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 Southgate Solar facility. This utility-scale solar project, developed by Samsung Renewable Energy Inc. (“Samsung”) and Connor, Clark & Lunn Infrastructure (“CC&L Infrastructure”), will be built in the Township of Southgate, County of Grey, Ontario.
The power plant is expected to produce approximately 86,500 MWh of electricity per year, sufficient to power approximately 7,600 Canadian homes. It will also contribute to a greener environment by displacing approximately 70,000 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, “We are pleased to announce the addition of the Southgate Solar Project to Canadian Solar’s Ontario project portfolio. By combining our advancements in solar innovation with Samsung and CC&L Infrastructure, this facility highlights the power and potential of clean energy in Canada.” (Original Source)
Shares of Canadian Solar closed yesterday at $19.19. 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 $23.58 and its 200-day moving average is $22.09.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on February 1, Roth Capital analyst Philip Shen maintained a Buy rating on CSIQ, with a price target of $40, which represents a potential upside of 108.4% from where the stock is currently trading. Separately, on January 21, FBR’s Carter Driscoll maintained a Buy rating on the stock and has a price target of $32.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Carter Driscoll have a total average return of -14.7% and -20.5% respectively. Shen has a success rate of 26.8% and is ranked #3560 out of 3612 analysts, while Driscoll has a success rate of 18.4% and is ranked #3506.
The street is mostly Bullish on CSIQ stock. Out of 5 analysts who cover the stock, 5 suggest a Buy rating . The 12-month average price target assigned to the stock is $26.00, which represents a potential upside of 35.5% from where the stock is currently trading.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.