Canadian Solar Inc. (NASDAQ:CSIQ), one of the world's largest solar power companies, announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., in the first quarter of 2015 completed the sale of the third 10 MW AC solar power plant, "CityLights," to Renewable Energy Trust Ontario Holdings, INC/ULC (RET Capital), at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis. This plant uses Canadian Solar's CSX-P-300|305P panels.
The CityLights solar power plant is located in the town of Chesterville, Ontario. The electricity generated by this power plant, currently in operation, will be sold to Hydro One under a 20-year Independent Energy Systems Operator feed-in-tariff contract. Canadian Solar provided turnkey engineering, procurement, and construction services, and will further provide operations and maintenance services.
"RET Capital is very pleased to close this deal with our friends at Canadian Solar. By purchasing CityLights, we now have a portfolio of more than 40 MW DC of solar assets in Ontario," said John A. Bohn, Chief Executive Officer and Chairman of RET Capital. "We look forward to continuing our close working relationship with Canadian Solar in the future as we expand our North American solar network."
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "We are pleased to close our third solar power plant sale to RET Capital. Not only does this sale highlight the successful collaboration between Canadian Solar and RET, it also underscores our success in creating sustainable jobs and furthering the use of renewable energy from the sun in Ontario." (Original Source)
Shares of Canadian Solar closed last Thursday at $33.89 . 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 $32.20 and it's 200-day moving average is $28.19.
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 gauge the performance of their past recommendations, Ronnie Moas and Philip Shen have a total average return of 9.3% and -2.0% respectively. Moas has a success rate of 74.1% and is ranked #10 out of 3568 analysts, while Shen has a success rate of 41.1% and is ranked #3101.
Canadian Solar Inc is a solar power company. The Company designs, develops, and manufactures solar wafers, cells and solar power products.