Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, announced that Natixis, New York Branch/Norddeutsche Landesbank Gironzentrale, New YorkBranch/Cooperative Centrale Raiffeisen-Boerenleenbank B.A./”Rabobank Nederland,” New York Branch will provide the company with up to C$53.5 Million (USD$44.4 Million) in non-recourse, construction plus term financing. The loan facility will finance the 10 MW utility-scale solar power project, “Illumination,” located in the town of Scugog, Ontario, which is being acquired by DIF Infra 3 RE Canada Limited.
Developed by Canadian Solar, the solar power plant is expected to be in commercial operation by the fourth quarter of 2015. The project has been awarded a 20-year power purchase contract (“FIT”) by the Ontario Power Authority under Ontario’s Feed-In-Tariff program.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “The closing of this loan exemplifies Canadian Solar’s reputation as a solid and bankable solar provider. This construction loan from top financiers worldwide shows how Canadian Solar is well-known among institutional investors as a top solar solutions company that stakeholders can trust.”(Original Source)
Shares of Canadian Solar closed last Friday at $38.85 . 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 $35.79 and its 200-day moving average is $28.98.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on May 14, Roth Capital analyst Philip Shen reiterated a Buy rating on CSIQ, with a price target of $40, which represents a slight upside potential from current levels. Separately, on April 6, Canaccord Genuity’s Jonathan Dorsheimer maintained a Buy rating on the stock and has a price target of $46.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Jonathan Dorsheimer have a total average return of -0.6% and -0.7% respectively. Shen has a success rate of 44.7% and is ranked #2879 out of 3604 analysts, while Dorsheimer has a success rate of 42.0% and is ranked #2882.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.