Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that it signed an agreement with Mashiki Town and Kumamoto Prefecture to build a 47.0 MWp solar power plant. Once completed, the Mashiki solar power plant will be the largest solar plant in Kumamoto Prefecture.
The Mashiki plant is expected to start commercial operation in the first quarter of 2017. Powered by Canadian Solar modules, the plant is expected to generate approximately 57,000MWh of clean, solar electricity per year, which will be purchased by Kyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of JPY36.0 ($0.30) per kWh.
“We are very pleased to announce this agreement with Mashiki Town and Kumamoto Prefecture,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. “The Mashiki solar project is our largest Japanese project to start construction, and represents an important milestone as we continue to make progress developing our high-value solar project pipeline in this important market.” (Original Source)
Shares of Canadian Solar closed last Friday at $21.12. 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 $18.43 and its 200-day moving average is $27.94.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on September 28, Stifel Nicolaus analyst Sven Eenmaa initiated coverage with a Buy rating on CSIQ and a price target of $25, which represents a potential upside of 18.4% from where the stock is currently trading. Separately, on August 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, Sven Eenmaa and Ronnie Moas have a total average return of -7.2% and 7.5% respectively. Eenmaa has a success rate of 44.4% and is ranked #3117 out of 3775 analysts, while Moas has a success rate of 70.6% and is ranked #11.
Overall, 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 $26.00 which is 23.1% above where the stock closed last Friday.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.