Canadian Solar Inc.
) has inked a contract with National Renewable Energy Corporation
(NARENCO) for the supply of solar modules in North Carolina.
Per the deal, Canadian Solar - one of the world's largest solar
power companies - will supply 84,480 solar modules that are to be
installed on four utility scale solar projects. These projects
will likely generate 25.3 megawatts (MW) of energy in North
For the installations, Canadian Solar's CS6X-300W MaxPower
modules are to be used. Of the four ventures, three are located
in Wayne County - one in Mount Olive and the other two in
Goldsboro. Each of the Wayne Solar Project will offset 34,276
tons of carbon-dioxide that is tantamount to removing 4,155
vehicles off the road. The fourth project, located in
Kenansville, Duplin County, is 5.83 MW in size with expected
annual output of 8,775 MW.
The MaxPower CS6X-300W modules not only provide high yield but
also ensure long-term performance at on-grid solar applications.
The latest award is expected to boost Canadian Solar's module
sales by roughly 1% this year.
Besides the current deal, Canadian Solar has recently entered
into a supply agreement with EOSOL Mexico to supply 8.7 MW of its
MaxPower CS6X solar modules. Canadian Solar also received PV
module delivery contracts from Turkish, Thai and South African
Canadian Solar is a low-cost, vertically-integrated solar module
producer with predominantly China-based manufacturing assets. The
prospects for Canadian Solar - which has offices in both Canada
and China - look favorable based on a geographically diverse
Shares of Canadian Solar rallied 7.9% on Jan 7 following the
announcement of the deal. Another China-based solar player,
Yingli Green Energy Holding Co. Ltd.
) announced that it has entered into an alliance with China
National Nuclear Corporation to develop and construct distributed
generation solar projects across China. Yingli and China National
Nuclear joint venture is expected to develop solar projects that
will generate 500 MW of solar energy in China.
On Jan 7, Yingli's share price jumped 8.4% to $7.08. The solar
sector received a boost on the back of good news flowing in at
these two companies. Share prices of other Chinese solar
companies saw an uptrend yesterday with
Trina Solar Limited
) gaining 3.1% and
Daqo New Energy Corp
) advancing 4.7%.
Canadian Solar currently has a Zacks Rank #4 (Sell). Investors
can look into Trina Solar Limited, sporting a Zacks Rank #2
CANADIAN SOLAR (CSIQ): Free Stock Analysis
TRINA SOLAR LTD (TSL): Free Stock Analysis
YINGLI GREEN EN (YGE): Free Stock Analysis
To read this article on Zacks.com click here.