Canadian Solar Inc. and SkyPower Ltd, one of Canada's largest owners and developers of solar energy projects, have announced an 18.5 MW EPC (Engineering, Procurement and Construction) agreement for solar projects in Ontario, Canada
As part of the agreement, Canadian Solar, through SkyPower's power purchase agreements, will commission two solar parks with a nameplate capacity of 18.5 MW in Ontario. SkyPower recently closed financing on these projects with Deutsche Bank. The first project is a 10.5 MW solar park in Napanee, home to First Light I, SkyPower's first solar project and Canada's first fully operational solar park. The second project is an 8.5 MW solar park located in Thunder Bay, Ontario.
"A new study called Solar Vision 2025, issued by the Canadian Solar Industry Association and prepared by consultants Ernst & Young, reports the cost of solar power projects will be cut by more than 50% before 2025, making the solar electricity competitive with electricity generated by oil, gas, hydro or nuclear plants," said Dr. Shawn Qu, CEO and president of Canadian Solar. "The report illustrates that solar power is already price-competitive with other sources at peak times. Agreements like the one announced today with SkyPower are very important. By partnering and also working closely together with the political leaders and other stakeholders in the province, we can help make the predictions in the study a reality."
The construction of both projects is expected to reach completion by mid-2011. Together, they are expected to generate approximately 19 million KWh in their first full year of operation and almost 400 million kWh total over the next 20 years.
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