Company Update (NASDAQ:CSIQ): Canadian Solar Inc. Secures GBP 49.3 Million Refinancing with NatWest For 50 Megawatts Solar Power Projects


Canadian Solar Inc. (NASDAQ:CSIQ) announced that it has secured GBP 49.3 million (US$62.8 million) non-recourse term loan facilities to refinance a portfolio of 10 solar power plants, with total capacity of 50 megawatts in the United Kingdom. National Westminster Bank (NatWest), a subsidiary of RBS Group, is providing the 18.7-year term facility. Part of the proceeds will be used to repay a construction loan of GBP 28.1 million (US$35.8 million).

“We are pleased to be working with NatWest, a leading UK bank, to finance our portfolio of 50 MW of solar power projects in the UK. This transaction demonstrates yet again the quality and bankability of our solar power projects” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.  “We are proud to cooperate with NatWest to promote the adoption of environment-friendly solar energy in the UK to help mitigate climate change.”

Kevin Maddick, Structured Finance NatWest added: “We are proud to be able to support Canadian Solar with this solar power investment, which reinforces NatWest’s position as a leading funder to the UK solar sector.” (Original Source)

Shares of Canadian Solar closed last Friday at $12.50, up $0.28 or +2.29%. 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 $12.14 and its 200-day moving average is $13.90.

On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on November 22, Roth Capital analyst Philip Shen downgraded CSIQ to Hold, with a price target of $11, which represents a potential downside of 12% from where the stock is currently trading. Separately, on the same day, FBR’s Carter Driscoll downgraded the stock to Hold and has a price target of $12.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Carter Driscoll have a yearly average loss of -18.7% and -24.1% respectively. Shen has a success rate of 22% and is ranked #4196 out of 4283 analysts, while Driscoll has a success rate of 18% and is ranked #4194.

Sentiment on the street is mostly neutral on CSIQ stock. Out of 4 analysts who cover the stock, 3 suggest a Hold rating and one recommends to Buy the stock. The 12-month average price target assigned to the stock is $31.00, which represents a potential upside of 148% from where the stock is currently trading.

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.