Canadian Solar to develop five solar power projects in Brazil

3 September 2015 (Last Updated September 3rd, 2015 18:30)

Renewable energy firm Canadian Solar has won five solar photovoltaic (PV) projects totalling 185MW in Brazil.

Renewable energy firm Canadian Solar has won five solar photovoltaic (PV) projects totalling 185MW in Brazil.

To be developed in the municipality of Pirapora, in the state in Minas Gerais, the projects are expected to start their commercial operations in mid-2017. Once built, they will be connected to the grid in the country.

Power generated at the facilities will be sold to a Brazilian Government entity under a 20-year power purchase agreement at the rate of around $84 per MWh.

"Brazil has significant solar resources and a large energy market, which provides us with an opportunity to establish our brand."

Canadian Solar chairman and CEO Dr Shawn Qu said: "This win in Brazil demonstrates the strength of our global project development capabilities, and positions us well to become a solar energy leader in this important emerging market.

"Brazil has significant solar resources and a large energy market, which provides us with an opportunity to establish our brand, take market share and deliver good results for our shareholders."

Canadian Solar intends to shortlist potential equity partners for these Brazilian projects with the intention of benefitting from adequate developer margins, if they are sold.

The firm is one of the leading manufacturers of solar photovoltaic modules and solar energy solution provider worldwide, with a geographically diversified pipeline of utility-scale projects.

The company has deployed more than 10GW of premium quality solar modules across 70 countries.