Canadian Solar Inc. has signed a power purchase agreement (PPA) with BTG Pactual and was also awarded with two projects in a private auction by Furnas Centrais Elétricas for a total of 862 MWp in solar power projects in Brazil.
Canadian Solar noted that for the 12-year PPA with BTG, it will supply solar energy from a 170 MWp cluster of projects located in the State of Minas Gerais. The projects will commence construction in 2021 and are expected to achieve commercial operation by the end of 2022. BTG is an investment bank in Latin America and runs a large energy trading business in Brazil.
Furnas will buy solar energy from two Canadian Solar projects through a 15-year PPA. Canadian Solar will develop and build both Furnas projects totaling 692 MWp. Furnas is a majority-controlled subsidiary of Centrais Elétricas Brasileiras S.A. – Eletrobras (EBR).
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.
Furnas’ business is mainly in energy generation, transmission and sales. It operates in 16 Brazilian states and is the owner of 21 hydro plants, 2 thermal plants, 1 wind farm and 30,000 kilometers of transmission lines.