Company Update (NASDAQ:CSIQ): Canadian Solar Inc. Energizes Five Solar Power Plants in the United Kingdom


Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that it has energized an additional five solar power plants, totaling 22.9 MWp, bringing its total fleet of solar power plants in operation in the United Kingdom to 63.1 MWp.

Three solar plants, Royston Solar Park, Wick Road Solar Park and Pant-Y-Moch Solar Park are being developed under the community scheme, with a commercial component totaling 14.7 MWp energized in the fourth quarter of 2015, and a community solar component totaling 12.5 MWp that is expected to be connected to the grid in the first half of 2016 allowing community investors to benefit from large scale PV system development in theUnited Kingdom.

Two other solar power plants, Long Meadow Solar Farm and Slade Solar Farm, totaling 8.2 MWp have been connected to the grid in the fourth quarter of 2015 under the Renewable Obligations Certificate (ROCs) program.

The five commercial solar plants connected to the grid in the fourth quarter of 2015 (22.9 MWp) will produce approximately 23,953 megawatt-hours of electricity per year, which will displace approximately 16,517 metric tons of carbon dioxide per year.

“We are delighted to announce the grid connection of an additional five projects, bringing our fleet of solar power plants in commercial operation in the UK to 63.1 MWp,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “We are proud to make our contribution to the adoption of clean solar energy in the UK, while at the same time creating lasting value for our shareholders.”

The Royston Solar Park, located in Roystone, Hertfordshire, has a total system size of 10.0 MWp, including 5.0 MWp commercial project that is in operation and a 5.0 MWp community project, which will be built and energized in the first half of 2016. The Wick Road Solar Park, located in Somerset, has a total system size of 7.2 MWp, including 4.7 MWp commercial project in operation and a 2.5 MWp community project, which will be built and energized in the first half of 2016. The Pant-Y-Moch Solar Park, located in Port Talbot has a total system size of 10.0 MWp, including a 5.0 MWp commercial project in operation and a 5.0 MWp community project, which will be built and energized in the first half of 2016. The Long Meadow Solar Farm, located in Bedfordshire has a total system size of 4.1 MWp and lastly, Slade Solar Farm, located in Devon, has a total system size of 4.1 MWp. (Original Source)

Shares of Canadian Solar closed yesterday at $27.5, down $0.48 or -1.72%. 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 $25.04 and its 200-day moving average is $23.13.

On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on December 18, FBR analyst Aditya Satghare initiated coverage with a Buy rating on CSIQ and a price target of $32, which implies an upside of 16.4% from current levels. Separately, on December 17, Canaccord Genuity’s Jonathan Dorsheimer reiterated a Buy rating on the stock and has a price target of $35.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Aditya Satghare and Jonathan Dorsheimer have a total average return of -16.9% and 0.3% respectively. Satghare has a success rate of 36.8% and is ranked #3441 out of 3647 analysts, while Dorsheimer has a success rate of 45.2% and is ranked #1865.

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.