Canadian Solar Expands in Europe - Analyst Blog
March 15 2012 - 1:00PM
Zacks
Canadian Solar Inc. (CSIQ) announced that it
entered into an agreement with Lightsource Renewable Energy to
develop four solar power plants in England. The plants will
together generate 6.4 megawatts (MW) of green power.
Per the agreement, Canadian Solar will jointly develop four
ground mounted photovoltaic (PV) power plants. The plants will be
built in the counties of Cornwall, Lincolnshire and Somerset. The
entire project will be completed within a span of 9 to 12
weeks.
A general decry on the use of fossil fuel for electricity
generation as well as a growing consciousness of the benefits of
renewables is the driving force behind such projects. Lightsource
Renewable Energy is one of the main developers of solar energy in
England, having 38 MW of operational solar energy projects under
its belt.
Canadian Solar supplies solar panels to its customers globally.
At the end of fiscal 2011, the company generated most of its
revenue from its exposure in Europe. Of the $1.9 billion in total
revenue in fiscal 2011, 65% or $1.23 billion came from Canadian
Solar’s European operations.
Last month, Canadian Solar entered into an agreement to supply
2,800 rooftop solar modules in Virum, Denmark. This solar
installation will be able to generate 605 kilowatt (KW) of green
energy and is the largest of its kind in Denmark.
During the fiscal 2011 earnings call, the company guided its
expectations of solar modules shipment for 2012. The company
expects to ship solar modules in the range of 1,800 MW to 2,000 MW
in 2012 to its worldwide customers. This forecast shows remarkable
growth from the 2011 shipment level of 1,323 MW and the 2010 figure
of 803 MW.
We trust that Canadian Solar’s solar panels, with a high
conversion rate and the ability to work in different climatic
conditions, will find takers in the worldwide solar energy
sector. In January 2012, the company’s solar modules passed a
difficult salt spray corrosion test and proved its ability to
perform in salty and humid conditions.
Canadian Solar currently retains a Zacks #3 Rank, which
translates into a short-term Hold rating. The company competes with
First Solar Inc. (FSLR) and SunPower
Corporation (SPWR).
Based in Ontario, Canada, Canadian Solar, together with its
subsidiaries, engages in the design, development, manufacture and
marketing of solar cell and solar module products that convert
sunlight into electricity for various domestic and international
uses.
CANADIAN SOLAR (CSIQ): Free Stock Analysis Report
FIRST SOLAR INC (FSLR): Free Stock Analysis Report
SUNPOWER CORP-A (SPWR): Free Stock Analysis Report
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