Canadian Solar Targets Four U.S. Project Completions by End-2016

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Researched by Industrial Info Resources (Sugar Land, Texas)--Having completed three major solar power projects in the U.S. during the third quarter, Canadian Solar Incorporated (NASDAQ:CSIQ) (Guelph, Ontario) plans to complete four more U.S. projects in the fourth quarter, according to company executives. In all, the company's U.S. project pipeline encompasses 940 megawatts (MW) in solar-derived power.

The company noted in its third-quarter 2016 earnings report that three U.S. projects, all in California, reached commercial operation in the just-ended fiscal period, totaling 470 MW. The projects by Canadian Solar's subsidiary, Recurrent Energy, included the 60-MW Barren Ridge solar photovoltaic (PV) project in Kern County; the 100-MW Mustang project in Kings County and the 200-MW Tranquility in Fresno County.

For related information, see October 4, 2016, article-Solar Projects Lead California Fourth-Quarter Power Project Completions and September 22, 2016, article - Recurrent Energy Starts Up Barren Ridge Solar Plant in California.

Industrial Info is tracking 23 Canadian Solar Projects worth $3.2 billion globally, including nine projects worth $1.86 billion in the U.S.

Four projects, three in California, and one in Texas, are expected to see completion by the end of this year.

In Texas, the 157-MW Roserock solar PV plant project in Pecos County is a partnership between Canadian Solar's Recurrent Energy and Southern Company (NYSE:SO) (Atlanta, Georgia). With a total investment value of $30 million, it will utilize 700,000 Canadian Solar PV panels.

Two of the California projects to see completion by the end of this year are tied to the $240 million RE Astoria photovoltaic (PV) solar project in Rosamond, California. Construction of the 100-megawatt (MW) project began in mid-2015. The facility is being constructed on 1,183 acres, using 442,333 polycrystalline silicon panels along with balance-of-plant equipment. The project also involves the construction of a substation and potential expansions to help transport renewable energy to the grid. For more information, see August 19, 2016, article - Canadian Solar Optimistic About Future Projects..

Located nearby is the $410 million Garland solar plant project, which is jointly owned with Southern Power. It will generate 205 MW.

Canadian Solar generated $15.6 million in net income for third-quarter 2016, roughly half of what it made in the same quarter a year earlier. Chief Executive Officer Shawn Qu said during the company's earnings conference call that revenue and shipments came in at the low end of the company's guidance, amid the "dislocation of the global solar market during the quarter and the bankruptcy of Hanjin Shipping, one of the largest shipping companies in the world, which happened in September and [disrupted] our quarter-end logistics."

The company plans to complete the sales of power facilities in Canada and China worth an estimated $500 million by the end of 2016 or early next year, Qu said. In the U.S., the company has started the sales process for seven solar projects.

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