Company also said it may look to sell certain assets; solar industry currently being weighed down by panel supply glut, Trump-fueled uncertainty
GUELPH, Ont.—Ontario-headquartered solar panel marker Canadian Solar Inc. has energized a new solar plant in Yamaguchi Prefecture at the southwest tip of the Japanese island of Honshu.
The 24 megawatt photovoltaic site includes approximately 92,000 solar modules and will generate power for the Chugoku Electric Power Co. under a 20-year feed-in-tariff contract with the utility.
“With the addition of this 24MWp project, our total portfolio of projects in operation in Japan reaches 46MWp,” Shawn Qu, the company’s chairman and CEO, said.
Qu said the company is currently constructing 167 MW of further plants in Japan, while it has brought another 66 MW of projects to shovel-ready status.
Meanwhile, Canadian Solar said it is also working on a plan to “monetize certain assets in the coming months.”
The solar industry has faced some significant headwinds recently, with some manufacturers accusing Chinese companies of creating a solar panel glut by flooding the market with modules sold below production cost.
The surprise U.S. election results and President-Elect Donald Trump’s supportive stance on the coal and oil and gas industries have also create some uncertainly in the renewable energy space. Canadian Solar shares fell more than 13 per cent following the Nov. 8 election.