Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., has secured contracts to supply 50 MW AC (60 MW DC) of MaxPower CS6X Ontario-made solar panels and 30 medium voltage power stations for the Windsor Solar LP facility. This utility-scale solar project, developed by Samsung Renewable Energy Inc. (“Samsung”) and Connor, Clark and Lunn Infrastructure (“CC&L Infrastructure”), will be built in the City of Windsor, Ontario.
The power plant is expected to produce approximately 86,500 MWh of electricity per year, sufficient to power approximately 8,204 Canadian homes. It will also contribute to a greener environment by displacing approximately 59,646 metric tons of carbon dioxide emissions annually over the 20-year period of the power purchase agreement with the IESO.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “Canadian Solar takes great pride in supplying solar modules and medium voltage stations to solar projects in Ontario, such as this Windsor solar facility. Together with Samsung and CC&L Infrastructure, we continue to make the difference to the Ontario project landscape, including further energizing Southgate Solar later this quarter.” (Original Source)
Shares of Canadian Solar closed yesterday at $20.28. 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 $25.36 and its 200-day moving average is $22.79.
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 57.8% 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 -22.0% and -4.5% respectively. Satghare has a success rate of 31.6% and is ranked #3408 out of 3607 analysts, while Dorsheimer has a success rate of 39.5% and is ranked #3213.
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.