Stock Update (NASDAQ:CSIQ): Canadian Solar Inc. Supplies Modules to Turkey’s Largest PV Plant

Canadian Solar Inc. (NASDAQ:CSIQ), one of the world’s largest solar power companies, announced that it has supplied modules to Turkey’s largest PV project, the Kayseri Organized Industrial Zone PV Plant.

The 7.5 MW (AC) ground-mounted PV plant is located in one of Turkey’s largest industrial zones, the Kayseri Organized Industrial Zone (KOIZ). The plant uses 27,252 pieces of Canadian Solar CS6P-255P modules to reduce the electricity costs for the zone’s 86 million kWh/month energy consumption. OnApril 18th 2015, the official opening ceremony for Turkey’s largest PV plant was organized in Kayseri with special attendance of the Turkish Minister of Energy and other top-level government officials. The 950 companies producing in the zone now profit from reduced energy costs as the plant generates 10.95 MWh electricity per year, while offsetting CO2 emissions by 7,728 metric tons.

“We are pleased to have been selected to supply our PV modules to the Kayseri Organized Industrial Zone Project. I am confident that Canadian Solar’sglobal experience, proven track record, and consistent product performance will continue to make us a partner of choice in supplying our modules to key solar installations worldwide,” said Dr. Shawn Qu, Chairman and Chief Executive officer of Canadian Solar. (Original Source)

Shares of Canadian Solar closed yesterday at $33.26 . 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 $35.84 and its 200-day moving average is $29.16.

On the ratings front, Canadian Solar has been the subject of a number of recent research reports. In a report issued on May 19, Roth Capital analyst Philip Shen reiterated a Buy rating on CSIQ, with a price target of $46, which represents a potential upside of 38.3% from where the stock is currently trading. Separately, on May 18, Canaccord Genuity’s Jonathan Dorsheimer maintained a Buy rating on the stock and has a price target of $45.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Philip Shen and Jonathan Dorsheimer have a total average return of -4.1% and -1.2% respectively. Shen has a success rate of 39.6% and is ranked #3394 out of 3610 analysts, while Dorsheimer has a success rate of 40.4% and is ranked #3018.

Canadian Solar Inc is a solar power company. The Company designs, develops and manufactures solar wafers, cells and solar power products.

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