EDF Energies Nouvelles has entered to an agreement with Canadian Solar to acquire 80% of the stake in its 92.5 MWp Pirapora III photovoltaic project in Brazil.
The stake in the project will be acquired by EDF Energies Nouvelles’ Brazilian subsidiary EDF EN do Brasil. Construction of the project has begun and it is expected to reach commercial operations in this year’s fourth quarter.
For the project, Canadian Solar will be supplying modules from its 380MW factory, established in Brazil to supply to the local market.
As part of the acquisition agreement, EDF’s Brazilian subsidiary will manage both the construction and operations phases of the project.
The project which is located in the State of Minas Gerais in Brazil is supported by a 20-year power purchase agreement (PPA) in the 2014 with Reserve Energy Auction.
The solar farm is expected to generate about 188GWh of clean energy per year, which will contribute significantly towards Brazil’s aim to have at least 23% of its energy needs being satisfied by renewable sources by 2030.
Canadian Solar chairman and CEO Dr. Shawn Qu said: “We are proud to be working with EDF EN on a third project in Brazil. We have now partnered with EDF EN on all three of our projects in Brazil that were awarded long-term PPAs, totaling close to 400 MWp.
“We value our strategic partnership with EDF EN and look forward to continuing our successful collaboration on other opportunities in the future, as we expand our quality solar project pipeline globally.”
EDF Group Renewable Energies senior executive vice president and EDF Energies Nouvelles CEO Antoine Cahuzac said: “This acquisition constitutes further evidence of our growth ambitions in Brazil, a key renewable energy market for the EDF Group.
“It represents a new step toward the EDF Group’s goal of doubling its renewable capacity in France, and worldwide, by 2030 under its CAP 2030 company plan.”
In the past, EDF Energies Nouvelles has acquired 80% of the stake in Canadian Solar’s 191.5 MW Pirapora I and 115 MW Pirapora II projects.
Image: EDF Energies Nouvelles to buy stake in 92MW solar project in Brazil. Photo: Courtesy of EDF Energies Nouvelles.