Canadian Solar announced this week that it has signed an agreement with SPIC Brasil to sell a 70% stake in its solar projects in Brazil. In total, the projects total 738 MWp.
The Marangatu (446 MWp) and Panati-Sitiá (292 MWp) projects are located in Piauí and Ceará, covering an area of 2,2 hectares. Both projects are at an advanced stage of development and are expected to begin construction in late 2022. They are expected to enter commercial operation in late 2023.
According to Canadian, around 75% of the assured energy from Marangatu and Panati-Sitiá is already committed through long-term PPAs (power purchase agreements), and the remainder will be sold on the free market.
“With this sale, Canadian Solar will have successfully monetized 2,3 GWp of commercial-scale solar projects in Brazil. We will continue to execute and monetize our remaining portfolio of 1,6 GWp of projects in the country,” said Shawn Qu, President and CEO of Canadian Solar.
“We know that solar energy is a key source for the energy transition to a low-carbon economy. This acquisition marks the company’s first solar investment in Brazil,” said Adriana Waltrick, CEO of SPIC Brazil.
The closing of the transaction is subject to approval by Cade (Administrative Council for Economic Defense) and compliance with some normal precedent conditions for this type of acquisition.
Currently, SPIC Brasil has a total installed capacity of 187 GW, of which 3 GW is in Brazil. The company operates the São Simão hydroelectric plant, on the border between the states of Minas Gerais and Goiás; two wind farms in Paraíba – Millennium and Vale dos Ventos – and participates in the largest natural gas complex in Latin America, GNA (Gás Natural Açu), in São João da Barra.
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