SAN RAMON, Calif., Feb. 24, 2014 /PRNewswire-FirstCall/ -- Canadian Solar Inc., (the "Company", or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced it was selected by Strata Solar to power five utility scale projects totaling 30 MW.
The five North Carolina projects are located in Orange, Lincoln, Union, Rockingham and Caswell counties. The power plants will power approximately 3,750 households, many of which are located in agricultural areas.
Strata Solar anticipates that collectively, the systems will eliminate 21,120 metric tons of CO2 emissions, the equivalent of removing 3,900 vehicles from the road. Farming families, in particular, can benefit from adopting solar energy, as it helps offset energy costs, which can impact operational profitability.
"These solar farms continue to showcase the capabilities of Canadian Solar products in our portfolio of utility projects," said Markus Wilhelm, Chief Executive Officer of Strata Solar.
"We have been very impressed with Canadian Solar; from product to personnel. Canadian Solar delivers on its promises, which is the kind of partner you need when you are constructing solar energy farms on tight deadlines to exacting standards," he added.
118,860 Canadian Solar polycrystalline modules were used for the projects. Furthermore, Canadian Solar's polycrystalline modules were awarded the highest PTC ratings in the solar industry. PTC Ratings, calculated by the California Energy Commission (CEC), are universally accepted as the most accurate determination of a solar module's power output performance.
"The scale and sheer impact of these five projects is a testament to the dynamic partnership between Canadian Solar and Strata Solar. Our team is particularly honored by the fact that one of the projects is located in the home-county, Orange of Strata Solar and is the largest installation in their neighborhood," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
And they keep coming.
GUELPH, Ontario, Feb. 24, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has been awarded a module supply agreement to provide 18MW of photovoltaic ("PV") modules to Hitachi, Ltd. ("Hitachi") for a solar power project in Japan. The project is owned by Eurus Energy Holdings Corporation with Hitachi as its EPC contractor.
"Quality and reliability are key criteria we use to select our partners and suppliers. After extensive evaluation we are impressed with the quality of Canadian Solar's PV modules as well as their track record of delivering high quality solar modules to large scale solar power projects worldwide," said Mr. Kosho Aikawa, Senior Engineer of Hitachi.
"We are honored to supply our high efficiency modules to Hitachi, a global leader in the electronics as well as the power systems industry," commented Dr. Shawn Qu, President, Chairman and CEO of Canadian Solar. "This agreement reflects our position as a top tier solar module supplier with an industry leading customer base and our strong position in the Japanese market."
This 18MW solar power project, which is expected to be in operation in March 2015, is located in the boundary between Marumori-machit in Miyagi prefecture and Soma city in Fukushima prefecture, covering an area of 80 hectares. Canadian Solar will supply approximately 73,556 pieces of its 60 cell high efficiency CS6P255P modules with power output of 255Wp for this project. This solar power plant will power approximately 5,000 homes and is expected to displace approximately 9,200 tons of carbon dioxide emissions each year. Electricity to be produced in the next 20 years will be sold to Tohoku Electric Power Co., Inc.
The quality of Canadian Solar modules is substantiated by one of the highest PTC ratings out of over 12000 P-type crystalline modules published on the Go Solar California website. In addition, Canadian Solar modules also demonstrate higher energy yield of up to 5% compared with products from other Tier 1 module suppliers, according to PVSYST's system performance simulation.
Nice job csiq.
Canadian Solar Inc. (CSIQ) now expects fourth quarter 2013 revenues to increase by approximately 75% on the back of a surge in demand for its solar panels. Canadian Solar, one of the world's largest solar power companies, will report the final results on Mar 5, 2014.
For fourth-quarter 2013, Canadian Solar expects revenues in the range of $510 - $520 million. The quarterly estimate is approximately 75% higher than the year-ago level at the midpoint of the guided range. As per the Zacks Consensus Estimate, the company’s quarterly revenues stand at $508 million.
Canadian Solar expects solar module shipments in the fourth quarter to increase in the range of approximately 605 - 620 megawatt (“MW”) from the previous guidance of 480 - 500 MW provided on Nov 13, 2013. The current estimate is also higher than the third-quarter 2013 shipment of 478 MW and the prior-year figure of 404 MW.
