LONDON, UK / ACCESSWIRE / October 18, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Canadian Solar Inc. (NASDAQ: CSIQ), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=CSIQ. The Company announced on October 16, 2017, that it has entered into binding contracts for the sale of its interests in three solar farms in Queensland, Australia with accumulative capacity of 117 MWp to Foresight Solar Fund Limited (FSFL). Foresight is a leading independent infrastructure and private equity investment manager, which has been managing investment funds on behalf of institutions and retail clients for over 30 years now. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Canadian Solar has not disclosed the financial terms of the deal.
The Solar Farms Deal
- The assets considered for sale are comprised of Longreach Solar Farm (17 MWp), Oakey 1 Solar Farm (30 MWp), and Oakey 2 Solar Farm (70 MWp). As per the agreement, FSFL would acquire 49% interests in each of Longreach and Oakey 1 and 100% interest in Oakey 2.
- Two of these three solar farms (i.e. Oakey 1 and Longreach) have 20-year off take agreements with the Queensland Government. In fact, they are under construction for the grid expected in March and September 2018, respectively.
- On the other hand, Oakey 2 solar farm would connect to the grid in October 2018. Oakey 2 is expected to benefit from the sale of power and large-scale generation certificates (LGCs) under the Renewable Energy Target regulatory framework.
- So far, Oakey 1 and Longreach have been funded by Canadian Solar equity, grants from the Australian Renewable Energy Agency (ARENA), senior debt from the Clean Energy Finance Corporation (CEFC) and Bank of Tokyo-Mitsubishi UFJ.
- As of now, the acquisition is subject to various conditions, including consents from relevant stakeholders.
Affirmative Remarks from the Leadership
Dr. Shawn Qu, Chairman and Chief Executive Officer at Canadian Solar, expressed his pleasure on working with FSFL and their team on this milestone transaction.
He also shared that Canadian Solaris very well positioned in Australia. It has a project pipeline of over 800MW in early to late-stage developments. And these projects directly contribute to the Federal Government's Renewable Energy Target and State Government initiatives in generating affordable clean energy.
Foresight Extending its Solar Portfolio
Foresight is known to be a leading global solar infrastructure investment manager. Presently, the Company manages over £1.6 billion (A$2.7 billion) in more than 100 operating Photovoltaic plants with a generating capacity of c. 1.2GW in the UK, Southern Europe, Australia, and North America.
In September 2017, the Company announced its plans to purchase a 48.5% stake in the 110 MW Bannerton solar projects in the Australian state of Victoria. The fund also acquired the 72 MW Shotwick PV project and the 50 MW Sandridge solar farms in the UK this year, thus bringing its global PV portfolio to close to 500 MW.
About Canadian Solar Inc.
Canadian Solar, which was founded in 2001 in Canada, is one of the world's largest and foremost solar power companies. It has developed as a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions in the past 16 years. The Company has a geographically diversified pipeline of utility-scale power projects in various stages of development. Since its inception, Canadian Solar has successfully delivered over 22 GW of premium quality modules to more than 100 countries all over the world. In fact, Canadian Solar is also the most bankable Company in the solar industry, having been publicly listed on NASDAQ since 2006.
Last Close Stock Review
On Tuesday, October 17, 2017, the stock closed the trading session at $15.98, slightly down 0.06% from its previous closing price of $15.99. A total volume of 791.17 thousand shares have exchanged hands. Canadian Solar's stock price rallied 18.72% in the past six months and 8.71% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 31.20%. The stock is trading at a PE ratio of 37.78. At Tuesday's closing price, the stock's net capitalization stands at $912.78 million.
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