Canadian Solar and Windel Capital to Co-Develop 1.4 GW Solar Pipeline

Windel Capital has signed a Project Development Agreement with Canadian Solar to co-develop 1.4 GW of solar projects in the UK.

Windel Capital has announced that it has signed a Project Development Agreement with Canadian Solar to co-develop 1.4 GW of solar projects in the UK. Under the agreement, Windel will deliver 1.4 GWp of early-stage solar projects under development through to ready-to-build (RTB) status with Canadian Solar providing funding, support, and the procurement of power purchase agreements. 

The first projects are expected to reach RTB in the second half of 2021, and the firms are exploring the potential for several of them to benefit from co-located battery storage systems. Windel Capital has extensive industry experience, as demonstrated by securing the 1.4 GWp pipeline of projects over the course of only 18 months. 

“We are very excited to be working again with Canadian Solar after transacting with them on a 10 MWp Feed-in-Tariff / Community Interest Company project in Wales,” said Gary Toomey, Managing Partner of Windel Capital, adding, “Canadian Solar is a perfect fit for us as we both share common goals and objectives. We are also looking forward to building long term sustainable relationships with our landowner clients and to co-deliver clean and affordable solar energy.” 

The agreement will support both Windel’s and Canadian’s growth in the UK and contribute towards strengthening the market position of both parties.

Earlier this month, Canadian Solar had announced that its wholly-owned subsidiary Recurrent Energy had completed the sale of the Slate project to Goldman Sachs Renewable Power (GSRP). A 300 MWac solar plus 140.25 MW / 561 MWh storage project located in Kings County, California, and has since commenced construction. 

Canadian Solar’s majority-owned energy storage subsidiary, System Solutions and Energy Storage (SSES) will provide the battery storage integration solution for the project. 

The project has signed PPAs with five different off-takers, four of which are solar and energy storage, and one that is solar-only.