Canadian Solar completes sale of 635 MW PV project in Brazil

Canadian Solar Inc. sold its 635 MW »Jaíba V« solar project to Brazilian renewable energy company VTRM. The facility located in the northeastern state of Minas Gerais, is in advanced stage of development and is expected to begin construction in 2022, and reach commercial operation in 2023. Once operational, the project will be one of the largest solar projects in the country. According to the company, approximately 40 percent of Jaíba V's installed capacity is already committed through long-term PPAs (power purchase agreements), and the remaining energy will be sold in the free market.
By 2030, Canadian Solar »will have successfully monetized 1.6 GW of utility-scale solar projects in Brazil and will continue to execute and monetize its remaining pipeline of more than 2.5 GW of high-quality, contracted solar projects,« says Shawn Qu, Chairman and CEO.
According to Fabio Zanfelice, CEO of Votorantim Energia and Chairman of VTRM's Management Board, »the acquisition is part of the company's business expansion strategy with a focus on diversifying renewable energy sources to explore new growth opportunities, in order to bring more robustness and complementarity to VTRM's current portfolio.« The investment is part of the company's 1.9 GW pipeline in hydro and solar projects, as well as hybrid solutions.
VTRM Energia Participações S.A. is a joint venture between Votorantim Energia and Canada Pension Plan Investment Board (CPP Investments). The joint venture started operations in May 2018 with a focus on investment and development of clean energy generation in Brazil. Currently, the company is the controller of CESP - Companhia Energética de São Paulo, with more than 1.6 GW of hydroelectric generation capacity, and also the owner of 31 wind farms with total installed capacity of 974 MW, of which 21 are in operation and 10 under construction, all located in the Northeast region of Brazil and expected to start commercial operations in 2022. The company also has a pipeline of growth projects that combine hydro, solar and wind sources, as well as hybrid solutions.

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