Canadian Solar Lands Deal

A New Deal for Canadian Solar (NASDAQ:CSIQ)

Written by Brian Hicks
Posted June 19, 2012

The Solar Power Industry continues to make strides in both the United States and Canada.

It was announced earlier this week that a major solar power project at a Bloomberg facility in New Jersey has been completed. This project, which was carried out by SunPower Corp. (NASDAQ:SPWR), involved constructing a 1.8-megawatt solar power system that will be responsible for producing over fifty percent of the energy used by the facility.

This system is more efficient than others due to the use of SunPower solar panels with T0 Tracker system. Unlike conventional solar panels, the T0 Tracker system actually follows the path of the sun throughout the day, thus enabling the panels to capture up to 25% more sunlight.

In Canada, a master supply agreement was signed between Canadian Solar (NASDAQ:CSIQ) and Potentia Solar, which will aid in the production of solar panel systems throughout urban areas in Ontario. The agreement calls for Canadian Solar to provide Potentia Solar with 17 MW of solar photovoltaic (PV) modules on a per-project basis, until 2013 when all ventures are projected to be completed.

Besides the benefit of producing renewable energy for approximately 1,700 households, the project is also expected to produce 260 jobs.