Azuma Kofuji, Canadian Solar’s flagship mega-solar project in Japan, is now in commercial operation.
A local achievement
Azuma Kofuji is the largest operational solar project to date in Fukushima Prefecture. The site is powered by Canadian Solar’s high efficiency HiKu modules. Thus, Tohoku Electric Power Company buys the energy produced at $0.26/kWh.
The power purchase is made under the Japanese feed-in tariff program for over 18 years. Azuma Kofuji is expected to produce about 106,800MWh of clean and reliable energy. Thus, the site is able to supply 31,000 homes and avoids the emission of 50,000 tons of carbon dioxide per year.
The project, built on 460 acres of land, will benefit from long-term maintenance by Canadian Solar. In addition, Azuma Kofuji will donate a portion of the revenue from electricity sales to Fukushima City. Thus, the funds will be used to promote the activities of the local agricultural sector.
Azuma Kofuji was financed by Nomura Capital Investment with construction debt of approximately $175 million. In addition, the project is expected to participate in the Green Climate Bond Certification process. Dr. Shawn Qu, President and CEO of Canadian Solar, said:
“We are delighted to contribute to the revitalization of Fukushima Prefecture. Prior to the start of construction, the Azuma Kofuji project site was abandoned, non-productive farmland. Our teams worked closely with local communities and the government in the land conversion process and successfully passed the environmental impact assessment controlled by Fukushima Prefecture. We are proud to help revitalize the local community and economy in an area that was heavily impacted by the Great East Japan Earthquake of 2011. We want to ensure that local communities are the long-term beneficiaries of clean, renewable energy, and we are proud to help rebuild the economic and energy resilience of Fukushima’s cities while supporting Japan’s 2050 carbon neutrality ambitions. Furthermore, I am proud that our team persevered through a period of great economic and market uncertainty to bring this valuable project to fruition.”
Canadian Solar aims to continue its development to contribute to Japan’s energy transition. Indeed, the company has more than 470MWp of industrial-scale projects that are operational or under construction. In addition, the company has two partnership platforms with the Canadian Solar Infrastructure Fund and the Japan Green Infrastructure Fund.
Over the past 21 years, Canadian Solar has successfully delivered approximately 76GW of solar PV modules. The company develops, builds and connects more than 6.8 GWp in over 20 countries around the world. In addition, the company has approximately 311MWp of solar projects in operation and 5.3GWp of projects under construction.