November 14 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) announced today it has sold a 49% interest in a 370-MWp Mexican solar portfolio to Korea Electric Power Co (KRX:015760), or KEPCO, and fund manager Sprott Korea.
This transaction marks the Korean companies entry into the Mexican solar power market.
The deal covers the 119-MWp Horus, 125 MWp Tastiota and 126 MWp El Mayo photovoltaic (PV) projects located in the states of Aguascalientes and Sonora.
Canadian Solar has developed all three projects and will supply the modules and manage the their construction. The Horus plant is scheduled to start operations in the second quarter of 2020, while the other two are slated for commissioning in the first quarter of 2021.
Once the solar power plants are operational, the buyers will acquire Canadian Solar's remaining stake as well.
Together, these three facilities are expected to generate 900 GWh of solar electricity annually, enough to meet the demand of 206,000 households and offset 524,000 tonnes of carbon dioxide (CO2) per year.
The PV parks have a 15-year power purchase agreements (PPAs) for their energy and capacity together with a 20-year contract for Clean Energy Certificates (CECs), Canadian Solar noted.