Canadian Solar Inc. (Nasdaq: CSIQ) announced that it has been awarded contract offers for 176 megawatts (MW) of open field photovoltaic power generation projects under Ontario, Canada’s latest round of Feed-in Tariff (FIT) projects.
Canadian Solar Inc. is one of the world’s largest vertically integrated solar manufacturing companies, and the Ontario contracts mark the company’s first major foray into project development. These projects were developed in partnership with several renewable energy developers in the Ontario market, including 3G Energy Corp., Axio Power Inc., Saturn Power and UC Solar.
Once final approval is obtained, the projects are expected to be completed in 2011 and 2012. Once final approval is obtained, the Ontario Power Authority will buy 100 percent of the power and renewable energy credits from the Canadian Solar projects under the FIT program.
Canadian Solar expects plans to establish a module manufacturing facility in Ontario by 1Q11, which is expected to create approximately 500 solar jobs.
The Canadian Solar projects were part of a larger announcement for a total of 184 contracts with a potential capacity of 2,500 MW of clean energy.
Loading...