Canadian Solar now expects its quarterly gross margin in the band of 16% - 18% compared with the previous projection of 13% - 15%. The quarterly guidance now takes into account the sale of the Mississippi Mills project in Ontario, Canada to TransCanada Corp. (TRP) which was not included in the previous projection. The company sold the project for over $57.4 million (C$61.0 million).
For fiscal 2013, Canadian Solar provided estimates for solar module shipments in the band of 1,878 - 1,893 MW. The annual projection is higher than the year-ago figure of 1,543 MW.
In addition, Canadian Solar expects to report profit on a U.S.-GAAP basis in the fourth quarter as well as in 2013. The company will report in the green for the first time since 2010.
The projections are subject to the final verdict of the Suzhou Intermediate Court on a contract dispute between Canadian Solar and LDK Solar Co., Ltd. (LDK). Canadian Solar’s quarterly and fiscal year performance may be negatively impacted if the court’s verdict goes against the company and the award is allotted to LDK Solar.
We note that the solar products and services provider is progressing well on its utility-scale solar projects as well as other solar projects where it acts as an Engineering, Procurement and Construction contractor. The company caters to a geographically diversified customer base, spread across Germany, Spain, the U.S., and the emerging solar markets in France, India, Italy, South Korea, Canada, Japan and China.
Canadian Solar has a strong order book and wins orders from both domestic as well as international clients at regular intervals. Recently, Canadian Solar’s subsidiary Canadian Solar Solutions Inc. signed a contract with a fund managed by BlackRock, Inc. (BLK) to sell Oro-Medonte, a utility scale solar power plant, to the latter.
On Jan 29, 2014, the company had announced that it will provide solar photovoltaic ("PV") modules for a 2.1-MW solar power plant at the Delhi International Airport in India. We believe a steady flow of contracts will enable the company to beat estimates while improving future performance.
Canadian Solar currently has a Zacks Rank #1 (Strong Buy).
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Solar-panel makers Canadian Solar Inc. and JinkoSolar Holding Co. are “leading the pack” of solar-panel manufacturers in becoming more profitable and are the subsector’s top picks for analysts at Roth Capital.
The analysts, led by Philip Shen, also forecast strong fourth-quarter results for solar-panel makers in general.
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Demand is seen outrunning supplies — the analysts project 47 gigawatts of global demand this year, versus manufacturer capacity of 45 gigawatts.
They gave higher marks for Canadian Solar CSIQ +0.31% and JinkoSolar JKS -0.60% also because their shares are trading at cheaper valuations than peers.
“Despite the run up in the stocks, we continue to see value” on these two, the analysts said.
Canadian Solar said Tuesday it expects to turn a profit in the fourth quarter, its second consecutive quarterly gain after nine quarters of losses, and that 2013 will likely be its first profitable year.
The company has not set a date to release fourth-quarter results, but scheduled a March 5 conference call with analysts to discuss results. JinkoSolar has also not disclosed a date.
The Roth Capital analysts forecast fourth-quarter revenues of $506 million for Canadian Solar, compared with Wall Street consensus of $556 million, and earnings of 67 cents a share versus expectations of 64 cents a share.
For JinkoSolar, the analysts expect revenues of $346 million, slightly ahead of consensus of $347 million, and earnings of 82 cents a share compared with estimates of 71 cents a share.
GUELPH, Ontario and TORONTO, Feb. 6, 2014 /PRNewswire/ -- Canadian Solar Inc. (CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced that its subsidiary, Canadian Solar Solutions Inc., entered into an agreement with a fund managed by BlackRock ("BlackRock"), whereby BlackRock will acquire from Canadian Solar the Oro-Medonte ("Oro") solar power plant totaling 10 MW AC at a valuation comparable to other recent project sales completed by Canadian Solar on a per megawatt basis in the Ontario market. This latest transaction follows BlackRock's previously announced acquisition of the Demorestville, Taylor Kidd and Westbrook solar power plants in Ontario, Canada.
Under the agreement, the fourth utility-scale solar power plant purchased by BlackRock is located in the Township of Oro-Medonte and is scheduled to start construction in the first quarter of 2014, with commercial operation expected in the third quarter of 2014. Canadian Solar is providing turnkey engineering, procurement and construction ("EPC") services to complete the project and will provide operations and maintenance ("O&M") services after completion.
