Canadian Solar Inc., (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that its 35 MWp commercial and industrial (C&I) solar portfolio in the state of Karnataka, India reached commercial operation in March 2018.
The 35 MWp project is located in Bagalkot District of Karnataka and is expected to generate approximately 54,000 MWh of clean solar power every year. This project provides clean electricity to off-takers from the education, healthcare, cement, and auto parts industries through 25-year power purchase agreements (PPAs), in line with the Open Access regulations of Karnataka. Concurrent with this milestone, Canadian Solar has completed its financing of INR1.0 billion (US$16.0 million) for the C&I portfolio with Tata Cleantech Capital Limited.
“We are delighted to launch our first C&I solar portfolio in India which creates sustainable value for our customers. Local businesses can benefit from clean solar energy while mitigating rising electricity costs,” commented Dr. Shawn Qu, Chairman, and Chief Executive Officer. “Canadian Solar provides strong development, technical, and financing solutions that assist businesses in their switch to clean renewable energy.”