March 9 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) said today it has sealed a power purchase agreement (PPA) for a 103-MWp solar power project in Mexico's Ojocaliente municipality, Zacatecas state.
The company signed the deal with Techgen SA de CV, which owns and operates a combined cycle power plant, producing electricity for the manufacturing plants in Mexico of steel products firm Ternium SA (NYSE:TX) and steel tube maker Tenaris SA (NYSE:TS).
With the 15-year PPA in place, Canadian Solar will be able to finance and build the photovoltaic (PV) plant. The facility, powered by Canadian Solar's high-efficiency modules, is expected to commence power generation in 2021.
Canadian Solar's Mexican portfolio also includes four solar projects secured in auctions, with a combined capacity of 438 MWp, Chairman and CEO Shawn Qu pointed out.