SPIC Brasil buys stakes in two solar farms totalling 738MW in Brazil

SPIC Brasil has bought stakes in two solar farms in Brazil totalling 738MW.

Canadian Solar has sold 70% stake to SPIC Brasil. It includes the 446MW Marangatu and 292MW Panati-Sitia projects.

The projects, which cover an area of 2200 hectares, are located in Piaui and Ceara in the north east of the country.

According to the company, the projects are expected to begin construction in late 2022. They are likely to achieve commercial operation in late 2023.

Canadian Solar chairman and chief executive Shawn Qu commented, “We are pleased to partner with SPIC Brasil in this transaction for the Marangatu and Panati-Sitia projects, which will meaningfully contribute towards Brazil's goal of obtaining 23% of its energy from non-hydro renewable energy sources by 2030."

He further stated that upon completion of the sale, Canadian Solar will have monetised 2.3GWp of utility-scale solar projects in Brazil.

Stating that Canadian Solar is a leader in the Brazilian market, he mentioned the leading market across other Latin American countries too, including Colombia and Chile.

Meanwhile, SPIC Brasil chief executive Adriana Waltrick remarked, “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.”