Canadian Solar Inc. (CSIQ) Faces Downgrade Amid Market and Policy Pressures

Canadian Solar Inc. (NASDAQ:CSIQ) is one of the best solar energy stocks to buy right now. On November 3, Jefferies shifted its rating on Canadian Solar Inc. (NASDAQ:CSIQ) from Buy to Hold, raising the price target to $19.64 from $13.70. The firm pointed to the stock’s recent rally and potential risks tied to China’s enforcement of a module price floor. According to the analyst, the impact of rising polysilicon costs may take time to filter through, prompting a more cautious stance.

Earlier, on October 29, Canadian Solar Inc. announced that its unit, e-STORAGE, has completed a major battery storage project in Australia. E-STORAGE achieved commercial operation of a 220MWh DC Mannum Battery Energy Storage Battery. The subsidiary served as the Engineering, Procurement, and Construction Provider for the projects owned by Epic Energy. With the completion, the Canadian Solar subsidiary has affirmed its edge in the delivery of large-scale storage solutions.

Colin Parkin, President of e-STORAGE, commented:

“We are delighted to support Epic Energy in reinforcing South Australia’s grid resilience and accelerating the shift towards clean energy. Today, with over 1.8 GWh of BESS under construction in Australia, e-STORAGE continues to establish itself as a leading product and solution provider in the region.”

The completion of the project in Australia comes on the heels of e-STORAGE securing an agreement to provide battery storage systems for two major projects in Ontario, Canada. The subsidiary is to supply equipment and services for the Elora and Hedley battery energy storage projects, expected to add 420 MW/2,122 MWh of storage capacity to Ontario’s grid.

Canadian Solar Inc. (NASDAQ:CSIQ) is a solar and renewable energy company that manufactures and sells solar photovoltaic modules. It also provides solar energy and battery energy storage solutions, and develops and operates utility-scale solar and battery energy storage projects.

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Disclosure: None. This article is originally published at Insider Monkey.