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Canadian Solar unveils 51-MWp award from Brazilian tender

Solar panels. Featured Image: Jackiso/Shutterstock.com

July 17 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) said today it has won a 51.1-MWp solar project in Brazil in the A-4 energy tender that was held on June 28, 2019.

The award will see Canadian Solar develop and build a photovoltaic (PV) park in the state of Minas Gerais. The company will install around 130,000 of its BiHiKu modules, together able to generate some 107,748 MWh of electricity per year.

Two utilities will purchase half of the generated power under 20-year contracts, with an average contracted price of BRL 73.60 (USD 19.56/EUR 17.45) per MWh. The other half will be sold under a private long-term power purchase agreement (PPA).

Building works are expected to begin in early 2021 and be completed before January 2023.

Canadian Solar’s chairman Shawn Qu noted that the company is the only one to emerge as a winner in all six federal energy auctions held in the country so far. “It shows our long-term commitment to solar in Brazil and to initiate the investment in mix-models with revenues coming from both regulated and free markets," he added.

(BRL 1.0 = USD 0.266/EUR 0.237)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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