Canadian Solar Inc. (NASDAQ:CSIQ) announced commercial operation of the 60 MWac/78 MWp Barren Ridge solar photovoltaic (PV) project developed by the Company’s wholly owned subsidiary Recurrent Energy. The Barren Ridge solar project, also known as the RE Cinco project, supplies electricity and associated renewable energy credits (RECs) to the Los Angeles Department of Water and Power (LADWP) under a long-term power purchase agreement.
“We are proud to work with LADWP to bring solar power to the city of Los Angeles and share their commitment to a clean energy future,” said Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “This is the Company’s third U.S. solar project to reach commercial operation this year, a milestone that would not be possible without the hard work and collaboration with our partners.”
LADWP, which was named among the top 10 utilities connecting the most solar megawatts to the power grid in 2015 by the Smart Electric Power Alliance (SEPA), will use the clean solar electricity produced by the Barren Ridge solar project to power more than 25,000 homes in Los Angeles.
“We are committed to reaching 50 percent renewables by 2030, and this solar project plays an important role in reaching that goal. In addition, large-scale transmission line projects like our Barren Ridge Renewable Transmission Project facilitates a renewable energy hub that brings a thousand megawatts of wind and solar energy into the city of Los Angeles,” said LADWP Executive Director of Power System Michael Webster. “By utilizing these new transmission lines and systems, LADWP is bringing renewable energy home.”
The Barren Ridge solar project, located in Kern County northwest of Los Angeles, began construction in fall 2015 and created 230 peak construction jobs. In November 2015, U.S. Bancorp Community Development Corporation (USBCDC), a division of U.S. Bank, made a tax equity investment into the Barren Ridge solar project.
“We’re proud to be part of an environmentally sustainable solution to the tremendous need for energy in the Los Angeles area. Barren Ridge will also have an impact on the region’s economy with the more than 200 jobs it created,” said Adam Altenhofen, vice president of U.S. Bancorp Community Development Corporation, a division of U.S. Bank. (Original Source)
Shares of Canadian Solar closed yesterday at $13.61, up $0.44 or 3.34%. 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 $12.95 and its 200-day moving average is $15.96.
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 represents a slight upside potential 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 -13.4% and -18.0% respectively. Windham has a success rate of 33% and is ranked #3889 out of 4181 analysts, while Driscoll has a success rate of 21% and is ranked #4051.
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.