Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that it started the commercial operation of four solar photovoltaic (PV) power plants in Japan, totaling approximately 8.6 MWp.
The 8.6 MWp portfolio of projects include the 2.6 MWp Hijimachi Fujiwara solar power plant in Hayami-gun, Oita Prefecture, the 2.2 MWp Koba solar power plant in Isa-shi City, Kagoshima Prefecture, the 2.1 MWp Tsukuba Holes solar power plant in Kasama-shi City, Ibaraki Prefecture and the 1.7 MWp Yusuicho solar power plant in Aira-gun, Kagoshima Prefecture.
Financing for these four projects is being provided by Rabobank Hong Kong, pursuant to a credit agreement announced on July 28, 2015. As previously disclosed, the credit facility has a two-year maturity and will be used to finance the construction of an initial portfolio of up to 20 MWp of the Company’s solar power plants in Japan.
“We are pleased to start commercial operation of four additional solar projects totaling 8.6 MWp, which brings our total megawatts in operation inJapan close to 15 MWp,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. “We remain positive on the opportunities ahead for our energy business in Japan and remain committed to delivering reliable solar energy solutions around the world.”
The 2.6 MWp Hijimachi Fujiwara solar plant, powered by 10,098 Canadian Solar CS6P-255P modules, achieved commercial operation on October 13, 2015. The electricity generated from this plant, approximately 3,101 MWh annually, will be purchased by Kyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of ¥36.00 ($0.30) per kWh.
The 2.2 MWp Koba solar plant powered by 8,558 Canadian Solar CS6P-260P modules, achieved commercial operation on September 16, 2015. The electricity generated from the plant, approximately 2,810 MWh annually, will be purchased by Kyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of ¥40.00 yen ($0.34) per kWh.
The 2.1 MWp Tsukuba Holes solar plant powered by 8,250 Canadian Solar CS6P-255P modules, achieved commercial operation on September 24, 2015. This plant is expected to generate approximately 2,199 MWh of clean, solar electricity annually to be purchased by Tokyo Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of ¥40.00 yen ($0.34) per kWh.
And finally the 1.7 MWp Yusuicho solar plant powered by 6,860 Canadian Solar CS6P-255P modules, achieved commercial operation on August 21, 2015. This plant is expected to generate approximately 2,226 MWh of clean, emission-less solar electricity every year, which will be purchased byKyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of ¥36.00 yen ($0.30) per kWh. (Original Source)
Shares of Canadian Solar closed yesterday at $21.74. CSIQ has a 1-year high of $40.08 and a 1-year low of $14.16. The stock’s 50-day moving average is $19.03 and its 200-day moving average is $27.39.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on September 28, Stifel Nicolaus analyst Sven Eenmaa initiated coverage with a Buy rating on CSIQ and a price target of $25, which represents a potential upside of 15.0% from where the stock is currently trading. Separately, on August 21, Standpoint Research’s Ronnie Moas upgraded the stock to Buy and has a price target of $26.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Sven Eenmaa and Ronnie Moas have a total average return of -8.8% and 7.3% respectively. Eenmaa has a success rate of 44.4% and is ranked #3209 out of 3793 analysts, while Moas has a success rate of 69.8% and is ranked #17.
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 $26.00 which is 20% 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.