Canadian Solar Solutions Inc., a subsidiary of
Canadian Solar Inc.
), has entered into a sales agreement worth $277 million with
Concord Green Energy ("Concord"). Per the agreement, Concord will
buy Canadian Solar's five utility-scale solar power plants that
have a total generation capacity of 49 megawatt (MW) alternating
current (AC). Per a 20-year contract, Ontario Power Authority
will buy the electricity generated from these plants.
Located in Chesterville, Pefferlaw, Springwater, Sudbury and
Wyebridge, these solar power plants will have the capacity to
provide electricity to 8,713 homes. The project will displace
1,164,120 metric tons of carbon dioxide emissions. Also, the
project is expected to create more than 500 new jobs during the
development and construction phases of all five solar projects.
These plants are slated to commence construction by this year and
the next and come online in 2014. However, Canadian Solar will
continue to provide turnkey engineering, procurement and
construction ("EPC") services to complete the construction of the
plants. The company will install approximately 236,000 of its
CS6X high-performance modules. Post completion, the company will
provide operations and maintenance services.
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. Canadian
Solar is a vertically-integrated manufacturer. The company's
China based manufacturing assets give it a distinct cost
advantage over its peers. Recently, the company completed 30 MW
rooftop PV installations in China's City of Suzhou under the
country's Golden Sun program.
The current agreement has led to an 11.6% surge in Canadian
Solar's share price to $15.75 versus the last traded price. Other
stocks in the solar industry that are experiencing climbing stock
JA Solar Holdings Co., Ltd.
Yingli Green Energy Holding Company Limited
). JA Solar Holdings share price surged 4.2% to $8.75 after
the announcement of securing a credit line from a Chinese bank on
Aug 5, 2013.
ReneSola recently announced that it will provide microinverters,
string inverters and mounting products to a new client in
Pakistan. Only last month, Yingli Green Energy entered into an
agreement with RE FIT Solution Sdn. Bhd. to supply 500 KW of
multi crystalline PV modules for the residential market in
These developments have led to a 4.92% increase in ReneSola's
share price versus the last traded price. Yingli Green Energy
also experienced a 3.4% increase from the last traded price. In
fact, the alternative energy space is doing extremely well so far
in 2013 on the back of bullish data from the solar companies.
CANADIAN SOLAR (CSIQ): Free Stock Analysis
JA SOLAR HOLDGS (JASO): Free Stock Analysis
RENESOLA LT-ADR (SOL): Free Stock Analysis
YINGLI GREEN EN (YGE): Free Stock Analysis
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