Canadian Solar Inc.
) continues to receive solar products and service orders from
domestic as well as international companies. The company's
subsidiary Canadian Solar Solutions Inc. has entered into an
agreement with Silvercreek Solar Park Inc. ("Silvercreek") to
offer 10-megawatts ("MW") AC modules.
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Per the agreement, Canadian Solar will provide 48,384 Canadian
Solar CS6X modules to Silvercreek. The modules are covered by a
10-year warranty on materials and workmanship and have a 25-year
linear power output performance guarantee. Canadian Solar's
product and performance warranty depends on third-party insurance
Canada-based Silvercreek will install the modules at its
ground-mounted utility-scale solar power plant, located in Elgin
County, south of the Town of Alymer, Ontario. This project is
part of the Ontario Power Authority Feed-in Tariff contract and
will be operational for 20 years. The plant is expected to be
online and connected to the grid in Jul 2014. The project has an
annual estimated total power generation capacity of above
After the completion of the project, the plant is expected to
supply power to about 1,699 houses per year. In addition, it will
lower carbon dioxide emission by roughly 246,940 metric tons over
its operational period. Also, the project is expected to produce
over 150 new jobs during its development and construction phases.
The CS6X modules show superior power output and higher system
reliability. These modules cut current transmission path between
cell fingers, reduce cell series resistance and improve module
Recently, the company has inked a contract with National
Renewable Energy Corporation for the supply of CS6X-300W MaxPower
modules in North Carolina.
We note that the demand for renewable energy is gradually
increasing, primarily on the back of rising awareness among the
masses regarding its benefits; thereby influencing utility
providers to shift to alternate clean energy from fossil fuels.
As solar energy is a major alternative energy resource, the solar
product manufacturers are currently expanding their operations to
capitalize on the aforesaid opportunity.
It is evident from Canadian Solar's order book that its solar
modules are finding its way in projects ranging in size from a
few kilowatts to multi-megawatts in markets across the world. On
Jan 9, 2014, the company had announced the completion and grid
connection of a 10 MW ground mounted solar power project in
Canadian Solar currently has a Zacks Rank #3 (Hold). However,
some better-ranked stocks in the same sector include
First Solar Inc.
Trina Solar Limited
JinkoSolar Holding Co., Ltd.
). While First Solar and Trina Solar hold a Zacks Rank #1 (Strong
Buy), JinkoSolar carries a Zacks Rank #2 (Buy).