Canadian Solar Inc.
) unit - Canadian Solar Solutions Inc. - has completed the sale
of two projects, Brockville 2 and Burritts Rapids, to
). Canadian Solar sold the projects for more than $92.2 million
CANADIAN SOLAR (CSIQ): Free Stock Analysis
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These projects have a total electric generation capacity of 16.0
megawatts (MW) AC and are among the nine projects that
TransCanada agreed to buy back in 2011. The nine projects
comprising 86 MW of solar farms will cost about C$470 million.
Located in the city of Brockville in Eastern Ontario, the
Brockville 2 solar power plant has a capacity of 9.0 MW AC, while
the Burritts Rapids plant, in the city of Ottawa in Eastern
Ontario, totals 7.0 MW.
In June, Canadian Solar completed the sale of Brockville 1, a 10
MW AC solar power plant, to TransCanada for $52.2 million. This
was the first of the nine solar plants planned for sale.
Canadian Solar caters to a geographically-diverse customer base
spread across its key markets in Germany, Spain and the U.S., as
well as emerging market opportunities in France, the Czech
Republic, Italy, South Korea, Canada, Japan and China. Canadian
Solar is a vertically-integrated manufacturer.
The company's China based manufacturing assets give it a distinct
cost advantage over its peers. Recently, the company completed 30
MW rooftop PV installations in China's City of Suzhou under the
country's Golden Sun program.
Meanwhile, solar energy stocks are moving sharply higher. After a
lackluster 2012, solar stocks were buoyed by proactive solar
programs adopted by many countries this year. The Indian
government has set a solar capacity target of 10 gegawatt (GW) by
2017 while China has set a goal of 35 GW of solar power by 2015.
This has driven the recent rally in the solar space.
Canadian Solar, in particular, gained 2.1% in daily trading on
Oct 2 to end the day at $18.56 a share. The company's other major
source of revenue is the implementation of solar power
development projects worldwide.
Other stocks in the solar industry that are climbing higher
JA Solar Holdings Co. Ltd.
), First Solar Inc. (FSLR),
Yingli Green Energy Holding Company Limited
) and ReneSola Ltd. (SOL).
Canadian Solar presently retains a Zacks Rank #3 (Hold). However,
other stocks that are worth considering in the solar space are
ReneSola and JA Solar, with a Zacks Rank #2 (Buy).