Canadian Solar Inc (Nasdaq: CSIQ) has sold its interest in the Guimarania solar energy project in Brazil to Global Power Generation (GPG), an affiliate of Spanish energy group Gas Natural Fenosa. The deal’s financial terms were not disclosed. The 80.6 megawatt peak Guimarania project is under construction and expected to reach commercial operation in the fourth quarter. It is the fourth asset developed and sold in Brazil by Canadian Solar, a Guelph, Ontario-based solar power business. GPG is co-owned by sovereign wealth fund Kuwait Investment Authority (KIA).
Canadian Solar completed sale of 80.6 MWp solar energy project in Brazil to Global Power Generation
GUELPH, Ontario and MADRID, April 16, 2018 /PRNewswire/ — Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, announced today the sale of its interest in the Guimarania solar energy project in Brazil to Global Power Generation, subsidiary of Spanish energy group 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.
“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.” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.
“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.” said Lluis Noguera, Chief Executive Officer of Global Power Generation.
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world’s largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 26 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
About Global Power Generation
Global Power Generation (GPG), owned by Gas Natural Fenosa and the Kuwait Investment Authority, is a company dedicated to the power generation business. It develops and manages over 3000 MWs of power generation assets with a global focus. For additional information about the company, visit http://www.globalpower-generation.com/#
Canadian Solar Inc., Investors: Mary Ma, Manager, Investor Relations, Canadian Solar Inc., email@example.com; David Pasquale, Global IR Partners, Tel: +1-914-337-8801, firstname.lastname@example.org; GPG – Gas Natural Fenosa, Press: Alejandro Kowalski, Head of Communications, email@example.com, +34 9102015611
Photo courtesy of Reuters/Bruno Kelly