One of the largest U.S. solar manufacturers, Canadian Solar Inc. (CSIQ) has struck a deal to power major solar projects in Georgia by supplying solar panels of 5.1 megawatts (MW) capacity.
The project is being built by SolAmerica Energy, LLC, an Atlanta-based solar developer and Engineering, Procurement and Construction (EPC) provider. The project will be owned by Boston-based Citizens Energy Corporation and is expected to come online in Dec 2014.
Canadian Solar will be supplying CS6X-310-P photovoltaic (PV) modules to four projects in Georgia, namely the 1.8MW Taylor County Industrial Park, the 1.3 MW Cook County Farm, the 1 MW Terrell County Industrial Park and the 1 MW Goolsby Farm in Terrell County.
Canadian Solar is the sole supplier of PV modules to these projects in Georgia.
This Zacks Rank #2 (Buy) company recently posted upbeat third-quarter 2014 performance, beating estimates and reporting year-over-year increase in both earnings and revenues. Its top line witnessed a 86.3% rise, with sales from the American markets comprising 71.7% of net revenues.
The American solar market performed remarkably well in terms of both customer demand and revenue generation, registering an 89% increase sequentially. The company completed the construction of about 21.7 MW of solar projects in the U.S. at the end of third-quarter 2014 and expects to complete about 84.1 MW of solar projects by 2015.
Also, a strong third-quarter performance enabled the company to up its revenue guidance for 2014. The company now expects revenues in the range of $2.93 billion to $2.98 billion from the previous range of $2.7 billion to $2.9 billion.
The company has a pipeline of projects and remains well-positioned to achieve the revised target.
Canadian Solar is a leading operator in the PV modules production space, primarily due to the quality and high efficiency of its modules. It competes with companies like First Solar, Inc. (FSLR), SunPower Corporation (SPWR) and SolarCity Corporation (SCTY) in the solar space.
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