Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, announced that its wholly owned subsidiary, Canadian Solar Solutions Inc., completed the sale of its 10 MW AC EarthLight LP (“Earthlight”) to One West Holdings Ltd., an affiliate of Concord Green Energy Inc. (“Concord”). The plant, valued at over CAD$69.4 Million (USD$49.7 Million), is located in Georgina, Ontario and consists of approximately 45,648 Canadian Solar MaxPower CS6X-300/310P PV modules. BowMont Capital and Advisory acted as financial advisor to Concord on this transaction.
This solar power plant will generate significant environmental benefits. The amount of clean solar energy that the Earthlight plant will generate is estimated at 17,892 MWh per year and 344,697 MWh over 20 years. The amount of carbon dioxide that will be displaced during the system’s 20 year lifetime is approximately 237,686 metric tons, equivalent to taking approximately 50,000 cars off the road for one year.
Cliff McCracken, Senior Vice-President at Concord, remarked, “This is the fifth plant we have purchased from Canadian Solar in the past year and a half for a total installed capacity of 49 MW. We look forward to this to further complement our portfolio of green energy producing projects across Canada.”
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “We are pleased to deliver a fifth solar power plant to Concord Green Energy, and we thank them for their mutual partnership and shared belief in making a difference to the environment in Canada. Not only will Earthlight create additional green jobs, it will also provide sustainable clean solar energy to all people of Ontario.” (Original Source)
Shares of Canadian Solar closed yesterday at $27.92, down $0.58 or -2.04%. 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 $23.50 and its 200-day moving average is $23.49.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on December 18, FBR analyst Aditya Satghare initiated coverage with a Buy rating on CSIQ and a price target of $32, which represents a potential upside of 14.6% from where the stock is currently trading. Separately, on December 17, Canaccord Genuity’s Jonathan Dorsheimer reiterated a Buy rating on the stock and has a price target of $35.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Aditya Satghare and Jonathan Dorsheimer have a total average return of -16.7% and 0.2% respectively. Satghare has a success rate of 42.1% and is ranked #3439 out of 3649 analysts, while Dorsheimer has a success rate of 46.0% and is ranked #1988.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.