Canadian Solar has acquired rights to the Guimarania Solar Project, to be located in the state of Minas Gerais. The company will build the project, using modules supplied from its Brazil factory, to fit in with Brazil’s domestic content requirements.
The 80.6 MW project is scheduled to begin construction in early 2018 and reach commercial operation by the end of the year. Guimarania solar plant was given a 20-year PPA at a rate of R$290 ($92)/MWh.
“The Guimarania project is an exciting addition to our attractive utility-scale project pipeline in Brazil,” stated Canadian Solar Chairman and CEO Shawn Qu. “We will continue to evaluate additional opportunities in this important emerging market, so as to accelerate the adoption of the affordable, reliable and clean solar energy across the country.”
Canadian Solar saw its profits grow in the first half of 2017, with revenue from its downstream projects hitting $83.7 million in the second quarter, as it continues to connect project in Japan, India and other key markets.
According to figures released by the Brazillian Ministry of Mines and Energy, the country expects to surpass 1 GW installed pv capacity by the end of 2017, and the country plans to hold another energy auction in December.