Canadian Solar markets 635MWp PV project in Brazilian state of Minas Gerais

• Canadian Solar has finished the sale of a 635MWp solar PV plant in Brazil to renewable energy company VTRM Energia Participações.

Located in the northeastern state of Minas Gerais, the Jaíba V project is in an advanced stage of growth and also is expected to begin construction in 2022 prior to reaching business operation in 2023.

Covering 3,706 acres, the plant will rank among Brazil's biggest solar projects, Canadian Solar stated.

About 40% of Jaíba V's mounted capacity is already devoted via long-lasting power acquisition agreements, and also the remaining energy will be sold in the free market.

With the conclusion of this sale, Canadian Solar has actually monetised 1.6 GWp of utility-scale solar projects in Brazil, stated CEO Shawn Qu, adding that the company will certainly remain to implement and monetise its staying pipeline of greater than 2.5 GWp of PV plants in the nation.

"We delight in to companion with VTRM in this purchase for the Jaiba V project, which will meaningfully add in the direction of Brazil's goal of obtaining 23% of its energy from non-hydro renewable resource resources by 2030," stated Qu.

Starting procedures in 2018 with a focus on renewables investment as well as development in Brazil, VTRM is a joint endeavor between Brazilian energy firm Votorantim Energia and also Canada Pension Plan Investment Board (CPP Investments).

The project divestment complies with Canadian Solar closing a BRL500 million (US$ 100 million) financing center previously this year to create a Brazilian solar portfolio.

The state of Minas Gerais is also readied to host a 766MWp PV project from mining firm Vale, which has actually obtained solar trackers from Nextracker for the plant that is anticipated to be total in 2022.

Spanish designer Powertis additionally began building and construction work on a 112.5 MWp PV project in the state previously this year.