SPIC Brasil Acquires 70% Stake in Canadian Solar’s 738 MWp Solar Project

Canadian Solar Inc. freshly announced that it has signed an agreement to sell 70% of the Company’s 738 MWp solar project, Marangatu, and Panati-Sitia, to SPIC Brasil. SPIC Brasil is a major power generation company in Brazil.

The Marangatu-Sitia and Panati-Sitia, which have 446 MWp, and 292 respectively, are located in Piaui, Northeastern Brazil. They cover an area of 2,200 hectares. Both projects are in advanced stages of development. They are expected to start construction in the latter half of 2022 and be commercially operational by the end 2023.

Marangatu’s and Panati-Sitia’s solar power plants will soon be in operation. The clean electricity generated by the plants will provide enough power to power over 900,000. About 75% of Marangatu’s and Panati-Sitia’s energy has been committed to long-term power purchase agreements (PPAs), while the rest will be sold on the free market.

Canadian Solar CEO and Chairman Dr. Shawn Qu commented that “We are happy to partner with SPIC Brasil for this transaction for Marangatu-Sitia, which will contribute meaningfully towards Brazil’s goal to obtain 23% of its energy from non-hydrorenewable energy sources by 2030.” Canadian Solar will now have successfully monetized the 2.3 GWp of Brazilian utility-scale solar projects. We will continue to execute and monetize the remaining 1.6 GWp high-quality, contract solar projects in Brazil. Canadian Solar is a leader on the Brazilian market and will continue to expand our leadership in Latin America markets like Colombia and Chile.”

Adriana Waltrick (CEO of SPIC Brasil) stated that “We know solar energy is fundamental for the energy transition to a low-carbon economy. SPIC group is a major competitor in this sector and has extensive experience in implementing solar project implementations. This is the company’s first investment in solar energy in Brazil. The partnership with Canadian Solar, which has the pioneering spirit and experience of Canadian Solar, is strategic.”

This transaction is subject to approval by the relevant anti-trust regulatory authorities.