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Canadian Solar Supplies 42.9 MW Modules to Japanese Plant

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Ontario, Canada-based Canadian Solar Inc. (CSIQ - Free Report) announced that it has supplied solar photovoltaic (“PV”) modules to the Takataya Hibiki PV plant in Kitakyushu, Japan. The company supplied 168,240 Canadian Solar CS6P-255P panels with a total capacity of 42.9 megawatt (“MW”).

The Takataya Hibiki plant was independently produced by Takataya Co. Ltd while turnkey engineering, procurement, and construction (“EPC”) services were rendered by JGC Corporation. Located in Fukuoka county, this Japanese power plant is expected to commence commercial operation in Aug 2015.

The electricity produced (49 million kilowatt hours annually) from the Takataya Hibiki plant will be adequate to power 13,600 homes. The clean power generated from the system will also prevent 32,340 metric tons of carbon emissions every year.

Always a step ahead in advanced technological innovations, Japan has recently come up with the idea of a floating solar farm that is expected to go live this month. Necessity they say is the mother of all invention. This ingenious concept may be traced to a lack of suitable land for tapping solar energy. The floating solar system will consist of a bed of polyethylene that is fully waterproofed. Striking advancements like these will bring a new edge to the solar industry.

Flurry of Solar Orders

Top solar companies in the U.S. and China are nabbing all sizes of orders from across the world. Mentioned below are a few recent deals cut by solar firms spanning across continents. The universal availability of sunlight is the key to the solar boom that we see everywhere today. This is supported by the emphasis on clean and sustainable energy generation.

China based JinkoSolar Holding Co., Ltd. (JKS - Free Report) announced that it will supply PV solar panels of a capacity of 20 MW to Else Enerji, a leading solar EPC company based in Turkey. The delivery is scheduled to complete by Oct 2015.

China based Yingli Green Energy Holding Company Limited (YGE - Free Report) supplied 1.01 MW of solar panels for the largest solar project in Venezuela. This is the country's inaugural PV power plant, containing more than 4,400 multicrystalline Yingli Green Series solar panels that can generate over 1.4 gigawatt hour a year. This is sufficient to power over 400 typical Venezuelan homes.

Maryland Heights, MO-based SunEdison, Inc. was awarded a contract to build five solar photovoltaic projects in South Africa, totaling 371 MW. The company won the projects in the fourth round of the Renewable Energy IPP Procurement Programme organized by South Africa's Department of Energy. Per the contract, the company will build these power plants across Northern Cape and North West Provinces.

Good News Ahead

The U.S. Energy Information Administration projects that global electricity generation from renewable sources will account for nearly a quarter of the total production by 2040.

Per a revised forecast by Mercom Capital, a global consulting firm, global solar installations will reach 57.4 GW in 2015, an increase of nearly 28% year over year. China, Japan and the U.S. are expected to dominate installations.

Zacks Rank

Canadian Solar currently carries a Zacks Rank #3 (Hold).

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