French renewable energy firm EDF Energies Nouvelles, through its EDF EN do Brasil subsidiary, has announced the acquisition of over 80% stake in Pirapora II, a 115 MWp photovoltaic project, from Canadian Solar.
With the new project under its belt, the firm’s portfolio has expanded up to 489 MW projects that are under construction, comprising 183MW of wind power and 306MWp of solar power.
Canadian Solar has retained a 20% stake in the project. It manufactures photovoltaic panels at its local plant.
The Pirapora II project has secured a 20 year power purchase agreement (PPA) and it is scheduled to be commissioned in the first half of 2018.
The project is situated next to Pirapora I, a 191MW photovoltaic solar project owned by EDF Energies Nouvelles and Canadian Solar, whose construction is still in progress.
With a total capacity of more than 300MW, Pirapora I and Pirapora II projects are expected to cover annual electricity consumption of 323 000 Brazilian homes.
EDF Group’s Renewable Energies senior executive vice president and EDF Energies Nouvelles CEO Antoine Cahuzac said: “These future facilities demonstrate EDF Group’s strong growth ambitions in Brazil.
“With a considerable natural resources and growing energy needs, Bresil represents a strategically important market for the EDF Group, which is aimed at doubling its renewable energy capacity in France and worldwide by 2030 under its CAP 2030 company plan.”