Stock Monitor: Altair Engineering Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 12, 2017 / Active-Investors issued a free report on Canadian Solar Inc. (NASDAQ: CSIQ), which is readily accessible upon registration at www.active-investors.com/registration-sg/?symbol=CSIQ as the Company's latest news hit the wire. On December 08, 2017, Recurrent Energy LLC, a wholly-owned subsidiary of Canadian Solar, and a leading utility-scale solar project developer, announced that it has signed a 20-year power purchase agreement (PPA) for 45 megawatts (MW) of solar power with Bay Area Rapid Transit ("BART"), the fifth largest public transit network in the United States and one of the largest consumers of electric power in Northern California. Sign up now for our free research reports at:
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Active-Investors.com is currently working on the research report for Altair Engineering Inc. (NASDAQ: ALTR), which also belongs to the Technology sector as the Company Canadian Solar. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Canadian Solar most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:
www.active-investors.com/registration-sg/?symbol=CSIQ
Contract Details
The contract announced by BART was its first-ever PPA for utility-scale solar power, and resulted from a renewable energy procurement process that BART launched in May 2017 as part of the organization's Wholesale Electricity Portfolio Policy ("the Policy"). As part of the Policy, BART is expected to be fully-supplied of its power from renewable resources by 2045, while maintaining low and stable operating costs.
BART is the first US metro-rail entity to sign a utility-scale solar PPA in 2017. BART's Board of Directors approved the PPA on December 07, 2017. Upon the PPA approval, BART's Sustainability Director, Holly Gordon, said:
"Utility-scale solar power is a vital part of cost-effectively meeting our sustainability commitments. It is very important to us to work with an experienced development partner like Recurrent Energy who will help us achieve our goals."
Recurrent Energy, which functions as Canadian Solar's US project development arm, will supply power to BART from its 45 MW Gaskell West 2 solar photovoltaic project located in Southern California. The project is scheduled to reach commercial operation in 2020.
Sale of North Carolina Project to Falck Renewables
On December 04, 2017, Recurrent Energy and Falck Renewables S.p.A. announced the closing of the sale of 99% of the partnership that owns the Class B membership interest in the 92 MWp/71 MWac IS-42 solar project.
Falck Renewables indirectly acquired 99% of the interest through its wholly-owned subsidiary, Falck Renewables IS-42 LLC, for an all-cash outlay of approximately US $43 million. In April 2017, the Company secured debt and tax equity financing for the project from Prudential Capital Group and US Bancorp Community Development Corp.
The North Carolina project, which reached commercial operation at the end of September 2017, is delivering electricity to Duke Energy Progress under a PPA. Recurrent Energy is providing asset management services to the project, with DEPCOM Power serving as the operations and maintenance contractor.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power Companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, Canadian Solar has successfully delivered over 24 GW of premium quality modules to over 100 countries around the world.
Stock Performance Snapshot
December 11, 2017 - At Monday's closing bell, Canadian Solar's stock rose 3.13%, ending the trading session at $17.79.
Volume traded for the day: 4.83 million shares, which was above the 3-month average volume of 1.20 million shares.
Stock performance in the last month – up 5.64%; previous three-month period – up 7.82%; past twelve-month period – up 39.20%; and year-to-date - up 46.06%
After yesterday's close, Canadian Solar's market cap was at $995.17 million.
Price to Earnings (P/E) ratio was at 42.97.
The stock is part of the Technology sector, categorized under the Semiconductor - Specialized industry. This sector was up 0.6% at the end of the session.
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