Canadian Solar Starts Construction of Two New Solar Projects in Japan
(6 months ago)
GUELPH, Ontario: Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it successfully started construction of two new solar power projects, totaling 12.9 MWp in Japan.
The 10.77 MWp Shizuoka Project will be powered by 32,640 of Canadian Solar made high-efficiency MaxPower modules, and once connected to the grid, the plant is expected to generate approximately 12,971 MWh of clean, reliable solar electricity each year. Tokyo Electric Power Co., Inc. will purchase the solar electricity under a 20-year feed-in-tariff contract at the rate of JPY36.0 ($0.32) per kWh. The Company expects the project to achieve commercial operation during Q4 2018.
The 2.1 MWp Miyagi Project will use 6,650 of the same Canadian Solar high-efficiency MaxPower modules, and once connected to the grid, the plant will generate approximately 2,400 MWh of clean, reliable solar electricity each year. The solar electricity will be purchased by Tohoku Electric Power Co., Inc. under a 20-year feed-in-tariff contract at the rate of JPY36.0 ($0.32) per kWh. The Company expects the project to reach commercial operation in Q3 2018.
"With the addition of these two projects, the portfolio of Canadian Solar's under-construction or operating assets is well-diversified across 18 prefectures throughout Japan." commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc., "The Miyagi project, marks our first project under-construction in a region severely impacted by the Great East Japan Earthquake. Canadian Solar is honored to contribute to the on-going revitalization effort, and look forward to being a part of the continued developments within the region."
Yoshihisa Otake, Representative Director of Canadian Solar Infrastructure Fund stated "These two projects represent growth opportunities for Canadian Solar Infrastructure Fund in the future. It speaks to the strength of the Company, our sponsor, and their ability to develop quality solar power projects in Japan, including regions with revitalization as a priority."