Canadian Solar wins 185 MW of solar contracts in Brazil


China’s vertically integrated Tier-1 solar company Canadian Solar has confirmed today that it has been awarded five solar PV projects totaling 185 MW on Brazil’s most recent solar auction.

The five projects will be located in Pirapora, in the Brazilian state of Minas Gerais. Canadian Solar will develop and build the solar plants, and has scheduled a completion date for mid-2017. Once operational, a 20-year power purchase agreement (PPA) will begin with a Brazilian government entity at a rate of $84/MWh.

"This win in Brazil demonstrates the strength of our global project development capabilities, and positions us well to become a solar energy leader in this important emerging market," said Canadian Solar CEO and chairman Shawn Qu.

"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."

Brazil’s recent auction delivered more than 800 MW of solar projects at a low of 8 US cents/kWh, and qualified more than 11 GW of solar development across more than 341 pre-approved solar PV projects.

Since the auction, Enel Green Power, SunEdison and now Canadian Solar have all unveiled ambitious development plans in the country.