"We continue to execute well on our Ontario project backlog as we strengthen our position in the global solar energy solutions space with an industry leading network of partners across all segments of the value chain. And we are delighted to partner with BlackRock to build four solar power plants and contribute to the growth of clean solar energy in the Ontario market. As we look to the future, our backlog of contracted and late-state projects in Canada, Japan, the U.S. and China, gives us good visibility into our results for 2014 and beyond. This is allowing us to prioritize additional opportunities in key markets, a pipeline that we estimate now stands over 3 G, as we emerge as one of the leaders in the solar energy solutions market place," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
"We're very pleased to announce the purchase of this fourth solar project in the Province of Ontario and we look forward to a successful cooperation with Canadian Solar to bring these projects to fruition," said Jim Barry, Managing Director and head of BlackRock Infrastructure Investment Group.
The Oro utility-scale solar power plant is designed to generate sufficient power for approximately 1,339 homes, and will provide emissions free energy to Ontarians over their 20-year operational period covered under the Ontario Power Authority contracts. In addition, the solar power plant will include approximately 38,763 Canadian Solar CS6X high-performance modules, and is expected to create more than 150 new jobs during the development and construction phase.
nice job csiq.
GUELPH, Ontario, Jan. 30, 2014 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (CSIQ), one of the world's largest solar power companies, today announced that it has shipped a record of 508 MW of solar photovoltaic (PV) modules under its own Canadian Solar brand thus becoming the largest foreign PV module brand in the Japanese market with an estimated 7% market share in 2013.
To take advantage of its strong position in the Japanese solar energy market, Canadian Solar is proud to announce the opening of two additional business operation centers to better serve four geographic regions in Japan. The Tokyo operation center will focus on the central-east region, Fukuoka will serve customers in the south region, while Osaka and Sendai will cover the central-west and north regions, respectively.
In addition to PV module sales, Canadian Solar is also one of the leading brands to supply solar PV module system kit solutions for residential and commercial rooftop applications in the Japanese market. The Company also has made further acquisitions of utility-scale PV project permits to bring its total late-stage utility scale project pipeline in Japan to 330MW, up from 278MW at the end of the third quarter of 2013.
"Japan has been a key market for us since 2009, when we initiated our market diversification strategy. We are proud of our progress and our accomplishments in the space of 5 years, as we built our team to over 100 employees, and expanded our business scope from residential and commercial PV system sales to include module sales and utility-scale solar project development. We are also delighted that as a result of our hard work and commitment we are able to establish Canadian Solar as the top foreign brand in this important growth market," commented by Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian
GUELPH and ALYMER, Ontario, Jan. 22, 2014 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (CSIQ) (the "Company", or "Canadian Solar"), one of the world's largest solar power companies, today announced that its subsidiary, Canadian Solar Solutions Inc., has signed a 10 MWac Module Supply Agreement with Silvercreek Solar Park Inc. ("Silvercreek"), to provide Ontario-made Canadian Solar modules for a ground-mounted utility-scale solar power plant in Canada. This is Silvercreek's first utility scale solar power project in Ontario.
Dave Moerman, President of Silvercreek Solar Park Inc, commented, "This is our first project in Ontario and selecting Canadian Solar as our partner was an important decision. We are pleased with our decision. Canadian Solar is the largest solar manufacturer in Canada, known for manufacturing high performance solar modules. Both companies share in our commitment to the Ontario solar industry and are pleased to bring this showcase project online."
The 10 MWac solar power plant, which is located in Elgin County, south of the Town of Alymer, Ontario, is scheduled to be completed and connected to the Ontario grid in July 2014. It is projected to generate over 17,500,000 kilowatt-hours per year. The Silvercreek solar power plant is powered by 48,384 Canadian Solar high performance CS6X modules that have been formally tested and awarded international certifications. Once connected to the grid, the plant is expected to power approximately 1,699 houses annually and is expected to displace approximately 246,940 metric tons of carbon dioxide emissions over its 20-year operational period. This project is being developed as part of the Ontario Power Authority ("OPA") Feed-in Tariff contract.
"We take the utmost pride and bring the same high level of expertise and quality to every solar project we are involved with. As a result, our impressive track record of success worldwide, expanding global leadership and strong local manufacturing facilities in Canada made Canadian Solar an ideal partner. We are excited to be working with Silvercreek Solar Park on its first solar project in Canada and look forward to further expanding our relationship in the future as opportunities become available," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
The Silvercreek solar farm will mark a milestone for the community, as Elgin County's first solar farm to be built and connected in the county. The solar farm, which will cover approximately 88 acres of land, is expected to create more than 150 new jobs throughout the development and construction phase of the project.
