NEW YORK (AP) — Canadian Solar Inc. said Friday it agreed to deliver solar modules with 60 megawatts worth of annual generating capacity for projects in Spain, expanding its footprint in a key market.
Shares rose $1.61, or 10.4 percent, to $17.10 in pre-market trading, having closed Thursday at $15.49.
Canadian Solar will start delivering the shipments immediately to German City Solar Group, which is managing the projects. It expects installations to be complete by the summer.
The company did not disclose financial terms of the agreement.
A one-megawatt plant running continuously at full capacity can power 778 households each year, according to the U.S. Department of Energy. Solar technologies have lower capacity since their availability to generate power is constrained by the availability of the sun.
Canadian Solar recently delivered 11.7 megawatts worth of solar modules to City Solar for three large-scale solar power projects in Germany.
Spain and Germany are considered key markets for the solar industry because of government incentives that have rapidly accelerated demand. Germany generates the most solar energy from photovoltaic panels in the world, with Spain ranking fourth behind the U.S., according to the Solar Energy Industries Association.
