Canadian Solar has reached financial close with Clean Energy Finance (CEFC) to provide approximately A$55m ($42.8m) of funding for the Oakey 2 Solar Farm in Queensland, Australia.
The solar photovoltaic (PV) project has a total capacity of 70MWp and is part of an aggregate 117MWp solar portfolio sale to Foresight Solar Fund (FSFL).
To be installed with a total of 205,860 units of Canadian Solar’s KuMax CS3U-340P solar panels, the project is expected to begin commercial operation by November 2018.
Once operational, the facility will be capable of generating approximately 138,800MWh of renewable energy each year, which is sufficient to supply more than 23,000 households with electricity.
Canadian Solar chairman and CEO Dr Shawn Qu said: “We are pleased to partner with FSFL and the CEFC on extending our integrated business across the solar value chain in Australia’s clean energy sector.
“With a pipeline exceeding 1,000MW of early to late-stage developments across four states (Queensland, New South Wales, Victoria and Western Australia), we continue to commit to a sustainable clean energy future for Australia.”
Canadian Solar has also secured engineering, procurement and construction (EPC) and operations and maintenance (O&M) contracts for the first two years of operation once the new facility is complete.
To date, CEFC has offered project financing to Canadian Solar for its Oakey 1 Solar Farm, Longreach Solar Farm and Oakey 2 Solar Farm projects in Queensland.
Canadian Solar’s Oakey 1 and Oakey 2 facilities will be connected to the Queensland power grid through a shared transmission line.