Canadian Solar starts installing 5-MWp C&I rooftop plant in Malaysia

Canadian Solar Inc (NASDAQ:CSIQ) announced on Monday it has started the construction of a 5-MWp commercial and industrial (C&I) rooftop solar plant in Malaysia.

The 5-MWp installation is being implemented on an area of over 26,000 sq m (279,861 sq ft) in Penang and represents a partnership with local companies Antah Solar Sdn Bhd and Eleaps Sdn Bhd. The completed plant will operate under a power purchase agreement (PPA) with paper maker Muda Paper Mills Sdn Bhd, a subsidiary of Muda Holdings Berhad (KLSE:MUDA).

When operational, the facility will use 13,000 pieces of Canadian Solar's KuMax modules and be able to generate approximately 6,700 MWh annually. Canadian Solar expects the solar plant to commence its 25-year commercial life by the end of this year, the firm noted.

Canadian Solar also said that Deutsche Investitions- und Entwicklungsgesellschaft mbh (DEG), a subsidiary of German lender KfW Group, will provide the company with a USD-20-million (EUR 16.8m) loan facility that matures in 2024. The loan will be deployed across its solar pipeline, including the Muda Paper C&I rooftop project.

(USD 1 = EUR 0.842)

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