Canadian Solar expands acquisition portfolio with 97.6-MWp project in Argentina

Canadian Solar Inc (NASDAQ:CSIQ) announced today it has acquired a 97.6-MWp solar project in Argentina’s Salta province for an undisclosed sum.

The Cafayate park, to be located in the town with the same name, is planned to become operational and start feeding power to the grid by the second quarter of 2019. Canadian Solar expects to initiate construction on the project in July.

Once up and running, the photovoltaic (PV) plant is estimated to produce around 235,777 MWh of electricity per year, to be sold to Argentina's wholesale electric market management company CAMMESA.

The project was awarded in Argentina’s RenovAr 1.5 renewable energy tender in 2016 and has in place a 20-year power purchase agreement at a price of USD 56.28 (EUR 45.7) per MWh.

"This project is an important addition to our global late-stage project pipeline, and it represents a milestone of our project development in Argentina, where we see great potential for the growth of solar energy," said Shawn Qu, Canadian Solar’s chairman and CEO. He added that Canadian Solar intends to develop additional “quality projects” in the Latin American country.

(USD 1.0 = EUR 0.812)

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