Canadian Solar Inc., one of the world's largest solar power companies, announced that it has won 367 MWp of solar power projects in Aguascalientes, Hermosillo and Obregon, Mexico in the country's third long-term auction for renewables held on November 15, 2017. The amount of investment considered for the projects remained undisclosed.
Canadian Solar will develop and build three projects, totaling 367 MWp. Once connected to the grid, the electricity generated will be sold to the Comision Federal de Electricidad (CFE) under a 15-year Power Purchase Agreement for Energy and 20-year for Clean Energy Certificates (CELs) at an average price of US$ 21/MWh. The projects are expected to be connected to the grid around June 2020.
The off-taker CFE purchased 5,492,575 MWh, 5,952,575 CELs, and 593 MW of clean energy in this auction. A total of 46 economic bids were submitted with price declined by 38% than the auction price in 2016. The clean energy projects awarded in this auction have a combined capacity of 2,730 MW. Solar PV was the main contributor, accounting for 55% of the total winning projects.
"We are delighted to win an additional 367 MWp of solar projects in Mexico, which expands our late-stage solar project pipeline in the country to 435 MWp," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "We will continue to develop and deliver more quality solar projects in Mexico, while contributing to the government's goal of increasing electricity generated from clean energy sources to 35% by 2024 and 50% by 2050."