October 11 (SeeNews) - Canadian Solar Inc (NASDAQ:CSIQ) has sold an 80% stake in its 191.5-MWp Pirapora I solar project in Brazil to EDF Energies Nouvelles, the renewables arm of French utility EDF (EPA:EDF).
The project is located in the state of Minas Gerais. It is now entering its construction phase with the goal of going online in the third quarter of 2017. Upon completion, it will be generating some 391,263 MWh of electricity per year and selling it under a 20-year contract awarded in the second Reserve Energy Auction in 2015.
“We plan to grow our project portfolio and support the domestic solar market with our 360 MWp module manufacturing plant," said Shawn Qu, chairman and CEO of Canadian Solar.
Pirapora I is one of Canadian Solar's three projects in Brazil, totaling 394 MWp, with long-term power purchase agreements (PPAs).