SPIC Brasil, Canadian Solar to co-invest in 738-MW portfolio

• SPIC Brasil, the neighborhood device of China's State Power Investment Corporation (SPIC), has gotten a 70% risk in two solar projects with an incorporated capacity of 738 MWp from Canadian Solar Inc (NASDAQ: CSIQ).

As a result of the transaction, the worth of which was not exposed, both companies will certainly spend more than BRL 2 billion (USD 417m/EUR 390m) to develop the projects, SPIC stated on Thursday.

With a planned capacity of 446 MWp, the Marangatu project is the bigger of the two and also will be carried out in the district of Brasileira, Piaui state. The 292-MW Panati-Sitia solar farm, in turn, will certainly be constructed in Jaguaretama, Ceara state.

SPIC Brasil estimates that building and construction job will start in the second fifty percent of this year, while appointing is planned for 2023.

Around 75% of the solar parks' future outcome is already acquired through a long-lasting power acquisition agreement (PPA). The staying power will certainly be sold on the free market, SPIC claimed.

The purchaser's chief executive officer Adriana Waltrick noted that this acquisition notes SPIC's very first solar project in Brazil.

The bargain's closure goes through the fulfilment of certain precedent problems, including the authorization of antitrust regulator CADE.