Canadian Solar Inc. (CSIQ) Monday announced the signing of an agreement with SPIC Brasil to sell a 70 percent stake in Marangatu and Panati-Sitia solar projects, with a total generation capacity of 738 MWp. The financial aspect of the deal is not revealed.
CSIQ noted that Marangatu and Panati-Sitiá projects, 446 MWp and 292 MWp each in size, in an area of 2200 hectares, are expected to begin commercial production in 2023.
Power purchase agreements have been assured for around 75 percent of Marangatu and Panati-Sitiá's production and the remaining will be sold in the free market.
Adriana Waltrick, CEO of SPIC Brasil said the acquisition marks the company's first solar investment in Brazil and the partnership with Canadian Solar is strategic.