Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, announced that on May 7th 2015 it closed a GBP35 million ($53 million) project financing facility with Investec Bank plc (“Investec“), for a portfolio of four solar power plants with an installed capacity totaling 40.2 megawatts.

Located at four different locations across England, the installations have been built under the Renewables Obligation regime and became operational in March 2015.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said: “The UK market is an important component of our strategy to build and own solar power plants that we plan to drop into a YieldCo vehicle in the months ahead. Our goal is to continue investing in the UK and we look forward to continue working with Investec to support our growth.”

Olivier Fricot, Head of Power and Infrastructure Lending, Investec, said: “Investec supported Canadian Solar in its first ROC based project financing. It further endorses the expertise of our team in the UK renewables sector. This transaction represents a significant deal with one of the leading global solar energy players, and we look forward to further developing this relationship in a number of geographies where our respective organizations operate.”

Investec acted as sole mandated lead arranger on this transaction. Investec has a growing presence in the UK solar market, having funded in excess of 350MWp to date. (Original Source)

Shares of Canadian Solar closed last Friday at $33.16 . 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 $35.37 and its 200-day moving average is $29.40.

On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on May 19, Roth Capital analyst Philip Shen reiterated a Buy rating on CSIQ, with a price target of $46, which represents a potential upside of 38.7% from where the stock is currently trading. Separately, on May 18, Canaccord Genuity’s Jonathan Dorsheimer maintained a Buy rating on the stock and has a price target of $45.

According to, 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 -4.3% and -1.0% respectively. Shen has a success rate of 41.2% and is ranked #3413 out of 3612 analysts, while Dorsheimer has a success rate of 40.0% and is ranked #2968.

Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.