The two companies have signed an agreement to develop and operate a pipeline of solar projects, with Canadian Solar providing engineering, procurement and construction (EPC), and operations and maintenance (O&M) services to the projects.

Global Energy CEO Atay Arpaciogullari said: “Global Investment Holdings is active in renewable energy and energy efficiency investments; currently we have a combined capacity of 75.5MW.

“Our envisaged cooperation with Canadian Solar is a planned step taken towards increasing our clean energy investments up to 300-400MW in the next three years.”

GIH is a diversified conglomerate in Turkey with investments in ports infrastructure, energy and non-banking financial services.

Canadian Solar had secured three solar projects totalling 364MW in Brazil’s A-4 auction that was held on 4 April this year.

The three projects, which will be located in the states of Minas Gerais and Ceara, have been awarded 20 year power purchase agreements with an average price of BRL118.15 /MWh ($35.58/MWh).

Once connected to the grid, the solar plants will generate about 706,000MWh of clean electricity per year. Canadian Solar will develop and build the projects. It targets to put the solar plants into commercial operation by 2022.

Recently, the company had completed the sale of an 80.6MW solar project in Brazil to Global Power Generation, a subsidiary of Spanish energy group Gas Natural Fenosa.

Founded in 2001 in Canada, Canadian Solar is a major manufacturer of solar photovoltaic modules and a provider of solar energy solutions.

Over the past 17 years, the company has delivered more than 26GW of quality modules to over 100 countries around the world.