Canadian Solar Inc. (NASDAQ: CSIQ,) announced on June 6, 2022 that it has entered into an agreement with SPIC Brasil to successfully sell the 738 MW (DC, direct current) photovoltaic power plant project developed by Canadian Solar 70% stake in "Marangatu" and "Panati-Sitia". SPIC Brasil is the market-leading power generator in Brazil.
The "Marangatu" and "Panati-Sitia" projects are expected to have an installed capacity of 446 MW and 292 MW, respectively. The project is located in the states of Piauí and Ceará in northeastern Brazil, with a total area of approximately 22 million square meters (2,200 hectares). The two projects are expected to start construction in the second half of 2022 and be put into commercial operation in the second half of 2023.
After the "Marangatu" and "Panati-Sitiá" projects are completed and connected to the grid, it is expected to become one of the largest photovoltaic power plants in Brazil. The clean electricity generated by the two power stations is equivalent to the annual electricity consumption of 900,000 households in Brazil. 75% of the electricity generated by "Marangatu" and "Panati-Sitiá" has long-term power purchase agreements and the rest will be traded on the free electricity market.
