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Canadian Solar Inc. ( CSIQ - Analyst Report ) has delivered its solar modules for a photovoltaic plant in the German city of Dreieich-Buchschlag. The plant has a generation capacity of 8 megawatt (MW). Spread across an area of 153,000 square meters, the system supplies electricity to up to 2,000 homes in Dreieich.
The plant has installed more than 40,000 Canadian Solar modules within a period of a few weeks. The solar park is operated by Rhein-Main Solarpark (“RMS”) GmbH which is a joint venture of Stadtwerke Dreieich and FirstEnergy Solutions Corporation, a subsidiary of FirstEnergy Corporation ( FE - Analyst Report ) .
The company has historically found a sizeable market in Europe. Only this month, the company supplied 3.3 MW of solar modules for a PV project in Bulgaria. In February this year, the company supplied 2,800 solar modules for a rooftop system in the Danish city of Virum.
We believe that utilizing solar energy is a powerful and cost efficient energy solution. Moreover, solar energy is playing an important role worldwide by helping nations to meet their renewable energy goals.
Canadian Solar is one of the world's largest solar companies. As a leading vertically integrated provider of ingot, wafer, solar cell, solar module and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide.’
Canadian Solar caters to a geographically diverse customer base including emerging markets like France, the Czech Republic, Italy, South Korea, Canada, Japan and China. With operations in North America, Europe, Australia and Asia, Canadian Solar provides premium quality, cost-effective and environmentally friendly solar solutions to support global, sustainable development.
However, in the near term, we expect the company’s revenue to be impacted by the industry-wide oversupply leading to sharply falling Average Selling Prices, and rising competition in the market. The company presently retains a short-term Zacks #3 Rank (Hold) that corresponds with our long-term Neutral recommendation on the stock.
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