2021-07-21CANADIAN SOLAR SIGNS 12 MWP PRIVATE PPA WITH CENTRICA ENERGY TRADING IN ITALY
GUELPH, ON, July 14, 2021 /PRNewswire/ — Canadian Solar Inc. (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ), today announced it has signed a 10-year power purchase agreement (PPA) with Centrica Energy Trading A/S (“Centrica Energy Trading”) for two solar power projects totaling 12 MWp in Italy. Centrica Energy Trading is a leading provider of energy management and optimization services, operating in power, gas and energy certificate markets across Europe.
The two solar projects of 6 MWp each are located in Trapani and Enna, Sicily. They are currently under development by Canadian Solar with construction planned to start before the end of 2021. Centrica Energy Trading will purchase the clean solar energy produced by the two solar power projects after they reach commercial operation in April 2022. Powered by Canadian Solar’s high efficiency modules, the solar plants will produce approximately 23 GWh electricity annually, enough to power close to 9,000 homes in Italy and equivalent to displacing 7,150 tons of annual carbon emissions.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar commented, “I am proud to announce our second 12 MWp PPA in Italy in less than 2 months. The two solar projects signed with Centrica are part of a 1.3 GWp portfolio of subsidy-free solar assets we are developing in Italy, with various counterparties, as we execute on our portfolio management strategy and expand our presence in this market. We are proud to work on this opportunity with Centrica, one of the leading energy traders in Europe, and look forward to collaborating further.”
Ricardo Rossi, Head of Southern European Origination at Centrica Energy Marketing & Trading commented, “We are delighted to be part of the energy transition journey with Canadian Solar. We believe that through robust, economic PPA structures, we can make new renewable assets financially viable without the need of public subsidies.”
Centrica is a leading international energy services and solutions provider, founded on a 200-year heritage of serving people. We serve around 13 million customers across the UK, Ireland, North America and continental Europe through brands such as British Gas. We are focused on satisfying the changing needs of our customers, enabling them to transition to a lower carbon future.
Energy Marketing and Trading is the trading and optimisation arm of Centrica plc. We are a leading provider of energy management and optimisation services to businesses, in addition to managing commodity risk and providing wholesale market access for the Centrica Group. We have 14GW of capacity under contract in Europe, more than 80% of which is renewable assets.