Canadian Solar (CSIQ) Sells 80% Interest in Pirapora I Project in Brazil to EDF Energies Nouvelles

October 11, 2016 7:03 AM EDT

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Canadian Solar Inc. ((NASDAQ: CSIQ) announced today the sale of 80% interest in Canadian Solar's Pirapora I solar energy project in Brazil to EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil. The 191.5 MWp Project is starting construction and expects to reach commercial operation in the third quarter of 2017. Canadian Solar will supply the modules for the Project from its new 360 MWp modules factory established in Brazil to support the local market.

The Project, located in the state of Minas Gerais in Brazil, was awarded a 20-year Power Purchase Agreement in the second Reserve Energy Auction in 2015. Once completed, the Project will generate 391,263 MWh per year and contribute towards the country's goal of obtaining 23% of its energy from renewable sources by 2030.

"The investment by EDF Energies Nouvelles in Canadian Solar's Pirapora I project is a demonstration of the strong potential of the solar energy market in Brazil. Pirapora I is one of Canadian Solar's three current projects in the country totaling 394 MWp with awarded long-term PPAs. We plan to grow our project portfolio and support the domestic solar market with our 360 MWp module manufacturing plant. We are glad to partner with a strategic investor such as EDF EN in the implementation of our first project in Brazil," said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

Antoine Cahuzac, Senior Executive Vice President in Renewable Energies of EDF and Chief Executive Officer of EDF Energies Nouvelles added, "With this Pirapora major new solar project in partnership with a specialised company such as Canadian Solar, two wind projects currently under construction by EDF Energies Nouvelles , and having in mind the hydraulic project -Sinop- the EDF group is involved in, all this confirms a strong ambition to strengthen and diversify the Edf Group renewables assets portfolio in Brazil."

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