Canadian Solar Solutions Inc., a wholly owned subsidiary of Canadian Solar Inc. CSIQ, has concluded the sale of a 10 megawatt (“MW”) power plant situated in Belleville, Ontario, to an affiliate of BluEarth Renewables Inc., a private independent renewable power producer. The transaction is valued at $53 million (C$65 million).
The sale of this CS6X-300/305P modules installed plant, LunarLight, marks the last one of the four utility-scale solar power plants sold to BluEarth Renewables by Canadian Solar Solutions. CS6X demonstrates superior power output and system reliability.
This January, the company sold the 10-MW SparkleLight power plant to BluEarth for $57 million (C$66 million); two 10-MW AC solar power plants, DiscoveryLight and FotoLight, were sold to Renewable Energy Trust Ontario Holdings, INC/ULC; and a 10-megawatt (MW) alternating current (AC) solar power plant, Glenarm, was sold to an affiliate of Dutch Infrastructure Fund (DIF), Infrastructure III, for $49 million (C$60 million) (read more: Canadian Solar Sells 10-MW Glenarm to DIF Infrastructure III).
Last year, Canadian Solar sold its 10-MW AC Liskeard 1 solar power facility to TransCanada Corporation TRP in a transaction valued at $52 million (C$60 million).
Solar demand is also rising on a global scale. A growing awareness of the environmental benefits of alternative energy has not only boosted solar demand in Canada but also in emerging markets like India and highly industrialized countries like Japan.
Canadian Solar caters to a geographically diverse customer base spread across key markets in the U.S., Canada and Europe, as well as emerging markets like South Korea, Singapore and Brazil. The company, which has a strong pipeline of projects, continues to carry out acquisitions and adopt various strategies to further consolidate its position. At the end of first-quarter 2015, Canadian Solar’s projects under development increased to about 720 MW direct current.
Canadian Solar currently has a Zacks Rank #3 (Hold). Better-ranked stocks in the broader utility sector are Ameresco, Inc. AMRC, sporting a Zacks Rank #1 (Strong Buy) and DTE Energy Company DTE, carrying a Zacks Rank #2 (Buy).
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