December 17 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) has signed a 10-year power purchase agreement (PPA) for 17.6 MWp of Italian solar power with global commodities trader TrailStone GmbH.
The trader will be buying the electricity generated by an unsubsidised photovoltaic (PV) plants to be built in Sicily, Italy. Canadian Solar has a 51% stake in the portfolio, while the remaining 49% are held by renewable energy company Manni Energy.
Scheduled to come online in the second quarter of 2019, the PV portfolio is expected to generate about 34 GWh per year, enough to meet the annual demand of 12,000 local households. The PPA covers 100% of the electricity generated and is touted as the longest-term PPA for a fully unsubsidised solar portfolio signed to date in Italy.
Under the agreement, TrailStone will also serve as market representative for the portfolio on the Italian wholesale market.
Manni Group, the parent company of Manni Energy, will provide turnkey engineering, procurement and construction (EPC) services for the project, Canadian Solar noted.