Canadian Solar Sells to SPIC Brasil 70% Stake in 738 MWp Solar Projects
Canadian Solar (NASDAQ: CSIQ) announced the sale of a 70% stake in its 738 MWp solar projects, Marangatu (446 MWp) and Panati-Sitiá (292 MWp), to SPIC Brasil. Located in Brazil's Piauí and Ceará states, these projects are set to begin construction in late 2022 and become operational by late 2023. Approximately 75% of their energy output is secured through long-term power purchase agreements. This transaction reflects Canadian Solar's commitment to expanding its renewable energy impact in Brazil and further solidifies its leadership in the market.
- Sale of 70% stake in 738 MWp solar projects to SPIC Brasil enhances Canadian Solar's market presence in Brazil.
- Approximately 75% of energy output is secured through long-term power purchase agreements, ensuring future revenue.
- Projects are expected to power over 900,000 households, contributing to Brazil's energy goals.
- None.
GUELPH, ON, June 6, 2022 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), today announced it signed an agreement with SPIC Brasil, a leading power generation company in Brazil, to sell
The Marangatu and Panati-Sitiá projects, 446 MWp and 292 MWp each in size, are located in Piauí and Ceará, the Northeastern states of Brazil, covering an area of 2,200 hectares. Both projects are at advanced stage of development and are expected to begin construction in late 2022 and reach commercial operation in late 2023.
Once in operation, Marangatu and Panati-Sitiá are expected to be two of the largest solar power plants in Brazil and the clean electricity generated will be equivalent to powering over 900,000 households in Brazil annually. Around
Dr. Shawn Qu, Canadian Solar Chairman and CEO, commented, "We are pleased to partner with SPIC Brasil in this transaction for the Marangatu and Panati-Sitiá projects, which will meaningfully contribute towards Brazil's goal of obtaining
Adriana Waltrick, CEO of SPIC Brasil, provided the following comment, "We know that solar energy is a fundamental source for the energy transition towards a low carbon economy. SPIC group already has an extensive experience in implementing solar projects, being one of the main competitors in the sector worldwide. This acquisition marks the company's first solar investment in Brazil and the partnership with Canadian Solar is strategic, given Canadian Solar's experience and pioneering spirit on solar projects implementation and manufacturing."
The closing of this transaction depends, among other precedent conditions customary for this kind of deal, on the approval of the competent anti-trust regulatory agencies.
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world's largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 20 years, Canadian Solar has successfully delivered over 71 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 6.6 GWp in over 20 countries across the world. Currently, the Company has around 800 MWp of solar projects in operation, 5.3 GWp of projects under construction or in backlog (late-stage), and an additional 18.5 GWp of projects in pipeline (mid- to early- stage). Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
About SPIC Brasil
SPIC Brasil is a company that invests in safe energy generation with respect for the communities where it operates, enhancing energy throughout the country. It invests in innovation, generation and solutions focused on renewable sources and contribute to the energy transition, guided by a commitment to people and the environment. Globally, the Group has US
Safe Harbor/Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the "Safe Harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business, regulatory and economic conditions and the state of the solar and battery storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; supply chain disruptions; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as Japan, the U.S., China, Brazil and India; changes in effective tax rates; changes in customer order patterns; changes in product mix; changes in corporate responsibility, especially environmental, social and governance ("ESG") requirements; capacity utilization; level of competition; pricing pressure and declines in or failure to timely adjust average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features that customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange and inflation rate fluctuations; uncertainties related to the CSI Solar carve-out listing; litigation and other risks as described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 28, 2022. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today's date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.
Canadian Solar Inc. Investor Relations Contacts
Isabel Zhang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com
David Pasquale
Global IR Partners
Tel: +1-914-337-8801
csiq@globalirpartners.com
View original content:https://www.prnewswire.com/news-releases/canadian-solar-sells-to-spic-brasil-70-stake-in-738-mwp-solar-projects-301561684.html
SOURCE Canadian Solar Inc.
FAQ
What recent agreement did Canadian Solar (CSIQ) sign?
What is the size of the solar projects sold by Canadian Solar?
When is construction expected to begin for the solar projects?
How many households will the solar projects power?
What percentage of energy output is secured through long-term agreements?
