Solar company Canadian Solar is rapidly expanding its business as it looks to capitalize on the expected increase in green energy demand.
Now, Canadian Solar has become the largest solar developer in Italy. This week the company announced a 10-year deal with the Italian company Axpo Italia. Under the contract terms, Canadian Solar will receive 70% of the two power plants under construction in Italy with a total capacity of 84 MW.
Construction on these power plants will begin next year and operate at total capacity in 2024. They are located in regions with high demand for clean energy and are expected to provide electricity to more than 60 thousand households and reduce carbon dioxide emissions by 45.8 thousand tons per year.
Italy is committed to reducing its oil and natural gas consumption, and solar energy is a priority in a country where there are plenty of clear days.
Axpo Italia is one of the largest operators in the renewable energy market in Italy. Canadian Solar already has several contracts with Axpo Italia. As a result, Canadian Solar has become the most significant player in the Italian market regarding contracted solar energy.
The company is also looking to expand into new markets and segments such as clean energy for heavy industry.
In the first quarter of 2024, the company will begin constructing a very large (over 380 MW) solar power plant in Brazil.
Thus, in a few years, Canadian Solar will have a significant portfolio of green generation in different regions of the planet. By this time, demand is expected to pick up as the transition from oil and gas to renewables accelerates.