Canadian Solar has revealed that it has also been a major winner in the recent reverse auction in Brazil for PV, securing 114MW of projects with local PV developer, Solatio in the state in Minas Gerais.
As previously reported by PV Tech the auction was massively oversubscribed and resulted in some of the lowest Power Purchase Agreements (PPAs) ever reported.
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Canadian Solar said that it secured PPAs at US$86.42/MWh.
“We entered the utility scale project development business to differentiate our business model, expand and stabilize our profit margins over the business cycle. We have since successfully leveraged our experience in Canada to expand our project business in key geographies. This win in Brazil is a 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,” commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.