Canadian Solar buys 97.6 MW project in Argentina

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Chinese-Canadian solar module manufacturer and project developer, Canadian Solar Inc. has acquired a 97.6 MW PV project in Cafayate, Salta Province, Argentina, for an undisclosed sum.

The company said the project was selected by the Argentinean government in the second round (Ronda 1.5) of the country’s program for large-scale renewable energy projects, Renovar, and that it has secured a 20-year PPA with local energy market operator, Cammesa at a price of US$56.28/MWh.

The company added that construction on the project is scheduled to start this July, with grid connection planned for the second quarter of 2019. No further details were released.

The project was developed by Isolux Ingeniería, a unit of Spanish industrial group, Isolux Corsan, which filed for insolvency in Spain in July of last year.

At the time, the company, which was also awarded a 100 MW project (La Puna) in the first round (Ronda 1) of the RenovAr program, did not answer pv magazine’s questions about the future of its solar activities in Argentina.

In Ronda 1.5, the Argentinean Ministry of Energy and Mines awarded PPAs with a combined capacity of 516 MW, at an average price of $54.94/MWh.

Canadian Solar is currently active in other Latin American markets, such as Mexico and Brazil. In the latter, it also owns and operates a 400 MW solar module manufacturing facility.