Business
Canadian Solar Starts Construction on 143 MWp of Solar Projects in Japan Supported by over $300 Million Financing
GUELPH, ON, April 7, 2021 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ) announced today that it has commenced
About this update from Canadian Solar Inc.
[{"type":"text","content":"GUELPH, ON, April 7, 2021 /PRNewswire/ -- Canadian Solar Inc. (the \"Company\", or \"Canadian Solar\") (NASDAQ: CSIQ) announced today that it has commenced construction on four solar projects in Japan totaling 143 MWp. This portfolio includes Canadian Solar's flagship mega-project, the 100 MWp Azuma Kofuji project located in the Fukushima Prefecture, and other projects totaling 43 MWp in the Ibaraki and Hiroshima Prefectures. \nAzuma Kofuji 100 MWp \nThe Azuma Kofuji project is Canadian Solar's largest project in Japan to date and is also expected to be among the largest in the country. The project will be powered with Canadian Solar high efficiency HiKu modules and is expected to reach commercial operation in Q1 2023. The energy generated will be purchased by the Tohoku Electric Power Company at the rate of ¥36 ($0.34) per kWh. \nThe project is financed by Nomura Capital Investment Co., Ltd. (\"NCI\") with construction debt of JPY 24.5 billion (approximately US$230 million), and will draw on Juwi Shizen Energy's experience as a global EPC (Engineering, Procurement and Construction) company. Built on 460 acres, Azuma Kofuji is expected to produce enough clean energy to power approximately 31,000 households. The project is expected to participate in the Climate Bonds green certification process which is compatible with the new European Union Green Bond Standard (EU GBS).\n\"We are delighted to contribute our part to revitalize the Fukushima Prefecture. Up until recently, the Azuma Kofuji project site was an abandoned, non-productive farmland. Now, we are directly investing and creating local job opportunities during the construction of the project, reinvigorating the local economy in a region devastated by the 2011 Tohoku earthquake. We have worked closely with local communities to ensure that clean, renewable energy from our solar plant creates lasting societal benefits. We are proud to take part in rebuilding economic and energy resilience in the Fukushima hometowns while supporting Japan's 2050 carbon neutrality ambitions,\" commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar. \nHe added, \"These projects continue to expand Canadian Solar's strong track record in Japan. We now have over 450 MWp of utility-scale projects that are operational or under construction, and two partnership platforms in Canadian Solar Infrastru...