Canadian Solar Inc. sold its 635 MWp JaÃba V solar project to VTRM, a renewable energy company in Brazil. The project, located in the northeastern state of Minas Gerais, is expected to begin construction in 2022 and reach commercial operation in 2023.
Once operational, the project will be one of the largest solar projects in the country, covering approximately 3,706 acres of land. About 40% of JaÃba V’s installed capacity is already committed under long-term power purchase agreements (PPAs) and the remaining power will be sold on the open market.
âWe are delighted to partner with VTRM in this transaction for the Jaiba V project, which will significantly contribute to Brazil’s goal of obtaining 23% of its energy from non-hydro renewable energy sources here. 2030, âcomments Dr. Shawn Qu, President and CEO of Canadian Solar. “With the completion of this sale, Canadian Solar will have successfully monetized 1.6 GWp of large-scale solar projects in Brazil and will continue to execute and monetize its remaining pipeline of over 2.5 GWp of contracted solar projects from high quality. “
The investment is part of the company’s 1.9 GWp pipeline in hydropower and solar projects, as well as hybrid solutions, of which the market was informed in October. At the time, the shareholders of VTRM – Votorantim and CPP Investments – announced their intention to consolidate their energy assets into a single platform.
âThe acquisition is part of the business expansion strategy of the company by focusing on the diversification of renewable energy sources to explore new growth opportunities, in order to bring more robustness and complementarity to the current portfolio of VTRM â, said Fabio Zanfelice, CEO of Votorantim Energia and Chairman of the Board of Directors of VTRM.