Stock Update (NASDAQ:CSIQ): Canadian Solar Inc. Announces Completion of Construction and Financing Loan from Manulife
Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that The Manufacturers Life Insurance Company (“Manulife”) has agreed to provide approximately C$52.8 Million (US$40.8 Million) in construction and term financing to Canadian Solar for the Aria solar plant located in Springwater, Ontario, Canada. The Aria project will be acquired by Concord Green Energy Inc. (“Concord”) after commercial operation. BowMont Capital and Advisory acted as the Financial Advisor to Concord. Developed by Canadian Solar, the 9 MW AC Aria solar power plant is under construction, with grid connection expected to occur in the fourth quarter of 2015.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “The closing of this loan demonstrates Canadian Solar’smarketability and respect amongst financial institutions. With one of the solar industry’s highest bankability approval ratings, Canadian Solar again affirms its consistent track record as a leading project developer in North America.” (Original Source)
Shares of Canadian Solar closed yesterday at $26.36. 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 $29.88 and its 200-day moving average is $30.55.
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 74.5% 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 51.2% and -7.4% respectively. Kumar has a success rate of 44.0% and is ranked #155 out of 3711 analysts, while Satghare has a success rate of 47.4% and is ranked #3326.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.