Canadian Solar Inc.
) inked an agreement for the supply of 85 kilowatt (KW) of solar
photovoltaic ("PV") modules to Tanzania-based, Zara Solar. With
this deal Canadian Solar will deliver a total of over 350 KW of
solar modules for the off-grid PV programs undertaken by Zara
Zara Solar provides diverse solar products and systems
involving retail as well as installation services in Tanzania.
Off-grid solar modules in the capacity range of 15 watt (W) to 90
W will be offered by Canadian Solar for the proposed PV
Though access to electricity is still limited to a small cross
section of the population, the country numbers among the top ten
nations involved in solar power generation. It is a growing
market and we believe Canadian Solar's efforts to reach out to
the rural communities through commercial businesses will enable
the company to accrue benefits, going forward.
The company, as a manufacturer of sustainable energy
solutions, is fast expanding its presence in the emerging
markets. Prior to this, the company made a deal with the Turkish
government for the delivery of its CS6P-P solar modules for solar
plants operating under 500 KW.
Canadian Solar's North American business also looks
encouraging given its recent partnership with Strata Solar for
the development of 85 MW solar facilities in North Carolina. It
entered into an agreement with Algonquin Power Co. ("APCo"), for
the supply of 10 MW AC modules for a utility-scale solar power
project in Cornwall, Ontario. Earlier, in Dec 2012, Canadian
Solar Inc. had acquired the majority interest in two
utility-scale solar power projects in Ontario from SunEdison
Power Canada Inc., a subsidiary of
MEMC Electronic Materials Inc
We believe the company's drive towards expanding its business
globally through multiple ventures will support its broad growth
objectives. Solar energy is expected to become a major power
source in the future in the wake of strict environmental
legislation steadily adopted by governments worldwide.
However, we believe natural gas as a fuel source will continue
to provide stiff competition because of its abundant
availability. Moreover, declining average selling prices for PV
modules owing to a supply glut could impede growth at solar
module producers. Canadian Solar currently carries a Zacks Rank
Other solar stocks we presently prefer are Zacks Ranked #2
Yingli Green Energy Holding Co. Ltd.
Headquartered in Guelph, Canada, Canadian Solar Inc. and its
subsidiaries engage in the design, development, manufacture, and
sale of solar power products in Canada and internationally.
CANADIAN SOLAR (CSIQ): Free Stock Analysis
SEMPRA ENERGY (SRE): Free Stock Analysis
MEMC ELEC MATRL (WFR): Free Stock Analysis
YINGLI GREEN EN (YGE): Free Stock Analysis
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