Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, announced that it served as the supplier of photovoltaic (PV) modules for the 42.9 MW Takataya Hibiki PV plant inKitakyushu, Japan. In total, Canadian Solar provided 168,240 Canadian Solar CS6P-255P solar panels.
The Takataya Hibiki solar power plant, located in the Fukuoka prefecture, is expected to reach commercial operation in August of 2015. While the independent power producer is Takataya Co. Ltd, JGC Corporation provided turnkey engineering, procurement, and construction services. Takataya Hibiki is expected to generate 49 million kWh annually, which is equivalent to powering 13,600 homes. Furthermore, the system will displace approximately 32,340 metric tons of carbon dioxide every year.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, “Canadian Solar is proud to have been selected as the module supplier for this solar plant in Japan. We believe strongly in the plant’s economic and environmental benefits, especially in reducing the carbon footprint in the country.” (Original Source)
Shares of Canadian Solar closed yesterday at $32.72 . 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 $34.70 and its 200-day moving average is $29.67.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report released yesterday, Nomura analyst Nitin Kumar reiterated a Buy rating on CSIQ, with a price target of $46, which represents a potential upside of 40.6% from where the stock is currently trading. Separately, on June 1, FBR’s Aditya Satghare reiterated a Buy rating on the stock and has a price target of $45.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Nitin Kumar and Aditya Satghare have a total average return of 54.3% and -1.2% respectively. Kumar has a success rate of 45.8% and is ranked #133 out of 3629 analysts, while Satghare has a success rate of 64.7% and is ranked #2822.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.