Canadian Solar Inc has signed an agreement with leading power Generation Company in Brazil SPIC Brasil to sell 70% stake in the Company's 738 MWp solar projects in Marangatu and Panati-Sitia. 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 75% of Marangatu and Panati-Sitiá's assured energy is already committed through long-term PPAs (power purchase agreements), and the remaining will be sold in the free market.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.
Canadian Solar Inc has signed an agreement with leading power Generation Company in Brazil SPIC Brasil to sell 70% stake in the Company's 738 MWp solar projects in Marangatu and Panati-Sitia. 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 75% of Marangatu and Panati-Sitiá's assured energy is already committed through long-term PPAs (power purchase agreements), and the remaining will be sold in the free market.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.
