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Canadian Solar secures PPAs for 862 MW of solar in Brazil

From pv magazine Latam

Chinese-Canadian solar manufacturer Canadian Solar has 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 power from a group of projects that it will build in the state of Minas Gerais and which will have a combined capacity of 170 MW. The company will begin construction on these facilities in 2021 and their completion is scheduled by the end of 2022.

The solar module maker also secured a 15-year PPA from power provider Furnas, a subsidiary of Brazilian utility Eletrobras, to which it will supply electricity from two PV projects totaling 692 MW. A first project will be located in the state of Ceará and will have a capacity of 260 MW while the second project, with an installed power capacity of 432 MW, is being developed in the state of Piuaí. Construction on both plants will begin in 2022 and the start of commercial operation is planned for late 2023.

Both deals had been pre-announced by Canadian Solar in its financial results for the third quarter. All projects will use Canadian Solar’s latest high-power 7-series bifacial modules, which have a reported power output of up to 665 Wp.

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In June, Canadian Solar announced the signing of two PPA contracts for a total 274 MW, one for a photovoltaic park built in the state of Minas Gerais and another for another project in the state of Pernambuco.

Canadian Solar claims the new projects will bring its solar PPA portfolio in the country to more than 2.2 GW.

The manufacturer has a PV module factory near Sao Paulo with an annual production capacity of 380 MW. Solar projects that feature Brazilian-made components can access financing from Brazil’s BNDES development bank and Banco do Nordeste.

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Source: pv magazine