Solar system. Author: Mike Weber. License: Creative Commons, Attribution 2.0 Generic
Canadian Solar Inc (NASDAQ:CSIQ) has acquired an 80.6-MWp solar project in Brazil, the company said today.
The photovoltaic (PV) project is located in Guimarania, in the state of Minas Gerais, and will be built by Canadian Solar using modules from its local factory in Brazil. Construction is due to begin early next year, with commercial operation planned for the fourth quarter of 2018.
The project was awarded a 20-year power purchase agreement (PPA) as part of the second reserve energy auction at BRL 290 (USD 93/EUR 78) per MWh. It is expected to produce about 143,664 MWh of electricity per year, which will be sold to the Power Trading Chamber (CCEE).
Canadian Solar chairman and chief executive Shawn Qu described the project as exciting addition to the company's utility-scale project pipeline in the country and said it will continue to look at additional opportunities in the important emerging market of Brazil.