Canadian Solar wins 2nd landmark contract in Colombia

Canadian Solar colombia

Canadian Solar, the North American leader in solar energy developments, announced it won a contract for the 52-megawatts solar project Caracoli in the recent public auction by Colombia’s Ministry of Energy. The award is the second landmark contract of the company in Colombia.

In July, the company had secured its first energy storage contract in Latin America for the first utility-scale battery storage project in Colombia. The project will be located in Barranquilla, with a capacity of 45MWh. This project was the first contract for Canadian Solar in Latin America.

However, later that month, Canadian Solar announced yet another milestone. It closed a $500 million financing facility to advance solar energy projects in Brazil. Brazilian banks BTG Pactual and Itaú BBA provided the funds.

Therefore, the Caracoli project is a further step in the company’s solid expansion in Latin America, such as Shawn Qu’s words, CEO. “This achievement reinforces Canadian Solar’s leadership position in Latin America and solidifies our entry into the Colombian market. We are excited about the strong market fundamentals and growth opportunities in the Latin American markets.

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Canadian Solar has Caracoli output sold thrpugh PPA’s

He also stated. “We seek to expand our diversified portfolio of solar PV and battery storage projects in this region and will continue to support the Colombian government’s targets to accelerate the deployment of clean, renewable energy.”

Moreover, the Caracoli project will be a solar development with a 52MW capacity, located in the Atlántico Region in northern Colombia. According to the statement, the facility’s output will go to a pool of reputable off-takers.

Furthermore, the project will start delivering clean energy from 2023 through an inflation-indexed, Colombian Peso-denominated, 15-year power purchase agreement. The project has also completed a crucial process in the country, the consultation with indigenous communities known as consulta previa.

Finally, the project will start its construction phase during the second quarter of 2022.

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