Canadian Solar Completes Delivery of BiKu Modules in Oregon
Canadian Solar Inc.CSIQ recently announced the completion of the first significant delivery of bifacial solar PV modules in the United States. The company delivered 10 MW of Canadian Solar bifacial PV modules — BiKu CS3U-PB-AG — to Neighborhood Power for four solar power projects near Portland, OR.
Why Canadian Solar Wins the Deal?
Bifacial solar modules are able to generate energy from both sides, which signifies higher power generation with lower cost. This model’s daily energy yield is 5-20% higher than conventional polymer backsheet modules and provides five years additional warranty compared with the industry standard.
BiKu model, a unique integration of bifacial and dual cell, is expected to provide additional energy to compensate the new tariffs on solar modules and steel mounting equipment for Neighborhood Power. This deal will make the company’s solar projects more economical.
Canadian Solar is one of the world's largest solar power companies with multiple late-stage utility-scale solar power projects in hand. Moreover,the company has a wide global customer base. The key markets are located in the United States, China, Japan, the U.K. and Canada. Emerging market opportunities in Brazil, Argentina, India, Mexico, South Africa and the Middle East are expected to drive demand in the upcoming years.
Per U.S. Energy Information Administration, utility-scale solar photovoltaic capacity for U.S. is projected to grow by 127 GW from 2020 to 2050.
In the third quarter of 2018, Canadian Solar’s reported earnings of $1.09 per share, outpaced the Zacks Consensus Estimate of 46 cents by a massive 137%. Other companies from same industry that delivered earnings in the quarter under review are First Solar Inc FSLR, SolarEdge Technologies SEDG and Enphase Energy ENPH.
Earnings of First Solar, SolarEdge Technologies and Enphase Energy were 54 cents, 86 cents and 4 cents, respectively.
Zacks Rank & Price Movement
Canadian Solar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the last 12 months, shares of Canadian Solar have lost 13.3% narrower than the Zacks Solar industry’s decline of 16.6%.
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SolarEdge Technologies, Inc. (SEDG) : Free Stock Analysis Report
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