One of the world's largest solar companies, Canadian Solar Inc. (CSIQ) has supplied its high quality solar modules for Germany's largest solar power plant which is built by GP JOULE GmbH ("GP JOULE").
Built on a 152 hectare surface in the Southern Brandenburg region of Eastern Germany, the open-space solar power plant has a specified output of 70 megawatt (MW). GP JOULE has installed approximately 306,000 solar modules on four fields located in a former lignite mining strip in the East German city of Meuro near Senftenberg.
The plant is expected to power 17,500 households with green energy. The project is financed by HSH Nordbank, Unlimited Energy and Luxcara.
With four locations in Northern and Southern Germany as well as international offices in North America, France and Italy, GP JOULE is a leading international engineering, procurement and construction and project development company. Besides supporting its customers throughout all phases of a project, it looks after completed plants once they are operational. GP JOULE has also established a knowledge pool that brings together the know-how from all their specialist departments and allows it to create comprehensive energy solutions.
Canadian Solar and GP JOULE have worked together since 2009. Recently, they announced a 97MW supply agreement under which Canadian Solar will supply its high performance solar modules to GP Joule, with all deliveries to occur before December 31, 2011.
Canadian Solar is a low-cost, vertically-integrated solar module producer with predominantly China-based manufacturing assets. Its photovoltaic modules are of high quality and are best suitable for successfully implementing and running large projects. The prospects for Canadian Solar look favorable based on a geographically diverse customer base, ongoing capacity expansion programs, improving operating efficiencies and material cost savings through its vertically-integrated production structure.
However, we believe that it will take some time before the company becomes self-sufficient for its solar cell requirements. The company presently retains a short-term Zacks #3 Rank (Hold) that corresponds with our long-term Neutral recommendation on the stock.
Canadian Solar Inc. is one of the world's largest solar companies. As a leading vertically integrated provider of ingots, wafers, solar cells, solar modules and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. With operations in North America, Europe and Asia, Canadian Solar provides premium quality, cost-effective and environmentally friendly solar solutions to support global, sustainable development. The company mainly competes with Suntech Power Holdings Co. Ltd. (STP).
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