Canadian Solar Inc. (NASDAQ:CSIQ), one of the world's largest solar power companies, announced that it energized four projects totaling 40.2 MWp in the United Kingdom, Hoplass Solar Park, Christchurch Solar Park, Coombe Solar Park, and Moat Farm Solar Plant. All four parks use Canadian Solar's 60 cell solar modules, CS6P-250|255|260P.
Hoplass Solar Park, located in the city of Pembroke, has a total system size of 10.3 MWp Christchurch Solar Park, located in Christchurch, a total of 18 MWp, Coombe Solar Park in Devon a total of 7.3 MWp and Moat Solar Plant in Retford has a system size of 4.6 MWp. All the power plants started commercial operation before March 30, and are eligible for 1.4 ROC (Renewable Obligation Certificate).
An additional two solar projects are expected to be connected in the second quarter of 2015. Cumulatively, these six solar projects will produce approximately 50,183 megawatt-hours (MWh) of electricity per year, which will displace approximately 38,140 metric tons of carbon dioxide per year, equivalent to removing over 7.276 cars from roads in the United Kingdom.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to make our contribution to the adoption of clean solar energy in the United Kingdom. These projects are a good addition to our growing fleet of solar power generation assets that we plan to drop into a YieldCo vehicle in the months ahead."
Shares of Canadian Solar opened today at $33.74 and are currently trading up at $34.6804. CSIQ has a 1-year high of $41.12 and a 1-year low of $18.68. The stock's 50-day moving average is $31.83 and it's 200-day moving average is $28.37.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on March 6, Standpoint Research analyst Ronnie Moas downgraded CSIQ to Hold. Separately, on January 5, Roth Capital's Philip Shen maintained a Buy rating on the stock and has a price target of $40.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gage the performance of their past recommendations, Ronnie Moas and Philip Shen have a total average return of 9.2% and -2.5% respectively. Moas has a success rate of 73.6% and is ranked #13 out of 3564 analysts, while Shen has a success rate of 40.0% and is ranked #3158.
Canadian Solar Inc is a solar power company. The Company designs, develops, and manufactures solar wafers, cells and solar power products.