Canadian Solar
Canadian Solar Inc. announced that it has signed a new contract with German City Solar Group to deliver 60MW of solar modules for a series of solar power station projects in Spain. Shipment will start immediately.1
Shares of Canadian Solar Inc. (Nasdaq:CSIQ) are a little brighter on news after the close on Tuesday that the solar cell manufacturer was upgraded to “buy” from “hold” by investment bank Lazard Capital Markets. The analysts point to the fact that the China-based company has already secured most of the raw material it needs during fiscal 2008, according to news reports.2
The solar energy market has grown exponentially over the last several years, as nearly $2 billion of venture capital flooded the marketplace worldwide. The stock market value of solar energy companies ballooned 4,750% globally between 2003 and 2007, proving that Canadian Solar is in the right panel.3
In a research note published yesterday, the analysts mention that the upgrade in rating follows the recent decline in the company?s share price, which reflects the volatility in the solar sector. Canadian Solar continues to strengthen its long-term competitive positioning by building a flexible sourcing model, which would shield the company from a potential imbalance in the supply/demand conditions, Lazard Capital believes.4
The “Challenge” was won by the Honda R&D Co. Ltd. entry, “Honda Dream” with an average speed of 89.76 km/hr. The three Canadian cars were in the first Canadian Solar Discovery Challenge.5