Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced the sale of the 10 MW AC (14 MW DC) Illumination LP (“Illumination”) solar power plant to an affiliate of DIF Infrastructure III (“DIF”). The solar power plant, valued at CAD $65.9 Million (USD$48.4 Million), consists of approximately 47,448 Canadian Solar MaxPower CS6X-300/310P PV modules and is located in Scugog, Ontario. It reached commercial operation on November 13, 2015, and will sell electricity pursuant to a 20-year Independent Electricity System Operator feed-in-tariff contract.
The environmental benefits that will be generated from this solar system are significant. The amount of clean solar energy that the Illumination plant will generate is estimated at 17,892 MWh per year, and 344,697 MWh over 20 years. The amount of carbon dioxide that will be displaced during the system’s 20 year lifetime is approximately 237,686 metric tons, equivalent to taking approximately 50,000 cars off the road for one year.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “We are pleased to announce the sale of Illumination LP to DIF. This marks the third transaction closed between Canadian Solar and DIF, and we thank them for their continued partnership.” (Original Source)
Shares of Canadian Solar closed yesterday at $24.64, up $1.18 or 5.03%. 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 $22.56 and its 200-day moving average is $23.72.
On the ratings front, CSIQ has been the subject of a number of recent research reports. In a report released yesterday, Roth Capital analyst Philip Shen maintained a Buy rating on CSIQ, with a price target of $40, which implies an upside of 62.3% from current levels. Separately, on November 25, Standpoint Research’s Ronnie Moas downgraded the stock to Hold .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Ronnie Moas have a total average return of -11.9% and 6.9% respectively. Shen has a success rate of 30.2% and is ranked #3560 out of 3616 analysts, while Moas has a success rate of 69.1% and is ranked #24.
The street is mostly Bullish on CSIQ stock. Out of 4 analysts who cover the stock, 3 suggest a Buy rating and one recommends to Hold the stock.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.