The solar projects are expected to reach commercialization by 2022, with COPEL Energia as the major electricity purchaser.
Canadian Solar (NASDAQ:CSIQ) a solar power manufacturer announced that it has won three solar power contracts in Brazil totalling 393.7 megawatt power. While two of the projects are slated for development in the State of Ceara and the State of Pernambuco, one of the projects will be an extension of an existing Project Lavras. As part of two 15-year Power Purchase Plans, each project is anticipated to reach commercialization by 2022.
As quoted in the press release:
Canadian SolarÂ will develop and build two projects, one in the State of Pernambuco (190.5 MWp) and the other in the State of CearĂˇ (76.2 MWp). The latter will be an expansion of the existing Project Lavras which is under development by the company. Construction is expected to start in 2021, and the projects will reach commercial operation before the end of 2022. Once in operation, the two solar power plants will generate approximately 598 GWh of electricity annually. Most of the energy generated will be purchased by COPEL Energia, which is part ofÂ COPEL Group, one of the top 10 energy trading companies inÂ BrazilÂ under two 15-year Power Purchase Agreements (â€śPPAsâ€ť).
In addition, the Company will develop and build a 127 MWp project in the State of Minas Gerais, southeast ofÂ Brazil, which is expected to reach commercial operation beforeÂ January 2023. Once in operation, this solar power plant will generate approximately 280 GWh of electricity annually. Most of the energy generated will be purchased by one of the largest electric utilities in the country under a long-term PPA. This project will be constructed in the same region and close to other existing projects developed and built byÂ Canadian SolarÂ in Minas Gerais.