French firm EDF Energies Nouvelles’ Brazilian subsidiary has acquired an 80% stake in Canadian Solar’s Pirapora I solar energy project in Minas Gerais, Brazil.
The project was awarded a 20-year power purchase agreement (PPA) in the second Reserve Energy Auction in 2015.
Canadian Solar chairman and chief executive officer Shawn Qu said: “Pirapora I is one of Canadian Solar's three current projects in the country, totalling 394MWp with awarded long-term PPAs.
“We plan to grow our project portfolio and support the domestic solar market with our 360MWp module manufacturing plant.
“We are glad to partner with a strategic investor such as EDF EN in the implementation of our first project in Brazil.”
The project will involve the construction of solar energy facilities, offering a total output of 191.5MW, and is scheduled for completion by late 2017.
It is expected to generate 391,263 MWh annually and support the country's goal of achieving 23% of its energy from renewable sources by 2030.
EDF Energies Nouvelles chief executive officer Antoine Cahuzac said: “With this Pirapora major new solar project in partnership with a specialised company such as Canadian Solar, two wind projects currently under construction by EDF Energies Nouvelles, and having in mind the hydraulic project Sinop the EDF group is involved in, all this confirms a strong ambition to strengthen and diversify the EDF Group renewables assets portfolio in Brazil.”