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Canadian Solar: Three New Plants Begin Operations in Japan

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Canadian Solar Inc.CSIQ announced that three solar photovoltaic ("PV") power plants in Japan, with a total capacity of about 6.2 megawatt-peaks ("MWp"), have started operating commercially.

The portfolio includes the Ashikita Solar Power Plant located in Kumamoto City, Kumamoto Prefecture, with a capacity of 2.3 MWp; the Minamishimabara Power Plant - East, with a capacity of 2.2 MWp; and the 1.7MWp Minamishimabara Plant - West, located in Minamishimabara City, Nagasaki Prefecture.

The Ashikita Solar Power Plant, which is powered by 9,030 Canadian Solar CS6P-260P modules, started operating commercially on Dec 11, 2015. The plant will generate approximately 2,858 MWh of electricity every year.

Powered by 8,602 Canadian Solar CS6P-260P modules, the Minamishimabara Power Plant - East began operation on Dec 25, 2015. It is expected to generate about 2,750 MWh of electricity a year.

The Minamishimabara Plant - West, powered by 6,509 the company's CS6P-260P modules, was brought online on Jan 29, 2016. This plant is expected to generate around 2,073 MWh of electricity each year.

Kyushu Electric Power Co., Inc. will purchase the total electricity generated from all three plants at 34 cents per kilowatt-hour ("kWh"), under a 20-year feed-in-tariff contract.

With the completion and energizing of these three solar plants, Canadian Solar's total capacity of projects currently operational in Japan has reached approximately 21 MWp. This marks a step toward the company's goal of expanding its footprint in Japan. We note that Canadian Solar already has a significant presence in this country, which is expected to become a big solar module import market in the near future.

We note that Canadian Solar caters to a geographically diverse customer base spread across key markets in the U.S., Canada and Europe, as well as emerging market opportunities in South Korea, Singapore and Brazil.

Zacks Rank

Canadian Solar currently has a Zacks Rank #3 (Hold). JA Solar Holdings Co., Ltd. JASO , ReneSola Ltd SOL and First Solar, Inc. FSLR are a few better-ranked stocks in the solar industry, each carrying a Zacks Rank #2 (Buy).

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JA SOLAR HOLDGS (JASO): Free Stock Analysis Report

FIRST SOLAR INC (FSLR): Free Stock Analysis Report

RENESOLA LT-ADR (SOL): Free Stock Analysis Report

CANADIAN SOLAR (CSIQ): Free Stock Analysis Report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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