Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of LunarLight, a 10 megawatt (“MW”) AC solar power plant to a subsidiary of BluEarth Renewables Inc. (“BluEarth”). LunarLight, located in Belleville, Ontario, is the last in a series of power plants acquired by BluEarth from Canadian Solar. The facility is valued at approximately C$65 million (USD$53 million) and usesCanadian Solar’s CS6X-300/305P modules made in Canada.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “We are pleased to announce the closing of the fourth utility-scale solar power plant to BluEarth Renewables, a private independent renewable power producer. The completion of the LunarLight project underscoresCanadian Solar’s position as a global energy provider in the Ontario landscape. We take great pride in the diverse project portfolio that we have built inNorth America.” (Original Source)
Shares of Canadian Solar closed yesterday at $32.03 . CSIQ has a 1-year high of $41.12 and a 1-year low of $18.68. The stock’s 50-day moving average is $34.25 and its 200-day moving average is $29.96.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on June 16, Nomura analyst Nitin Kumar reiterated a Buy rating on CSIQ, with a price target of $46, which implies an upside of 43.6% from current levels. Separately, on June 1, FBR’s Aditya Satghare reiterated a Buy rating on the stock and has a price target of $45.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Nitin Kumar and Aditya Satghare have a total average return of 52.1% and -2.2% respectively. Kumar has a success rate of 44.0% and is ranked #155 out of 3640 analysts, while Satghare has a success rate of 52.9% and is ranked #2950.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.