Toyota Tsusho to buy power from Canadian Solar PV sites in Japan

Canadian Solar Inc (NASDAQ:CSIQ) has launched commercial operations at two photovoltaic (PV) parks in Japan, its first portfolio realised under the Asian country’s feed-in premium (FIP) regime.

The bundle includes a 1.2-MWp solar farm in Tsukuba City, Ibaraki Prefecture, and a 1.9-MWp plant in Daisen Town, Tottori Prefecture, the solar technology group said on Monday and unveiled a 20-year power purchase agreement (PPA) with Toyota Tsusho Corp (TYO:8015) for the plants' output. Under the deal, the Japanese power retailer will offtake the entire electricity generation and will also receive the Non-Fossil Certificates (NFCs). The power and NFCs will go to Toyota Tsusho’s corporate customers.

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“This PPA marks the beginning of our commitment to support Japanese corporations in meeting their clean energy needs for operations both in Japan and globally,” said Ryota Yamada, general manager of Canadian Solar's Japan Energy Group.

The two sites are equipped with CS7N-660W bifacial modules. Both projects were initially awarded a feed-in tariff (FIT) in tenders held back in 2020 but later moved to the FIP scheme in response to the rising demand for renewable energy.

At end-March, Canadian Solar had 240 MWp of solar and 1.7 GWh of energy storage in its development pipeline in Japan.