Canadian Solar Signs its Biggest Module Supply Agreement

Canadian Solar has signed a 1800 MW module supply agreement with EDF Renewables North America.

Canadian Solar, one of the world’s largest solar power companies, recently announced that it has signed a multi-year module supply agreement with EDF Renewables North America to deliver 1,800 MW of high-efficiency poly solar modules for projects in the US, Canada, and Mexico.

“EDF Renewables North America is pleased to announce this substantial module supply agreement with Canadian Solar. The agreement demonstrates our confidence in the bifacial module technology to support our robust pipeline of contracted projects over the next 5 years,” said Tristan Grimbert, President and CEO of EDF Renewables North America.

Utilising unique multi-year contractual terms, the company will supply its bifacial enhanced wafer BiHiKu (CS3W-PB) and enhanced wafer HiKu (CS3W-P) modules to EDF Renewables’ multiple solar projects.

The module supply agreement is the largest single module supply agreement signed by the Chinese module manufacturer’s 18-year history and is an anchor of the company’s 3+ GW of forward-committed contracts in the North American market through 2023.

“We are excited to partner with EDF Renewables to help them bring a stable supply of clean, reliable solar energy to the North American market,” said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. “As the US market recovers from the uncertainties brought by Section 201 tariffs and rushes to meet the step-down of the Investment Tax Credit deadline, we are seeing a significant rebound of demand in the US solar market which impacts module supply across the entire region. This contract continues to strengthen the global partnership between EDF Renewables and Canadian Solar.”

Recently, Recurrent Energy, the company’s wholly-owned subsidiary, sold its equity stake in the 134 MW Mustang solar project to the Renewable Power Group of Goldman Sachs Asset Management, L.P. It completes Recurrent Energy’s sale of equity stakes in the 973 MW portfolio of California solar projects that came online in 2016. The company expects to recognise the sales revenue from Mustang in the second quarter of 2019.