Canadian Solar Inc. (NASDAQ:CSIQ) announced that it has started the commercial operation of a 24MWp solar photovoltaic (PV) power plant in Yamaguchi Prefecture, Japan.
The Yamaguchi plant achieved commercial operation on November 16, 2016, and is the largest solar power plant that Canadian Solar has built in Japan. Powered by 92,064 Canadian Solar CS6P-260P/CS6P-255P modules, the plant is expected to generate approximately 28,487 MWh of electricity each year, which will be purchased by Chugoku Electric Power Company, under a 20-year feed-in-tariff contract at the rate of JPY40.00 ($0.38) per kWh.
“We are delighted to announce the commercial operation of this 24MWp plant, which once again demonstrates Canadian Solar’s leadership position in the solar energy business. With the addition of this 24MWp project, our total portfolio of projects in operation in Japan reaches 46MWp,”commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “With 167MWp of projects under construction and an addition 66MWp of projects that are ready to build, we are well on track to deliver more solar projects in Japan. We are also working on a plan to monetize certain assets in the coming months.” (Original Source)
Shares of Canadian Solar are currently trading at $11.70, down $0.11 or -0.90%. CSIQ has a 1-year high of $29.83 and a 1-year low of $10.25. The stock’s 50-day moving average is $14.51 and its 200-day moving average is $14.97.
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 19% 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 yearly average loss of 15.9% and 24.2% respectively. Windham has a success rate of 32% and is ranked #3981 out of 4226 analysts, while Driscoll has a success rate of 17% and is ranked #4116.
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.