Benzinga | Jun 29, 2021 11:01AM EDT

Canadian Solar Bags 86 MWp In Japan Solar Auction

* Canadian Solar Inc (NASDAQ:CSIQ) won 86 MWp in Japan's 8th solar energy auction, accounting for the largest share of the total capacity auctioned.

* The 86 MWp includes three projects in the Tohoku region: an 80 MWp project in Miyagi Prefecture, a 3 MWp project located in Fukushima Prefecture, and a 3 MWp project located in Aomori Prefecture.

* The projects will enter into a 20-year power purchase agreement with Tohoku Power Electric Company at a weighted average rate of ?10.77 ($0.098) per kWh once constructed.

* Canadian Solar expects the projects to reach commercial operation between 2024 and 2026.

* Price action: CSIQ shares traded higher by 2.20% at $46.50 in the market session on the last check Tuesday.