Canadian Solar (CSIQ) Scores 176MW In Canadian Open Field PV Orders

When I first started looking at solar stocks a few years ago, I assumed Canadian Solar was from Canada.  Logical assumption, but this is a Chinese company that was doing business almost exclusively in China.  It’s certainly more of a global company now and it can say it has a strong presence in Canada after announcing contract offers for 176MW in open field PV generation projects.  The contracts were awarded as part of Ontario’s new Feed-in Tariff program and still need final approval.  If approved, the projects are expected to be completed within the next two years with the Ontario Power Authority purchasing 100% of the power produced. Canadian Solar expects to establish a major manufacturing facility in Ontario within the year and employ up to 500 people.

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CSIQ CEO Shawn Qu commented on the Canada deals:  “As a global company with strong financial backing and close to 700 MW of Canadian Solar modules installed in over 30 countries, we’re very excited to have been offered these Contract Offers with our partners under Ontario’s progressive FIT Program. The 176 MW of Contract Offers is a good start for Canadian Solar to help fight against climate change in Canada, including the goal of eliminating coal-fired power generation in Ontario by 2014. These projects, which represent 28 percent of the total approvals awarded to date, are also a good first step in Canadian Solar developing a leading market share position in Ontario. The projects that have received Contract Offers, and the ones still awaiting initial approval, are expected to create jobs in the province, including local manufacturing by Canadian Solar and its partners, as well as in engineering, construction, electrical, project development and other related services.”

Shares of CSIQ are up about 2% in pre-market trading.

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