Canadian Solar Announces Operation of First FIP Projects in Japan and PPA Signing with Toyota Tsusho

Core Viewpoint - Canadian Solar Inc. has commenced commercial operations for its first portfolio of feed-in premium (FIP) photovoltaic (PV) projects in Japan, marking a strategic shift from feed-in tariffs (FIT) to FIP to meet rising renewable energy demand [1][3] Group 1: Project Details - The commercial operation includes a 1.2 MWp project in Tsukuba City and a 1.9 MWp project in Daisen Town, both utilizing CS7N660W bifacial modules [1] - The projects were initially awarded FIT through auctions in 2020 but transitioned to FIP to capitalize on additional revenue opportunities through Non-Fossil Certificates (NFCs) [1] Group 2: Power Purchase Agreement - Toyota Tsusho Corporation has entered into a 20-year Power Purchase Agreement (PPA) with Canadian Solar, securing 100% of the PV power and NFCs generated by the projects [2] - Toyota Tsusho, as an electricity retailer, will provide the generated power and NFCs to its corporate customers [2] Group 3: Company Background and Development - Canadian Solar, founded in 2001, is a leading global solar technology and renewable energy company, having delivered over 125 GW of solar photovoltaic modules worldwide [4] - The company has developed over 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects since entering the project development business in 2010 [4] - As of March 31, 2024, Canadian Solar's project development business in Japan totals 240 MWp for solar and 1.675 GWh for energy storage [3]