Canadian Solar Inc. has signed a power purchase agreement (PPA) with BTG Pactual and that it was awarded with two projects in a private auction by Furnas Centrais Elétricas for a total of 862 MWp in solar power projects in Brazil.
For the 12-year PPA with BTG, Canadian Solar will supply solar energy from a 170 MWp cluster of projects located in the State of Minas Gerais. The projects will start construction in 2021 and are expected to achieve commercial operation by the end of 2022. BTG is one of the main investment banks in Latin America and runs one of the largest energy trading businesses in Brazil.
Furnas will purchase solar energy from two Canadian Solar projects through a 15-year PPA. Canadian Solar will develop and build both Furnas projects totaling 692 MWp. One of them will be located in the State of Ceará and will have a capacity of 260 MWp. The second project is located in the State of Piuaí and will have a capacity of 432 MWp. Both projects will start construction in 2022 and are expected to reach commercial operation by the end of 2023.
