April 10 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) has won the right to sign power purchase agreements (PPAs) for 364 MWp of solar power generating capacity in Brazil.
The company was awarded three solar photovoltaic (PV) projects in the A-4 auction that was held on April 4. It will sign PPAs for those projects at an average price of BRL 118.15 per MWh (USD 34.57/EUR 28.00), it said today.
The three plants will be built in the states of Minas Gerais and Ceara, and should be up and running by 2022. Once completed, they will be generating a total of 706,056 MWh of electricity every year.
"We are proud to be the only company that has been successful in winning projects in all of the five Federal Auctions held to date in Brazil," said Shawn Qu, chairman and CEO of Canadian Solar.
The particular auction awarded a total of 1,024.5 MW of clean power supply contracts and solar power was the biggest seller with over 806.6 MW across 29 projects.
(BRL 1.0 = USD 0.293/EUR 0.237)