Canadian Solar Inc.
) unit - Canadian Solar Solutions Inc. - has commenced the
construction of the 100 megawatt (MW) Grand Renewable solar
project in Ontario.
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The Grand Renewable Solar Project developed by Samsung Renewable
Energy Inc. will feature Canadian Solar's CS6X modules. It will
be the largest photovoltaic (PV) plant in Canada and is expected
to be operational in 2015.
In June, Canadian Solar 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.
Located in Haldimand County, this project will generate
approximately 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
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
Recently, Canadian Solar Solutions Inc. also signed a contract
with a fund managed by
) to sell two utility-scale solar power plants. These projects
have a total electric generation capacity of 20 MW AC. The plants
are located at Demorestville and Odessa in Ontario, Canada.
Globally, utilization of renewable energy is rising primarily due
to its clean nature and a growing awareness among the masses
regarding its benefits. Utility providers are thus influenced to
shift their mode of power generation to solar, wind and water
from traditional fuel sources.
We believe the rising demand for solar powered energy will act as
a catalyst for Canadian Solar's forthcoming operating as well as
Canadian Solar currently has a Zacks Rank #3 (Hold). However,
better performing solar stocks include Zacks Ranked #1 (Strong
) and Zacks Ranked #2 (Buy)
JA Solar Holdings Company Ltd.