Canadian Solar partners with Kepco and Sprott to build 370 MW solar portfolio in Mexico
Post date: 19/11/2019 - 13:39
Canadian Solar Inc. has sold 49 percent interest in three solar photovoltaic projects in Mexico totaling 370 MW to South Korea's largest electric utility Korea Electric Power Corporation (Kepco), and fund manager Sprott Korea. Kepco and Sprott acquired the interests in the »Horus« (119 MW), »Tastiota« (125 MW) and »El Mayo« (126 MW) projects located in the states of Aguascalientes and Sonora. Under the agreement, Kepco and Sprott will acquire Canadian Solar's remaining interest in the projects following their commercial operation date.
Canadian Solar developed the three projects and will supply the modules and manage the projects' construction. »Horus« construction is under way with commercial operation date (COD) expected in Q2 2020, »Tastiota« and »El Mayo« COD is expected in Q1 2021. Once operational, the projects are expected to generate 900 GWh. The electricity generated will be sold under 15-year power purchase agreements for energy and capacity and 20-year for Clean Energy Certificates awarded in November 2017 in the third government auction organized by CENACE.
The transaction marks Kepco and Sprott's first investment in the solar market in Mexico and the second transaction with Canadian Solar following the acquisition of the »Astoria«, »Astoria 2«, and »Barren Ridge« projects in the U.S. in 2018.