Canadian Solar has won three solar photovoltaic (PV) projects, totalling 364 MWp in Brazil’s A-4 auction.
The 364 MWp of projects, located in Minas Gerais and Ceara states, have been awarded 20-year Power Purchase Agreements with an average price of 118.15 BRL/MWh or nearly $35.58/MWh.
The solar power plants will generate approximately 706,056 MWh of electricity every year. Canadian Solar will develop and build the projects, targeting to bring them to commercial operation by 2022.
“We are proud to be the only company that has been successful in winning projects in all of the five Federal Auctions held to date in Brazil,” said Shawn Qu, chairman and chief executive officer of Canadian Solar.
Shawn Qu said innovations and focuses on driving down cost while improving efficiencies have allowed Canadian Solar to deliver 55.5 percent reduction in energy prices from the first auction.