Canadian Solar sells 80% interest in Pirapora III project in Brazil to EDF EN do Brasil
Canadian Solar has sold 80% interest in 92.5MWp Pirapora III photovoltaic project in Brazil to EDF EN do Brasil, a subsidiary of EDF Energies Nouvelles.
Construction of thePirapora III project has already commenced. The project is expected to reach commercial operation in the fourth quarter of 2017.
Canadian Solar is supplying modules from its 380MWp modules factory in Brazil for the project.
EDF EN do Brasil will manage construction as well as operation phases of the project.
EDF Group senior executive vice president for renewable energies and EDF Energies Nouvelles CEO Antoine Cahuzac, said: "This acquisition constitutes further evidence of our growth ambitions in Brazil, a key renewable energy market for the EDF Group. It represents a new step toward the EDF Group's goal of doubling its renewable capacity in France, and worldwide, by 2030 under its CAP 2030 company plan."
Earlier, EDF EN do Brasil purchased an 80% interest in its 191.5MWp Pirapora I and 115MWp Pirapora II projects from Canadian Solar.
When commissioned in 2018, the three projects, which are located in the same area, will have a total installed capacity of around 400MWp.
The Pirapora III project is located in the state of Minas Gerais in Brazil. It will produce 188GWh annually and will aid the the country in its goal of drawing 23% of its energy from non-hydro renewable sources by 2030.
Canadian Solar chairman and chief executive officer Dr. Shawn Qu said: "We are proud to be working with EDF EN on a third project in Brazil. We have now partnered with EDF EN on all three of our projects in Brazil that were awarded long-term PPAs, totaling close to 400 MWp.
"We value our strategic partnership with EDF EN and look forward to continuing our successful collaboration on other opportunities in the future, as we expand our quality solar project pipeline globally."