{"id":1002,"date":"2022-06-13T13:00:17","date_gmt":"2022-06-13T04:00:17","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=1002"},"modified":"2022-06-13T10:51:10","modified_gmt":"2022-06-13T01:51:10","slug":"canadian-solar-sells-to-spic-brasil-70-stake-in-738-mwp-solar-projects","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2022\/1002.html","title":{"rendered":"CANADIAN SOLAR SELLS TO SPIC BRASIL 70% STAKE IN 738 MWP SOLAR PROJECTS"},"content":{"rendered":"

GUELPH, ON<\/span>,\u00a0June 6, 2022<\/span>\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.<\/a><\/span>\u00a0(“Canadian Solar” or the “Company”) (NASDAQ: CSIQ), today announced it signed an agreement with SPIC Brasil, a leading power generation company in\u00a0Brazil, to sell 70% stake in the Company’s 738 MWp solar projects, Marangatu and Panati-Sitia.<\/p>\n

 <\/p>\n

The Marangatu and Panati-Siti\u00e1 projects, 446 MWp and 292 MWp each in size, are located in\u00a0Piau\u00ed\u00a0and\u00a0Cear\u00e1, the Northeastern states of\u00a0Brazil, covering an area of 2,200 hectares. Both projects are at advanced stage of development and are expected to begin construction in late 2022 and reach commercial operation in late 2023.<\/p>\n

 <\/p>\n

Once in operation, Marangatu and Panati-Siti\u00e1 are expected to be two of the largest solar power plants in\u00a0Brazil\u00a0and the clean electricity generated will be equivalent to powering over 900,000 households in\u00a0Brazil\u00a0annually. Around 75% of Marangatu and Panati-Siti\u00e1’s assured energy is already committed through long-term PPAs (power purchase agreements), and the remaining will be sold in the free market.<\/p>\n

 <\/p>\n

Dr.\u00a0Shawn Qu,\u00a0Canadian Solar\u00a0Chairman and CEO, commented, “We are pleased to partner with SPIC Brasil in this transaction for the Marangatu and Panati-Siti\u00e1 projects, which will meaningfully contribute towards\u00a0Brazil’s\u00a0goal of obtaining 23% of its energy from non-hydro renewable energy sources by 2030. With the completion of this sale,\u00a0Canadian Solar\u00a0will have successfully monetized 2.3 GWp of utility-scale solar projects in\u00a0Brazil. We will continue to execute and monetize our remaining backlog of 1.6 GWp of high-quality, contracted solar projects in\u00a0Brazil.\u00a0Canadian Solar\u00a0is a leader in the Brazilian market, and we will expand our leadership across more Latin American markets, including\u00a0Colombia\u00a0and\u00a0Chile”.<\/p>\n

 <\/p>\n

Adriana Waltrick, CEO of SPIC Brasil, provided the\u00a0following comment, “We know that solar energy is a fundamental source for the energy transition towards a low carbon economy. SPIC group already has an extensive experience in implementing solar projects, being one of the main competitors in the sector worldwide. This acquisition marks the company’s first solar investment in\u00a0Brazil\u00a0and the partnership with\u00a0Canadian Solar\u00a0is strategic, given\u00a0Canadian Solar’s\u00a0experience and pioneering spirit on solar projects implementation and manufacturing.”<\/p>\n

 <\/p>\n

The closing of this transaction depends, among other precedent conditions customary for this kind of deal, on the approval of the competent anti-trust regulatory agencies.<\/p>\n

 <\/p>\n

About SPIC Brasil\uff1a<\/strong><\/p>\n

SPIC Brasil is a company that invests in safe energy generation with respect for the communities where it operates, enhancing energy throughout the country. It invests in innovation, generation and solutions focused on renewable sources and contribute to the energy transition, guided by a commitment to people and the environment. Globally, the Group has\u00a0US$ 202.3 billion\u00a0assets and a total installed capacity of 187 GW. With assets totaling more than 3 GW in\u00a0Brazil, the company operates the S\u00e3o Sim\u00e3o Hydroelectric Power Plant, on the border between the states of\u00a0Minas Gerais\u00a0and\u00a0Goi\u00e1s; two wind farms in\u00a0Para\u00edba\u00a0\u2013 Millennium and\u00a0Vale dos Ventos\u00a0\u2013 and has a stake in the largest natural gas complex in\u00a0Latin America, the GNA (G\u00e1s Natural A\u00e7u), in S\u00e3o\u00a0Jo\u00e3o da Barra\u00a0(RJ). It employs more than 235 professionals located in S\u00e3o Paulo (SP), Natal (RN), S\u00e3o Sim\u00e3o (GO) and Mataraca (PB). For more information, access the SPIC Brasil Annual Report available at\u00a0www.spicbrasil.com.br<\/a><\/span>.<\/p>\n","protected":false},"excerpt":{"rendered":"

GUELPH, ON,\u00a0June 6, 2022\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.\u00a0(“Canadian Solar” or the “ […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1002","post","type-post","status-publish","format-standard","hentry","category-releases"],"_links":{"self":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/comments?post=1002"}],"version-history":[{"count":2,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1002\/revisions"}],"predecessor-version":[{"id":1004,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1002\/revisions\/1004"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=1002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=1002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=1002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}