Canadian Solar Inc. (NASDAQ:CSIQ) announced that it started the commercial operation of two solar photovoltaic (PV) power plants, totaling 12.7 MWp in Japan. The two plants include the 10.2 MWp Aomori Solar Power Plant in Rokunohe Town, Aomori Prefecture and the 2.5 MWp Saitama Minano Power Plant in Minano Town, Saitama Prefecture.
“We are pleased to announce the successful grid connection of two additional solar power plants in Japan, which brings our total portfolio of operating plants in Japan to 58.51MWp,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., “This represents another milestone for our energy business strategy, and we look forward to continuing to deliver additional solar projects as we build out our portfolio of high value operating solar energy plants in Japan.”
The 10.2 MWp Aomori Solar Power Plant, powered by 39,248 Canadian Solar CS6P-P modules, achieved commercial operation on December 27, 2016. Each year, the plant generates around 11,695 MWh electricity, which will be purchased by Tohoku Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of 36.00 yen (USD0.31) per kWh.
The 2.5 MWp Saitama Minano Power Plant used 9,240 Canadian Solar CS6P-P modules and reached commercial operation on December 22, 2016. The electricity generated from the plant, approximately 2,978 MWh annually, will be purchased by Tokyo Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of 32.00 yen (USD0.27) per kWh. (Original Source)
Shares of Canadian Solar closed yesterday at $12.63, up $0.18 or +1.45%. CSIQ has a 1-year high of $23.56 and a 1-year low of $10.25. The stock’s 50-day moving average is $12.36 and its 200-day moving average is $13.35.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on November 22, Roth Capital analyst Philip Shen downgraded CSIQ to Hold, with a price target of $11, which reflects a potential downside of -13% from last closing price. Separately, on the same day, FBR’s Carter Driscoll downgraded the stock to Hold and has a price target of $12.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Carter Driscoll have a yearly average loss of -17.0% and -20.8% respectively. Shen has a success rate of 24% and is ranked #4276 out of 4350 analysts, while Driscoll has a success rate of 23% and is ranked #4272.
Sentiment on the street is mostly neutral on CSIQ stock. Out of 4 analysts who cover the stock, 3 suggest a Hold rating and one recommends to Buy the stock. The 12-month average price target assigned to the stock is $31.00, which represents a potential upside of 145% from where the stock is currently trading.
Canadian Solar, Inc. designs, develops, and manufactures solar wafers, cells and solar power products. Its products include a range of standard solar modules built to general specifications for use in a range of residential, commercial and industrial solar power generation systems. Canadian Solar also designs and produces solar modules and products based on its customer’s requirements.