Canadian Solar will develop and build the 152.4 MWp Gameleira project in the State of Ceará and the 38.1 MWp Luiz Gonzaga Project located in the State of Pernambuco. The construction is expected to start in the third quarter of 2021 and the first quarter of 2022 respectively, and the projects will both reach commercial operation before January 2023, two years earlier than the date required by the government.
Once in operation, the two solar power plants will generate approximately 433 GWh of electricity annually. Thirty percent of the electricity generated by the plants will be purchased by a pool of distribution companies under two 20-year PPAs, with an average contracted price of 84.38 BRL/MWh, or approximately $22.32/MWh. The rest of the electricity will be purchased under long-term private PPAs which are under negotiation.
Dr. Shawn Qu, Chief Executive Officer and Chairman of Canadian Solar, commented, "We are proud to be the only company that has been successful in winning projects in all seven federal energy auctions held to date in Brazil. This auction win further strengthens our leading position in the Brazilian solar market where we have been awarded accumulatively around 1.6 GWp of PPAs."
Over the past 18 years, Canadian Solar has successfully delivered over 36 GW of solar photovoltaic modules to customers in over 150 countries. Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006.
