Canadian Solar has reached financial close for its 126 MWp Tastiota solar project in the state of Sonora, Mexico. The project won a 15-year power purchase agreement (PPA) with the Federal Electricity Commission during Mexico's third energy auction. Its power generation will be sold to the Federal Electricity Commission (CFE) under a 15-year PPA for energy and capacity, and 20-year for Clean Energy Certificates. Commissioning is scheduled by end-2020.
In addition, Korea Electric Power Corporation (KEPCO), which acquired a 49% stake in a 370 MW solar portfolio in Mexico from Canadian Solar in November 2019, and the Korean fund manager Sprott Korea have agreed to acquire Canadian Solar’s remaining interest in the projects once they start operating.
Mexico's total capacity reaches 84 GW (2019) and includes 4.4 GW of solar (5%). Over 13 GW of solar projects are under development and construction (as of September 2020).