Canadian Solar Inc. announced the acquisition of a 97.6MWp solar photovoltaic project in Cafayate, Salta Province, Argentina.
The Cafayate Project was awarded in the second public renewable energy tender in Argentina (RenovAr 1.5), receiving a USD denominated 20-year Power Purchase Agreement at US$56.28/MWh. Canadian Solar plans to start construction on the plant in July 2018. Once connected to the grid by Q2 of 2019, the plant will generate approximately 235,777 MWh of electricity per year, which will be sold to CAMMESA (Compañía Administradora del Mercado Mayorista Eléctrico).
"This project is an important addition to our global late-stage project pipeline, and it represents a milestone of our project development in Argentina, where we see great potential for the growth of solar energy," commented Dr. Shawn Qu, Chairman and Chief Executive Office of Canadian Solar Inc. "The results of the past renewable energy tenders in the country have proved the competitiveness and reliability of solar. We will develop more quality projects in Argentina to meet the growing demand for clean and reliable solar energy in the country."