Canadian Solar has secured 3 solar photovoltaic (PV) projects of 114 megawatts total capacity at Vazante, Minas Gerais, Brazil.
Canadian Solar will partner with Solatio and develop, build and own the solar power plants, which will sell generated electricity to the Agencia Nacional de Energia Eletrica, a Brazilian government entity.
The electricity supply will begin once the plant gets grid connected, under a 20-year Power Purchase Agreement at R$216.12/MW.
Company entered the utility scale project development business to differentiate the business model, expand and stabilize its profit margins over the business cycle, leveraging the experience in Canada to expand in key geographies, commented, Shawn Qu, chairman, CEO, Canadian Solar.
This win in Brazil is a testament to the strength of company’s project development capabilities, and positions the company well to participate in the growth in demand for solar energy across the globe, added Qu.
To be successful in such a demanding market as the energy sector in Brazil, it is absolutely mandatory to have profound local knowledge of the industry and the country as well as high-quality project developments, concepts on which Solatio has based its work from the very beginning in Brazil, commented, Pedro Vaquer, partner, Solatio.
Undoubtedly, a collaboration agreement with a sound international player as Canadian Solar translates into the perfect combination for the success of Solatio’s projects, added, Antonio Rodriguez, partner, Solatio.