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Canadian Solar

800 Megawatts Solar Project In Dubai Achieves Financial Closure

written by saurabh

The third phase of Mohammed bin Rashid Al Maktoum Solar Park in Dubai has achieved financial closure marking a major milestone for one of the largest solar power projects and solar power parks in the world.

Construction at the 800 megawatt project being developed by the Masdar Group and EDF Energies Nouvelles began in January 2017 and is expected to be operational in 2020. Debt funding for the project came from seven different financial institutions, including the Islamic Development Bank and the Arab Petroleum Investments Corporation, Korea Development Bank and Export Development Canada.

The presence of these funding institutions points towards very low interest rate. A low interest rate is exactly what the project developers require as it is also among the cheapest solar power projects in the world.

The phase III tender set a record for lowest-ever solar PV tariff globally at that time. The Masdar-led consortium beat the phase II winning bid of 5.84¢/kWh with a bid of 2.99¢/kWh. Masdar Group and DEWA signed the power purchase agreement for the project in November 2016.

Recently, Canadian Solar shipped 268 megawatts of solar modules for the project. The Mohammed bin Rashid Al Maktoum Solar Park has an operational capacity of 213 megawatts from the first two phases commissioned by First Solar and ACWA Power.

The solar power park will be the mainstay of Dubai’s clean energy policy.

The Mohammed bin Rashid Al Maktoum Solar Park will have an eventual capacity of 5 gigawatts. The initial planned capacity was 1 gigawatt which was subsequently increased to 3 gigawatts, and now 5 gigawatts. Bids of the first 1 gigawatt of capacity have already been awarded.

06/18/2017 0 comment

Renewable Energy

Canadian Solar Ships 268 Megawatts Solar Panels For Dubai Solar Park Phase III

written by saurabh

A Masdar-led consortium has selected Canadian Solar to supply modules for the phase III of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai.

Canadian Solar recently announced that it will ship 268 megawatts of solar PV modules for the 800 megawatt phase III of Dubai solar power park being developed by Masdar-EDF consortium for the Dubai Electricity and Water Authority (DEWA). The company will supply more than 800,000 modules for the project which is expected to be commissioned in 2020.

In January this year Masdar announced that construction at the project has started. The solar park current has an operational capacity of 213 megawatts – 13 megawatts from phase I and 200 megawatts from phase II developed by ACWA Power.

The phase III project remains one of the cheapest solar power projects in the world.

A Masdar Group–led consortium was confirmed as the winner of the 800 MW solar power tender that was floated by the Dubai Electricity and Water Authority (DEWA) last year. The consortium includes Fotowatio Renewable Ventures and Gransolar Group.

The phase III tender set a record for lowest-ever solar PV tariff globally at that time. The Masdar-led consortium beat the phase II winning bid of 5.84¢/kWh with a bid of 2.99¢/kWh. Masdar Group and DEWA signed the power purchase agreement for the project in November 2016.

The Mohammed bin Rashid Al Maktoum Solar Park will have an eventual installed capacity of 5 gigawatts with the next phase of 1 gigawatt capacity.

05/31/2017 0 comment

Renewable Energy

Canadian Solar Signs 80 Megawatts Solar PPA In India

written by saurabh

Chinese solar panel manufacturer Canadian Solar has announced that it signed a power purchase agreement in India for the sale of electricity generated from a large-scale project.

Canadian Solar secured rights to develop an 80 megawatt solar power project in a competitive auction organised by the Solar Energy Corporation of India. The project will come up in the western state of Maharashtra.

The project was part of an auction that allocated a total of 450 megawatt capacity through viability gap funding mode.

In viability gap funding the government offers financial support to bidders for setting up projects. Canadian Solar is eligible to Rs 4.43/kWh tariff for a period of 25 years. The company will also receive $30,379 per megawatt support for the project.

Shawn Qu, chairman and chief executive of Canadian Solar, said: “We are pleased to secure our first 80MW(ac) of solar power projects with SECI, a bankable and reputable off-taker operating under the Government of India. This investment adds to our India pipeline that stands at 110MW(ac) and represents a significant milestone for Canadian Solar in one of world’s fastest growing renewables markets.”

Apart from developing its power projects Canadian Solar also owns stake in two solar power projects of 15 megawatt capacity each in Telangana. The projects are being developed by Suzlon Energy which also secured the projects in competitive auction.

03/22/2017 0 comment

Renewable Energy

Canadian Solar Enters Indian Solar Power Market

written by saurabh

One of the largest solar power companies in the world, Canadian Solar, has entered one of the fastest growing solar power markets – India.

Listed at Bombay Stock Exchange, Suzlon Energy recently reported that it sold 49% equity stake each in two solar power projects to Canadian Solar. The projects, each with 15 MW installed capacity, are located in the southern state of Telangana.

Suzlon Energy also sold 49% stake in another 15 MW solar power project to Shanghai-based Unisun Energy. Both, Canadian Solar and Unisun Energy, shall have the right to acquire the balance 51% stake in the projects.

