Canadian Solar Inc. CSIQ recently signed a contract to supply 500-megawatt (MW) solar modules to Solarcentury's projects — Cabrera and Talayuela Solar — in Spain.
The Cabrera project has a capacity of 200 MW and the same for Talayuela Solar is 300MW. The projects are expected to power 255,000 homes in Europe when completed in 2020. The projects will use 144-cell polycrystalline module as it offers industry-leading cell technology and low power loss in cell connections. Nearly1.4 million high efficiency CS3U-P KuMax modules will be used in the projects.
Notably,Canadian Solar produces a wide variety of standard solar modules. The company has developed an innovative module design — Ku Modules — based on Low Internal Current (LIC) module technology.
Global Module Shipment
The company caters to a geographically-diverse customer base in key markets like the United States, China, Japan, the U.K. and Canada. It also caters to customers in emerging markets like Brazil, India, Mexico, South Africa and the Middle East. Of late, the company has further expanded global late-stage project pipeline in Argentina, Australia and South Korea, considering the expected industrial improvement in these markets.
As of Dec 31, 2018, the company has supplied 2.6-gigawatt (GW) high efficiency anti-LeTID PERC solar modules worldwide.It has shipped 27 GW of PV modules in the past 17 years and continues to expand global operation through active 1,200 customers.
Rising Demand for Renewables
Renewable energy sources are gaining popularity as they are environment friendly and reduce emissions. Per U.S. Energy Information Administration (EIA), U.S. energy-related carbon dioxide (CO2) emissions will decline 2.1% in 2019 and 0.8% in 2020. EIA forecasts that all renewable fuels — wind, solar and hydropower — will produce 18% of electricity in 2019 and almost 20% in 2020 in the United States.
Notably, Canadian Solar is significantly expanding operations though Power Purchase Agreements. Recently, the company has signed a Power Purchase Agreement to supply 40 megawatts peak (MWp) / 28 MWac solar power to Energy Transfer ET for a period of 15 years. In May, the company signed a multi-year module supply agreement with EDF renewable North America to deliver 1.8 gigawatts of HiKu modules to EDF projects in the United States, Canada and Mexico. The company’s total solar module shipments for first-quarter 2019 were 1,575 MW.
Zacks Rank & Price Movement
Canadian Solar carries a Zacks Rank #3(Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past twelve months, shares of Canadian Solar have surged 74.7% compared with the industry’s 29% rally.
Some better-ranked stocks in the solar industry are JinkoSolar Holding Company Ltd. JKS and Enphase Energy, Inc ENPH .
Estimates for JinkoSolar’s 2019 earnings have moved up 0.6% to $2.98 per share in the past 90 days. The company sports a Zacks Rank #1. The company’s long-term (three to five years) earnings growth is pegged at 20%.
Estimates for Enphase Energy’s 2019 earnings have surged 73.3% to 52 cents in the past 90 days. The stock carries a Zacks Rank #2 (Buy). The company’s average four-quarter positive earnings surprise is 31.67%.
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Canadian Solar Inc. (CSIQ) : Free Stock Analysis Report
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