Construction of The Berkley East Solar Power Project, co-owned by Canadian Solar Inc. ( CSIQ ) and INDU Solar Holdings has been completed for Taunton Municipal Lighting Plant ("TMLP"). INDU Solar Holdings is a joint venture of Duke Energy Corp. ( DUK ) and Integrys Energy Services, a subsidiary of Integrys Energy Group, Inc. ( TEG ).
Located in Berkley, Mass. the solar power project has an electric generation capacity of 3-megawatt alternating current (MWAC). Using 15,624 Canadian Solar modules, this ground-mounted installation was developed by Community Energy Solar and was constructed by groSolar.
TMLP provides service to more than 36,000 electric and Internet customers in Taunton, Raynham, Berkley, N. Dighton and sections of Lakeville. Under a 25-year agreement, TMPL will purchase all the power generated from the project. The electricity generated from the solar plant will be able to power approximately 600 homes on an annual basis and will help in eradicating 1,500 tons of global warming carbon dioxide emissions annually.
In May 2013, these very participants had facilitated Sterling Municipal Light Department with two 1 (MWAC) solar power projects in Sterling, Mass. These projects were also built by groSolar using 9,968 CS6P 240W Canadian Solar modules. These ventures demonstrate continued movement of solar into mainstream power generation.
Duke Energy is proactively and effectively mitigating long-term environmental-related risks through investment plans and constructive dialogue with policymakers. Integrys Energy's involvement in multiple ventures will help expand its growth options. Moreover, its large-scale modernization initiatives are expected to boost the company's service quality as well as reliability. One major source of revenue for Canadian Solar is the implementation of solar power development projects throughout the world. The company is focused on expanding its engineering, procurement and construction and solar systems kits business.
In April this year, Massachusetts Electric Construction Company began work on several solar projects in Massachusetts and Connecticut. These ground mounted solar arrays have electric generation capacity in the range of 1.5 MW to 5.9 MW. These projects can pose threat to the Berkley Solar Power Project owned by Canadian Solar, Duke Energy and Integrys Energy Group.
Duke Energy, Integrys Energy Group, as well as Canadian Solar presently retain a short-term Zacks Rank #3 (Hold). We can instead look for Huaneng Power International, Inc. ( HNP ) in the space that has a Zacks Rank #2.