Canadian Solar unveils 18-MWp award from Japanese tender

Canadian Solar Inc (NASDAQ:CSIQ) confirmed today that it is one of the winners in Japan’s first solar energy tender, saying it got a 17.87-MWp project.

The results of the country’s 500-MW auction were announced on November 21, when it became clear that only 141.3 MW AC of valid bids were received. The bids ranged from a low of JPY 17.2/kWh to a high of JPY 21.00/kWh. The average price was JPY 19.6/kWh.

Canadian Solar will execute its project in Suzuhari City within Hiroshima prefecture by 2021, using roughly 48,000 of its own solar modules. It will be selling the output of the plant to Chugoku Power Electric Co at a rate of JPY 17.97/kWh under a 20-year contract.

"As we look ahead, we will continue to maintain a strong focus on subsequent solar energy auctions in Japan. This will enhance our ability to provide Canadian Solar Infrastructure Fund with greater access to high-quality projects," said Shawn Qu, chairman and CEO of Canadian Solar.

Japan's Ministry of Economy, Trade and Industry (METI) plans to hold the country’s second solar auction in July 2018. A third one will likely occur in late 2018.

(JPY 100 = USD 0.888/EUR 0.749)

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