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Canadian Solar sells 80MW Guimarania solar plant to Global Power Generation

Published 17 April 2018

Canadian Solar has completed sale of its stake in the Guimarania solar energy project in Brazil to Global Power Generation, a subsidiary of Gas Natural Fenosa.

The 80.6 MWp project, expandable to 83 MWp, is under construction and expected to reach commercial operation in the fourth quarter of 2018. Canadian Solar will supply its high-efficiency "MaxPower" modules for the Project.

The Project, located in the state of Minas Gerais in Brazil, was awarded a 20-year Power Purchase Agreement in the third Reserve Energy Auction in 2015.

Once completed, the Project will generate 162,471 MWh per year and contribute towards the country's goal of obtaining 23% of its energy from renewable sources by 2030.

Canadian Solar chairman and CEO Shawn Qu said: "The sale of the Guimarania project is another demonstration of the strong potential of the solar energy market in Brazil and the continuing success of Canadian Solar in it.

“This is the fourth project, which we have successfully developed and sold in Brazil, following the 399 MWp Pirapora project portfolio. With the 476 MWp of projects awarded in the last two energy auctions, Canadian Solar has developed over 955 MWp of solar projects, with long-term PPAs awarded, in the country."

Global Power Generation CEO Lluis Noguera said: "This latest acquisition strengthens GPG's commitment to renewable generation in Latin America by doubling its generation in the Brazilian market since making inroads in 2017.

“We are pleased to announce this deal; the time is right for GPG since we have made important acquisitions and developments throughout the world, introducing technology innovations to bring quality renewable energy to communities where we operate, in Brazil in this particular case."

Source: Company Press Release.