Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., reached substantial completion on its 100 MW AC (133 MW DC) utility-scale Grand Renewable Solar Project (“GRS”). This project, located in the county of Haldimand, consists of approximately 445,000 CS6X MaxPower high-performance Ontario-made modules, and carries the proud distinction of being the largest operational solar farm in the nation. Canadian Solar provided Engineering, Procurement, and Construction (“EPC”) services for the Project, which is jointly owned by Samsung Renewable Energy Inc., Connor, Clark & Lunn Infrastructure, and Six Nations of the Grand River.
The environmental and economic benefits from this solar farm are significant. Not only is GRS expected to produce approximately 170,000 MWh of electricity per year, the solar energy will power approximately 17,000 homes and displace approximately 162,000 metric tons of carbon dioxide emissions over the 20-year period of the power purchase agreement with the IESO. At the peak of construction, approximately 450 local jobs were created, averaging out to about 240 local construction jobs over the building period.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “The completion of this utility-scale solar farm, the largest operational one in Canada, is a culmination of three years of strategic business planning, coordinated efforts, and tenacious work on the part of Canadian Solar. We are extremely excited to see this project come to fruition, especially given the solar farm’s substantial economic and environmental benefits for Canada.” (Original Source)
Shares of Canadian Solar closed last Friday at $25.25. 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 $29.05 and its 200-day moving average is $30.63.
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 82.2% 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 51.1% and -10.9% respectively. Kumar has a success rate of 44.0% and is ranked #146 out of 3712 analysts, while Satghare has a success rate of 36.8% and is ranked #3465.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.