EDF, Canadian Solar Join Forces For One Of The Largest Solar Projects In LATAM

EDF Energies Nouvelles has acquired an 80% interest in the Pirapora II photovoltaic project from Canadian Solar Inc., which is retaining a 20% stake and manufacturing the photovoltaic panels at its local plant. The acquisition of Pirapora II, a 115 MWp photovoltaic project, by EDF Energies Nouvelles via its EDF EN do Brasil subsidiary, marks the latest step in EDF Energies Nouvelles ongoing development in Brazil’s renewable energy sector. With the addition of this new project to be built, it now has a portfolio of 489 MW under construction, consisting of 183 MW in wind power and 306 MWp in solar power.

The 115 MWp Pirapora II project holds a 20-year Power Purchase Agreement (PPA), with construction to commence in the fall of 2017 and commercial operation to be commissioned in the first half of 2018. The project is located in the south-east region of the country, close to Pirapora I (191 MWp), another PV solar project currently under construction, which is also owned by EDF Energies Nouvelles together with Canadian Solar Inc. With a total installed capacity of over 300 MWp, the solar energy generated by both projects will cover the annual electricity consumption of 323 000 Brazilian homes; and together both Pirapora I and Pirapora II constitute one of the largest solar energy projects in Latin America, generating 231,992 MWh per year plus contributing towards the country’s goal of obtaining 23% of its energy from non-hydro renewable sources by 2030.

“The investment by EDF Energies Nouvelles in Canadian Solar’s Pirapora II project is another testament to the quality of Canadian Solar’s project pipeline in Brazil. We have now partnered with EDF EN for two of our three projects in Brazil with awarded long-term PPAs, totalling 306.5 MWp. EDF EN is an important strategic partner of Canadian Solar and we look forward to further expanding our cooperation, while we grow our project pipeline in Brazil and other countries,” said Dr Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

Antoine Cahuzac, Senior Executive Vice President in Renewable Energies of EDF and Chief Executive Officer of EDF Energies Nouvelles added, “This additional Pirapora major solar project confirms the EDF’s Group strong ambition to strengthen and diversify its renewables assets portfolio in Brazil, in partnership with a specialised company such as Canadian Solar. Pirapora I 191MW solar project and two wind projects are currently under construction by EDF Energies Nouvelles in the country. EDF Group is also involved in the hydraulic project –Sinop.” BTG Pactual served as financial advisor to Canadian Solar in the transaction.

Founded in 2001 in Canada, Canadian Solar is one of the world’s largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, the company also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 16 years, it has successfully delivered over 21 GW of premium quality modules to over 100 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006.

EDF Energies Nouvelles is a market leader in renewable energy electricity, with a portfolio of more than 9,5 GW gross installed capacity focused for the most part on wind (onshore and offshore) and solar photovoltaic energy. Mostly operating in Europe and North America, the company continues its development by taking strong positions in promising emerging areas such as Brazil, Chile, China, India or South Africa. It is also present in other segments of the renewable energy market: marine energy, distributed energies and energy storage. EDF Energies Nouvelles manages renewable energy projects’ development and construction as well as operation and maintenance for its own account and for third parties. The company is a subsidiary of the EDF Group dedicated to renewable energy.

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