Canadian Solar Inc. has scored a breakthrough deal in Brazil for 114 megawatts of solar power projects.
Guelph, Ont.-based Canadian Solar – billed as North America's largest solar power company – will provide 3 solar power plants in partnership with Brazilian photovoltaic developer Solatio.
The electricity generated will be sold to a Brazilian state electricity utility under a 20-year power purchase agreement valued at $86.42 (U.S.) per MW-hour, Canadian Solar said Thursday.
Canadian Solar has been tapping into developing markets – where clean energy is growing at a faster clip than in the developed economies – but large, fast-growing Brazil is a first.
"This win in Brazil is testament to the strength of our project development capabilities, and positions us well to participate in the growth in demand for solar energy across the globe," Canadian Solar founder, chairman and chief executive officer Shawn Qu said.
A leading global manufacturer of solar photovoltaic modules, Canadian Solar has been expanding in Canada, the United States, China and Japan.
But is also making inroads elsewhere. Last month, it announced 2 projects in Honduras to supply panels providing 146.4 MW of capacity.
A recent report by Climatescope indicates that new green energy in developing countries grew by an average of 19 per cent between 2008 and 2013, versus an average of 13 per cent in developed countries.
Mr. Qu founded Canadian Solar in 2001.