Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that it has signed a Power Purchase Agreement (“PPA”) for the 63MWp solar power plant in Aguascalientes, Mexico with the Federal Electricity Commission (Comision Federal de Electricidad, “CFE”). This project was awarded in April 2016 under the Mexico’sFirst Long Term Electricity Auction and it is expected to generate electricity by September 2018. All the electricity generated will be sold to the CFE under the PPA for a 15-year period and related Clean Energy Certificates for a 20-year period.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar commented, “We are pleased to sign the PPA for this solar power project awarded to us earlier this year. We will continue to leverage our global project development and execution capability to continue to expand our global late stage solar project pipeline to meet the growing demand of clean solar energy in Mexico and around the world.” (Original Source)
Shares of Canadian Solar closed last Friday at $14.57, up $0.37 or 2.61%. 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 $14.91 and its 200-day moving average is $17.82.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on August 3, Morgan Stanley analyst Stephen Byrd downgraded CSIQ to Sell, with a price target of $12.80, which reflects a potential downside of -12.1% from last closing price. Separately, on July 22, Roth Capital’s Philip Shen maintained a Buy rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Stephen Byrd and Philip Shen have a total average return of -5.4% and -15.8% respectively. Byrd has a success rate of 39.5% and is ranked #3577 out of 4102 analysts, while Shen has a success rate of 27% and is ranked #4005.
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.