Canadian Solar Signs 12-Year Contract With One of Brazil's Top Investment Banks

Canadian Solar Signs 12-Year Contract With One of Brazil’s Top Investment Banks

Written by Valdemar Medeiros

Published on 27/11/2020 at 13:55

Updated on 27/11/2020 at 14:01

Empresa canadense fecha contrato de 12 anos

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With This 12-Year Contract from the Manufacturer Canadian Solar, the Brazilian Solar Energy Market Becomes Even Stronger

The Canadian manufacturer, Canadian Solar, has closed two more deals in the deregulated Brazilian solar energy market. A 12-year PPA was granted by the BTG bank, while a second 15-year contract was granted by the energy supplier Furnas Centrais Elétricas.

Solar Energy Contract for 12 Years with Canadian Company

The Canadian solar energy manufacturer Canadian Solar secured a 12-year power purchase agreement (PPA) with one of the leading investment banks in Latin America, BTG Pactual.

Under the terms of the agreement, Canadian Solar will supply solar energy from a set of projects it will build in the state of Minas Gerais with a combined capacity of 170 MW. The company will start construction of these facilities in 2021, with completion expected by the end of 2022.

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The Canadian solar module manufacturer also secured a 15-year PPA from the solar energy supplier Furnas, a subsidiary of the Brazilian utility Eletrobras, for which it will supply electricity from two photovoltaic projects totaling 692 MW.

Canadian Solar in Partnership with Furnas

The first project from the Canadian company will be located in the state of Ceará and will have a capacity of 260 MW, while the second project, with an installed capacity of 432 MW, is being developed in the state of Piauí. Construction of both plants is set to begin in 2022, with commercial operation expected to start by the end of 2023.

Both deals from the Canadian company were previously announced by Canadian Solar in its third-quarter financial results. All projects will use the latest high-power bifacial modules from Canadian Solar’s Series 7, which have a reported power of up to 665 Wp.

Canadian Solar Already Has Solar Energy Projects in Brazilian Territory

In June, Canadian Solar announced the signing of two PPAs totaling 274 MW, one for a photovoltaic park built in Minas Gerais and another for a project in the state of Pernambuco. Canadian Solar claims that the new projects will raise its solar PPA portfolio in the country to over 2.2 GW.

The manufacturer has a photovoltaic module factory near São Paulo with an annual production capacity of 380 MW. Solar projects with domestically manufactured components may access financing from the development bank BNDES and the Bank of the Northeast.

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