innogy builds two solar projects in Canada without state subsidies

Essen, 18 February 2019

innogy SE is progressing in growing its value accretive solar business. The company has taken the final investment decision (FID) for two solar farms in Canada with a total capacity of 57 megawatts peak (MWp). Both the beginning of construction and commissioning of the photovoltaic plants are planned this year.

Hans Bünting, Chief Operating Officer Renewables of innogy SE, explains: “After last month’s announcement that we build our Spanish solar project Alarcos without state subsidies, we are continuing on this path with our two new Canadian projects. This underlines that solar energy is already competitive in several markets. Decreasing prices for equipment will further drive this development.”

Thorsten Blanke, Head of Solar at innogy SE, adds: “Our first two projects in Canada are a perfect fit with our strategy to deliver utility-scale solar projects in promising markets, like North America, with high irradiance and a strong commitment to renewable energy. And this is only the beginning. In 2017 we joined forces with Solar Krafte and they are the perfect partner to build up a substantial solar portfolio in Canada. Together, we aim to develop solar projects with a total capacity of up to 1,000 MWp.”

The planned investment volume is in the mid double-digit million euro range. The projects were developed by the Canadian company Solar Krafte Utilities Inc. (Solar Krafte), and the project rights have been transferred to innogy in February 2019. The contracting parties have agreed to keep the conditions of the transaction confidential. innogy will review all options regarding the future ownership and financing structure of the projects in order to maximise value for the company and its shareholders.