Canadian Solar (CSIQ) Stock: Why The Price Increased Today

Apr 7th, 2022 10:14 EST
  • The stock price of Canadian Solar Inc. (NASDAQ: CSIQ) increased by over 0.5% during intraday trading today. This is why.

The stock price of Canadian Solar Inc. (NASDAQ: CSIQ) increased by over 0.5% during intraday trading today. Investors are responding positively to Canadian Solar – through its wholly-owned subsidiary Recurrent Energy, LLC and Matrix Renewables, the TPG Rise-backed global renewable energy platform – announcing an agreement whereby Matrix Renewables will acquire the Gaskell West 2 and 3 project of 105 MWac solar plus 80 MWh energy storage.

The Gaskell West 2 and 3 project is located in Kern County, California and it is fully contracted holding five long-term power purchase agreements with cities and utilities in California. And the solar plus storage project is expected to reach commercial operation in late 2022 and will generate enough clean and low-cost electricity to power approximately 16,800 California homes and displace approximately 178,500 metric tons of carbon emissions each year. This hybrid project marks the first transaction between Matrix Renewables and Recurrent.  

Canadian Solar’s majority-owned subsidiary CSI Solar will support the project by providing the turnkey battery storage solution for the 80 MWh storage part of the project. And the integrated technology solution includes the supply, installation, and commission of a lithium iron phosphate-based battery system. Plus CSI Solar will support the battery storage system with capacity and performance guarantees, ensuring system output, safety, and reliability.

Matrix Renewables has been expanding its presence in the United States, its sixth country of operations, and opened its U.S. headquarters in Miami, Florida in August 2021.

KEY QUOTES:

“Through this project, we are continuing to grow our presence in the U.S., drawing from Matrix Renewables’ ambitions to become a major renewables platform across the U.S., Europe and Latin America. We are pleased to partner with Canadian Solar and Recurrent on a project that will leverage our combined expertise to provide clean, affordable power to the state of California.” 

— Cindy Tindell, Managing Director and Head of U.S. for Matrix Renewables

“Co-locating energy storage with solar is critical to providing affordable, dispatchable and clean renewable electricity, especially during peak demand hours in the evening, thereby meaningfully increasing the value of our projects for our customers and partners. The execution of this project demonstrates Canadian Solar’s growing expertise in battery storage, both in its development as well as delivering the integrated technology solution. This is yet another battery storage project that our project development and system solutions teams are delivering in California, following the Mustang, Slate and Crimson battery storage projects. We are pleased to partner with Matrix Renewables in this project and look forward to further contributing to California’s efforts to decarbonize its economy, while creating long-lasting benefits to the local community.”

— Dr. Shawn Qu, Chairman and CEO of Canadian Solar

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.

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