Ontario-based Canadian Solar has agreed to sell 80% of its stake in the 482.6MW Brazilian solar portfolio to Nebras Power Investment Management, a subsidiary of Nebras Q.P.S.C.
Image: The portfolio includes four solar projects that are in advanced stages of development. Photo: Courtesy of jaidee/Pixabay.
As per the agreement, Canadian Solar will retain the remaining 20% stake in the portfolio. The portfolio includes four solar projects that are in advanced stages of development and construction will begin this year.
For the four projects, the company will supply its bi-facial solar modules, including those produced at its Brazilian manufacturing facility. The projects include the 114.3MW Salgueiro Solar, the 114.3MW Francisco Sa Solar, the 101.6MW Jaiba Solar and the 152.4MW Lavras Solar.
After the 80% stake sale to Nebras Power is completed, Canadian Solar will have sold nearly 1GW of solar projects in the country.
Canadian Solar chairman and CEO Shawn Qu said: “Canadian Solar and Nebras will jointly manage the execution of the EPC and will bring the projects to completion. Once operational, these solar energy systems will be one of the largest bi-facial solar portfolios in Latin America, highlighting Canadian Solar’s technology leadership.
“We are very pleased to be partnering with Nebras Power and supporting the growth of the solar energy market in Brazil.”
Headquartered in Doha, Qatar, Nebras Power is a joint venture between Qatar Electricity and Water Company (QEWC) with 60% and Qatar Holding (QH) with 40% stakes respectively.
In January, Canadian Solar was selected by Edify Energy and Octopus Investments to partner with Signal Energy and provide engineering, procurement and constructions (EPC) services and deliver solar modules for the 333MW Darlington Point Solar Farm in New South Wales, Australia.
At the time of the annoucement, it was stated that construction of the Darlington Point Solar Farm will begin in March. The facility will be powered by more than 820,000 of its photovoltaic (PV) modules, mounted on single-axis solar tracking systems, in an area of about 2,000 acres.
The project is expected to come online early next year and will generate enough electricity to meet the power needs of more than 115,000 Australian homes, while avoiding nearly 600,000 tonnes of carbon dioxide emissions annually.