Canadian Solar Solutions Inc., a wholly owned subsidiary of Canadian Solar Inc. CSIQ, has sold its Ontario, Canada-based 10-megawatt (MW) AC EarthLight LP (“Earthlight”) solar power to One West Holdings Ltd., an affiliate of Concord Green Energy Inc. The total consideration of the deal was $49.7 million.
The latest transaction marks the company’s fifth delivery to Concord. This is an addition to the portfolio of projects on which it is currently providing operations and maintenance services.
The divested solar plant utilizes around 45,648 Canadian Solar MaxPower 'CS6X-300/310P' photovoltaic (PV) modules. Earthlight is expected to generate 17,892 megawatt-hour (MWh) of clean energy annually and 344,697 MWh over the next two decades.
Over the system’s lifetime of 20 years, roughly 237,686 metric tons of carbon dioxide will be removed from the environment. This is equivalent to taking about 50,000 cars off the road for one year.
Recently, Canadian Solar completed the sale of the 9-MW AC Aria solar power plant in Ontario, Canada for $47.2 million to One West Holdings Ltd.
Canadian Solar caters to a geographically diverse customer base across key markets in the U.S., Canada and Europe. The company also makes the best of 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.
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 some other favorably placed stocks in the solar industry. While JA Solar and ReneSola sport a Zacks Rank #1 (Strong Buy), First Solar holds the same rank as Canadian Solar.
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