Canadian Solar Inc (NASDAQ:CSIQ) on Monday confirmed its win in Colombia’s recent renewable energy auction that awarded power purchase agreements (PPAs) to 796.3 MW solar projects.
The Canada-based PV modules maker and project developer said it had secured an inflation-indexed, Colombian peso-denominated, 15-year PPA for 52 MWp of capacity. The company will use the capacity to build a single project, the Caracoli solar farm, in the Atlantico department, northern Colombia.
Consultation with indigenous communities on the path of the project have already be finalised. The construction of the solar farm is expected to commence by the second quarter of 2022, Canadian Solar said.
The Caracoli plant will start delivering electricity from 2023. It is one of 11 solar projects presented by the group of nine auction winners, which besides Canadian Solar includes EDF Renewables, TW Solar, Solarpack Corporacion Tecnologica SA (BME:SPK), Genersol SAS, Enel Green Power, Celsia SA, Empresas Publicas de Medellin ESP (EPM) and Urra SA ESP.
The Caracoli project represents Canadian Solar’s second success in Colombia’s clean energy tenders. This summer, the company emerged as the winner in the tender process for the full delivery of a 45-MW battery energy storage system in the city of Barranquilla.
"This achievement reinforces Canadian Solar's leadership position in Latin America and solidifies our entry into the Colombian market,” Shawn Qu, Canadian Solar chairman and CEO, said in a statement on Monday.
“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," added Qu.
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