Canadian Solar markets 70% risk in key Brazilian solar projects to SPIC Brasil

• Building of the solar projects is expected to start in late 2022 and also get to commercial operation in late 2023.
• For Canadian solar, the offer is one more effective departure after guaranteeing use of its modules in the project( s) obviously.

In a major handle the South American renewable energy market, Canadian Solar Inc. today announced it signed an arrangement with SPIC Brasil to market 70% risk in its 738 MWp solar energy projects-- Marangatu and Panati-Sitia in Brazil. SPIC Brasil is a leading power generation firm in Brazil.

SPIC Brasil is a leading power generation firm in Brazil. The Marangatu as well as Panati-Sitia projects, 446 MWp and also 292 MWp each in size, are located in the Northeastern states of Brazil. According to Canadian Solar, the projects are topped an area of 2,200 hectares as well as both the projects go to a sophisticated stage of advancement.

The main declaration of Canadian Solar discusses that the solar projects are expected to begin building and construction in late 2022 and get to commercial operation in late 2023.

Canadian Solar likewise claimed that as soon as the solar projects function, they could be the two of the largest solar power plants in Brazil. Solar electrical energy generated will amount power 900,000 homes in Brazil annually.

Around 75 percent of Marangatu and also Panati-Sitiá's assured energy is currently dedicated via lasting PPAs, and also the staying will be sold in the free market, claimed Canadian Solar.

Dr. Shawn Qu, Canadian Solar Chairman and CEO, said on the advancement, "With the conclusion of this sale, Canadian Solar will have successfully monetized 2.3 GWp of utility-scale solar projects in Brazil. We will certainly remain to carry out as well as monetize our remaining stockpile of 1.6 GWp of high-quality, got solar projects in Brazil." Canadian Solar aims to broaden in various other Latin American markets consisting of Colombia and also Chile.

Adriana Waltrick, CEO of SPIC Brasil, stated, "SPIC team currently has an extensive experience in implementing solar projects, being among the major rivals in the field worldwide. This procurement notes the company's very first solar financial investment in Brazil as well as the collaboration with Canadian Solar is strategic, provided Canadian Solar's experience and introducing spirit on solar projects implementation and also manufacturing."

Brazil has established a goal of obtaining 23 percent of its energy from non-hydro renewable energy resources by 2030. The country is banking high on wind as well as solar resources; according to Brazilian Photovoltaic Solar Energy Association (Absolar), the country's set up solar capacity has nearly doubled from 7.7 GW in 2020 to 14 GW in 2021. Its 2050 National Energy Plan wishes to take the installed solar PV capacity of the country as much as 90 GW by 2050.