Canadian Solar Inc (NASDAQ:CSIQ) announced on Monday it will be developing its first project in South Korea after buying the exclusive rights to an 8-MWp scheme.
The project in question is located in Gangwon province and should enter its construction phase in early 2019, the company said in a press statement.
Even though this is the company’s first project in development there, Canadian Solar has had a branch in South Korea since 2008 through which it has been supplying solar photovoltaic (PV) modules.
The government of South Korea is now looking to reach 36.5 GW of installed solar capacity by 2030 after recently increasing its target from 5.7 GW.
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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.