Canadian Solar announced its 10-year power purchase agreement (PPA) for the electricity produced from 17.6 MWp solar PV plant in Sicily, Italy.
Canadian Solar owns 51 percent stake and Manni Energy owns 49 percent stake in the solar plant.
The PPA will cover 100 percent of the electricity generated and will be the longest-term PPA for a fully unsubsidized solar PV plant in Italy.
The PPA provides predictable power sales revenues via a fixed price and higher generation-weighted power prices due to an upside-sharing mechanism. TrailStone will act as market representative for the portfolio on the Italian wholesale market.
The solar PV portfolio is expected to start producing electricity in the second quarter of 2019. The expected production is approximately 34 GWh per annum, equivalent to the annual consumption of 12,000 households in Italy.