Canadian Solar has signed an agreement with SPIC Brasil, a leading power-generation company in Brazil, to sell a 70-percent stake in the company’s 738 megawatt peak (MWp) solar projects, 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. Both projects are expected to begin construction in late 2022 and reach commercial operation in late 2023.
Marangatu and Panati-Sitiá are expected to be two of the largest solar power plants in Brazil and the clean electricity generated will be equivalent to powering over 900,000 households in Brazil annually. Around 75 percent of Marangatu and Panati-Sitiá’s assured energy is already committed through long-term PPAs (power purchase agreements), and the remaining will be sold in the free market.
“We are pleased to partner with SPIC Brasil in this transaction for the Marangatu and Panati-Sitiá project