Canadian Solar Inc.\u00a0(the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that it has been awarded a 17.87MWp project in\u00a0Japan’s\u00a0inaugural solar energy auction.<\/p>\n
The project is located in Suzuhari City within\u00a0Hiroshima\u00a0prefecture and will be powered by over 48,000 high-efficiency\u00a0Canadian Solar\u00a0modules. Once constructed, the project will enter into a 20-year power purchase agreement with\u00a0Chugoku Power Electric Company\u00a0at a rate of\u00a0JPY<\/span>17.97\u00a0($0.16)\u00a0per kWh. The Company expects the project to reach commercial operation by 2021.<\/p>\n “This project demonstrates our capability to identify and secure high quality development opportunities in\u00a0Japan’s\u00a0competitive solar market,” commented Dr.\u00a0Shawn Qu, Chairman and Chief Executive Officer of\u00a0Canadian Solar Inc.\u00a0“It also underscores our commitment to improve on the cost competitiveness of solar power technology deployment in\u00a0Japan.”<\/p>\n Results of the first auction were announced on\u00a0November 21, 2017, which showed a total of 141.3MW AC of projects awarded at an average price of\u00a0JPY<\/span>19.6\u00a0($0.18)\u00a0per kWh.\u00a0Japan’sMinistry of Economy, Trade and Industry\u00a0(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.<\/p>\n “As we look ahead, we will continue to maintain a strong focus on subsequent solar energy auctions in\u00a0Japan. This will enhance our ability to provide\u00a0Canadian Solar Infrastructure Fund\u00a0with greater access to high-quality projects,” stated Dr.\u00a0Shawn Qu.<\/p>\n SOURCE Canadian Solar Inc.<\/p>\n