0.48%.

Positive Outlook

In its press release, Canadian Solar’s CEO Shawn Qu explained…

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