Canadian Solar announced Thursday that it has been awarded 5 projects totalling 185 MW in Brazil’s landmark Leilão de Reserva public solar tender.
The news follows on Enel Green Power’s announcement that it had come out as the largest winner in the auction, with 3 projects totalling 553 MW. The Leilão de Reserva auction awarded a total 834 MW of solar power capacity, at an average price of Real 301.79 per megawatt-hour, or around US$0.0842/kWh.
Minus Enel Green Power’s total awarded capacity, and we can see that Canadian Solar has also done rather well for itself, raking in 185 MW of the remaining 281 MW supposedly handed out through the auction.
The five projects will be developed in the municipality of Pirapora, which is located in northcentral Minas Gerais, and upon completion will supply electricity to a Brazilian Government utility entity under a 20-year Power Purchase Agreement, signed at Real$298.58/MWh, or approximately US$84/MWh.
“This win in Brazil demonstrates the strength of our global project development capabilities, and positions us well to become a solar energy leader in this important emerging market,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “Brazil has significant solar resources and a large energy market, which provides us with an opportunity to stablish our brand, take market share and deliver good results for our shareholders.”
Completion of the projects is expected to take place mid-2017.