Canadian Solar announces Thailand deal
Canadian Solar shares hit 2-year high on module-supply deal in Thailand
NEW YORK (AP) -- Shares of Canadian Solar hit the highest price in more than two years on Monday as the solar company announced an exclusive module supply deal in Thailand.
THE SPARK: The agreement makes Canadian Solar responsible for supplying 91 megawatts of photovoltaic modules to Soleq Solar (Thailand) Co. power plant projects in Thailand. The solar power plants will be owned by Soleq. Financial terms were not disclosed.
Canadian Solar will supply its CS6X high output modules. Module deliveries have already started and are expected to finish in the fourth quarter.
The transaction helps Canadian Solar build on its strategy of limiting its exposure to European markets, which have been faced with uncertain economic conditions.
THE BACKGROUND: Last month Canadian Solar announced that it received a $304.2 million contract to build a power plant in Ontario. At that time the company said that it was the largest contract in its history.
SHARE ACTION: Up 94 cents, or 8.4 percent, to $11.88 in morning trading. The stock reached $12.12 earlier in the session, the highest level since March 2011. For the year-to-date, the stock has more than tripled.
