Canadian Solar ready to light up more projects in the U.S.

Canadian Solar Inc. (NASDAQ: CSIQ) said in its Nov. 21 quarterly earnings report that it has several solar projects in the U.S. with commercial operation dates (CODs) this year.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, remarked: “During the quarter, we continued to develop our downstream energy business. At the end of the quarter, our late-stage solar project pipeline stood at 2.0 GWp and our portfolio of solar plants in operation totaled 948 MWp. Our footprint now covers the world’s most attractive markets: the U.S., Canada, Japan, Brazil, China, Mexico, the United Kingdom and Africa. Investor interest in our high-quality project pipeline remains robust. We target to complete the sale of certain solar power plants in Canada and China either by the end of 2016 or early next year and have started the sales process of our projects in the U.S. as our projects there reaching COD.”

As of Sept. 30, 2016, the company’s late-stage pipeline totaled 2.0 GWp of utility-scale solar project pipeline, which included 940 MWp in the U.S., 597 MWp in Japan, 390 MWp in Brazil, 38 MWp in China, 63 MWp in Mexico, 15 MWp in the United Kingdom and 6 MWp in Africa.

In the United States, three projects (Barren Ridge, Mustang and Tranquillity) totaling 470 MWp reached commercial operation in the third quarter of 2016. Four other projects (Astoria 1, Astoria 2, Garland and Roserock) are currently under construction and are expected to reach commercial operation before the end of December 2016.

In September 2016, SunPower announced the signing of a 15-year power purchase agreement (PPA) for 100 MW (ac), or 140 MWp, of its solar power project Tranquility 8 in California with MCE, California’s first operating Community Choice Aggregation program. Construction of the project is expected to begin in 2017. The project will begin providing power to MCE by late 2018.

The company’s late-stage utility-scale solar project pipeline in the U.S. as of Sept. 30, 2016 is:

  • Astoria 1, 131 MWp, California, in construction, COD in 2016;
  • Astoria 2, 100 MWp, California, in construction, COD in 2016;
  • Garland, 272 MWp, California, in construction, COD in 2016;
  • Roserock, 212 MWp, Texas, in construction, COD in 2016;
  • Tranquility 8, 197 MWp, California, in development stage, COD in 2018; and
  • Project B, 28 MWp, California, in development, COD in 2018.

The company expects to complete the sale of certain utility-scale solar power plants in Canada and China either in the fourth quarter of 2016 or early 2017.The total value of these solar power plants is estimated at approximately $500 million.

On Sept. 29, Canadian Solar announced the start of commercial operation of the 60 MW (ac)/78 MWp Barren Ridge solar photovoltaic project developed by company subsidiary Recurrent Energy. The Barren Ridge solar project, also known as the RE Cinco Project, supplies electricity and associated renewable energy credits to the Los Angeles Department of Water and Power under a long-term power purchase agreement.

On Sept. 26, Canadian Solar announced the start of commercial operation of the 200 MW (ac)/258 MWp Tranquility solar project in California. The Tranquility project was developed by Recurrent Energy and is majority-owned by Southern Co. (NYSE: SO) subsidiary Southern Power.

On Aug. 23, Canadian Solar announced that Recurrent Energy reached commercial operation of the 100 MW (ac)/134 MWp Mustang solar project in Kings County, California.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.