The 20-year agreement is slated for development in Maniwa City as part of Japan’s fourth solar energy auction.
Canadian Solar (NASDAQ:CSIQ) announced that it has secured 30 megawatts of solar power in Japan’s fourth solar energy auction. After construction of the project, anticipated to be completed by 2024 in Maniwa City, Canadian Solar will enter a 20-year power purchase agreement at US$0.12 per kilowatt hour.
As quoted in the press release:
In addition to the 30 MWp won in Maniwa City, the Company recently acquired five utility-scale solar power projects totaling 20.5 MWp that have secured feed-in-tariff contracts and are expected to reach commercial operation in the 2020-21 time frame.
“Since we launched our Energy Business in Japan in 2011, Canadian Solar has completed the construction and grid connection of 39 solar power plants totaling 241.9 MWp, making us one of the largest utility-scale solar developers in the Japanese market. We are delighted to announce that our team in Japan continues to build on our track record of success, sourcing high-quality development opportunities through acquisitions as well as government tenders, which give us further certainty on the outlook for our Japanese energy business,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc.