Centrica strikes deal for Southern European solar power

Centrica Energy Trading has announced the signing of a 10-year power purchase agreement (PPA) with Canadian Solar, one of the world’s largest solar technology and renewable energy companies.

Centrica will purchase the power produced by two solar power plants under development in Sicily by Canadian Solar. Totaling 12 MW, the sites near Trapani and Enna will begin construction by the end of 2021 and once complete will produce roughly 23GWh annually.

The long-term PPA is one of the first private PPAs signed in the Italian market for both Canadian Solar and Centrica, and the deal is part of a broader collaboration between Canadian Solar and Centrica Energy Trading across Europe.

“I am proud to announce our second 12 MWp PPA in Italy in less than 2 months. The two solar projects signed with Centrica are part of a 1.3 GWp portfolio of subsidy-free solar assets we are developing in Italy, with various counterparties, as we execute on our portfolio management strategy and expand our presence in this market. We are proud to work with Centrica on this opportunity and look forward to collaborating further.”

Dr. Shawn Qu, Chairman and CEO of Canadian Solar

“We are delighted to be part of the energy transition journey with Canadian Solar. This aligns perfectly with our strategy of supporting the growth of sustainable energy sources through PPAs and strengthens our presence in Southern Europe. I believe that through market-leading Power Purchase Agreements, we’ll be able to make new renewable assets financially viable without the need for public subsidies.”

Ricardo Rossi, Head of Southern Europe Origination at Centrica Energy Marketing & Trading