Modules of Canadian Solar Inc. (CSIQ) have been selected by Comet Solar for its solar project located in the Leeward Islands in the West Indies – the largest commercial photovoltaic (:PV) project permitted by the St. Kitts & Nevis government to date.
The 600 kilowatt solar project will be developed by Anguilla-based installation firm Comet Solar on behalf of SL Horsford, a trading, service and manufacturing company. The project covers eight of the company’s buildings, comprising supermarkets, which have a high refrigeration load.
The project poses a stiff challenge to Comet Solar given the remote location. The buildings range from steel to concrete roofs with a mix of British and American electrical systems and voltages that make installation difficult.
Canadian Solar caters to a geographically-diverse customer base spread across its key markets in Germany, Spain and the U.S., as well as emerging market opportunities in France, the Czech Republic, Italy, South Korea, Canada, Japan and China. Recently, modules of Canadian Solar were chosen by Argand Energy Solutions for their solar project located in Louisburg, NC. In collaboration with Horne Brothers Construction, Inc., Argand Energy Solutions began construction of the 2.3 megawatt (MW) project in Jun 2013. System grid connection is scheduled this month.
Again, Canadian Solar also received a contract to supply 91 MW of its CS6X PV modules to Asia-based solar power provider Soleq Solar (Thailand) Co Ltd. for solar power projects in Thailand.
Canadian Solar is a low-cost, vertically-integrated solar module producer with predominantly China-based manufacturing assets. The prospects for Canadian Solar look favorable based on a geographically-diverse customer base and improving operating efficiencies through its vertically-integrated manufacturing operation.
The company’s drive towards escalating its business globally through multiple ventures is expected to support its extensive growth objectives. This latest supply deal supports this endeavor. It also helps to nullify the effect of anti-dumping duties leveled on Chinese module makers in the U.S.
The company presently retains a Zacks Rank #3 (Hold). However, other companies that look favorable in the space include Zacks Ranked #1 (Buy) peers JinkoSolar Holding Co. Ltd. (JKS) and ReneSola Ltd. (SOL), as well as a Zacks Ranked #1 (Strong Buy) company SunPower Corp. (SPWR).
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