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.

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