Canadian Solar Inc. (NASDAQ:CSIQ) announced that it has been awarded US$3.5 million funding from Australian Renewable Energy Agency (“ARENA”) for two of its solar power projects, totaling 47MWp in Australia.
The two solar power projects, located in Longreach and Oakey, Queensland, are 17MWp and 30MWp each in size. With the 20-year government-backed Contract for Difference in place, we plan to start the construction of both projects in Q1 2017 and achieve Commercial Operations Date (“COD”) inJanuary 2018 or earlier.
“We are pleased and proud to secure the funding from ARENA to support our solar project business in Australia, where we see the market is growing steadily,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, “By leveraging our strong project development and execution capabilities, and with the support from the local government, we will continue to expand and execute on our quality solar project pipeline inAustralia, so as to make contributions to the adoption of clean solar energy in the country.”
The 17MWp project at Longreach will be comprised of 54,600 Canadian Solar’s new MaxPower2 CS6U-320 (1500V) polycrystalline modules. The expected output for the first year of operation is around 39.0GWh, equivalent to powering approximately 8,500 Queensland homes. The 30MWp project at Oakey utilizes 93,600 Canadian Solar’s new MaxPower2 CS6U-320 (1500V) polycrystalline modules, with the expected output for the first year of operation of around 59.9GWh, equivalent to powering approximately 14,100 homes in Queensland. (Original Source)
Shares of Canadian Solar closed yesterday at $13.17, up $0.50 or 3.95%. 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 $12.99 and its 200-day moving average is $15.98.
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, which implies an upside of 6% 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 -14.2% and -18.9% respectively. Windham has a success rate of 26% and is ranked #3913 out of 4185 analysts, while Driscoll has a success rate of 21% and is ranked #4054.
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.