Canadian Solar Inc. (NASDAQ:CSIQ) announced that it has signed a financing agreement, pursuant to which, Export Development Canada (“EDC”) has agreed to provide guarantees or letters of credit of up to US$100 million to Canadian Solar to support its global activities of project development. Royal Bank of Canada and Toronto Branch of China Construction Bank Corporation will serve as fronting banks on the facility.
“We are very pleased to work with EDC to execute on our global solar power business strategy. With EDC’s backing, we are able to improve our financial flexibility on our capital allocation to new solar projects,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, “The continuous support we received from EDC is a testament to our leading position in the global solar industry. We value our strategic partnership with EDC as we continue to deliver on our commitment to accelerating the deployment of clean, reliable, emission-free solar energy worldwide.” (Original Source)
Shares of Canadian Solar closed yesterday at $12.04, up $0.02 or 0.17%. CSIQ has a 1-year high of $29.83 and a 1-year low of $11.72. The stock’s 50-day moving average is $13.23 and its 200-day moving average is $16.26.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on August 24, Barclays analyst Jon Windham reiterated a Hold rating on CSIQ, with a price target of $14, which implies an upside of 16% from current levels. Separately, on August 22, FBR’s Carter Driscoll reiterated a Buy rating on the stock and has a price target of $23.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jon Windham and Carter Driscoll have a total average return of -15% and -20.3% respectively. Windham has a success rate of 30% and is ranked #3901 out of 4172 analysts, while Driscoll has a success rate of 18% and is ranked #4037.
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.