Canadian Solar announced the sale of its 635 MWp Jaiba V solar project to VTRM, a leading renewable energy company in Brazil.
The Jaiba V Project, located in the Northeastern state of Minas Gerais, is expected to begin construction in 2022, and reach commercial operation in 2023. The project will be one of the largest solar projects in the country, covering approximately 3,706 acres of land (1,500 ha), and is estimated to generate clean electricity equivalent to the annual consumption of over 500,000 households.
Approximately 40 percent of Jaiba V’s installed capacity is committed through long-term PPAs (power purchase agreements), and the remaining energy will be sold in the free market. Brazil aims to achieve 23 percent of its energy from non-hydro renewable energy sources by 2030.
“With this sale, Canadian Solar will have monetized 1.6 GWp of utility-scale solar projects in Brazil and will continue to execute and monetize its remaining pipeline of more than 2.5 GWp of contracted solar projects,” Shawn Qu, Chairman and CEO of Canadian Solar, said.
“The investment is part of the company’s 1.9 GWp pipeline in hydro and solar projects, as well as hybrid solutions, which the market was informed about in October,” Fabio Zanfelice, Chairman of VTRM, said in a statement.