GUELPH, Ontario, Sept. 6, 2017 /PRNewswire/ -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced an acquisition of an 80.6 MWp solar photovoltaic (PV) project in Guimarania, in the state of Minas Gerais, Brazil. Canadian Solar will build the project and provide the modules from its local factory in Brazil.
The Guimarania project received a 20-year Power Purchase Agreement from the second Reserve Energy Auction at R$290.00/MWh (approximately US$91.77/MWh). Once connected to the grid, the plant will generate approximately 143,664 MWh of electricity per year, which will be sold to CCEE (Electrical Energy Commercialization Chamber). Construction will start in early 2018 and reach commercial operation in Q4 2018.
"The Guimarania project is an exciting addition to our attractive utility-scale project pipeline in Brazil." commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar Inc. "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."