Canadian Solar Inc.
) has entered into an Engineering, Procurement and Construction
("EPC") agreement with Grand Renewable Solar LP for the
construction of a solar power plant in Ontario. This is the
biggest EPC contract in the company's history and will bring in
C$310 million ($301.1 million) for the company.
The project developed by Samsung Renewable Energy Inc. will have
an electric generation capacity of 130 megawatt (MW). By
generating 165,000 MWh of electricity per year, the facility will
power approximately 13,750 homes. Over a 20-year period, the
plant is capable of eradicating 162,000 metric tons of carbon
These environmental advantages will be achieved with the help of
approximately 440,000 CS6X high-performance Canadian Solar
modules that will be installed on the plant. The high performance
CS6X modules carry a warranty period of 10 years on materials and
workmanship and a 25-year warranty on linear power output
performance. With respect to quality control inspections and
testing, these modules have received key international
Meanwhile, the project will fulfill its corporate social
responsibility by creating several hundreds of direct and
indirect green energy jobs during the development, construction
and operation phases of the project.
In collaboration with Grand Renewable Solar, the company will
begin the construction of the project in the third quarter of
2013. The project is expected to come on line in 2015.
Recently, the company's CS6P-P series (60 cells, polycrystalline)
and its monocrystalline MWT cell modules, and ELPS CS6P-MM series
(60 MWT cells, monocrystalline) have cleared Fraunhofer ISE's PID
test in accordance with the draft IEC62804.
Recently the company opened a sales and business development
office in Sao Paulo, Brazil in order to expand and strengthen its
South American sales network and broaden regional customer
Canadian Solar is a low-cost, vertically-integrated solar module
producer with predominantly China-based manufacturing assets. The
prospects for Canadian Solar look favorable based on a
geographically-diverse customer base and improving operating
efficiencies through its vertically-integrated manufacturing
Moreover, as a result of major developments, the company's
share price has surged 50% to $10.16 on Jun 10, 2013 in the last
one month making the stock more attractive.
CANADIAN SOLAR (CSIQ): Free Stock Analysis
FIRST SOLAR INC (FSLR): Free Stock Analysis
JA SOLAR HOLDGS (JASO): Free Stock Analysis
SUNPOWER CORP-A (SPWR): Free Stock Analysis
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Like Canadian Solar, other companies in the solar space are also
looking up. Over the past one month,
First Solar, Inc.
) shares have experienced a 14.3% increase while
JA Solar Holdings Co., Ltd.
) has experienced an increase of 44% over the same period.
) stock also witnessed a boost of 19.1% over the last month. The
rising share prices of the solar stocks thus indicate a bullish
trend in the alternative energy space so far this year.
Currently, First Solar, JA Solar Holdings as well as SunPower
carry a short-term Zacks Rank #3 (Hold).