Solar power shop Canadian Solar (NASDAQ:CSIQ) has landed the biggest engineering, procurement, and construction (EPC) contract in its history, for a 130-megawatt utility-scale solar power plant being built in conjunction with Grand Renewable Solar, a project developed by Samsung Renewable Energy, the company announced today.
Canadian Solar said the EPC agreement is expected to generate approximately $301.1 million in revenues for it as construction of the solar power plant in Ontario will begin in the third quarter of 2013. The plant, which will produce approximately 165,000 megawatt hours of electricity per year and power approximately 13,750 homes -- at the same time displacing approximately 162,000 metric tons of carbon dioxide emissions over a 20-year period -- is expected to be fully operational by 2015.
The installation will include approximately 440,000 Canadian Solar CS6X high-performance modules. The solar power plant is expected to create several hundred direct and indirect jobs during the development, construction, and operation phases of the project.
Canadian Solar Chairman and CEO Dr. Shawn Qu said: "This transaction represents the largest EPC contract in our history and underlies the progress we have made in the transformation of our business from a module supplier into a leading total solutions provider with a global footprint and bankable brand."
Based in Suzhou, China, Canadian Solar generated almost $1.3 billion in revenues in 2012. Its stock has risen more than 150% so far this year and was up over 7% in morning trading.
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