Canadian Solar Inc.
) announced that its unit Canadian Solar Solutions Inc. has sold
the 10-megawatt (MW) AC Good Light Solar Power Plant to a
subsidiary of BluEarth Renewables Inc. (BluEarth). The transaction
was valued at $60.3 million. The plant is based in Kawartha Lakes,
This was the second of four solar projects to be sold to BluEarth
as per an agreement signed by Canadian Solar on Jun 5, 2013.
Per the agreement, Canadian Solar will sell four solar power plants
totaling 38.5MW AC (53.9 MW DC) to BluEarth for over $217.2
million. These plants are located in Kawartha Lakes, Belleville,
Beaverton and Napanee in Ontario. Canadian Solar will provide
turnkey engineering, procurement and construction services for
these plants. The projects are scheduled to begin commercial
operation in 2014.
On Mar 27, 2014, the company had completed the sale of its first
solar project, Little Creek, to BluEarth. This 8.5-MW solar power
plant is located in Napanee, Ontario.
Based in Calgary, Canada, BluEarth is a private independent
renewable power company. The firm is engaged in the construction,
operation and acquisition of solar, wind and run-of-river
hydroelectric generation projects through out North America,
primarily in Canada.
The completion of the sale of Good Light has enabled Canadian Solar
to progress towards its goal of installing high-quality, long-term
contracted hydro, solar and wind assets, worth over $600 million,
by the end of 2015.
Canadian Solar's PV modules are increasingly finding their way into
projects ranging from a few kilowatts to multi-MW in both the
Canadian and international markets. The company has earned goodwill
for maintaining product and service standards along with
On Aug 12, 2014, Canadian Solar inked an agreement with the
affiliates of Entropy Investment Management, LLC and Entropy Solar
Integrators, LLC to provide 44 MW of solar modules for the latter's
solar farms in North Carolina. In another transaction, on Aug 5,
2014, the company delivered 4 MW of solar PV modules for the
Spanish Town Estate Solar project, based in St. Croix. It has been
acquired by NRG Energy Inc. (
). In Jun 2014, the company had sold a 10-MW AC Val Caron solar
power plant to One West Holdings Ltd.
Canadian Solar maintains steady cash inflows by obtaining regular
supply contracts and signing sales agreements on solar projects.
The company intends to utilize these funds for expanding its scale
of operations and installing new solar plants.
Canadian Solar currently holds a Zacks Rank #2 (Buy). Other stocks
worth considering in the industry include ReneSola Ltd. (
) and Enphase Energy, Inc. (
). ReneSola holds a Zacks Rank #1 (Strong Buy) while Enphase Energy
carries a Zacks Rank #2 (Buy).
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