French renewable power producer EDF Energies Nouvelles has acquired an 80 percent stake in a 115MW solar project that Canadian Solar is developing in Brazil.
EDF’s acquisition of the Pirapora II in south-eastern Brazil is the second project in a development partnership with Canadian Solar. The project, like the 192MW Pirapora I, was awarded a 20-year power-purchase agreement in Brazil’s first Reserve Energy Auction. Pirapora I is expected to start operation this fall, and the second phase will be complete in 2018.
The third portion of the Pirapora development, expected to generate 92MW, will begin construction this year.
“EDF Energies Nouvelles has demonstrated its ability to undertake projects through to fruition in these promising and competitive markets alongside local partners possessing proven context knowledge,” said Antoine Cahuzac, EDF’s senior vice president for renewables.
Cahuzac said the development pipeline with Canadian Solar was part of the company’s strategy to build out a clean energy portfolio in Brazil. The company first entered the Latin American market in 2015 through the purchase of a wind portfolio with a total capacity of around 800MW. Along with the solar projects, EDF is currently moving forward with a 400MW hydroelectric project. The power producer is targeting a 1.4GW portfolio in Latin America.
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