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Canadian Solar to Supply Solar Modules to European Projects
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Canadian Solar Inc. (CSIQ - Free Report) 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 - Free Report) 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.
In the past twelve months, shares of Canadian Solar have surged 74.7% compared with the industry’s 29% rally.
Key Picks
Some better-ranked stocks in the solar industry are JinkoSolar Holding Company Ltd. (JKS - Free Report) and Enphase Energy, Inc (ENPH - Free Report) .
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 to Supply Solar Modules to European Projects
Canadian Solar Inc. (CSIQ - Free Report) 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 - Free Report) 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.
Key Picks
Some better-ranked stocks in the solar industry are JinkoSolar Holding Company Ltd. (JKS - Free Report) and Enphase Energy, Inc (ENPH - Free Report) .
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%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>