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Canadian Solar Sells out Majority Interests in 115MW PV Project in Brazil

published: 2017-06-20 12:08

Canadian Solar and EDF Energies Nouvelles announced the acquisition of 80% interest in Canadian Solar's Pirapora II solar energy project in Brazil by EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil.

The 115 MWp Pirapora II project will start construction in the fall of 2017 and is expected to reach commercial operation in 2018. Canadian Solar will supply the modules for the project from its 380 MWp modules factory established in Brazil to support the local market.

The Pirapora II project, located in the state of Minas Gerais in Brazil, was awarded a 20-year Power Purchase Agreement in the first Reserve Energy Auction. Once completed, the project will generate 231,992 MWh per year and contribute towards the country's goal of obtaining 23% of its energy from non-hydro renewable sources by 2030.

In October 2016, EDF EN do Brasil acquired 80% of Canadian Solar 191.5 MWp Pirapora I project, also located in Minas Gerais. The two projects are adjacent to each other and at combined 306.5 MWp constitute one of the largest solar energy projects in Latin America.

"The investment by EDF Energies Nouvelles in Canadian Solar's Pirapora II project is another testament to the quality of Canadian Solar's project pipeline in Brazil. We have now partnered with EDF EN for two of our three projects in Brazil with awarded long-term PPAs, totaling 306.5 MWp. EDF EN is an important strategic partner of Canadian Solar and we look forward to further expanding our cooperation, while we grow our project pipeline in Brazil and other countries," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

Antoine Cahuzac, Senior Executive Vice President in Renewable Energies of EDF and Chief Executive Officer of EDF Energies Nouvelles added, "This additional Pirapora major solar project confirms the EDF's Group strong ambition to strengthen and diversify its renewables assets portfolio in Brazil, in partnership with a specialized company such as Canadian Solar. Pirapora I 191MW solar project and two wind projects are currently under construction by EDF Energies Nouvelles in the country. EDF Group is also involved in the hydraulic project –Sinop."

BTG Pactual served as financial advisor to Canadian Solar in the transaction.

(Photo: EDF EN's solar power plant in Chile. Source: EDF EN Twitter)

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