Canadian Solar indicators PPA for 381MW Brazil solar

• Agreement with steel maker to offload 50% of energy produced at the Morada do Sol project

Canadian Solar has authorized a power acquisition agreement with steel supplier Usinas Siderurgicas de Minas Gerais (Usiminas) to offload 50% of the overall power production at its 381MW Morada do Sol solar farm in Brazil.

Under the agreement Canadian Solar will develop and build the project in the State of Goiás.

Building and construction expected to start in the first quarter of 2024 while industrial operations are anticipated in January 2025.

This is the very first company PPA authorized straight with a commercial customer under the Brazilian self-production framework, Canadian Solar stated.

The Morada do Sol project will certainly use Canadian Solar's high efficiency bifacial BiHiKu modules as well as soon as in operation, the project is expected to produce enough electricity to power approximately 432,700 houses and displace 118,500 lots of carbon dioxide discharges.

Canadian solar president as well as chairman Shawn Qu claimed: "While we are functioning towards our very own ESG goals, we are additionally honored to partner with Usiminas in a tailored remedy in the Morada do Sol project to attain their energy cost decrease and also ESG objectives.

" This transaction likewise contributes to boost our footprint as well as leading position in the Brazilian market, and shows our capability to continue delivering sustainable, affordable, and also cutting-edge options to our customers in a country where we have actually cumulatively created over 4.1 GW of projects."

Usiminas president Sergio Leite de Andrade claimed: "This year, as Usiminas celebrates its 60th anniversary, the business is looking to the future and is dedicated to make certain the sustainability of its operations.

" Initiatives such as the collaboration with Canadian Solar for the supply of solar power to power our operations are very important action in its journey to be progressively straightened with the principles of the ESG agenda."