GUELPH, Ontario, Feb. 25, 2022 /PRNewswire/ — Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ) today announced that its Global Energy business group recently signed private power purchase agreements (“PPA”) with Usinas Siderurgicas de Minas Gerais S.A. (“Usiminas”, NYSE: USNZY & BVMF: USIM5), one of the largest steelmakers in Latin America, committing 50% of the total electricity production of a 381 MWp solar power project in Brazil.

For this PPA, Canadian Solar will develop and build the 381 MWp Morada do Sol project in the State of Goiás. Construction is expected to start in the first quarter of 2024 and the project is expected to reach commercial operation by January 2025. This is the first corporate PPA signed directly with an industrial customer under the Brazilian self-production framework, and sets another landmark for Canadian Solar in this market as it will directly and materially reduce energy costs for industrial consumers.

The Morada do Sol project will use Canadian Solar’s high efficiency bifacial BiHiKu modules. Once in operation, the project is expected to generate approximately 790 GWh of clean energy annually, equivalent to the annual electricity consumption of approximately 432,700 households or displacing 118,500 tons of CO₂ emissions.

“While we are working towards our own ESG goals, we are also proud to partner with Usiminas in a tailored solution in the Morada do Sol project to achieve their energy cost reduction and ESG goals,” commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar. “This transaction also contributes to enhance our footprint and leading position in the Brazilian market, and demonstrates our capability to continue delivering sustainable, competitive, and innovative solutions to our customers in a country where we have cumulatively developed over 4.1 GWp of projects.”

According to Sergio Leite de Andrade, CEO of Usiminas, “This year, as Usiminas celebrates its 60th anniversary, the company is looking to the future and is committed to ensure the sustainability of its operations. Initiatives such as the partnership with Canadian Solar for the supply of solar energy to power our operations are important steps in its journey to be increasingly aligned with the principles of the ESG agenda.”

About Usiminas

Usiminas is the leader in the Brazilian flat steel market and one of the largest steelmaking complexes in Latin America. The company has industrial and logistics units located across six states and is present in the entire steelmaking chain, from ore extraction, through steel production, to its processing into products and capital goods customized for the market. Today, it has the largest and most innovative Research and Development Center in steelmaking in Latin America. The progress made by the steelmaker in recent years guarantees innovation, technology, and quality in all production lines, and allows the company to offer the market a diversified portfolio, with emphasis on high value-added products and services.

As a result of its environmental management, Usiminas was the second steelmaker in the world to be certified with ISO14001. The company also contributes to the development of the communities where it operates through Usiminas Institute and the São Francisco Xavier Foundation, with projects in the areas of health, education, culture, sports and social development. Usiminas shares are traded in the stock exchanges of São Paulo, New York (ADR level I) and Madrid.