Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that it has won a 63 MWp solar power project in Aguascalientes, Mexico. Canadian Solar will develop and build the solar power plant. Once connected to the grid, the electricity generated will be sold to CFE (Comisión Federal de Electricidad), under a 15-year Power Purchase Agreement for energy and capacity and 20-year for Clean Energy Certificates at approximately US$47.95/MWh. The project is expected to be connected to the grid in September 2018.
“We are delighted to announce this win in Mexico which expands our late stage solar project pipeline in OECD countries, and positions us well for further growth in this important emerging market,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “Our ability to win this competitive bid is a testament to our strength as a global tier 1 leader in the solar industry. We look forward to build on our momentum to expand our global presence and help accelerate the adoption of solar energy to mitigate climate change in the region and around the world as we continue to focus on our corporate vision of making a difference to the planet.” (Original Source)
Shares of Canadian Solar closed last Friday at $19.01, down $0.27 or -1.40%. 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 $20.54 and its 200-day moving average is $21.48.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report released today, Barclays analyst Jon Windham initiated coverage with a Buy rating on CSIQ and a price target of $24, which implies an upside of 26.2% from current levels. Separately, on March 29, Stifel Nicolaus’ Sven Eenmaa reiterated a Buy rating on the stock and has a price target of $28.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jon Windham and Sven Eenmaa have a total average return of -5.0% and -4.6% respectively. Windham has a success rate of 58.8% and is ranked #2980 out of 3775 analysts, while Eenmaa has a success rate of 46.2% and is ranked #2908.
The street is mostly Bullish on CSIQ stock. Out of 8 analysts who cover the stock, 8 suggest a Buy rating . The 12-month average price target assigned to the stock is $45.00, which implies an upside of 136.7% from current levels.
Canadian Solar, Inc. designs, develops, and manufactures solar wafers, cells and solar power products. Its products include a range of standard solar modules built to general specifications for use in a range of residential, commercial and industrial solar power generation systems. Canadian Solar also designs and produces solar modules and products based on its customer’s requirements. Canadian Solar was founded by Xiaohua Qu in October 2001 and is headquartered in West Guelph, Canada