Canadian Solar Inc. announced that it has won three solar photovoltaic projects, totaling 364MWp in Brazil's A-4 auction that was held on April 4, 2018.
The 364MWp of projects, located in the states of Minas Gerais and Ceara, have been awarded 20-year Power Purchase Agreements with an average price of 118.15 BRL/MWh (approximately US$35.58/MWh). Once connected to the grid, the 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," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, "Brazil has proven to be an important market for us. Relentless innovations and focuses on driving down cost while improving efficiencies in all aspects have allowed Canadian Solar to deliver a 55.5% reduction in energy prices from the first auction, which accelerated the adoption of solar energy in the country."