The five projects are targeted to reach commercial operation in mid-2017.
GUELPH, Ontario, Sept. 3, 2015 -- Canadian Solar Inc. (the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest solar power companies, today announced that it has won five solar photovoltaic (PV) projects totaling 185 megawatts (MW) In Pirapora, in the state in Minas Gerais, Brazil. Canadian Solar will develop and build the solar power plants which, once connected to the grid will sell the electricity generated to a Brazilian government entity, under a 20-year Power Purchase Agreement at R$298.58/MWh (approximately $84.0 USD/MWh).
"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," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. "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."
The five projects are targeted to reach commercial operation in mid-2017. The Company will short list potential equity partners for these projects and believes that it can make adequate developer margins should it decide to sell them.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar (NASDAQ: CSIQ) is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and a provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects. In the past 14 years, Canadian Solar has successfully deployed over 10 GW of premium quality modules in over 70 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the world, having been publically listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on Facebook, Twitter, LinkedIn, or on the website.