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Canadian Solar, DM Solar Tie Up to Expand in Latin America
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Canadian Solar Inc. (CSIQ - Free Report) has inked a sales partnership with DM Solar, a wholesale distributor of solar products based in Guadalajara, Mexico, to enhance its portfolio in Latin America.
The Objective
The partnership aims to cater to growing demand for solar panels in Latin America’s renewable energy market.
The panels sold under the partnership will be utilized mostly for small- and medium-scale industrial installations. They would also be used in different residential and commercial projects across Mexico.
Why Canadian Solar?
According to Yusef Kanchi, the co-founder and President of Sales of DM Solar, Canadian Solar was selected on the basis of its high product quality, established business ethics, financial strength and reliability. He believes that Canadian Solar's business is in sync with DM Solar's corporate image.
Canadian Solar has been taking initiatives to expand its presence in Latin America. In August, the company signed a 15-year power purchase agreement with Mexico's state electricity utility, CFE, for its 63 megawatt-peak (“MWp”) solar plant in Aguascalientes, which will begin operations in the third quarter of 2018.
Importance of Solar
A major growth area in the renewable space is solar energy. Solar demand has historically been concentrated in customer-sited distributed generation installations. As per a U.S. Energy Information Administration (“EIA”) report, utility-scale solar capacity is projected to grow by 8.0 gigawatts (“GW”) in 2016 and 5.3 GW in 2017. By the end of 2017, solar capacity is expected to nearly double from the 2015-end level.
Zacks Rank & Key Picks
Canadian Solar currently has a Zacks Rank #4 (Sell). Sunrun Inc. (RUN - Free Report) , Sunworks, Inc. and Vivint Solar, Inc. are better-ranked stocks in the solar industry. While Sunrun sports a Zacks Rank #1 (Strong Buy), both Sunworks and Vivint Solar carry a Zacks Rank #2 (Buy).
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Canadian Solar, DM Solar Tie Up to Expand in Latin America
Canadian Solar Inc. (CSIQ - Free Report) has inked a sales partnership with DM Solar, a wholesale distributor of solar products based in Guadalajara, Mexico, to enhance its portfolio in Latin America.
The Objective
The partnership aims to cater to growing demand for solar panels in Latin America’s renewable energy market.
The panels sold under the partnership will be utilized mostly for small- and medium-scale industrial installations. They would also be used in different residential and commercial projects across Mexico.
Why Canadian Solar?
According to Yusef Kanchi, the co-founder and President of Sales of DM Solar, Canadian Solar was selected on the basis of its high product quality, established business ethics, financial strength and reliability. He believes that Canadian Solar's business is in sync with DM Solar's corporate image.
CANADIAN SOLAR Price
CANADIAN SOLAR Price | CANADIAN SOLAR Quote
Canadian Solar’s Presence in Latin America
Canadian Solar has been taking initiatives to expand its presence in Latin America. In August, the company signed a 15-year power purchase agreement with Mexico's state electricity utility, CFE, for its 63 megawatt-peak (“MWp”) solar plant in Aguascalientes, which will begin operations in the third quarter of 2018.
Importance of Solar
A major growth area in the renewable space is solar energy. Solar demand has historically been concentrated in customer-sited distributed generation installations. As per a U.S. Energy Information Administration (“EIA”) report, utility-scale solar capacity is projected to grow by 8.0 gigawatts (“GW”) in 2016 and 5.3 GW in 2017. By the end of 2017, solar capacity is expected to nearly double from the 2015-end level.
Zacks Rank & Key Picks
Canadian Solar currently has a Zacks Rank #4 (Sell). Sunrun Inc. (RUN - Free Report) , Sunworks, Inc. and Vivint Solar, Inc. are better-ranked stocks in the solar industry. While Sunrun sports a Zacks Rank #1 (Strong Buy), both Sunworks and Vivint Solar carry a Zacks Rank #2 (Buy).
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>