Company Update (NASDAQ: CSIQ): Canadian Solar Completes the Sale of Glenarm Solar Power Plant to Dutch Infrastructure Fund
Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced the sale of the 10 MW AC Glenarm solar power plant (“Glenarm”) to an affiliate of DIF Infrastructure III (“DIF”). This solar power plant is valued at over C$60 million (US$49 million) and utilizes Canadian Solar’s CS6X photovoltaic (PV) modules. The Glenarm plant will sell electricity pursuant to a 20-year Ontario Power Authority feed-in-tariff contract. The project reached commercial operation in November 2014. The closing of this sale represents the first of four solar projects (Glenarm, Illumination, B… Read more »
Shares of Canadian Solar closed yesterday at $19.25 . CSIQ has a 1-year high of $44.50 and a 1-year low of $18.90. The stock’s 50-day moving average is $22.64 and it’s 200-day moving average is $29.05.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report published on January 5, analyst Philip Shen from Roth Capital maintained a Buy rating on CSIQ, with a price target of $40, which implies an upside of 107.8% from current levels. Separately, on December 1, FBR`s Aditya Satghare reiterated a Buy rating on Canadian Solar shares and has a price target of $45.
In total, 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $19.25 which is 114.7% above where the stock closed yesterday.
Canadian Solar Inc is a solar power company. The Company designs, develops, and manufactures solar wafers, cells and solar power products.