Canadian Solar Inc. (CSIQ) will supply its CS6X-P photovoltaic solar modules for a project under development in California by EDF Renewable Energy (EDF RE), a U.S. unit of Electricite de France SA.
The modules for the 24.3 megawatt peak (MWp) Catalina Solar 2 project in Kern County is slated for delivery in the first quarter of 2015. Canadian Solar will supply 83,000 CS6X-P modules in a 7×12 matrix, customized to the project’s specifications. The financial terms of the deal were not disclosed.
Catalina Solar 2 was sold by EDF RE to energy producer Dominion Resources Inc. (D) in mid-September. The project has a 20-year power purchase agreement in place with Dominion and EDF RE responsible for management, commissioning and development of the plant. Construction of the Catalina Solar 2 will begin in the fourth quarter this year, with the plant likely to begin commercial operation in the second quarter of 2015.
Alternate energy has started to make inroads into the global dominance of fossil fuel based power generation. The highly competitive solar space is dominated by Chinese operators like Yingli Green Energy Holding Co. Ltd. (YGE) and JinkoSolar Holding Co., Ltd. (JKS) and U.S.-based operators like FirstSolar Inc. (FSLR), among others. All leading solar cell manufacturers are on the lookout for opportunities in the emerging markets. These markets primarily comprise the Asia-Pacific region with China, India and Japan being the key destination for the global giants.
Canadian Solar is a leading operator in the photovoltaic modules production space, primarily due to the quality and high efficiency modules it manufacturers. Its prospects look favorable based on a geographically diverse customer base and improving operating efficiencies through its vertically integrated manufacturing operation.
Recently, the company supplied 10 MW of solar modules to Conti Group. The delivery of 33,792 units of CS6X solar modules in a 6×12 cell matrix was made during the third quarter of 2014.
The CS6X module demonstrates better power output and higher system reliability. This module cuts the current transmission path between cell fingers, reduces cell series resistance and improves module conversion efficiency.
Moreover, this Zacks Ranked #1 (Strong Buy) company’s share price has surged 27.5% in the last one year making the stock more attractive.
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