- Canadian Solar trades its 635MWp solar project to VTRM Energia
- The plant is expected to commence operation in 2023
Canadian Solar has traded its ownership interest in a 635-MWp solar project in Brazil to renewable energy company VTRM Energia Participacoes SA. VTRM is a joint venture between Brazil’s Votorantim SA and Canada Pension Plan Investment Board (CPP Investments).
The solar plant, Jaiba V, is to be built on a 3,706-acre (1,500 hectares) area in the Northeastern state of Minas Gerais; Jaiba V will produce enough clean electricity to meet the annual consumption of over 500,000 households, Canadian Solar noted.
About 40 per cent of the solar park’s installed capacity is already contracted through long-term power purchase agreements (PPAs), while the rest will be negotiated in Brazil’s free market.
Jaiba V is currently in an advanced stage of development. Construction begins in 2022, with commercial operation scheduled for 2023.