Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that it has won five solar photovoltaic (PV) projects totaling 185 megawatts (MW) In Pirapora, in the state in Minas Gerais, Brazil. Canadian Solar will develop and build the solar power plants which, once connected to the grid will sell the electricity generated to a Brazilian government entity, under a 20-year Power Purchase Agreement at R$298.58/MWh (approximately $84.0 USD/MWh).
“This win in Brazil demonstrates the strength of our global project development capabilities, and positions us well to become a solar energy leader in this important emerging market,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “Brazil has significant solar resources and a large energy market, which provides us with an opportunity to stablish our brand, take market share and deliver good results for our shareholders.”
The five projects are targeted to reach commercial operation in mid-2017. The Company will short list potential equity partners for these projects and believes that it can make adequate developer margins should it decide to sell them. (Original Source)
Shares of Canadian Solar closed yesterday at $18.42. CSIQ has a 1-year high of $41.12 and a 1-year low of $14.16. The stock’s 50-day moving average is $23.32 and its 200-day moving average is $30.44.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on August 21, Standpoint Research analyst Ronnie Moas upgraded CSIQ to Buy, with a price target of $26, which represents a potential upside of 41.2% from where the stock is currently trading. Separately, on August 19, Canaccord Genuity’s Jonathan Dorsheimer 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 Jonathan Dorsheimer have a total average return of 6.9% and -4.0% respectively. Moas has a success rate of 69.5% and is ranked #26 out of 3748 analysts, while Dorsheimer has a success rate of 38.2% and is ranked #3412.
Overall, 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $36.00 which is 95.4% above where the stock closed yesterday.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.