Canadian Solar Just Keeps Getting Bigger In Japan
On Tuesday, solar energy giant Canadian Solar, the global maker of solar PV modules and utility-scale This newly awarded capacity will be distributed across three projects in Japan’s northeast Tohoku region: an 80 MWp project in Miyagi Prefecture, a 3 MWp project in Fukushima Prefecture, and a 3MWp project in Aomori Prefecture.
Upon completion, which is slated for 2024-2026, the projects will enter into a 20-year power purchase agreement with regional utility Tohoku Power Electric Company.
The latest auction results add to an already dominant market position for Canadian Solar in Japan, which has the largest cumulative market share in the country’s feed-in-tariff (FIT) auction program since it was launched in 2017.
Canadian Solar is the only company that has participated and won projects in every Japanese FIT auction to date. Since entering the Japanese market in 2011, it has fully executed more than 45 projects nationwide, and has another 30 projects in the pipeline, set for delivery over the next 3-5 years.
“We continue to grow our market presence in Japan. The 80 MWp project in Miyagi will become the second largest project we have developed in this market and will add to our existing portfolio of more than 450 MWp of utility-scale projects that are operational or under construction,” Canadian Solar Chairman and CEO Dr. Shawn Qu said in announcing the results of the auction.
“We have operated in Japan for ten years and have a long-term commitment to it, helping to achieve its 2050 goal for net carbon neutrality. Our business structure in Japan gives us a competitive advantage as we have strong local solar project development, operations and maintenance and asset management teams.
We have also sponsored and partially own the largest listed infrastructure fund in Japan, the Canadian Solar Infrastructure Fund, which continues to help fund future growth in this sector, and have a leading module brand presence across the rooftop and utility-scale market segments,” he said.
Eyes on the STAR Market
Elsewhere in the Asia Pacific market, earlier this week, Canadian Solar announced that its majorityowned subsidiary CSI Solar has submitted application documents for a possible IPO and listing on the According to the IPO application, CSI Solar plans to issue up to 541,028,824 shares, or at least 15 percent of its total share capital after the IPO.
Canadian Solar currently owns around 80 percent of CSI Solar’s outstanding shares. According to the company, proceeds from the IPO will be used to “strengthen CSI Solar and the company’s market leadership position by investing in capacity expansion across the solar value chain, research and development, and additional working capital for CSI Solar.”
Source: investableuniverse