Canadian Solar modules are covered by a 10-year warranty on materials and workmanship, along with a 25 year linear power output performance guarantee. In addition, Canadian Solar's product and performance warranty are backed by a third-party insurance policy that is underwritten by investment grade insurance companies.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar Inc. (CSIQ) is one of the world's largest
Good job csiq.
SAN RAMON, Calif., Jan. 21, 2014 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (CSIQ), one of the world's largest solar power companies, today announced that the Company's polysilicon ("PV") modules achieved the highest PTC ratings amongst all major poly module manufacturers.
The California Energy Commission (CEC) established the PVUSA Test Conditions (PTC) ratings program, a universally recognized standard for assessing real-world solar panel performance.
In the latest PTC Rating, Canadian Solar's flagship poly solar energy module, the CS6P-P modules (60 cell poly) with 255 Wp, received a PTC Rating of 91.88%, and the CS6X-P modules (72 cell poly) with 305 Wp received a PTC Rating of 91.90%. The higher the PTC power rating, relative to the module's STC power nameplate, the higher the actual on-site solar energy production per watt installed, leading to faster returns on investment.
"The PTC Rating is widely recognized as one of the most realistic, credible measures of PV module output due to its strict definition and calculation criteria and ability to reflect real-world solar and climate conditions. Consistently ranking at the top of the PTC ratings is added validation and makes the decision to use Canadian Solar modules even easier for customers worldwide, when combined with our leading global brand, bankability, scale and industry leading balance sheet," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.
Recognized for reliability and top-of-the-line performance and quality standards, Canadian Solar modules power some of the world's largest PV installations.
The latest PTC listing can be reviewed
And they just keep coming.
GUELPH, Ontario, Jan. 6, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc. (CSIQ) (the "Company," or "Canadian Solar"), one of the world's largest solar power companies, today announced the successful completion and grid connection of a 30 MW ground mounted solar power project in Tumushuke City, Xinjiang Uyghur Autonomous Region in Western China. This project was developed by CSI Solar Power (China) Inc., a subsidiary of Canadian Solar Inc., with Gaochuangte New Energy as the EPC contractor.
Covering an area of about 100 hectares, the project is 9.5 kilometers away from the downtown area of Tumushuke City. Construction on the project commenced in June 2013 and ended in December 2013, with electricity generation starting in the late December of 2013. Approximately 129,600 Canadian Solar CS6P-235P modules with power output of 235Wp were used. With the annual electricity generation projected to be 41.97 million KWh, this solar power plant is expected to displace over 13.4 thousand tons of standard coal consumption every year, while reducing annual emissions of carbon dioxide, sulfur dioxide and oxides by over 35 thousand tons, 114 tons and 99 tons respectively.
"We are pleased to announce the completion and grid connection of this ground mounted project, which is so far the largest one we have completed in China. With the efforts of our strong and experienced project development team and the support of key financial institutions, we are well positioned to continue to execute on our solar power project pipeline in China in the quarters ahead," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "As a leading global solar power solutions provider with a strong track record of execution, we remain committed to supporting the adoption of green solar energy in China and around the world."
Good job csiq and you got in during the 4 quarter. looks like the 4th quarter is going to be a good one.
Good job csiq.
DecFebAprJunAugOct0.0010.0020.0030.0040.00 CSIQ:US26.77-1.63 -5.74% * Price chart for CANADIAN SOLAR INC. Click flags for important stories.
Canadian Solar Inc. (CSIQ), this year’s second-best performer on the Nasdaq Stock Market, has surged more than sevenfold as a shift toward selling power plants led to its first profitable quarter in more than two years.
More than 41 percent of the Guelph, Ontario-based company’s third-quarter revenue came from developing solar farms, especially in Canada, up from 22 percent a year earlier. That led to net income of $27.7 million.
Most of Canadian Solar’s manufacturing facilities are in China, where it’s also building solar farms -- power plants comprising rows of photovoltaic panels. Its operations in Canada, where provincial incentives help it sell solar projects for as much as twice what it gets in Asia, set the company apart from Chinese panel makers, said Jenny Chase, an analyst with Bloomberg New Energy Finance.
