Canadian Solar Inc. CSIQ announced that its wholly owned subsidiary, Canadian Solar Solutions Inc. has completed the sale of the 9-megawatt (“MW’) ac Aria solar power plant in Ontario, Canada for $47.2 million to One West Holdings Ltd., an affiliate of Concord Green Energy Inc..
The solar plant utilizes around 48,528 Canadian Solar MaxPower 'CS6X-300/310P' photovoltaic (“PV”) modules.
The latest transaction, which marks the company’s fourth delivery to Concord, is an addition to the portfolio of projects on which it is providing operations and maintenance services.
Aria is expected to generate 15,956 megawatt-hour (“MWh”) of clean energy per year and 277,754 MWh over 20 years.
The amount of carbon dioxide that will be removed throughout the system’s lifetime of 20 years is roughly 191,526 metric tons. This is equivalent to taking about 40,321 cars off the road for one year.
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. The company has a strong pipeline of projects too. At the end of third-quarter 2015, the company’s late-stage utility-scale solar projects under development increased to about 2.5 GW.
We remind investors that Canadian Solar’s third-quarter 2015 results exceeded expectations in terms of both revenues and earnings. Its solar module shipments for the quarter increased year over year and surpassed the company’s expectations.
Zacks Rank
Canadian Solar currently has a Zacks Rank #2 (Buy). JA Solar Holdings Co., Ltd. JASO, ReneSola Ltd SOL and First Solar, Inc. FSLR are other favorably placed stocks in the solar industry. While JA Solar and ReneSola sport a Zacks Rank #1 (Strong Buy), First Solar carries the same rank as Canadian Solar.
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