Canadian Solar has sold two solar farms, Suntop and Gunnedah, totaling 345 MWp in New South Wales, Australia, to CalEnergy Resources, a subsidiary of Northern Powergrid Holdings Company.
The two solar power projects have offtake agreements with a global leading technology company and will help support corporate decarbonization efforts. Canadian Solar did not reveal the name of the technology company.
The projects have reached substantial completion and are expected to generate over 700,000 MWh of green electricity annually. This is equivalent to avoiding more than 450,000 tons of CO2-equivalent emissions annually or taking approximately 100,000 cars off the road each year, Canadian Solar said.
Canadian Solar and CalEnergy also entered into a multi-year development services agreement that provides a framework for the companies to continue to work together to build out Canadian Solar’s growing renewable energy pipeline in Australia.
“In Australia, we have brought seven development projects to NTP (notice-to-proceed) and beyond, and continue to develop and grow our multi-GW solar and storage pipeline,” said Shawn Qu, Chairman and CEO of Canadian Solar.