Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, announced that it has signed a financing agreement pursuant to which Deutsche Bank has agreed to provide C$71.6 Million (USD$58 Million) in non-recourse, short-term construction financing to Canadian Solar for the construction of two solar power projects inOntario, Canada. The two power plants, both 10 MW AC each, have been awarded a 20-year power purchase contract by the Independent Electricity System Operator (IESO) under Ontario’s Feed-in-Tariff (FIT) Program.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “This is the fourth construction loan package that Canadian Solarhas signed with Deutsche Bank, and we value and respect our long-standing relationship with this reputable financial institution. The addition of these two projects underscores not only our successful collaboration with Deutsche Bank, but also our contribution to expanding the use of clean solar energy in Canada.” (Original Source)
Shares of Canadian Solar closed yesterday at $33.2 . 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 $34.46 and its 200-day moving average is $29.73.
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 38.6% 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 52.3% and -1.3% respectively. Kumar has a success rate of 48.0% and is ranked #138 out of 3635 analysts, while Satghare has a success rate of 58.8% and is ranked #2863.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.