Canadian Solar has secured three solar photovoltaic (PV) projects, which total 114MW, at Vazante, in the state of Minas Gerais in Brazil.
Canadian Solar along with Solatio will develop, build and own the solar power plants.
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Once these plants are connected to the grid, the firms will sell the power generated to the Agencia Nacional de Energia Eletrica, a Brazilian government entity, as per a 20-year power purchase agreement at a price of $86.42/MWh.
Canadian Solar CEO and chairman Dr Shawn Qu said: "We entered the utility scale project development business to differentiate our business model, expand and stabilize our profit margins over the business cycle. We have since successfully leveraged our experience in Canada to expand our project business in key geographies.
"This win in Brazil is a testament to the strength of our project development capabilities, and positions us well to participate in the growth in demand for solar energy across the globe."
Solatio partner Pedro Vaquer said: "We are convinced that in order to be successful in such a demanding market as the energy sector in Brazil, it is absolutely mandatory to have profound local knowledge of the industry and the country as well as high-quality project developments, concepts on which Solatio has based its work from the very beginning in Brazil.”
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By GlobalDataSolatio partner Antonio Rodriguez said: "Undoubtedly, a collaboration agreement with a sound international player as Canadian Solar translates into the perfect combination for the success of our projects."
Solatio has been involved into PV project development in Brazil for years.
Established in 2001 in Ontario, Canada, Canadian Solar is a leading solar power companies and has deployed over 7GW of quality modules, which have been installed in over 70 countries during the last 10 years.
