Canadian Solar, Inc. (CSIQ - Analyst Report) in collaboration with Strata Solar has completed the construction of two utility-scale solar power projects, with the third project to be completed very soon.
Located in North Carolina, these projects, namely, Lenoir 1, Lenoir 2 and Wilson 1 have electricity generation capacity of 18 megawatt (MW). These plants are a part of a 15-project portfolio expected to come online by 2013 end. Together these projects will have an electric generation capacity of 85 MW.
The three projects have used 40,608 Canadian Solar CS6P-P 245 and 19,896 CS6P-P 250 watt solar modules. Post completion, these plants will be able to power 2,500 homes and will allow the state to get rid of 13,250 metric tons of CO2 per year, which is equivalent to eradicating 3,944 cars from the road.
Strata Solar LLC is a leading provider of complete solar energy systems and installations in the U.S. It provides a full array of engineering, procurement and construction services. Strata Solar projects in North Carolina bring employment opportunities to the state and provide clean, sustainable energy.
The strategic partnership between Strata Solar and Canadian Solar will help in delivering more clean energy, thereby fulfilling environmental responsibility. Recently, Strata Solar and Canadian Solar’s Fuquay Farm, located in Middle Creek, Willow Springs in Wake County, North Carolina was connected to the grid in Mar 2013.
Canadian Solar is not the only solar company tying up with Strata Solar. In April this year, ReneSola Ltd. (SOL - Analyst Report) agreed to provide 300 watt high-efficiency Virtus II 72-cell polycrystalline solar modules to Strata Solar, LLC. Strata Solar will utilize the modules in five 6.5 MW solar farms in North Carolina. More than 108,000 ReneSola modules will be utilized in the five solar farms with each farm using 21,677 modules approximately.
However, Canadian Solar’s crystalline silicon solar module product line is more diversified compared to its peers with modules made of medium power, low-cost upgraded metallurgical-grade silicon, or UMG-Si, as well as high efficiency, high power output mono-crystalline modules and a range of specialty products. The prospects for Canadian Solar look favorable based on a geographically-diverse customer base and improving operating efficiencies through its vertically-integrated manufacturing operation.
Among the stocks worth considering in the solar space are JinkoSolar Holding Co., Ltd. (JKS - Snapshot Report) and SunPower Corporation (SPWR - Analyst Report), both with a Zacks Rank #2 (Buy).