Developer Solatio will work on 3 solar photovoltaic projects totaling 114 MW in Vazante, in the state of Minas Gerais in Brazil. The projects will use Canadian Solar panels. Once connected to the grid, the projects will sell the electricity generated to the Agencia Nacional de Energia Eletrica, a Brazilian government entity, under a 20-year Power Purchase Agreement at R$216.12/MWh ($86.42/MWh).
“We entered the utility scale project development business to differentiate our business model, expand and stabilize our profit margins over the business cycle. We have since successfully leveraged our experience in Canada to expand our project business in key geographies. This win in Brazil is a testament to the strength of our project development capabilities, and positions us well to participate in the growth in demand for solar energy across the globe,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
“We are convinced that in order to be successful in such a demanding market as the energy sector in Brazil, it is absolutely mandatory to have profound local knowledge of the industry and the country as well as high-quality project developments, concepts on which Solatio has based its work from the very beginning in Brazil,” commented Pedro Vaquer, Solatio partner. “Undoubtedly, a collaboration agreement with a sound international player as Canadian Solar translates into the perfect combination for the success of our projects,” added Antonio Rodriguez, Solatio partner.