Canadian Manufacturing

Canadian Solar awarded five power projects totaling 185 megawatts in Brazil

Contract wins show company's strong position in significant emerging market

GUELPH, Ont.—Canadian Solar Inc. has won the contracts for five solar photovoltaic projects in the municipality of Pirapora, Brazil. The Guelph, Ont.-based company will develop and build the solar power plants that will sell the electricity generated to a Brazilian government entity, under a 20-year Power Purchase Agreement. The projects total 185 megawatts of capacity.

“This win in Brazil demonstrates the strength of our global project development capabilities, and positions us well to become a solar energy leader in this important emerging market,” Shawn Qu, chairman and CEO of Canadian Solar, said. “Brazil has significant solar resources and a large energy market, which provides us with an opportunity to stablish our brand, take market share and deliver good results for our shareholders.”

Canadian Solar, which has developed projects amounting to approximately 6 gigawatts of capacity in more about 90 countries worldwide, said it is aiming to reach commercial operation on the five projects by mid-2017. The company said it will also short list potential equity partners for these projects and believes that it can make adequate developer margins should it decide to sell them.

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