On Monday, Canadian Solar Inc (NASDAQ:CSIQ), lost -0.53% on a U.S. exchange, after the company announce Partnership in 200 Megawatt Tranquility Solar Power Project.
The stock is now trading at $18.73, floating in a range of $18.43 to $19.32. The market capitalization for the company is reported at $1.05B, while the P/E ratio yielded by the company is 4.27.
According to the very latest news report, Canadian Solar Inc. (CSIQ), one of the worlds largest solar power companies, declared that its wholly owned partner, Recurrent Energy, one of North Americas largest solar project developers, signed a contract with Southern Power, a partner of Southern Company (SO). Southern Power will acquire a controlling interest in the 200-megawatt (MW) Tranquillity Solar Power Project in California. The project, developed by Recurrent Energy, is presently under construction.
Under the terms of the agreement, Southern Power will acquire about 51% of the solar generation project. Canadian Solar will retain 49% ownership and contribute its share of the investment required to complete the construction of the project, which the Company has fully financed through a construction and back-leveraged loan facility with a syndicate of six banks.
The Tranquillity project, covering an area of 1,900 acres in Fresno County, is predictable to reach commercial operation in the fourth quarter of 2016 with Signal Energy Constructors as the provider of engineering, procurement, and construction services. The project is predictable to generate enough clean solar energy to power about 55,000 homes. The electricity and associated renewable energy credits (RECs) generated by the facility will be sold to Southern California Edison under a 15-year power purchase agreement.
The Tranquillity project is an attractive opportunity for investors, providing long term stable cash flows, said Dr. Shawn Qu, Chairman, and Chief Executive Officer of Canadian Solar. This transaction is another example of solar powers move into the mainstream energy mix, and it shows our broader teams ability to attract top notch investors to finance our high-quality projects.
Looking at other metrics of the stock, we find that the firm is seeing its price movement on above-normal volume, as 1.04M shares changed hands when contrast with its average daily volume of 2.99M shares, with a year-to-date total return of -20.14%. It has declined over the last 12 months, decreasing -46.71% and marked new low $14.16 on Aug 24, 2015. During current trade, the stock has moved down across its SMA 200 of $30.63. The stock, as of current trade, is showing weekly upbeat performance of 16.01% which is maintained at 29.67% in 1-month period.
Canadian Solar Inc., together with its auxiliaries, designs, develops, manufactures, and sells solar wafers, cells, and solar power products worldwide. The company operates in two segments, Module and Energy. Its products comprise various solar modules that are used in residential, commercial, and industrial solar power generation systems.