Ontario based Canadian Solar and Brazilian energy developer Solatio is to constructing three solar photovoltaic (PV) projects in Brazil.
These developments will have a combined generation capacity of 114MW.
Based in the Brazilian state of Minas Gerais, the solar projects will be developed, built and owned by the two firms. Once operational and connected to the national grid, the projects will sell power to Brazilian energy regulator Aneel for R$L216.12/MWh ($86/MWh), under 20-year power purchase agreements.
Canadian Solar chairman and chief executive officer Dr Shawn Qu said: "We entered the utility scale project development business to differentiate our business model and expand and stabilise our profit margins over the business cycle. We have since successfully leveraged our experience in Canada to increase our project business in key geographies.
"This win in Brazil is a testament to the strength of our project development capabilities, and positions us well to participate in the growth in demand for solar energy across the globe."
Solatio partner Antonio Rodriguez said: "Undoubtedly, a collaboration agreement with a sound international player as Canadian Solar translates into the perfect combination for the success of our projects."
Another Solatio partner Pedro Vaquer said: "We are convinced that in order to be successful in such a demanding market as the energy sector in Brazil, it is absolutely mandatory to have profound local knowledge of the industry and the country as well as high-quality project developments, concepts on which Solatio has based its work from the very beginning in Brazil.”