Canadian Solar Acquires 47.5 MW Solar Portfolio in Chile

Canadian Solar has announced that it has completed the acquisition of a 47.5 MW portfolio of solar projects under development in Chile.

Canadian Solar, one of the world’s largest solar power companies, has announced the acquisition of a 47.5 MW portfolio of solar projects under development in Chile. These projects will become operational in two different stages, beginning from the fourth quarter of 2020.

The projects will be located in the Araucanía and Maule Regions of Chile and will use approximately 132,000 pieces of Canadian Solar’s high-efficiency BiHiKu bifacial modules, expected to generate over 89.1 GWh of electricity or power approximately 28,500 households per year. The projects will operate under the PMGD (Pequeños Medios de Generación Distribuída) scheme, and given their current stage of development, will be part of the current stabilized price regime, with prices updated and published by the CNE (Comisión Nacional de Energía) every 6 months.

Dr. Shawn Qu, Canadian Solar’s Chairman and CEO commented, “As reflected in this acquisition, we are highly confident in the value of these small solar projects in Chile. Due to their size and location, they bring clean and reliable energy to rural areas, reducing the distance between power generation and consumption, and improving the quality of the grid. These plants are valuable additions to Canadian Solar’s current portfolio in Latin America and solidify our leading position in this region where we have been cumulatively awarded 2.2 GW in solar projects across Brazil, Chile, Argentina and Mexico.”

Recently, we had reported that the firm had signed a multi-year module supply agreement with Lightsource BP to deliver 1.2 GW of high efficiency polycrystalline solar modules for projects in the US and Australia. The projects will be using Canadian Solar’s polycrystalline bifacial high power BiHiKu (CS3W-PB-AG) and high power HiKu (CS3W-P) modules. 

In December 2019, the firm had announced that its Board of Directors had authorised a USD 150 million shares repurchase program for a six month period beginning December 9, 2019, and ending June 8, 2020.