[ad_1]
Enbridge Inc. has signed a definitive agreement to participate in the construction and operation of the Fox Squirrel solar project in Ohio through a 50 percent interest in a joint venture with EDF Renewables.
Fox Squirrel is a ground-mounted solar facility under construction in Madison County, Ohio. The initial phase is expected to generate approximately 150 megawatts (MW) of solar energy and be in service by the end of the year, Enbridge and EDF Renewables said in separate news releases Wednesday.
The project will be constructed in three phases and is designed to deliver up to 577 MW of renewable energy to the utility grid by the end of 2024. Enbridge said it plans to invest $149 million in the first phase and plans to reach a final investment decision on the following phases throughout 2024, “assuming certain conditions are met”. The company did not elaborate on the conditions it mentioned.
Fox Squirrel, which EDF Renewables said is the state’s largest solar complex, has 20-year fixed-price power purchase agreements with a “strong investment-grade counterparty for the full generation capacity”. The project is set to become the company’s largest onshore renewable energy project, it said.
“This partnership expands Enbridge’s strategic relationship with EDF Renewables while driving accretive renewables growth in North America”, Enbridge Executive Vice President for Corporate Strategy and President for Power Matthew Akman. “[The] Fox Squirrel solar project will benefit the surrounding communities by adding local jobs, generating additional tax revenues for Madison County and will ultimately power approximately 118,000 Ohio homes with renewable energy. The project is expected to be immediately accretive to DCF [distributable cash flow] per share and will be complementary to both our growth outlook and energy transition leadership”.
“EDF Renewables is thrilled to continue our successful partnership with Enbridge through the Fox Squirrel Solar Project, our first utility-scale solar facility in Ohio”, EDF Renewables Executive Vice President for Grid-Scale Power Ryan Pfaff said. “Solar energy plays a key role in decarbonizing the PJM grid in a safe, reliable, and affordable manner. We look forward to completing Fox Squirrel Solar and supporting this transition”.
Solar Module Deal
In August, EDF Renewables North America and Canadian Solar Inc. signed a multiyear module supply agreement to deliver up to seven gigawatts (GW) of high efficiency N-type TOPCon solar modules to be produced at Canadian Solar’s factory in Mesquite, Texas.
Under the agreement, Canadian Solar will be supplying its latest high-efficiency N-Type TOPCon solar modules to support EDF Renewables’ project pipeline in the USA between 2024 and 2030, EDF Renewables said in an earlier news release. The TOPcon modules boast of high conversion efficiencies of up to 22.5 percent, resulting in increased energy production, according to the release.
Canadian Solar had earlier announced the construction of a state-of-the-art solar photovoltaic module manufacturing plant with an annual output of five GW, equivalent to approximately 20,000 high-power modules per day. The new facility represents an investment of over $250 million and will create approximately 1,500 skilled jobs once it is fully ramped up, with production expected to begin around the end of 2023. The facility will be Canadian Solar’s first U.S. manufacturing facility.
“The module supply agreement demonstrates our commitment to domestic sourcing and represents a pivotal step for EDF Renewables, enabling us to achieve key milestone dates and execute a schedule for the construction of our robust solar pipeline”, EDF Renewables North America President and CEO Tristan Grimbert said. “We are genuinely excited about our capacity to develop and build solar projects utilizing ‘Made-in-USA’ solar modules aligning with IRA guidelines. This substantial commitment enhances our ability to minimize risks linked to trade uncertainties and supply chain fluctuations, ultimately propelling our projects towards successful realization”.
“This agreement is a testament of the strong relationship and long history of cooperation between our two companies at a global level in the U.S. and in Brazil”, Canadian Solar Chairman and CEO Shawn Qu said. “We are excited to work with EDF Renewables North America as we bring a stable supply of clean and reliable solar energy to the U.S. market, powered by solar modules made locally, under the backdrop of the Inflation Reduction Act. We look forward to further collaborations and investments contributing to a more global, sustainable, and resilient clean energy supply chain”.
To contact the author, email rocky.teodoro@rigzone.com
[ad_2]
Source link