Canadian Solar Inc.
) unit - Canadian Solar Solutions Inc. - has completed the sale
of Mississippi Mills, to
). Canadian Solar sold the project for more than $57.4 million
(C$61.0 million). This deal follows the sale of two other solar
power plants - Brockville 2 and Burritts Rapids - in Sep 2013 as
well as the sale of Brockville 1 in June last year by the
Canadian Solar unit.
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Located in Ontario, Canada, Mississippi Mills solar power plant
has a capacity of 10 megawatt AC. This is the fourth of the nine
solar power plants that TransCanada agreed to buy back in 2011.
The nine projects comprising 86 MW of solar farms will cost about
In June last year, 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. Again in September, the Canadian Solar unit
completed the sale of two projects, Brockville 2 and Burritts
Rapids, to TransCanada. Canadian Solar sold the projects for more
than $92.2 million (C$95.0 million). These projects have a total
electric generation capacity of 16.0 MW AC.
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.
This sale reflects Canadian Solar's recent strategic shift toward
selling solar power plants rather than being confined as a
photovoltaic (PV) module manufacturer solely. The company's China
based manufacturing assets give it a distinct cost advantage over
its peers. Recently, Canadian Solar Solutions struck a deal with
a fund managed by DIF, whereby the latter will purchase four
utility-scale solar power plants in Ontario, Canada. The
agreement is subject to customary closing conditions.
Canadian Solar also hopes to benefit from a recovering solar
industry in Europe in 2014, chiefly driven by Germany, the U.K.,
Italy and France. Currently, the company carries a Zacks Rank #4
However, better-ranked solar operators include
JinkoSolar Holding Co. Ltd.
First Solar Inc.
Enphase Energy, Inc.
). While JinkoSolar carries a Zacks Rank #1 (Strong Buy), First
Solar and Enphase Energy hold a Zacks Rank #2 (Buy).