Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, September 8, 2023

Article Excerpt

CANADIAN SOLAR INC., $26.25, symbol CSIQ on Nasdaq, is one of the world’s largest manufacturers of solar photovoltaic modules and solar energy and battery storage solutions. Founded in 2001, it went public in 2006, selling shares at $15 each. On August 17, 2023, the Ontario-based company announced it would deliver 1,200 megawatt hours of energy storage solutions to its Papago Storage project in Arizona. Construction on the project is expected to begin in the third quarter of 2024 with planned commercial operation in the second quarter of 2025. Papago Storage is expected to be one of the world’s largest standalone energy storage projects and the largest in Arizona. Once operational, the project is expected to dispatch enough power for approximately 244,000 homes for four hours every day. Recurrent Energy, a unit of Canadian Solar and owner of the project, has secured a 20-year tolling agreement with Arizona Public Service for the energy storage project, under which the utility pays for the right to…