Canadian Solar Completes Sale Deal

• Canadian Solar sells its 635 MWp Jaíba V solar project to VTRM, a renewable energy company in Brazil
• The project is in advanced stage of development and is expected to begin construction in 2022
• The commercial operation is expected by 2023 and will generate clean electricity to cater to over 500,000 households annually
• About 40% of Jaíba V's installed capacity has already been committed to by way of long-term PPAs

Canada headquartered Chinese solar power company Canadian Solar Inc has announced the completion of the sale of its 635 MWp Jaíba V solar project to VTRM, a renewable energy company in Brazil.

Located in Minas Gerais and spread across 3,706 acres of land, the Jaíba V Project is in advanced stage of development and is expected to begin construction in 2022. The commercial operation is expected by 2023. This is supposed to be one of the largest solar projects in the country and will generate clean electricity to cater to over 500,000 households annually.

About 40% of Jaíba V's installed capacity has already been committed to by way of long-term PPAs (power purchase agreements). The remaining energy will be sold in the free market.

Commenting on this development, Chairman and CEO of Canadian Solar Dr. Shawn Qu said, "We are pleased to partner with VTRM in this transaction for the Jaiba V project, which will meaningfully contribute towards Brazil's goal of obtaining 23% of its energy from non-hydro renewable energy sources by 2030. With the completion of this sale, Canadian Solar will have successfully monetized 1.6 GWp of utility-scale solar projects in Brazil and will continue to execute and monetize its remaining pipeline of more than 2.5 GWp of high-quality, contracted solar projects."

Reacting to this acquisition, CEO of Votorantim Energia and Chairman of VTRM's Management Board Fabio Zanfelice said, "The acquisition is part of the company's business expansion strategy with a focus on diversifying renewable energy sources to explore new growth opportunities, in order to bring more robustness and complementarity to VTRM's current portfolio."

Meanwhile, in November this year, Canadian Solar had raised $150 million in gross proceeds by selling more than 3.6 million common shares as at-the-market (ATM) offering program (see Canadian Solar Raises $150 Million)