{"id":16867,"date":"2022-06-06T09:00:00","date_gmt":"2022-06-06T13:00:00","guid":{"rendered":"https:\/\/recurrentenergy.com\/canadian-solar-sells-to-spic-brasil-70-stake-in-738-mwp-solar-projects\/"},"modified":"2022-06-06T09:00:00","modified_gmt":"2022-06-06T13:00:00","slug":"canadian-solar-sells-to-spic-brasil-70-stake-in-738-mwp-solar-projects","status":"publish","type":"post","link":"https:\/\/recurrentenergy.com\/it\/canadian-solar-sells-to-spic-brasil-70-stake-in-738-mwp-solar-projects\/","title":{"rendered":"Canadian Solar Sells to SPIC Brasil 70% Stake in 738 MWp Solar Projects"},"content":{"rendered":"\n

GUELPH, ON,\u00a0June 6, 2022\u00a0\/PRNewswire\/ <\/strong>—\u00a0Canadian Solar Inc.<\/a>\u00a0(“Canadian Solar” or the “Company”) (NASDAQ: CSIQ), today announced it signed an agreement with SPIC Brasil, a leading power generation company in\u00a0Brazil, to sell 70% stake in the Company’s 738 MWp solar projects, Marangatu and Panati-Sitia.<\/p>\n\n\n\n

The Marangatu and Panati-Siti\u00e1 projects, 446 MWp and 292 MWp each in size, are located in Piau\u00ed and Cear\u00e1, 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.<\/p>\n\n\n\n

Once in operation, Marangatu and Panati-Siti\u00e1 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-Siti\u00e1’s assured energy is already committed through long-term PPAs (power purchase agreements), and the remaining will be sold in the free market.<\/p>\n\n\n\n

Dr. Shawn Qu<\/a><\/strong>, Canadian Solar Chairman and CEO, commented<\/strong>, “We are pleased to partner with SPIC Brasil in this transaction for the Marangatu and Panati-Siti\u00e1 projects, which will meaningfully contribute towards Brazil’s goal of obtaining 23% of its energy from non-hydro renewable energy sources by 2030. With the completion of this sale, Canadian Solar will have successfully monetized 2.3 GWp of utility-scale solar projects in Brazil. We will continue to execute and monetize our remaining backlog of 1.6 GWp of high-quality, contracted solar projects in Brazil. Canadian Solar is a leader in the Brazilian market, and we will expand our leadership across more Latin American markets, including Colombia and Chile”.<\/p>\n\n\n\n

Adriana Waltrick, CEO of SPIC Brasil, provided the <\/strong>following comment<\/strong>, “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.”<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

<\/div>\n\n\n\n
About Canadian Solar Inc.<\/strong><\/h6>\n\n\n\n

Canadian Solar\u00a0was founded in 2001 in\u00a0Canada\u00a0and is one of the world’s largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic\u00a0modules<\/a>, provider of solar energy and\u00a0battery storage solutions<\/a>, and developer of\u00a0utility-scale solar power\u00a0<\/a>and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 20 years,\u00a0Canadian Solar\u00a0has successfully delivered over 71 GW of premium-quality, solar photovoltaic modules to\u00a0customers across the world.<\/a>\u00a0Likewise, since entering the project development business in 2010,\u00a0Canadian Solar\u00a0has developed, built and connected over\u00a06.6 GWp<\/a>\u00a0in 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\u00a0in pipeline (mid- to early- stage).\u00a0Canadian Solar\u00a0is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006.\u00a0For additional information about the Company, follow\u00a0Canadian Solar\u00a0on\u00a0LinkedIn\u00a0<\/a>or visit\u00a0www.canadiansolar.com<\/a>.<\/p>\n\n\n\n

