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PV solar maker Canadian Solar Inc. (NASDAQ:CSIQ) has completed a new sales agreement with a Korean integrator calling for delivery of an additional 5 megawatts in 2009. The deal adds to the 3 megawatts Canadian Solar has already delivered to Korea’s Topinfrasolar so far this year.
A week ago, Canadian Solar shares sat at $5.55. They closed last Friday at $6.86, a gain of nearly 24%. Most of that was the result of a financing announcement from three Chinese banks.
Today’s announcement of the new agreement with Topinfrasolar has kicked the shares up almost 11% in pre-market trading, to $7.61. The 52-week range is $3.00-$51.80, so Canadian Solar still has some ground to make up.
Paul Ausick
May 4, 2009
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