Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that it has entered into a private placement with Prudential Capital Group, pursuant to which, the global investment management business of Prudential Financial, Inc. has agreed to purchase non-recourse notes with principal amount totaling approximately JPY6.2 billion (US$60.0 million). The proceeds from the private placement will be used to finance a portfolio of environmentally-friendly solar power plants totaling 21.2MWp in Japan.

“This is our inaugural green solar private placement with a blue chip institutional investor, and represents the second project bond financing structure executed by Canadian Solar in the Japanese market, further diversifying our funding mix,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. “This successful transaction once again underscores the confidence that leading financial institutions have in Canadian Solar’s project pipeline in Japan and positions us well to continue to deliver on our mission to accelerate the deployment of clean, reliable, emission-free solar energy worldwide.” (Original Source)

Shares of Canadian Solar closed last Friday at $15.03, up $0.19 or 1.28%. CSIQ has a 1-year high of $29.83 and a 1-year low of $13.56. The stock’s 50-day moving average is $16.59 and its 200-day moving average is $19.11.

On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on July 7, Roth Capital analyst Gerry Sweeney reiterated a Buy rating on CSIQ. Separately, on June 28, Canaccord Genuity’s Jonathan Dorsheimer maintained a Buy rating on the stock and has a price target of $29.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gerry Sweeney and Jonathan Dorsheimer have a total average return of -2% and -5.8% respectively. Sweeney has a success rate of 48% and is ranked #3017 out of 4035 analysts, while Dorsheimer has a success rate of 41.5% and is ranked #3747.

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.