Canadian Solar has completed the sale of a 290MW solar portfolio in Italy.
The company has finalised the sale of the remaining 30% of its ownership of the Big Fish and the Iron solar projects to Falck Renewables.
Both projects are located in Sicily and have a total expected capacity of more than 290MW.
The company expects to recognise revenues from the sale in the fourth quarter of 2020.
Canadian Solar partnered with Falck Renewables back in 2019 to jointly develop the Big Fish and Iron projects, selling 70% ownership of the projects to the latter
The projects have secured grid connection and preliminary land rights and have also applied for permits and authorisations.
Canadian Solar chairman and chief executive Shawn Qu said: “We are pleased to have partnered with Falck Renewables in this initiative which allowed us to broaden our portfolio in Italy and has brought development progress to our projects.
“Going forward, our strategy in Italy will focus on growing and diversifying our pipeline, currently in excess of 1.3GW across various regions in the country, with around 140MW expected to reach notice-to-proceed in 2021.
“We will also focus on securing long term energy sale agreements and maximise the value we generate from our projects.”
Qu said Italy is one of the countries in Europe where solar energy has reached grid parity at the wholesale level.
“Therefore we expect the growth of energy sale agreements to accelerate in the following years,” he said.
“This is supportive of the ambitious goals set by the government to substantially increase its solar PV installed capacity over the next decade.”