Canadian Solar Sells 70% Stake in 738 MWp Solar Projects to SPIC Brasil

Guelph-based energy leader Canadian Solar announced the signing of an agreement with SPIC Brasil to sell a 70% stake in the Company's 738 MWp solar projects situated in Marangatu and Panati-Sitia.

The Marangatu and Panati-Sitiá projects, 446 MWp and 292 MWp each in size, are located in Piauí and Ceará, the Northeastern states of Brazil, covering an area of 2,200 hectares. Once in operation, Marangatu and Panati-Sitiá are expected to be two of the largest solar power plants in Brazil.

Dr. Shawn Qu,  Chairman and CEO, Canadian Solar, commented, "We are pleased to partner with SPIC Brasil in this transaction for the Marangatu and Panati-Sitiá projects, which will meaningfully contribute towards Brazil's goal of obtaining 23% of its energy from non-hydro renewable energy sources by 2030. With the completion of this sale, Canadian Solar will have successfully monetized 2.3 GWp of utility-scale solar projects in Brazil. We will continue to execute and monetize our remaining backlog of 1.6 GWp of high-quality, contracted solar projects in Brazil. Canadian Solar is a leader in the Brazilian market, and we will expand our leadership across more Latin American markets, including Colombia and Chile.

"We know that solar energy is a fundamental source for the energy transition towards a low carbon economy. SPIC group already has an extensive experience in implementing solar projects, being one of the main competitors in the sector worldwide. This acquisition marks the company's first solar investment in Brazil and the partnership with Canadian Solar is strategic, given Canadian Solar's experience and pioneering spirit on solar projects implementation and manufacturing," said Adriana Waltrick, CEO, SPIC Brasil.

The construction is set to begin in late 2022 and reach commercial operation in late 2023.