“The Canadian pipelines were far more profitable,” she said in a phone interview Dec. 3.
Canadian Solar has surged 687 percent this year through yesterday to $26.77, giving it a market value of $1.24 billion. That makes it the best-performing solar company and second on the Nasdaq (CCMP) after network-gear maker Zhone Technologies Inc., which has climbed 837 percent. Canadian Solar’s price-to-sales ratio is about 8.7 times that of peers in the 15-company Bloomberg Industries Global Large Solar Energy Index, indicating investor confidence.
A global glut of solar panels has pushed prices down almost 60 percent since the start of 2011, according to data compiled by Bloomberg. Canadian Solar found it more lucrative to shift to building power plants in addition to selling panels, mirroring the strategy used by Tempe, Arizona-based First Solar Inc., the only profitable company in the past year in the Solar Energy Index.
Canadian Solar is developing about 327 megawatts of projects in Canada on its own and has contracts to build four more for other companies with 169 megawatts of capacity. That pipeline is worth at least C$1.7 billion ($1.6 billion), Chairman and Chief Executive Officer Shawn Qu said on a Nov. 13 conference call with analysts.
“Our success is being mainly driven by our total solutions business,” which develops and sells solar farms, Qu said on the call. “We are making major progress in our business transformation from a module manufacturer into a one-stop shop and provider of solar power solutions.” A company executive was not available for an interview, according to Suzanne Wilson, a spokeswoman.
Canadian Solar sold two utility-scale plants in Ontario to TransCanada Corp. in the third quarter and two others to a firm managed by BlackRock Inc. in deals that totaled more than C$200 million.
In China, the company expects to complete construction on 40 megawatts worth of projects this quarter and it has 278 megawatts of “late-stage projects” in Japan, Qu said on the call.
Demand for solar power has surged in Ontario since the province introduced in 2009 a feed-in tariff, which ensures above-market rates for electricity from photovoltaic panels and other renewable sources.
“There was no solar PV industry in Canada to speak of before the introduction of the Ontario FIT program,” John Gorman, president of the Canadian Solar Energies Association in Ottawa, said in an interview. The program “was a success by any measure in creating quite a robust manufacturing and development industry here.”
About 870 megawatts of utility-scale projects were built from 2009 through mid-2013, Gorman said, and an additional 1.2 gigawatts is approved and expected to be completed by mid-2014. Demand was so strong that the program was closed in June to projects larger than 500 kilowatts. Canadian Solar has a panel assembly plant in the province to meet Ontario’s local-content requirements.
The incentive is part of the reason “Ontario has the most solar capacity of any jurisdiction in Canada,” Bob Chiarelli, the province’s energy minister, said in an e-mailed statement.
The incentives drove up profit for Canadian Solar. At least one of its projects sold in Canada this year for about $4 a watt, double the price it’s getting in China, Chase said.
“These pipelines came at a really good time -- 2012 was one of the toughest years ever for solar companies, and the first two quarters of 2013 were pretty tough too,” she said. “It certainly got them through a very tough time.”
That pipeline makes Canadian Solar “the best-positioned solar company for growth in profitability” Nitin Kumar, a Singapore-based analyst at Nomura Holdings, wrote in a Nov. 26 note to investors. “We think valuations are still very attractive and investors’ confidence should continue to grow.” He rates the stock a buy with a 12-month price target of $42.
The company has three buy ratings from analysts and one sell, according to data compiled by Bloomberg.
The entire solar industry is surging this year after a two-year slump. The Large Solar Index has more than doubled this year led by Canadian Solar and two other companies that have more than quadrupled: SunPower Corp. (SPWR) and JinkoSolar Holding Co.
Canadian Solar’s profit in the third quarter was its first since the second quarter of 2011. It shipped 478 megawatts of panels and expects to ship 480 megawatts to 500 megawatts in the current quarter.
Total 2013 shipments will be 1.75 gigawatts to 1.77 gigawatts, the company said when it released its third-quarter results last month, narrowing the range of its previous forecast of 1.6 gigawatts to 1.8 gigawatts. It has more than 1 gigawatt of solar farms under development in its “late-stage project pipeline.”
“It was a hedge that’s really worked over the last year,” Chase said. “The Chinese pipelines are coming in now, and Canadian Solar has a plan outside of China, which will help it sell solar projects in Europe.”
Good job csiq.
Good job csiq.