From Emilio Ghigini | Investing.com/ | March 20, 2024
Canadian Solar Inc. (NASDAQ: NASDAQ:CSIQ), through its subsidiary Recurrent Energy, has acquired a solar photovoltaic (PV) project portfolio exceeding 420 megawatts peak (MWp) in southern Spain.
This move is part of the company’s expansion strategy in the Spanish renewable energy market, with construction on additional solar projects totaling over 1 gigawatt planned for 2024.
The portfolio, situated in Carmona, Seville, comprises four projects named Rey I, II, III, and IV, all currently under construction. These projects will utilize Canadian Solar’s advanced N-type bifacial TOPCon (Tunnel Oxide Passivated Contact) technology modules, designed to increase efficiency and energy yield.
Once operational, the Rey projects are expected to generate around 916,000 megawatt-hours (MWh) of clean energy annually, enough to power more than 275,000 homes. This initiative is anticipated to significantly reduce carbon emissions in the area by approximately 184,000 tons per year and provide economic and social benefits, including job creation and regional economic development.