Brazil and Chile continue to prove to be hot spots for solar innovation within Latin America with recent acquisitions and contracts signed with Canadian Solar.
Within four days of each other, two separate deals were announced in Chile and Brazil by solar powerhouse Canadian Solar (NASDAQ: CSIQ) to further their involvement in the investment-rich region.
Solar Acquisition in Brazil
The company announced on February 10th that they secured funding from Banco do Nordeste do Brazil (BNB) to the tune of $55 million USD for large-scale solar projects in the southern city of Lavras.
Canadian Solar originally won the Lavras contract back in April 2018 with a 20-year inflation-adjusted PPAs price of US$29/MWh at an auction with the Brazilian Electric Power Commercialization Chamber.
The Lavras project will be funded over a 21-year period with a total expected output of 152.4 MWp with direct allocation to construction and operations for the project.
Chilean Investment into Solar
In a separate deal announced on February 6th, Canadian Solar acquired a 47.5 MWp portfolio of a Chilean solar project set to become operational beginning in Q4 towards the end of 2020. The projects will be located in the AraucanÃa and Maule Regions of Chile with the employment of 132,000 units of Canadian Solar’s BiHiKu bifacial energy modules with projected output of 89.1 GWh.
The target reach of the project is to power 28,500 households per year.
“These plants are valuable additions to Canadian Solar’s current portfolio in Latin America and solidify our leading position in this region where we have been cumulatively awarded 2.2 GWp in solar projects across Brazil, Chile, Argentina and Mexico.”
Canadian Solar CEO Shawn Qu
Expect Canadian Solar’s stock price to continue to rise due to this continued international expansion. With the securing of long-term contracts, the company continues to prove a dedication to large-scale projects in different areas of the world.
Shares for Canadian Solar were up 15% over a week long period (ending February 17th) showing investor confidence in the durability and sustainability of the company’s international growth.
