The Canadian company Canadian Solar has signed an agreement with SPIC Brazil (the Brazilian subsidiary of the Chinese State Power Investment Corporation) to sell a 70% stake in two solar projects (738 MW) in Brazil. The 446 MW Marangatu and 292 MW Panati-Sitià solar projects, located in Piauí and Ceará (north-eastern Brazil), are at an advanced stage of development and are expected to begin construction in late 2022 and enter commercial operation at the end of 2023. Around 75% of the projects’ assured energy is already committed through long term power purchase agreements (PPAs), and the remaining will be sold on the free market.
The development of solar energy generation will help Brazil reach its goal of attaining 23% of energy from non-hydro renewable energy sources by 2030. In 2020, Brazilian power generation from non-hydro renewables reached 11% (and 65% for hydro alone). In terms of installed capacity, Brazil had 12.8 GW of solar, 21.1 GW of wind and 109.5 GW of hydro in 2021.
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