Canadian Solar Signs a Total of 862 MWp in Solar PPA with BTG and also Auction with Furnas in Brazil

Nov 23, 2020 04:48 PM ET
  • Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), among the world's largest solar power firms, announced that it just recently authorized a power purchase arrangement (" PPA") with BTG Pactual (" BTG", B3: BPAC11) and that it was granted with two projects in an exclusive auction by Furnas Centrais Elétricas (" Furnas") for a total of 862 MWp in solar energy projects in Brazil.

For the 12-year PPA with BTG, Canadian Solar will provide solar power from a 170 MWp collection of projects located in the State of Minas Gerais. The projects will certainly start building in 2021 and are anticipated to attain business procedure by the end of 2022. BTG is one of the main investment banks in Latin America and also runs among the biggest power trading services in Brazil.

Furnas will buy solar energy from two Canadian Solar projects with a 15-year PPA. Canadian Solar will certainly create and construct both Furnas projects completing 692 MWp. Among them, will certainly be located in the State of Ceará and also will have a capacity of 260 MWp. The second project lies in the State of Piuaí as well as will have a capability of 432 MWp. Both projects will certainly begin building in 2022 as well as are expected to get to business procedure by the end of 2023.

Furnas is a majority-controlled subsidiary of Centrais Elétricas Brasileiras S.A.-- Eletrobras (" Eletrobras", NYSE: EBR). Furnas' business is mainly in energy generation, transmission as well as sales. It runs in 16 Brazilian states and also is the proprietor of 21 hydro plants, 2 thermal plants, 1 wind ranch and also 30,000 kilometers of transmission lines.

Dr. Shawn Qu, Chairman as well as CEO of Canadian Solar, commented, "We are pleased to partner with BTG as well as Furnas to provide tidy solar energy to Brazilian consumers. I am also pleased with our team's magnum opus in expanding our management position in the solar project advancement market in Brazil. After the 274 MWp in business PPAs that we signed previously in June, the volume of projects protected in this PPA and also public auction is the largest in Canadian Solar's background, and also it increases our backlog of solar projects in Brazil with PPAs (or equivalent) to practically 2.2 GWp."

" We are additionally making great progress on our project monetization strategy in Brazil, where we remain in the process of forming a Brazilian Participation Fund for Infrastructure projects, or FIP-IE, which is on track to release in 2021. This will certainly aid increase our growth in the Brazilian market as we maximize our capital allotment. Much more updates to come."

All projects will certainly make use of Canadian Solar's latest, high power collection 7 bifacial modules of up to 665 Wp.

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