Canadian Solar Inc. won five solar photovoltaic projects totaling 185 MW in Brazil's national auction.
The projects are located in the municipality of Pirapora, in the Brazilian state of Minas Gerais.
Canadian Solar will develop and build the solar power plants that will sell electricity to a government utility under a 20-year power purchase agreement at approximately $84/MWh. The five projects are scheduled to reach commercial operation in mid-2017.
The company says it is looking for equity partners for the projects and may decide to sell them down the road.
‘Brazil has significant solar resources and a large energy market, which provides us with an opportunity to establish our brand, take market share and deliver good results for our shareholders,’ says Shawn Qu, chairman and CEO of Canadian Solar.