Photovoltaic (PV) manufacturer Canadian Solar has secured three solar PV projects with a total capacity of 364MW in Brazil.
The project contracts were secured by the solar company under Brazil’s A-4 auction process.
According to the contract, Canadian Solar will be responsible for building the projects in the states of Minas Gerais and Ceara.
The projects have also been awarded 20-year power purchase agreements (PPA) with an average price of R$118.15/MWh ($35.58/MWh).
The solar projects are expected to begin their commercial operations by 2022.
Once completed, the solar PV plants will have the capacity to generate nearly 706,056MWh of electricity every year that will be distributed to the grid.
Canadian Solar chairman and chief executive officer Dr Shawn Qu said: “We are proud to be the only company that has been successful in winning projects in all of the five federal auctions held to date in Brazil.
“Brazil has proven to be an important market for us. Relentless innovations and focuses on driving down cost while improving efficiencies in all aspects have allowed Canadian Solar to deliver a 55.5% reduction in energy prices from the first auction, which accelerated the adoption of solar energy in the country.”
Earlier this month, Canadian Solar acquired a 97.6MW PV project in Cafayate, Salta Province, Argentina.
Established in 2001, the comapny manufactures solar PV modules and provides solar energy solutions worldwide.