Canadian Solar Inc. (NASDAQ:CSIQ) announced that its wholly-owned subsidiary Canadian Solar Projects K.K. has entered into a syndicated 3- year loan facility for JPY9.6 billion (US$95 million). Sumitomo Mitsui Banking Corporation (SMBC) acted as the lead arranger.
The loan facility syndication was well received by the Japan banking community with participation of 13 financial institutions. The loan proceeds will be used to finance solar project development in Japan and general corporate working capital requirements.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. commented, “We are very pleased to receive strong support from a leading group of financial institutions, which demonstrates their confidence in the growth prospects of Canadian Solar. We are well positioned to access competitively priced funding to support solar development opportunities in Japan. We value our partnership with SMBC, a tier-1 bank in Japan with a global presence and we look forward to continuing the cooperation to support our business growth in Japan and other important markets.” (Original Source)
Shares of Canadian Solar are currently trading at $14.57, down $0.14 or 0.95%. 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 $12.93 and its 200-day moving average is $15.65.
On the ratings front, CSIQ 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 downside 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 -12.7% and -17.5% respectively. Windham has a success rate of 33% and is ranked #3888 out of 4182 analysts, while Driscoll has a success rate of 22% 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.