Canadian Solar (CSIQ) announced this morning that it signed a new sales agreement with Korean systems integrator, Topinfrasolar which expands their current agreement by 5MW. The contract calls for deliveries of both regular and e-Modules for Korean installations this year, expanding upon the initial 3MW relationship that began earlier this year.
Dr Shawn Qu, Chairman and CEO said: “Topinfrasolar is a leading systems integrator in Korea with an excellent market reputation and particular strength in … Read the rest
China’s government continues to show it is willing to do everything it can to help advance clean energy initiatives. So far, it appears companies are having a far easier time getting help from China’s government than US based solar companies. This morning Canadian Solar (CSIQ) is announcing funding from the Suzhou Municipal Government to support commercial rooftop and BIPV solar projects in the Suzhou New District. The local government is matching the RMB 7.5 million … Read the rest
Canadian Solar (CSIQ) just announced that it will open a new research center in China. The opening of the center will mark the start of a 4 year research program, with the goal of raising solar cell conversion efficiencies and reducing production costs, to help solar power compete with conventional power. The company has arranged research partnerships with Dupont, the University of Toronto and Shanghai Jiao Tong University.
Dr. Shawn Qu, Canadian Solar’s Chairman and … Read the rest
Canadian Solar has just announced that it has signed a 5 MW purchase agreement with Helio Micro Utility. Under the agreement, Helio Micro Utility will purchase 5 MW of solar modules from Canadian Solar’s line of PV solar modules.
In , executives from both company’s commented on the deal:
Dr. Shawn Qu, President and CEO of Canadian Solar, commented, “Canadian Solar is already one of the fastest growing solar manufacturing companies worldwide and this strategic … Read the rest
Canadian Solar just announced that it won a bid on a project to provide solar panels for 80,000 solar home systems in rural China. In total, Canadian Solar will supply 1.6 MW worth of panels. The project is scheduled to be completed by the end of this month.
Dr. Shawn Qu, President and CEO of Canadian Solar, commented on the project in a company press release:
Canadian Solar (CSIQ) reported a much larger loss then expected this morning, posting an EPS loss of 1.39/share after taking out one time costs. Revenues took a plunge as well, dropping 43% over the year ago quarter to $73 million.
Commenting on the quarter, CEO Shawn Qu highlighted the usual suspects. “In Q4,difficult credit conditions for our customers, market-wide module and raw materials inventory price declines and winter weather in Germany directly affected our revenue … Read the rest
According to StreetInsider.com, Piper Jaffray is out cutting estimates on the solar sector due to poor visibility. Piper analyst Jesse Pichel lowered industry estimates for the 1st half of 09 and downgraded their rating of Canadian Solar (CSIQ) to Sell and ReneSola (SOL) to Neutral due to low order visibility for Q1 in Germany and zero visibility in other markets but expects some recovery in late spring, early summer but only if credit markets … Read the rest
Canadian Solar, Inc reported its 3rd quarter results today. The company has grown quite a bit since the third quarter of last year. Last year, the company reported net revenues of $97.4 million in the third quarter. Th9is year, that figure has jumped to $252 million. GAAP net income in the third quarter of last year was $.5 million, or .02/diluted share. This year, it’s $10.5 million or $.36 per diluted share. Non-GAAP earnings … Read the rest
Here are some analyst notes in the solar notes that came out during trading today:
* Piper Jaffray downgraded CSIQ from Buy to Neutral, lowered estimates and cut the price target from 30 to 11 on euro weakness and supply chain dislocation
* Piper Jaffray also cut the price target and lowered estimates on Yingli Green Energy (YGE) but maintained their Buy rating. Price target lowered from $26 to $15