Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, today announced that its wholly owned subsidiary Recurrent Energy has reached commercial operation of the 100 MWac/134 MWp Mustang solar power project in Kings County, California.
“The commercial operation of the Mustang solar project continues a historic year that will see Recurrent Energy complete more than one gigawatt of U.S. solar photovoltaic (PV) projects,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
In 2015, Recurrent Energy secured a tax equity investment commitment for the Mustang project from U.S. Bancorp Community Development Corporation (USBCDC).
“High-quality solar projects like Mustang are an important strategic investment for U.S. Bank, which provide jobs to local communities, while delivering clean, reliable energy to the state of California,” said Adam Altenhofen, Vice President of USBCDC.
The renewable energy generated by the Mustang project will be sold under long-term power purchase agreements to Sonoma Clean Power and MCE. The project is expected to produce enough electricity to power approximately 45,000 homes.
Construction of the 1,000 acre project created 450 peak construction jobs. Blattner Energy served as the provider of Engineering, Procurement, and Construction services. (Original Source)
Shares of Canadian Solar closed yesterday at $13.37, down $0.53 or -3.81%. CSIQ has a 1-year high of $29.83 and a 1-year low of $12.12. The stock’s 50-day moving average is $14.40 and its 200-day moving average is $17.35.
On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report released yesterday, FBR analyst Carter Driscoll reiterated a Buy rating on CSIQ, with a price target of $23, which implies an upside of 72.0% from current levels. Separately, on August 19, Canaccord’s Jonathan Dorsheimer reiterated a Buy rating on the stock and has a price target of $20.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Carter Driscoll and Jonathan Dorsheimer have a total average return of -19.5% and -6.0% respectively. Driscoll has a success rate of 19.3% and is ranked #4002 out of 4122 analysts, while Dorsheimer has a success rate of 39.5% and is ranked #3868.
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. Canadian Solar was founded by Shawn Qu in October 2001 and is headquartered in West Guelph, Canada.