Yahoo News Canadian Solar Sells Solar Project to BluEarth Renewables
Canadian Solar Inc. CSIQ has recently completed the sale of the Suffield solar project to BluEarth Renewables. The Suffield solar project, wherein Canadian Solar’s bifacial solar photovoltaic panels and single-axis trackers are going to be installed, will have a generation capacity of 23 megawatts-alternative current (MWac).
On being operational later this year, the Suffield solar project will deliver the electricity to Direct Energy, which is one of the largest energy-related service providers in North America. The project is expected to produce enough energy to power approximately more than 7,300 homes annually.
Project Monetization by Canadian Solar
From the global scale perspective, Canadian Solar currently caters to a geographically-diverse customer base spread across key markets in the United States, China, Japan, the U.K. and Canada as well as emerging markets in Italy, India, Mexico and Germany, among others. Based on its global presence, the strategy of project monetization tends to boost this solar player’s profit count.
Notably, in March, the company completed a 17.7-megawatt peak (MWp) subsidy-free solar portfolio sale in Italy to Sonnedix, which included the sale of five solar PV plants. Prior to this sale, Canadian Solar completed the sale of Yamaguchi Shin Mine in February 2020, a 56.3 MWp operational solar power plant in the Yamaguchi Prefecture in Japan. It is evident that as the company continues to expand its customer base worldwide, sale proceeds from these divestments, including the latest one, will add further impetus to its growth.
Other Solar Players Following Suit
Project monetization is a common strategy, followed by solar developers these days, to earn profits. To this end, we observe that ReneSola SOL sold a portfolio of 7MW of solar projects in Canada to Grasshopper Energy in March 2020. In June, the company divested its 10.4-MW community solar portfolio to Nautilus Solar Energy.
Price Performance
In a year's time, shares of this Zacks Rank #3 (Hold) company have increased 59.7% compared with the industry’s 61.3% growth.
Zacks Rank & Key Picks
A few better-ranked stocks from the same space are Azure Power Global Ltd. AZRE and each SunPower Corporation SPWR. While SunPower sports a Zacks Rank #1 (Strong Buy), Azure Power Global carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunPower Corporation delivered an average positive earnings surprise of 244.23% in the last four quarters. The Zacks Consensus Estimate for 2021 earnings has risen 41.4% to 58 cents in the past 30 days.
Azure Power Global surpassed the Zacks Consensus Estimate in the last reported quarter by 130.4%. Its fiscal 2021 earnings expectation indicates a 15.8% improvement from the year-ago quarter’s reported figure.
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Renesola Ltd. (SOL) : Free Stock Analysis Report
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