January 3 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) on Tuesday announced a contract for the construction of the 70-MWp Oakey 2 solar park in the Australian state of Queensland.
The project is part of a 117-MWp portfolio of three construction stage solar projects in Queensland that Canadian Solar in December sold to UK-based Foresight Solar Fund Ltd (LON:FSFL). Under the engineering, procurement and construction (EPC) contract, Canadian Solar will complete building activities on the project and will also provide operations and maintenance (O&M) services for the plant during the first two years following completion as part of a separate agreement.
The photovoltaic (PV) facility will use 205,860 units of Canadian Solar’s KuMax CS3U-340P solar panels and is expected to be brought online in November 2018. Its output of about 138,800 MWh per year is estimated to be enough for more than 23,000 local homes.
The Oakey 2 project will be financed with AUD 55 million (USD 43.1m/EUR 35.7m) from the Clean Energy Finance Corp (CEFC), which has also extended funds for the other two projects in the 117-MW portfolio. The 17-MWp Longreach and 30-MWp Oakey 1 solar farms are currently in the late construction stages and are seen to be connected to the grid in March and August, respectively. Both of them will operate under 20-year off-take contracts with the government of Queensland.
(AUD 1.0 = USD 0.783/EUR 0.650)