Canadian Solar inks corporate PPAs for 274 MWp of new solar in Brazil

Canadian Solar Inc (NASDAQ:CSIQ) said today it has recently signed two corporate power purchase agreements (PPAs) covering 274 MWp of new solar capacity in Brazil.

One of the counterparties is Brazilian petrochemical company Braskem SA (NYSE:BAK), which procured solar power under a 20-year PPA to meet its sustainability goals.

Subscribe for Renewables Now's Corporate PPA Newsletter here for free!

The solar modules maker and project developer said it will develop and build a 152-MWp photovoltaic (PV) park in the state of Minas Gerais to serve the contract. It plans to start construction in 2021 and have the plant up and running by the end of 2022.

The second PPA was closed with COPEL Energia, part of power group Companhia Paranaense de Energia (NYSE:ELP), and covers 15 years.

The off-take contract will spawn a 122-MWp plant in the state of Pernambuco, which Canadian Solar intends to build in 2021 as the second phase of an existing project it has under development.

Both facilities will be equipped with Canadian Solar’s own high-efficiency bifacial BiHiKu modules.

The combined output of the two parks is expected to reach approximately 610 GWh per year, or enough to meet consumption needs of a quarter of a million households, the company added.