Canadian Solar recently announced its 100.1 MWp Cafayate solar power project in Argentina started commercial operation July 19, 2019. It is now the largest operational solar power plant in the country.
Located in the Province of Salta, the solar project is powered by more than 289,000 Canadian Solar’s high efficiency modules and will generate over 216 GWh of electricity per year. As part of the RenovAR program launched by the Argentinian Government in 2016, the Cafayate project was awarded a 20-year US dollar indexed power purchase agreement of $56.28/MWh with CAMMESA (the national wholesale power market administrator and clearinghouse) during the second renewable public tender. This 20-year PPA is guaranteed by the World Bank.
In November 2018, Canadian Solar closed $50 million of non-recourse financing for the Cafayate project. The financing package was provided by CAF-Banco de Desarrollo de America Latina, Banco Ciudad and BICE.