Canadian Solar secures PPAs for 247 MW in Brazil

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From pv magazine LatAm

The Chinese-Canadian solar panel manufacturer has secured two power purchase agreements for two large-scale PV projects in Brazil, where it owns and operates a PV module factory.

The first 20-year PPA was sealed with Braskem S.A., which the manufacturer describes as the largest maker of thermoplastic resins in the Americas and the largest producer of polypropylene in the United States. The deal relates to a 152 MW PV project in the state of Minas Gerais. It is scheduled for completion by the end of 2022, with construction being set to start next year.

“This is the first PPA signed directly between Canadian Solar and an industrial customer in Brazil and sets another landmark … in this market,” the company said.

The second deal was signed with Brazilian energy firm Copel (Companhia Paranaense de Energia), which operates in the southern state of Parana. It is linked to a 122 MWp project that Canadian Solar plans to build in the state of Pernambuco in 2021.

Canadian Solar claims the projects will bring its solar PPA portfolio in the country to more than 1.9 GW, and more than 2.6 GW of PPAs awarded and contracted throughout Latin America.

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.