<\/div>\n\n\n\n
About SPIC Brasil<\/strong><\/h6>\n\n\n\n

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\u00a0US$ 202.3 billion\u00a0assets and a total installed capacity of 187 GW. With assets totaling more than 3 GW in\u00a0Brazil, the company operates the S\u00e3o Sim\u00e3o Hydroelectric Power Plant, on the border between the states of\u00a0Minas Gerais\u00a0and\u00a0Goi\u00e1s; two wind farms in\u00a0Para\u00edba\u00a0\u2013 Millennium and\u00a0Vale dos Ventos\u00a0\u2013 and has a stake in the largest natural gas complex in\u00a0Latin America, the GNA (G\u00e1s Natural A\u00e7u), in S\u00e3o\u00a0Jo\u00e3o da Barra\u00a0(RJ). It employs more than 235 professionals located in S\u00e3o Paulo (SP), Natal (RN), S\u00e3o Sim\u00e3o (GO) and Mataraca (PB). For more information, access the SPIC Brasil Annual Report available at\u00a0www.spicbrasil.com.br<\/a>.<\/p>\n\n\n\n

<\/div>\n\n\n\n
Safe Harbor\/Forward-Looking Statements<\/strong><\/h6>\n\n\n\n

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\u00a0U.S.\u00a0Private 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\u00a0Japan, the\u00a0U.S.,\u00a0China,\u00a0Brazil\u00a0and\u00a0India; 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\u00a0CSI Solar\u00a0carve-out listing; litigation and other risks as described in the Company’s filings with the\u00a0Securities and Exchange Commission, including its annual report on Form 20-F filed on\u00a0April 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\u00a0Canadian Solar\u00a0undertakes no duty to update such information, except as required under applicable law.<\/p>\n\n\n\n

<\/div>\n\n\n\n

Canadian Solar Inc.\u00a0Investor Relations Contacts<\/strong><\/p>\n\n\n\n

Isabel Zhang<\/em><\/p>\n\n\n\n

Investor Relations<\/p>\n\n\n\n

Canadian Solar Inc.<\/p>\n\n\n\n

investor@canadiansolar.com<\/p>\n\n\n\n

<\/div>\n\n\n\n

David Pasquale<\/em><\/p>\n\n\n\n

Global IR Partners<\/p>\n\n\n\n

Tel: +1-914-337-8801 <\/p>\n\n\n\n

csiq@globalirpartners.com<\/p>\n\n\n\n

<\/div>\n\n\n\n

\"Cision\" View original content:https:\/\/www.prnewswire.com\/news-releases\/canadian-solar-sells-to-spic-brasil-70-stake-in-738-mwp-solar-projects-301561684.html<\/a><\/p>\n\n\n\n

SOURCE Canadian Solar Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"

GUELPH, ON,\u00a0June 6, 2022\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.\u00a0(“Canadian Solar” or the “Company”) (NASDAQ: CSIQ), today announced it signed an agreement with SPIC Brasil, a leading power generation company in\u00a0Brazil, to sell 70% stake in the Company’s 738 MWp solar projects, Marangatu and Panati-Sitia. The Marangatu and Panati-Siti\u00e1 projects, 446 MWp and 292 MWp each in size,…Read More<\/a><\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[466],"tags":[499,631,632],"class_list":["post-16867","post","type-post","status-publish","format-standard","hentry","category-press-release-it","tag-brazil-it","tag-marangatu-it","tag-panati-sitia-it"],"acf":[],"yoast_head":"\nCanadian Solar Sells to SPIC Brasil 70% Stake in 738 MWp Solar Projects - Recurrent Energy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/recurrentenergy.com\/canadian-solar-sells-to-spic-brasil-70-stake-in-738-mwp-solar-projects\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canadian Solar Sells to SPIC Brasil 70% Stake in 738 MWp Solar Projects - Recurrent Energy\" \/>\n<meta property=\"og:description\" content=\"GUELPH, ON,\u00a0June 6, 2022\u00a0\/PRNewswire\/ —\u00a0Canadian Solar Inc.\u00a0(“Canadian Solar” or the “Company”) (NASDAQ: CSIQ), today announced it signed an agreement with SPIC Brasil, a leading power generation company in\u00a0Brazil, to sell 70% stake in the Company’s 738 MWp solar projects, Marangatu and Panati-Sitia. 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