Canadian Solar Inc. CSIQ announced that it has completed the sale of the 10-megawatt (“MW’) ac Illumination LP solar power plant, located in Ontario, Canada, for $48.4 million to an affiliate of DIF Infrastructure III (“DIF”).
The solar plant comprises around 47,448 Canadian Solar MaxPower ‘CS6X-300/310P’ photovoltaic (“PV”) modules. The plant began commercial operations on Nov 13, 2015, under a 20-year Independent Electricity System Operator feed-in-tariff contract.
The latest transaction marked Canadian Solar’s third transaction with DIF.
It is estimated that Illumination has the capacity to generate 17,892 megawatt-hour (“MWh”) of clean solar energy per year and 344,697 MWh over 20 years.
The amount of carbon dioxide that will be removed throughout the system’s lifetime of 20 years is roughly 237,686 metric tons, equivalent to taking about 50,000 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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