Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that it started the commercial operation of three solar photovoltaic (PV) power plants in Japan, totaling approximately 6.2 MWp. The 6.2 MWp portfolio of projects include the 2.3 MWp Ashikita Solar Power Plant in Kumamoto City, Kumamoto Prefecture, the 2.2 MWp Minamishimabara Power Plant – East and the 1.7MWp Minamishimabara Plant – West in Minamishimabara City, Nagasaki Prefecture.
“The completion and commercial operation of the additional three solar projects, totaling 6.2MWp, brings our total megawatts of projects in operation in Japan to approximately 21MWp,” commented Dr. Shawn Qu, Chairman and Chief Financial Officer of Canadian Solar Inc., “We remain on track to execute on our plan to deliver more clean solar energy to the Japanese market.”
The 2.3 MWp Ashikita Solar Power Plant, powered by 9,030 Canadian Solar CS6P-260P modules, achieved commercial operation on December 11, 2015. The electricity generated from this plant, approximately 2,858 MWh annually, will be purchased by Kyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of ¥40.00 ($0.34) per kWh.
The 2.2 MWp Minamishimabara Power Plant – East, powered by 8,602 Canadian Solar CS6P-260P modules, achieved commercial operation onDecember 25, 2015. The electricity generated from the plant, approximately 2,750 MWh annually, will be purchased by Kyushu Electric Power Co., Inc.under a 20 year feed-in-tariff contract at the rate of ¥40.00 yen ($0.34) per kWh.
And finally the 1.7 MWp Minamishimabara Plant – West, powered by 6,509 Canadian Solar CS6P-260P modules, achieved commercial operation onJanuary 29, 2016. This plant is expected to generate approximately 2,073 MWh of clean, solar electricity annually to be purchased by Kyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of ¥40.00 yen ($0.34) per kWh. (Original Source)
Shares of Canadian Solar closed last Friday at $19.44. CSIQ has a 1-year high of $40.08 and a 1-year low of $14.16. The stock’s 50-day moving average is $23.03 and its 200-day moving average is $21.97.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on February 1, Roth Capital analyst Philip Shen maintained a Buy rating on CSIQ, with a price target of $40, which implies an upside of 105.8% from current levels. Separately, on January 21, Standpoint Research’s Ronnie Moas upgraded the stock to Buy and has a price target of $26.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Ronnie Moas have a total average return of -14.8% and 4.5% respectively. Shen has a success rate of 26.1% and is ranked #3528 out of 3584 analysts, while Moas has a success rate of 65.6% and is ranked #60.
The street is mostly Bullish on CSIQ stock. Out of 5 analysts who cover the stock, 5 suggest a Buy rating . The 12-month average price target assigned to the stock is $26.00, which represents a potential upside of 33.7% from where the stock is currently trading.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.