Canadian Solar Inc. (NASDAQ:CSIQ) announced a 15-year Power Purchase Agreement (PPA) for 100 MWac of solar power inCalifornia with MCE, California’s first operating Community Choice Aggregation program.
Power from the Recurrent Energy-developed Tranquillity 8 solar project, located in Fresno County, California, will supply MCE with 100 MWac of clean solar electricity, which is sufficient to power 48,300 homes. Construction of the project is expected to begin in 2017 and the project will begin providing power to MCE by late 2018.
“We’re proud to be working with Recurrent Energy to grow California’s solar industry, helping to power economic strength, job creation and tackle climate change by transitioning our communities to clean energy,” said Dawn Weisz, CEO of MCE.
“This contract award further expands our contracted pipeline in the U.S. and marks the third and largest PPA between Recurrent Energy and MCE,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “MCE’s continued leadership in procuring renewable energy is to be commended. We are pleased to have the opportunity to continue delivering reliable, cost-competitive solar power to MCE and their customers.” (Original Source)
Shares of Canadian Solar closed yesterday at $12.67, down $0.29 or -2.24%. 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 $16.03.
On the ratings front, CSIQ stock 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 $14.00, which implies an upside of 10.5% from current levels. Separately, on August 22, FBR’s Carter Driscoll reiterated a Buy rating on the stock and has a price target of $23.00.
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.
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.