Canadian Solar Inc. ("Canadian Solar") and TrailStone GmbH ("TrailStone") announced they entered into a 10-year power purchase agreement ("PPA") for the electricity produced by a 17.6 MWp solar PV plant portfolio in Sicily, Italy. The portfolio is jointly owned by Canadian Solar (51% stake) and Manni Energy (49% stake), a renewable energy company part of Manni Group, which will also provide turnkey EPC services for the project.
As part of the agreement, TrailStone will also 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.
TrailStone was advised for the transaction by legal firm Paul Hastings while Canadian Solar was advised by Orrick, Herrington & Sutcliffe.
