Canadian Solar Inc.
) has entered into a partnership agreement with Samsung Renewable
Energy Inc. to build a new manufacturing facility in London,
Ontario. The facility will produce solar PV modules and Medium
Voltage Power Stations.
The modules produced at the plant will be supplied to Samsung for
its Grand Renewable Energy Park in Haldimand County and the
Sol-Luce Kingston Solar PV project in Kingston and Loyalist
The construction of Grand Renewable Energy Park is expected to
begin in Aug 2013 and that of Sol-Luce Kingston Solar PV project
in Kingston and Loyalist Township will begin in 2014. Taken
together, these projects will generate 300 megawatt (MW) of
Apart from being used for Samsung's solar projects, the facility
will be used by Canadian Solar for its research and product
development work associated with solar energy generation.
This contract comes under the Green Energy Investment Agreement
("GEIA") between Samsung and the Government of Ontario that calls
for creating 9,000 renewable energy jobs across the province.
During its construction period, the plant will create 200 local
manufacturing jobs in 2013.
Recently, Canadian Solar received a contract to construct a 130
MW utility-scale solar power plant for Samsung Renewable Energy.
On an annual basis, this plant will produce 165,000 megawatt
hours of electricity per year providing power to 13,750 homes.
Over the 20-year period, it will wipe out approximately 162,000
metric tons of carbon dioxide.
Canadian Solar caters to a geographically-diverse customer base
spread across its key markets in Germany, Spain and the U.S.
Emerging market opportunities are also rife in France, the Czech
Republic, Italy, South Korea, Canada, Japan and China. The
company is focused on expanding its engineering, procurement and
construction and solar systems kits business to greater than 40%
of revenue in fiscal 2013.
Followed by Siemens in Tillsonburg, CS Wind in Windsor, and SMA
in Toronto, CSIQ has become Samsung's fourth renewable energy
Traditionally, solar companies were responsible for producing
solar modules and panels. However, the need of the hour calls for
more solar projects. Therefore, in order to generate more
renewable energy, module manufacturers like Canadian Solar are
getting more and more involved in the construction of large-scale
In April this year,
) commenced the construction of twin solar projects in Yolo
County, Calif. The company expects the projects to produce 5.8 MW
of emission-free solar power for county facilities. The venture
calls for the construction of two systems, one at the corner of
West Beamer Street and Cottonwood Street in Woodland and the
other at Grassland Regional Park in Davis, Calif. The company
expects to wrap up construction by the third quarter.
Recently, The New Mexico Public Regulatory Commission approved a
power purchase agreement that clears the way for
First Solar Inc.
) to supply 50 MW of solar power for 25 years to
El Paso Electric Co.
). With this approval First Solar can now initiate the
construction of New Mexico's largest solar power plant, Macho
Springs, on 500 acres of State Trust Land in Luna County.
These developments have boosted the share prices of these
companies. Specifically, the deal with Samsung has led the share
price of Canadian Solar to jump 13.1% to $10.10 from its previous
day price of $8.93.
CANADIAN SOLAR (CSIQ): Free Stock Analysis
EL PASO ELEC CO (EE): Free Stock Analysis
FIRST SOLAR INC (FSLR): Free Stock Analysis
SUNPOWER CORP-A (SPWR): Free Stock Analysis
To read this article on Zacks.com click here.