The Hualien Rongkai solar energy project of 1.98 MWp capacity in Taiwan has recently achieved commercial operation.
Further, the 1.98 MWp solar power plant is powered by 6,384 solar modules of Canadian Solar, one of the leading solar photovoltaic (PV) module makers globally.
The company said that these solar modules are certified by the voluntary product certification (VPC).
Also, these solar modules were manufactured locally in the company’s Taiwan module facility.
Besides, the project is expected to generate about 2,505 MWh of clean, solar energy every year.
Commenting on the development, Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, said “we are pleased to announce the completion of our first project in Taiwan where we are managing an early stage pipeline of 43 MWp. Canadian Solar has had significant success in markets where we have local manufacturing and project development presence. We expect to expand on that success and continue to look for opportunities to grow the development pipeline in Taiwan.”
Furthermore, the electricity produced by the plant will be purchased by TaiPower Inc. under a 20-year feed-in-tariff contract at the rate of NTD 4.922 (USD 0.16) per kWh.
In another development recently, the company’s board has authorized a USD 150 million share repurchase program.
The program will be for a period of six months starting from December 9, 2019 and will end on June 8, 2020.
However, the exact time and amount of any repurchase will be determined by it’s management, based on the market conditions, share price and other factors, and will be subject to the restrictions relating to volume, price and timing under applicable law.