Canadian Solar expects progress on 140 MWp of Italian projects in 2021

Canadian Solar Inc (NASDAQ:CSIQ) on Tuesday confirmed the sale of its remaining 30% in two Italian solar projects totalling over 290 MWp and said it will focus on growing and diversifying its pipeline in Italy.

The solar module maker currently has a pipeline of more than 1.3 GWp in the country and expects around 140 MWp to reach notice-to-proceed next year.

"Italy is one of the countries in Europe where solar energy has reached grid parity at the wholesale level, and therefore we expect the growth of energy sale agreements to accelerate in the following years," said Canadian Solar's chairman and chief executive Shawn Qu.

Qu added that Italy is one of the company’s strongest core markets in the Europe, the Middle East, and Africa (EMEA) region and it expects to gain market share and solidify its position there.

Canadian Solar sold its remaining stake in the Big Fish and Iron solar projects, both located in Sicily, to Italy-based Falck Renewables SpA (BIT:FKR), which now owns 100% of the projects.

The solar company sold 70% in the projects to Falck Renewables in 2019 and partnered with the Italian company on their development. Big Fish, with a capacity of more than 250 MW, and Iron, of about 35 MW, have secured grid connection and preliminary land rights. They have also applied for permits and authorisations.

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