Canadian Solar Signs Long-term Power Purchase Agreement With Axpo Italia

Canadian Solar Inc. (CSIQ) Monday said it has signed a long-term power purchase agreement (PPA) with Axpo Italia for the latter to purchase about 12 MWp energy from two solar power plants under development in Sicily, Italy.

As per the deal, Axpo Italia, the third largest operator in the free energy market in Italy, will purchase about 12 MWp energy and their associated guarantees of origin from the two solar plants. The agreement includes a guaranteed fixed electricity price for ten years starting from April 2022 and will provide stable cash flows to the projects.

This PPA, one of the first private PPAs signed in the Italian market, is part of a framework agreement signed between Canadian Solar and Axpo Italia in November 2020 for the execution of up to 300 MWp of similar PPAs in the country.

Construction of the two plants, with an estimated annual production of 22 GWh, will begin by the end of 2021 using Canadian Solar's high-efficiency modules, Canadian Solar said.

"We are honored to work with Axpo with whom we share the same vision on the energy transition, and work together to meet renewable energy goals by utilizing our solar technology and development expertise. Italy is also one of Canadian Solar's key markets in the Europe, Middle East and Africa, or EMEA region, as we execute on a solar pipeline in excess of 1.3 GWp in the country," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar.

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