Canadian Solar Manages To Win 110 Megawatts Solar Power Projects In Brazil
Canadian Solar manages to win 3 solar photo-voltaic projects that makes 110 Megawatts In Brazil.
The renewable energy manufacturers announced that it have achieved three of solar photo-voltaic projects in Pirapora, Brazil in Minas Gerais which is equivalent to 110 megawatts. The company will be creating and constructing the solar power plants, the generated energy is planned on being sold to Camara de Comercializacao de Energia Electrica (CCEE), with an agreement lasting for 20 years of energy purchase costing $78.8/MWh, the plants are expected to be in full function by the end of 2018.
The deal has allowed Canadian solar Inc.to start the construction of the facilities; the company’s Brazilian pipeline has increased to 384 MWp now. The chief executive and chairman of the company, Dr. Shawn Qu made a comment, “We are very excited to announce another win in Brazil that increases our pipeline to 384MWp in this important emerging market, it is another testament of our strong capabilities in developing global solar power projects and further strengthens our position as a tier 1 global player in the solar energy business.”
The giant solar power company has recently made 1,477.5Megawatts of solar and wind power energy supply contracts in its most recent auction, with solar power gaining the most sales consisting of 929.34 in 33 of the projects.
In other news, the company’s exclusively owned subsidiary, Recurrent Energy recently made the news of securing finances for its 100Megawatts Astoria solar power plant project, it will be managing the project after it is fully operational which is expected to by the end of 2016. This project is located in Kern County, it is going to generate energy that can manage power upto 33,250 houses, and this generated energy is planned on being under the power purchase agreement. This is the first half of the Astoria project another half is expected to get needed finances by the end of this year. Astoria project received most of the investment from GE power conversion, a digital industrial organization, which has invested around $2 billion on many solar power plants and will continue to do so, it gave away $1 billion every year for renewable energy. The project will use 46 GE 1500v inverters.
Such projects are needed worldwide as the demand for energy is growing every hour, the population should also realize the responsibilities of the climate and what they should do, even if little contribution to stop global warming. Solar plant as such and other sources of renewable energy are trying their best to keep the environment clean and whatever is left of it, Canadian solar is the world largest solar power company and has made huge contributions in this department being a responsible corporate citizen.
Canadian solar stock closed at $20.90, going green by 1.60% on November 20.