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Canadian Solar bags 367MW Mexico capacity

A Canadian Solar project in Ontario, Canada. The company has a global project pipeline including Japan, Brazil and the Philippines.

A Canadian Solar project in Ontario, Canada. The company has a global project pipeline including Japan, Brazil and the Philippines.

Canadian Solar has been awarded contracts for projects in Mexico totalling 367MW of capacity.

The projects, awarded via the country’s auction process, are located in Aguascalientes, Hermosillo and Obregón. The company will build and operate all three. It has agreed a 15-year power purchase agreement (PPA) with the utility company CFE. A separate 20-year agreement for the clean energy credits generated by the projects has also been signed with CFE. The certificates have an average price of US$21/MWh.

"We are delighted to win an additional 367MW of solar projects in Mexico, which expands our late-stage solar project pipeline in the country to 435 MW," said Dr. Shawn Qu, chairman and CEO, Canadian Solar. "We will continue to develop and deliver more quality solar projects in Mexico, while contributing to the government's goal of increasing electricity generated from clean energy sources to 35% by 2024 and 50% by 2050."

As of 30 September 2017, the company had an operational solar project portfolio of 1,419.5MW.

It established a separate publicly-listed infrastructure fund to own its projects in Japan. The company was known to be considering a yieldco for some time but appears to have adjusted its strategy.

It’s manufacturing business is expected to increase its module production capacity to 10GW in 2018.

Tags: canadian solar, mexico, pv power plants, investment, finance, ppas, utility-scale pv, smsl

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