Canadian Solar Won 393.7 MW in Brazilian Corp Auctions

Canadian Solar To Use Bifacial Solar Modules For Its Latest Win In Brazil—393.7 MW Solar Capacity Secured During Two Private Corporate Auctions In Q3/2019
10:59 AM (Beijing Time) - 12. October 2019

The 393.7 MW private corporate auction win in Brazil takes Canadian Solar’s total awarded and contracted PPAs in Latin America to 2 GW with more than 1 GW of contracted PPAs in Brazil. (Photo Credit: TaiyangNews)

Key Takeaways

  • Canadian Solar has announced winning three solar projects with a combined capacity of 393.7 MW in Brazil
  • This capacity was secured by the company in two private corporate auctions, it said
  • The projects will be spread across the states of Pernambuco, Minas Gerais and Ceara
  • Ceara project is an expansion of its existing Lavras Solar Project here with 152.4 MW capacity
  • All three projects will use company’s own BiHiKu bifacial solar modules

Canadian Solar says it has won three solar PV projects with a cumulative capacity of 393.7 MW in two private corporate auctions concluded in Q3/2019 in Brazil. The Chinese solar power company headquartered out of Canada did not share details about the auctions but claims these are its first batch of corporate PPAs in the South American nation.

The company’s own bifacial BiHiKu modules will be deployed for all three projects.

The three projects are identified as 190.5 MW in Pernambuco state, 76.2 MW in Ceara and 127 MW in Minas Gerais. The Ceara project with 76.2 MW capacity will be an expansion of the existing Lavras Solar Project the company said it is already developing in the country and is one of the 482.6 MW capacity Canadian Solar sold 80% stake to Nebras Power in April 2019 (see Canadian Solar To Sell 80% Stake In Bifacial Projects).

Both 190.5 MW and 76.2 MW projects will enter construction in 2021 and come online before the end of 2022. Together the two projects are expected to generate close to 598 GWh annually of which most will be bought by COPEL Energia under two 15-year power purchase agreements (PPA).

The third project with 127 MW capacity will be energized before January 2023 and produce some 280 GWh of solar power annually. One of the largest electric utilities in the country but unidentified, will procure most of the energy generated by this plant under a long-term PPA. Canadian Solar said it will construct the project in the same region and close to its other projects in Minas Gerais.

These projects added, Canadian Solar now has 2 GW of awarded and contracted PPAs in Latin America with more than 1 GW of contracted PPAs in Brazil alone. In August 2019, the management announced securing BRL 487 million as project financing from Banco do Nordeste do Brasil for its 226.7 MW bifacial Brazilian solar capacity (see BRL 487Mn For Canadian Solar’s Brazilian PV Plants).

One of the shining stars in the global solar market currently, Brazil has qualified over 71 GW of capacity under it’s a-6 auction with solar grabbing the biggest chunk of 24.75 GW (see Brazil Qualifies Over 71 GW Capacity For A-6 Auction).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani