Canadian Solar on Thursday announced the sale of a 80% stake in another Brazilian solar photovoltaic (PV) project to France’s EDF Energies Nouvelles – the renewables arm of utility group EDF.
The 95.5-megawatt (MW) Pirapora III project is under construction in the southeastern state of Minas Gerais. The plant is expected to enter commercial operation by year-end and holds a 20-year power purchase agreement, Kallanish Energy learns. No deal value was released.
This transaction is the third between the parties. Through the Brazilian subsidiary EDF EN do Brasil, EDF acquired two other 80% stakes in the Pirapora I and II projects from Canadian Solar.
Together, the Pirapora farms will generate 400 MW of electricity, and once commissioned in 2018, it will form the largest solar PV facility in operation in Latin America, Canadian Solar said.
As in the previous projects, Canadian Solar is supplying modules for the project from its 308 MW modules factory in Sao Paulo, Brazil. EDF EN do Brasil will manage both the construction and operations phases of the project.
This might not be the last acquisition EDF makes in the country. Antoine Cahuzac, CEO of EDF Energies Nouvelles, said the deal is “further evidence of our growth ambitions in Brazil, a key renewable energy market for the EDF group.”