Canadian Solar Inc.
) share price increased 5.5% over the prior session to close at
$38.87 on Feb 7, on the back of positive market sentiments
relating to its sale of a solar power plant.
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Canadian Solar's subsidiary Canadian Solar Solutions Inc. has
signed a contract with a fund managed by
) to sell Oro-Medonte ("Oro"), a utility scale solar power plant,
to the latter. This is the company's fourth solar plant sale
contract with BlackRock.
The plant, located in the Township of Oro-Medonte, has a total
electric generation capacity of 10-megawatt ("MW") AC.
Per the agreement, Canadian Solar will provide turnkey
engineering, procurement and construction ("EPC") services to
complete the project. After the completion of the project, the
company will offer operations and maintenance ("O&M")
support. Canadian Solar will utilize 38,763 Canadian Solar CS6X
high-performance modules in the power plant.
Canadian Solar is scheduled to start development of the power
plant in first-quarter 2014 and expected to be operational in
third-quarter 2014. The plant will provide emission-free power to
approximately 1,339 homes annually. Also, the project is expected
to generate over 150 new jobs during its development and
We remind investors that Canadian Solar's share price surged in
the previous occasion as well when the company inked a deal with
a fund managed by BlackRock to sell a 10-MW utility-scale solar
plant in Ontario on Jan 27, 2014. The company has a strong
relationship with BlackRock and frequently wins orders from the
latter. Earlier, BlackRock purchased power plants, including set
ups based at Demorestville and Odessa in Ontario, from the
We note that the demand for renewable energy is gradually rising,
primarily on the back of an increasing awareness among the people
regarding its benefits; thereby influencing utility providers to
shift to alternate clean energy from fossil fuels. As solar
energy is a major alternative energy resource, the solar product
manufacturers are currently expanding their operations to
capitalize on the aforesaid opportunity.
Canadian Solar currently has a Zacks Rank #1 (Strong Buy). Other
players in the solar industry looking equally good include
First Solar Inc.
JinkoSolar Holding Co., Ltd.
), each with a Zacks Rank #1 (Strong Buy).