Canadian Solar sales 635MW solar project in Brazil to VTRM

Canadian Solar

Canadian Solar, one of the world’s largest solar energy and battery storage companies, completed the sale of its Jaíba V solar project to VTRM. The project is a 635 megawatts solar project located in Brazil.

Firstly, VTRM Energia is a joint venture between Votorantim Energia and Canada Pension Plan Investment Board (CPP Investments). The JV started operations in May 2018, focusing on investment and development of clean energy generation in Brazil.

The Jaíba V Project is a massive solar energy project located in the Northeastern state of Minas Gerais, Brazil. The facility is in the late stages of development and will reach completion in 2022 and operations in 2023.

Moreover, once operational, it will be one of the largest solar projects in the country. In fact, the project occupies approximately 3,706 acres of land; it will generate clean electricity equivalent to the annual consumption of over 500,000 households.

In addition, around 40% of Jaíba V’s installed capacity is already committed through long-term power purchase agreements. According to the statement, the remaining energy will go for sale in the free market.

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Canadian Solar to keep monetizing clean energy projects in Brazil

Furthermore, the project will be paramount for Brazil’s climate change goals. Fabio Zanfelice, CEO of Votorantim Energia said about the matter. “The acquisition is part of the company’s business expansion strategy with a focus on diversifying renewable energy sources to explore new growth opportunities.”

In fact, the VTRM’s investment in the project is part of the company’s 1.9 GWp pipeline expansion in hydro and solar projects; as well as hybrid solutions. VTRM’s shareholders, Votorantim and CPP Investments, announced their intention to consolidate their energy assets into a single platform in October.

On the other hand, Shawn Qu, CEO of Canadian Solar, said. “We are pleased to partner with VTRM in this transaction for the Jaiba V project.” “(It) will meaningfully contribute towards Brazil’s goal of obtaining 23% of its energy from non-hydro renewable energy sources by 2030.”

Finally, he commented. “With the completion of this sale, Canadian Solar will have successfully monetized 1.6 GWp of utility-scale solar projects in Brazil and will continue to execute and monetize its remaining pipeline of more than 2.5 GWp of high-quality, contracted solar projects.”

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