Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that it recently signed two private power purchase agreements (“PPA”) with Braskem S.A. and COPEL Energia for a total of 274 MWp in solar power projects in Brazil.
Braskem S.A. (“Braskem”, NYSE: BAK) is the largest producer of thermoplastic resins in the Americas and the largest producer of polypropylene in the United States. Braskem is committed to a low carbon economy and has implemented innovative processes to improve its efficiency, competitiveness and sustainability. Braskem will purchase solar energy through a 20-year PPA with Canadian Solar, as it strives to reach its sustainability goals.
For this PPA, Canadian Solar will develop and build a 152 MWp project in the State of Minas Gerais, in the same region as other projects already developed and built by the Company. Construction will start in 2021 and expected to reach commercial operation before the end of 2022. This is the first PPA signed directly between Canadian Solar and an industrial customer in Brazil and sets another landmark for Canadian Solar in this market.
COPEL Energia (“Copel”) is part of COPEL Group, one of the top 10 energy trading companies in Brazil and the largest utility in the State of Paraná. For the 15-year PPA with Copel, Canadian Solar will build a 122 MWp project in the State of Pernambuco in 2021 as the second phase of a project already under development by the Company.
Both projects will use Canadian Solar’s high efficiency bifacial BiHiKu modules. Once in operation, the combined projects are expected to generate approximately 610 GWh of clean energy annually, equivalent to the annual electricity consumption of approximately 250,000 households.
These two corporate PPAs will add to Canadian Solar’s Brazilian portfolio of more than 1.9 GWp of contracted PPAs since the company entered this market. In the Latin America region, the Company has over 2.6 GWp of awarded and contracted PPAs.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, “Canadian Solar has established a leadership position in the utility scale solar market in Brazil and continues to innovate by setting a new trend yet again with private PPAs. We are pleased to partner with Braskem and Copel in this deal to offer integrated energy solutions to our customers, from solar modules to project development and management services. We have a long-term commitment to solar energy in Brazil and it will remain one of our most important markets.”