Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it signed an agreement with Mashiki Town and Kumamoto Prefecture to build a 47.0 MWp solar power plant. Once completed, the Mashiki solar power plant will be the largest solar plant in Kumamoto Prefecture.
The Mashiki plant is expected to start commercial operation in the first quarter of 2017. Powered by Canadian Solar modules, the plant is expected to generate approximately 57,000MWh of clean, solar electricity per year, which will be purchased by Kyushu Electric Power Co., Inc. under a 20 year feed-in-tariff contract at the rate of JPY36.0 ($0.30) per kWh.
"We are very pleased to announce this agreement with Mashiki Town and Kumamoto Prefecture," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "The Mashiki solar project is our largest Japanese project to start construction, and represents an important milestone as we continue to make progress developing our high-value solar project pipeline in this important market."