GUELPH, ON, Nov. 8, 2021 /PRNewswire/ — Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ) announced today that it was awarded 52 MWp for the solar PV project Caracoli in the recent public auction by Colombia’s Ministry of Energy.

The Caracoli project is located in the Atlántico Region in northern Colombia. The energy awarded will be acquired by a pool of reputable off-takers and will start delivering clean energy from 2023 through an inflation-indexed, Colombian Peso-denominated, 15-year power purchase agreement. The solar PV project has already completed the consultation process with indigenous communities (Consulta Previa) and is expected to start construction by the second quarter of 2022.

This project represents Canadian Solar’s second landmark achievement in Colombia, after the recent awarding of the country’s first utility-scale, stand-alone 45 MWh battery storage project located in Barranquilla.

Dr. Shawn Qu, Chairman and CEO, commented, “This achievement reinforces Canadian Solar’s leadership position in Latin America and solidifies our entry into the Colombian market. We are excited about the strong market fundamentals and growth opportunities in the Latin American markets. We seek to expand our diversified portfolio of solar PV and battery storage projects in this region and will continue to support the Colombian government’s targets to accelerate the deployment of clean, renewable energy.”