Canadian Solar Inc. has sold its 100 MWp Azuma Kofuji solar project located in Japan’s Fukushima prefecture. Mizuho Securities Co. Ltd. facilitated the sale to Japanese investors
Canadian Solar expects to recognize the revenue from the transaction in the second quarter of 2023. Recurrent Energy‘s local subsidiary will continue to provide long-term operations and maintenance services for the plant after the transaction.
The Azuma Kofuji solar project began commercial operation in the third quarter of 2022. It is Canadian Solar’s largest project in Japan and Fukushima prefecture’s largest operational solar project to date, producing nearly 110 GWh of clean and reliable energy yearly, supporting approximately 31,000 households. 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.
Chairman and CEO of Canadian Solar, Dr. Shawn Qu, says: “The dedication by everyone in the team allowed us to develop the project from a piece of abandoned agricultural land to what it is today. The successful delivery and sale of the largest PV project in Fukushima Prefecture is another example of Recurrent Energy’s strong execution capabilities in the global project development business.”