Canadian Solar Inc. has signed a long-term power purchase agreement (PPA) with Axpo Italia, the third-largest operator in the free energy market in Italy. This PPA is one of the first private PPAs signed in the Italian market.
Under the agreement, Axpo Italia will purchase renewable energy and their associated guarantees of origin from two solar power plants under development in Sicily. The agreement includes a guaranteed fixed electricity price for 10 years, beginning April 2022, and will provide stable cash flows to the projects.
Construction of the two solar power plants will begin by the end of 2021 and will have an overall capacity of 12 percent upon completion.
“We are pleased to sign this PPA with Axpo Italia as we execute on the first of many more collaboration opportunities in Italy,” said Shawn Qu, chairman and CEO of Canadian Solar. “The growth of renewable energy sources in Italy is critical to achieving the country’s clean energy transition
