Canadian Solar expands Spain photovoltaic portfolio in deal for 420 MWp

Canadian Solar in Wednesday’s trading as it agreed to acquire a solar photovoltaic project portfolio exceeding 420 MWp in Spain’s Andalusia region from an unnamed seller; financial terms also were not disclosed.

The portfolio consists of a cluster of four projects – Rey I, II, III and IV – which are currently under construction and will feature the company’s TopBiHiKu7 N-type bifacial TOPCon solar panels.

Canadian Solar (CSIQ) said it expects the Rey solar complex will generate ~916 GWh/year of electricity, servicing the needs of more than 275K homes in the region and displacing 184K tons of CO2 emissions.

The company’s Recurrent Solar unit has projects in various stages of development in Spain and expects to start construction on more than 1 GW of solar projects in the country in 2024.