Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, announced that it has been awarded a 17.87MWp project in Japan's inaugural solar energy auction.
The project is located in Suzuhari City within Hiroshima prefecture and will be powered by over 48,000 high-efficiency Canadian Solar modules. Once constructed, the project will enter into a 20-year power purchase agreement with Chugoku Power Electric Company at a rate of JPY17.97 ($0.16) per kWh. The Company expects the project to reach commercial operation by 2021.
"This project demonstrates our capability to identify and secure high quality development opportunities in Japan's competitive solar market," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "It also underscores our commitment to improve on the cost competitiveness of solar power technology deployment in Japan."
Results of the first auction were announced on November 21, 2017, which showed a total of 141.3MW AC of projects awarded at an average price of JPY19.6 ($0.18) per kWh. Japan's Ministry of Economy, Trade and Industry (METI) have announced plans to run the second auction in July of 2018 and plans are in place to run a third auction in late 2018.
"As we look ahead, we will continue to maintain a strong focus on subsequent solar energy auctions in Japan. This will enhance our ability to provide Canadian Solar Infrastructure Fund with greater access to high-quality projects," stated Dr. Shawn Qu.
Canadian Solar | http://www.canadiansolar.com