Solar

CSI Targets 510 MW of Chinese PV Projects

Canadian Solar has announced a broad strategic cooperation with one of China’s largest power generation companies. Under the far reaching agreement, Canadian Solar and the Guodian Power Development Co. Ltd. will design, invest, build, operate and maintain 510 megawatts (MW) of solar photovoltaic (PV) power plants in China.

The two parties will work together as strategic partners in Gansu, Ningxia and Inner Mongolia first and will work to develop new markets in other provinces in the future. Guodian is a subsidiary of state-owned China Guodian Corporation.

“Guodian Power Development Co.’s target is to achieve 510 MW of installed PV capacity in China by 2012. We also have a strong interest in overseas expansion. Today’s announcement with Canadian Solar is critical to our successful achievement of that goal,” said Jun Miu, vice president of Guodian Power Development Co.

Under the agreement, Canadian Solar and Guodian will initially form a joint venture with Guodian holding a majority interest in the proposed PV power plant projects. Canadian Solar will have first right to sell modules and EPC services to the joint venture at market pricing.

The agreement initially calls for two grid-connected PV power plants in Ningxia. One project targets 50 MW total installed capacity, with a first phase of 10 MW. A second project will also have a first phase of 10 MW, with further expansions later. The Ningxia PV power plants are designed to establish a scalable model for future business development between Guodian Power Development and Canadian Solar.