Canadian Solar Won 190.5 MWp Solar Power Projects in Brazil

GUELPH, Ontario, Nov. 12, 2019 /PVTIME/ — Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced it has been awarded two solar photovoltaic (PV) projects totaling 190.5 MWp in the 7th Brazilian Federal Auction held in October 2019. This was the first time that solar participated in an A-6 energy auction. The Brazilian government allocated a total of 2,979 MW of generation capacity, of which 530 MW was solar.

Canadian Solar will develop and build the 152.4 MWp Gameleira project in the State of Ceará and the 38.1 MWp Luiz Gonzaga Project located in the State of Pernambuco. The construction is expected to start in Q3 2021 and Q1 2022 respectively, and the projects will both reach commercial operation before January 2023, two years earlier than the date required by the government.  Once in operation, the two solar power plants will generate approximately 433 GWh of electricity annually. 30% of the electricity generated by the plants will be purchased by a pool of distribution companies under two 20-year power purchase agreements (PPAs), with an average contracted price of 84.38 BRL/MWh, or approximately US$22.32/MWh. The rest of the electricity will be purchased under long-term private PPAs which are under negotiation.

Dr. Shawn Qu, Chief Executive Officer and Chairman of Canadian Solar, commented, “We are proud to be the only company that has been successful in winning projects in all seven federal energy auctions held to date in Brazil. This auction win further strengthens our leading position in the Brazilian solar market where we have been awarded accumulatively around 1.6 GWp of PPAs.”

SOURCE: Canadian Solar Inc.