Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that its wholly owned subsidiary, Recurrent Energy, one of North America’s largest solar project developers, has closed on a combined construction and term debt facility, with a syndicate of five banks, for the 157.5 megawatt (MW)ac/ 212 MWp Roserock solar project in Texas. The project, developed by Recurrent Energy, is currently under construction. The electricity generated by the facility will be delivered to Austin Energy pursuant to a 20-year Power Purchase Agreement.

With KeyBank as the Coordinating Lead Arranger, five banks, including Rabobank, Santander, NORD/LB, and CIT will provide project-level construction debt, LC facilities and a back-leveraged term facility, totaling approximately $275 million.

“This top tier group of financiers’ attraction to the Roserock solar project is a clear indication that large-scale solar can compete and succeed in competitive energy markets like Texas,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “This agreement is a testament to our broader team’s ability to deliver bankable solar projects with strong fundamentals.”

“This is our fourth transaction with Recurrent Energy in 2015. We are proud to continue our working relationship and view Roserock as a strong investment in the fast growing Texas solar market,” said Andrew Redinger, Managing Director and Head of KeyBanc Capital Markets Utilities, Power & Renewables Group.

Roserock, located on approximately 1,300 acres in Pecos County in West Texas, is projected to create 500 construction jobs. The project will use approximately 700,000 Canadian Solar CS6X-P photovoltaic (PV) solar modules and is expected generate enough energy to power more than 30,000 Texan homes once it reaches commercial operation in late 2016. The facility layout was developed in cooperation with mineral operator Apache Corporation. (Original Source)

Shares of Canadian Solar closed last Friday at $22.5, up $0.19 or 0.85%. 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 $21.70 and its 200-day moving average is $24.52.

On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on November 25, Standpoint Research analyst Ronnie Moas downgraded CSIQ to Hold. Separately, on November 12, Canaccord Genuity’s Jonathan Dorsheimer maintained a Buy rating on the stock and has a price target of $29.

According to, 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 7.3% and -6.4% respectively. Moas has a success rate of 70.4% and is ranked #20 out of 3649 analysts, while Dorsheimer has a success rate of 38.8% and is ranked #3476.

Overall, one research analyst has assigned a Hold rating and 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 $43.00 which is 91.1% above where the stock closed last Friday.

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