Canadian Solar To Sell 80% Stake In Brazilian Solar Energy Project To EDF

(RTTNews) - Canadian Solar Inc. (CSIQ), a solar power company, announced Tuesday the sale of 80% interest in its Pirapora I solar energy project in Brazil to renewable energy company EDF Energies Nouvelles, a subsidiary of the EDF Group (EDFEF.PK).

EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil, will make the purchase.

Pirapora I is one of Canadian Solar's three current projects in the country totaling 394 MWp with awarded long-term PPAs.

The 191.5 MWp Project is starting construction and expects to reach commercial operation in the third quarter of 2017. Canadian Solar will supply the modules for the Project from its new 360 MWp modules factory established in Brazil to support the local market.

The Project, located in the state of Minas Gerais in Brazil, was awarded a 20-year Power Purchase Agreement in the second Reserve Energy Auction in 2015. Once completed, the Project will generate 391,263 MWh per year and contribute towards the country's goal of obtaining 23% of its energy from renewable sources by 2030.