Canadian Solar completes sale of 17.7 MWp solar portfolio in Italy

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Canadian Solar has announced the closing of a 17.7 MWp portfolio sale in Italy to Sonnedix. The Company expects to have revenue from the sale in the first quarter of 2020. 

The portfolio of five solar PV plants in Sicily was jointly developed by Canadian Solar and Manni Energy, and has been operational since February 2020. The energy produced is sold to TrailStone Renewables GmbH through a recently signed 10-year PPA. This is one of the longest PPAs for subsidy-free solar portfolios in Italy to date. These solar plants are expected to produce approximately 34 GWh of clean energy per annum, equivalent to providing approximately 12,000 Italian households with clean solar energy.

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Canadian Solar chairman and chief executive officer Dr. Shawn Qu said Italy is one of Canadian Solar’s core markets in the EMEA region and the company is committed to investing and growing it even during difficult times.

“Just a few days ago, we secured EUR 55 million in project financingto fund the construction of 151 MWp of solar power plants in Sicily, Apulia and Lazio, which are expected to break ground in Q3 this year,” Mr Qu said.

“We have been active in the Italian subsidy-free market since 2018, and now have over 900 MWp of project pipeline under permitting, solidifying our position as one of leading players in the country.” 

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