Canadian Solar completes sale of 100 MWp Solar Power Plant in Japan

Canadian Solar Inc., through its unit Recurrent Energy, has completed the sale of its Japan flagship mega-project, the 100 MWp Azuma Kofuji solar photovoltaic project located in Fukushima prefecture to Japanese investors arranged by Mizuho Securities Co., Ltd (Mizuho Fund).

The Azuma Kofuji solar project started commercial operation in Q3 2022. The project is Canadian Solar's largest project in Japan and Fukushima prefecture's largest operational solar project to date. The project is powered with Canadian Solar high-efficiency HiKu modules and the clean energy generated is being purchased by the Tohoku Electric Power Company at JPY36 (US$0.26) per kWh under Japan's feed-in-tariff program for the remaining tenor of 18 years.

Canadian Solar expects to recognize the revenue from the transaction in Q2 of 2023. Recurrent Energy's local subsidiary will continue to provide long-term operations and maintenance services for the plant after the transaction.