Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that it has signed a JPY3.5 billion (US$28.35 million) credit facility agreement with Rabobank Hong Kong. The credit facility has a two-year maturity and will be used to finance the construction of an initial portfolio of up to 20 MWp of Canadian Solar’s solar power plants in Japan.
“We are pleased to complete this credit facility to support the construction of our solar projects in Japan. This is the second construction loan we received from Rabobank, which further enhances our partnership in the global energy markets,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, “Japan is a key market for us, and we are excited to build-out our solar power pipeline to support the launch of our planned Yieldco.”
Amardeep Parmar, Head — Asia, Project Finance at Rabobank said, “Renewable energy is a focus sector for Rabobank. We are pleased to provide this construction facility to Canadian Solar, an existing client of Rabobank and partner with them in their growth plans in Asia.” (Original Source)
Shares of Canadian Solar closed yesterday at $24.79. 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 $28.92 and its 200-day moving average is $30.64.
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 85.6% 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 -11.3% respectively. Kumar has a success rate of 44.0% and is ranked #137 out of 3717 analysts, while Satghare has a success rate of 36.8% and is ranked #3469.
Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.