Canadian Solar completes sale of 635 MWp solar PV project to VTRM in Brazil

Canadian Solar Inc. (NASDAQ: CSIQ), a solar energy and battery storage company, and VTRM, a renewable energy company in Brazil, announced the sale of Canadian Solar’s 635 MWp Jaíba V solar project to VTRM.

The Jaíba V Project, located in the Northeastern state of Minas Gerais, is in an advanced stage of development and is expected to begin construction in 2022 and reach commercial operation in 2023. Once operational, the project will be one of the largest solar projects in the country, covering approximately 3,706 acres of land (1,500 ha), and is estimated to generate clean electricity equivalent to the annual consumption of over 500,000 households. About 40% of Jaíba V’s installed capacity is already committed through long-term PPAs (power purchase agreements), and the remaining energy will be sold in the free market.

“With the completion of this sale, Canadian Solar will have successfully monetized 1.6 GWp of utility-scale solar projects in Brazil and will continue to execute and monetize its remaining pipeline of more than 2.5 GWp of high-quality, contracted solar projects,” commented Dr. Shawn Qu, Chairman, and CEO of Canadian Solar.

Author: KS

Source: Canadian Solar Inc.

Topic: Business News | Solar News

Market: Solar Stocks