Canadian Solar Inc.
) have been selected by Argand Energy Solutions for their solar
project located in Louisburg, NC. In collaboration with Horne
Brothers Construction, Inc., Argand Energy Solutions began
construction of the 2.3 megawatt (MW) project in Jun 2013. System
grid connection is scheduled for Aug 2013.
The utility solar power system will utilize approximately 7,700
of Canadian Solar's CS6X-300P photovoltaic (PV) modules.
CS6X-300P PV modules are polycrystalline silicon modules that
carry a warranty period of 10 years on materials and workmanship
and a 25-year warranty on linear power output performance.
With power tolerances in the range of 0% to 2.0%, these
modules have maximum system voltage of 1000V. With respect to
quality control inspections and testing, these modules have
received key international certifications. Post completion, these
highly efficient modules will allow the project to power
approximately 460 homes.
CANADIAN SOLAR (CSIQ): Free Stock Analysis
JINKOSOLAR HLDG (JKS): Free Stock Analysis
LDK SOLAR CO (LDK): Free Stock Analysis
SUNTECH PWR HLD (STP): Free Stock Analysis
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While the project will help in reducing the use of carbon based
fuels in the U.S., it will help Canadian Solar in expanding its
footprint in the U.S solar market. We however note that like its
Suntech Power Holdings Co. Ltd.
LDK Solar Co., Ltd.
), Canadian Solar is also subject to anti-dumping and
countervailing duties in the U.S.
In Oct 2012, the U.S. Department of Commerce (DoC) implemented
anti-dumping duties of effectively 25.96% and countervailing
duties of 15.24%. The U.S. DoC rolled out these tariffs to
tighten supply of Chinese solar products in the U.S. and
simultaneously encourage local players to tap the growing
renewable domestic market. These steps have made the North
American solar power market increasingly competitive for the
Chinese solar power product manufacturers.
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. Recently,
Canadian Solar also received a contract to supply 91 MW of its
CS6X PV modules to Asia-based solar power provider Soleq Solar
(Thailand) Co Ltd. for solar power projects in Thailand.
These worldwide contracts will help the company in offsetting the
adverse effects of anti-dumping duties imposed on the company in
the U.S. In the near term, we would advise investors to
accumulate its short-term Zacks Rank #2 (Buy) peer
JinkoSolar Holding Co., Ltd.