Canadian Solar sells 92.5 MWp PV project in Brazil

Canadian Solar Inc (NASDAQ:CSIQ) has agreed to sell an 80% interest in a 92.5 MWp photovoltaic project in Brazil to EDF Energies Nouvelles, the renewables arm of French electric utility EDF (EPA:EDF).

The Pirapora III, as the project is named, has already started construction and is expected to start commercial operation in the fourth quarter of 2017, the French company said today in a news release.

Pirapora III was awarded a 20-year power purchase agreement (PPA) in the 2014 Reserve Energy Auction. Annual output is estimated at 188 GWh per year.

Canadian Solar is supplying modules for the project from its Brazilian factory while EDF EN do Brasil, EDF Energies Nouvelles’ local subsidiary, will manage both the construction and operations phases of the undertaking.

EDF EN do Brasil previously acquired from Canadian Solar an 80% interest in its 191.5 MWp Pirapora I and 115 MWp Pirapora II projects.

Once commissioned in 2018, the three Pirapora projects, all located in the State of Minas Gerais in Brazil, will form the largest solar photovoltaic facility in operation in Latin America with a total installed capacity of approximatively 400 MWp.

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