Canadian Solar Inc. announced the sale of its interest in the Guimarania solar energy project in Brazil to Global Power Generation. The 80.6MWp project, expandable to 83MWp, is under construction and expected to reach commercial operation in the fourth quarter of 2018. Canadian Solar will supply its high-efficiency "MaxPower" modules for the Project.
The Project, located in the state of Minas Gerais in Brazil, was awarded a 20-year Power Purchase Agreement in the third Reserve Energy Auction in 2015. Once completed, the Project will generate 162,471MWh per year.
"The sale of the Guimarania project is another demonstration of the strong potential of the solar energy market in Brazil and the continuing success of Canadian Solar in it. This is the fourth project, which we have successfully developed and sold in Brazil, following the 399 MWp Pirapora project portfolio. With the 476 MWp of projects awarded in the last two energy auctions, Canadian Solar has developed over 955 MWp of solar projects, with long-term PPAs awarded, in the country." said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
"This latest acquisition strengthens GPG's commitment to renewable generation in Latin America by doubling its generation in the Brazilian market since making inroads in 2017. We are pleased to announce this deal; the time is right for GPG since we have made important acquisitions and developments throughout the world, introducing technology innovations to bring quality renewable energy to communities where we operate, in Brazil in this particular case." said Lluis Noguera, Chief Executive Officer of Global Power Generation.