Canadian Solar has agreed to sell its 80% interest in its portfolio in Brazil to Nebras Power Investment Management. Financial details of the acquisition have not been divulged by either company.
The solar projects that are part of the deal include Salgueiro Solar Holding, Francisco Sa Solar Holding and Jaiba Solar Holding.
Canadian Solar chairman and CEO Dr Shawn Qu said: “Canadian Solar and Nebras will jointly manage the execution of the EPC and will bring the projects to completion.
“Once operational, these solar energy systems will be one of the largest bi-facial solar portfolios in Latin America, highlighting Canadian Solar’s technology leadership. We are very pleased to be partnering with Nebras Power and supporting the growth of the solar energy market in Brazil.”
Currently, the projects are in advanced stages of development. The company noted that construction work on the projects is expected to commence later this year. Canadian Solar will also be providing its bi-facial modules from its Brazilian manufacturing facility and retain the remaining 20% stake interest in the portfolio.
By selling its Brazilian portfolio to Nebras Power, Canadian Solar has completed the sale of nearly 1GW of solar projects in Brazil so far.
Last October, Danish pension service provider Pensionskassernes Administration (PKA) agreed to acquire Canadian Solar’s 49% passive equity stake in the Garland and Tranquillity solar facilities for $304m.