Why Did Canadian Solar Stock Hit 52-Week High Today?

• Canadian Solar surged 22% on Wednesday to a year-high
• This is after the company announced the commercial operation of a 220 MWh Mannum Battery Energy Storage project in South Australia
• Canadian Solar’s unit, e-STORAGE, will also oversee ongoing maintenance and performance

Shares of Canadian Solar Inc. (CSIQ) surged 22% to $18.5, after its unit successfully completed a major battery storage project in Australia.

In a press release on Wednesday, Canadian Solar announced the commercial operation of the 220 MWh Mannum Battery Energy Storage project in South Australia.

Project Details

Canadian Solar’s unit, e-STORAGE, collaborated with Consolidated Power Projects to complete the installation. Under a long-term service agreement, e-STORAGE will also oversee ongoing maintenance and performance. The project is co-located with Epic Energy’s 46 MWp solar farm.

The project will use e-STORAGE's proprietary SolBank technology, a container-based energy storage system that uses lithium iron phosphate (LFP) cells and an advanced battery management system. It also features a multi-level fire detector, alarm and extinguishing system to mitigate thermal risks.

The Mannum Battery Energy Storage project was first announced in January 2024, with construction starting from the second quarter of last year.

Last week, Canadian Solar’s unit, Recurrent Energy, secured $825 million in construction financing and tax equity for its Desert Bloom Storage and Papago Solar projects in Arizona. The 600 MWh Desert Bloom Storage and 150 MWac Papago Solar facilities, developed in partnership with Arizona Public Service, are under construction and expected to begin operations in early 2026.

What Are Retail Investors Saying?

Investors were in a buoyant mood, with retail sentiment turning ‘extremely bullish’ on Stocktwits, amid ‘high’ message volumes. It was ‘neutral’ a day earlier.

One user believes the stock could reach $40.

However, another user was bearish, believing that the decline could be steep from current levels.

CSIQ stock also hit a new 52-week high.

Year-to-date (YTD), the company has seen strong buying interest, gaining more than 60%.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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