Canadian Solar Solutions Inc., a subsidiary of
Canadian Solar Inc.
), has entered into an agreement for the delivery of 10 MW AC
Module to Algonquin Power Co. ("APCo").
Algonquin Power is a builder of sustainable long-term renewable
energy projects. The modules will be utilized by Algonquin Power
for a utility-scale solar power project in Cornwall, Ontario.
The utility-scale solar plant will include approximately 42,000
Canadian Solar CS6X modules. 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 certifications.
The company expects the construction of the solar plant to begin
in the second quarter of 2013 and expects it to come online by
the fourth quarter of 2013.
Canadian Solar has a successful track record of high quality and
reliability with modules backed by a powerful warranty. Recently,
the company announced that its 148 MW solar park PV project in
southern Brandenburg, Germany was conferred the Solar Project of
the Year Award 2012 by POWER-GEN International. The solar complex
was constructed on a former lignite mining strip in the East
German community of Meuro, near Senftenberg. Canadian Solar
provided 636,000 CS6P-P modules, powering nearly 90.0%, 148 MW,
of the project's 166 MW total output.
Also, Canadian Solar seems to be committed toward the Ontario
solar market. In December last year, Canadian Solar had acquired
majority interest in two utility-scale solar power projects from
SunEdison Power Canada Inc., a subsidiary of
MEMC Electronic Materials Inc.
) for $38 million. Located in Ontario, these two plants have a
total capacity of approximately 24 MW DC. The company has the
option to buy two additional utility-scale solar power projects
in Ontario with a total capacity of approximately 22.5 MW DC,
subject to certain conditions.
Canadian Solar is a vertically-integrated manufacturer of silicon
ingots, wafers, cells, solar modules (panels) and custom-designed
solar power applications. The company designs, manufactures and
delivers solar products and solar system solutions for both
on-grid and off-grid use to customers worldwide.
Canadian Solar is a low cost and vertically-integrated solar
module producer. The prospects for Canadian Solar look favorable
based on a geographically-diverse customer base and improving
operating efficiencies through its vertically-integrated
However, in the near term, like its peers
Suntech Power Holdings Co. Ltd.
), Canadian Solar will face the industry-wide oversupply, leading
to a sharp fall in average selling Prices, tepid module demand in
Europe and rising competition in the market. The company
presently retains a short-term Zacks Rank #3 (Hold) that
corresponds with our long-term Neutral recommendation on the
CANADIAN SOLAR (CSIQ): Free Stock Analysis
SUNPOWER CORP-A (SPWR): Free Stock Analysis
SUNTECH PWR HLD (STP): Free Stock Analysis
MEMC ELEC MATRL (WFR): Free Stock Analysis
To read this article on Zacks.com click here.