Canadian Solar acquired the equity stake through its Singapore-based arm. It shall also be responsible for arranging debt funding for the projects. The projects are expected to be commissioned in the next financial year.

Suzlon Energy secured rights to develop solar power projects in Telangana through competitive auction. The company shall develop a total of 210 MW capacity – one project each of capacity 100 MW and 50 MW and four projects of 15 MW capacity each.

Earlier this year, the company also sold 49% stake in the 100 MW project to CLP India. Suzlon Energy is likely to construct, commission, operate and maintain the power project. CLP India will have the option to fully buyout Suzlon’s stake after 1 year of project commissioning.

Image by vectoropenstock.com for Cleantechies

10/24/2016 0 comment

Articles Renewable Energy

Canadian Solar & EDF Energies Nouvelles Begin 191.5 MW Solar Farm In Brazil

written by Joshua Hill

Canadian Solar and EDF Energies Nouvelles have begun construction of the 191.5 MWp Pirapora I solar energy project in Brazil.

Canadian Solar, which is one of the world’s leading solar power companies, and EDF Energies Nouvelles, a global renewable energy leader, announced on Tuesday the sale of 80% interest in the project from Canadian Solar to EDF Energies Nouvelles’ local subsidiary, EDF EN do Brasil.

Located in the state of Minas Gerais in Brazil, Pirapora I will be supplied with solar modules from Canadian Solar, and is expected to reach construction completion in the third quarter of 2017. The project was awarded a 20-year Power Purchase Agreement in the second Reserve Energy Auction in 2015, and upon completion is expected to generate 391,263 MWh per year.

“The investment by EDF Energies Nouvelles in Canadian Solar’s Pirapora I project is a demonstration of the strong potential of the solar energy market in Brazil,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “Pirapora I is one of Canadian Solar’s three current projects in the country totaling 394 MWp with awarded long-term PPAs. We plan to grow our project portfolio and support the domestic solar market with our 360 MWp module manufacturing plant. We are glad to partner with a strategic investor such as EDF EN in the implementation of our first project in Brazil.”

“With this Pirapora major new solar project in partnership with a specialised company such as Canadian Solar, two wind projects currently under construction by EDF Energies Nouvelles, and having in mind the hydraulic project — Sinop — the EDF group is involved in, all this confirms a strong ambition to strengthen and diversify the Edf Group renewables assets portfolio in Brazil,” added Antoine Cahuzac, Senior Executive Vice President in Renewable Energies of EDF and Chief Executive Officer of EDF Energies Nouvelles.

10/12/2016 0 comment

Renewable Energy

Canadian Solar, Flextronics Plan 350 MW Solar Panel Factory In Brazil

written by saurabh

Yet another solar panels manufacturing facility has been accounted to cater to the demands of a rapidly growing Brazilian solar power market.

Canadian Solar and Flextronics have announced plans to jointly develop a 350 MW solar modules manufacturing facility in Brazil. The factory is expected to come up at Sorocaba, São Paulo and is expected to start production later this year.

The facility can be expected to supply panels to projects being developed by other companies apart from the ones secured by Canadian Solar itself. The company is reportedly working on solar power projects with 384 MW cumulative capacity. These projects were secured through competitive auctions held by the Brazilian government over the next last few years.

Brazil has already allocated large capacity of solar power capacity and plans to auction several more projects in the near future.

Five states in Brazil had recently accredited more than 200 solar power projects with a combined capacity of more than 9.2 GW. Following the accreditation, the projects will become eligible for participation in the renewable energy auction scheduled for July 29.

The auction will be the fourth in a series of auctions that started in 2014. During the first three auctions, about 2 GW of solar power capacity was selected.

Brazil’s rapidly expanding solar power market has attracted several module manufacturers and investors. Swiss module maker EcoSolifer AG had announced plans to set up factory with 80 MW annual production capacity. Another Chinese company, BYD, had also announced plans to set up a manufacturing facility to cater to the demand for panels from utility-scale as well as rooftop solar power systems.

Photo courtesy of vectoropenstock.com for CleanTechies

06/26/2016 0 comment

Renewable Energy

New Solar and PV Installation Agreement Benefits Green Ontarians

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Two solar companies, Unirac , Inc . and Canadian Solar Solutions , Inc . announced recently that they now offer a new joint solar package for their customers. The two companies now offer the 300 megawatts package, which consists of Canadian Solar Solution’s photovoltaic (PV) panels and Unirac’s solar racking systems, for either

02/10/2011 0 comment

Renewable Energy

Solar Industry Executives Seek Federal Energy Policy

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Canada’s federal commitment in establishing a cohesive renewable energy

01/11/2011 0 comment

Renewable Energy

New Solar Module Plant to Create Green Jobs

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Canadian Solar, Inc., announced in mid-August that it will soon open its first Canadian solar module manufacturing plant in Guelph, Ontario. On August 11, Ontario’s Energy and Infrastructure Minister, Brad Duguid, was joined by local politicians and other officials to hear the announcement from the company’s President, Shawn Qu, at a large vacant industrial building in the

09/02/2010 3 comments