Per the agreement, Canadian Solar will jointly develop four ground mounted photovoltaic (PV) power plants. The plants will be built in the counties of Cornwall, Lincolnshire and Somerset. The entire project will be completed within a span of 9 to 12 weeks.
A general decry on the use of fossil fuel for electricity generation as well as a growing consciousness of the benefits of renewables is the driving force behind such projects. Lightsource Renewable Energy is one of the main developers of solar energy in England, having 38 MW of operational solar energy projects under its belt.
Canadian Solar supplies solar panels to its customers globally. At the end of fiscal 2011, the company generated most of its revenue from its exposure in Europe. Of the $1.9 billion in total revenue in fiscal 2011, 65% or $1.23 billion came from Canadian Solar’s European operations.
Last month, Canadian Solar entered into an agreement to supply 2,800 rooftop solar modules in Virum, Denmark. This solar installation will be able to generate 605 kilowatt (KW) of green energy and is the largest of its kind in Denmark.
During the fiscal 2011 earnings call, the company guided its expectations of solar modules shipment for 2012. The company expects to ship solar modules in the range of 1,800 MW to 2,000 MW in 2012 to its worldwide customers. This forecast shows remarkable growth from the 2011 shipment level of 1,323 MW and the 2010 figure of 803 MW.
We trust that Canadian Solar’s solar panels, with a high conversion rate and the ability to work in different climatic conditions, will find takers in the worldwide solar energy sector. In January 2012, the company’s solar modules passed a difficult salt spray corrosion test and proved its ability to perform in salty and humid conditions.
Canadian Solar currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. The company competes with First Solar Inc. (FSLR) and SunPower Corporation (SPWR).
Based in Ontario, Canada, Canadian Solar, together with its subsidiaries, engages in the design, development, manufacture and marketing of solar cell and solar module products that convert sunlight into electricity for various domestic and international uses.
SOURCE: http://www.zacks.com/stock/news/71419/Canadian+Solar+Expands+in+Europe
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