Canadian Solar Inc.
) announced that its unit Canadian Solar Solutions Inc. has entered
into an engineering, procurement and construction ("EPC") contract
with Canada-based solar farm Penn Energy Renewables Ltd.
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Per the EPC contract, Canadian Solar will be entrusted with the
duty to maintain and operate two new solar energy farms in Ontario,
Canada. The construction work will begin in the third quarter of
2013. The combined capacity of these plants will be 18.7 MW. The
plants are expected to come online during the summer of 2013, when
demand for power generally peaks.
The photovoltaic technology aids in the generation of eco-friendly
power and in the process lowers the emission of green house gases.
The new solar plants are expected to reduce emission by 432,000
metric tons over a 20-year period and power 2,600 homes.
This fresh agreement came on the heels of a recent deal worth $48.4
million signed by the company to sell a utility-scale solar power
plant to Stonepeak Infrastructure Partners. This plant is located
in eastern Ontario and will be able to provide power to 1,200
The increasing use of renewable energy can be attributed to a
growing awareness of the malaise of fossil fuels and pressure from
the government to conform to strict environmental regulations and
policies. We believe the cost of installation and operation of
these solar plants compared to the plants using conventional
sources of fossil fuel also plays a vital role in investment
The cost of operating the solar plants could be lowered if the
solar panels used to generate energy have high conversion rates.
The photovoltaic cell manufacturers throughout the globe are
investing heavily on research and development work to achieve
higher conversion rates. Canadian Solar is a frontrunner in the
development of advanced solar panels. It has developed a new
product which will be fully functional in areas having high ammonia
Canadian Solar currently retains a Zacks #3 Rank, which translates
into a short-term Hold rating. The company's peers in the in the
photovoltaic space are
First Solar Inc.
Based in Ontario, Canada, Canadian Solar, together with its
subsidiaries, engages in the design, development, manufacture and
marketing of solar cell and solar module products that convert
sunlight into electricity for various domestic and international