Canadian Solar Inc. (NASDAQ:CSIQ) announced the commercial operation of the 200 MWac/258 MWp Tranquillity solar power project in California. The Tranquillity solar power project was developed by Canadian Solar’s wholly owned subsidiary Recurrent Energy and is majority-owned by Southern Company subsidiary Southern Power.
Electricity and the associated renewable energy credits (RECs) produced by the Tranquillity solar facility will be sold under long-term power purchase agreements to offtakers including Southern California Edison (SCE).
“The Tranquillity solar facility is the product of long-term collaboration with financial partners, local communities and other stakeholders,” said Dr.Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “This milestone is a testament to our commitment to the communities and ecosystems where we operate, which is a critical ingredient of our project development success.”
In August 2015, Southern Power signed an agreement to acquire a 51 percent controlling interest in the Tranquillity solar power project. Canadian Solarretains 49 percent ownership of the facility.
The Tranquillity solar facility, which is expected to generate enough electricity to power approximately 50,000 homes, is sited on 1,900 acres of retired agricultural land in Fresno County.
“Recurrent Energy’s Tranquillity solar project is a Smart from the Start project that uses drainage impaired, marginally productive farm lands being retired from agricultural production,” said Carl Zichella, Director of Western Transmission for the Natural Resources Defense Council (NRDC). “Recurrent Energy should be commended for its responsible development practices.”
Construction of the Tranquillity project created 456 peak construction jobs, with approximately 57 percent of workers hailing from within 50 miles of the project site. More than $5M was spent locally on materials and services to support construction activities, with Signal Energy Constructors providing engineering, procurement and construction services. (Original Source)
Shares of Canadian Solar closed last Friday at $12.96, up $0.40 or 3.18%. 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 $13.05 and its 200-day moving average is $16.05.
On the ratings front, CSIQ 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 8% 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 -13.8% and -18.5% respectively. Windham has a success rate of 26% and is ranked #3916 out of 4183 analysts, while Driscoll has a success rate of 19% and is ranked #4060.
The street is mostly Bullish on CSIQ stock. Out of 6 analysts who cover the stock, 3 suggest a Buy rating , 2 suggest a Hold and one recommends to Sell the stock.
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.