Canadian Solar Inc. (NASDAQ:CSIQ) [Detail Analytic Report] reported that it will release its first quarter financial results before trading session starts May 11, 2016. Canadian Solar announced that it will hold a conference call on at 8:00 AM U.S to discuss the first quarter 2016 results and business outlook.
This week on Wall Street, CSIQ was definitely stealing the show from rest of titans as stock mean recommendation from pool of analysts was 1.6, comparatively equal to last week’s mean recommendation. On a scale of 1-5 (Strong Buy- Sell) stock mean target was for 30.24 while the highest it touched was 45.00. For current month, out of the pool analysts, 8 recommended for a “Hold” , 21 gave recommendation for “Buy” , 1 analysts gave underperform ratings and 17 gave preference to Strong Buy.
On the other side, Canadian Solar recently proclaimed that it has connected an additional six solar power plants, totaling 39.4MWp to the grid, bringing its total fleet of solar power plants in commercial operation in the United Kingdom to about 103.0MWp. The six solar power plants were connected to the grid in March 2016 under the Renewable Obligations Certificate program. Shawn Qu,Chief Executive Officer of Canadian Solar stated that they are very pleased to announce that their portfolio of operating solar power plants in the UK has now reached more than 100MWp. They remain committed to leveraging their industry-leading position and expertise in solar project development to meet the growing demand of clean solar energy in the UK and across the globe.
SolarCity Corporation (NASDAQ:SCTY) [Detail Analytic Report], Connecticut Municipal Electric Energy Cooperative and Brightfields Development, LLC revealed the development of 13 megawatts of solar power systems and at least 1.5 megawatts of energy storage systems located in southern Connecticut. CMEEC will use the solar and stored energy produced by the systems to provide a cleaner and more resilient power infrastructure for its municipal utility members and wholesale electric customers. CMEEC’s member utilities serve over 70,000 homes and businesses in six Connecticut communities as well as several communities in Massachusetts. According to the terms of the 20‐year solar power purchase agreements, SolarCity and its financing partners will build, own and operate the solar power systems while CMEEC will take advantage of locally produced, clean solar energy without the burden of a more traditional asset ownership structure.
Drew Rankin, Chief Executive Officer of CMEEC commented that CMEEC’s focus is on energizing customers and community prosperity, so they are excited to help create clean, reliable and locally based power resources. These systems utilize cutting-edge technology that is both powerful and fiscally responsible. With these solar and storage projects, they are pleased to join SolarCity at the forefront of energy innovation.
Peter Rive, Chief Technology Officer of SolarCity stated that the advanced solutions they’re providing CMEEC today comprise the benefits of years of energy storage research and technology development. Their GridLogic control platform integrates dispatachable solar power and energy storage to provide cost‐effective capacity, and additional stability to utilities and cooperatives like CMEEC and its customers. They’re honored to implement this groundbreaking project as an example for the future.