Brazil’s Energy Research Company (EPE) held the nation’s Energy Auction on August 31, 2015, and a total of 834MW, 30 PV projects were awarded. The average auction price was 13.5% lower than the initial price down to US$83.3/MWh, while the lowest price obtained in the auction was as low as US$8 cents/kWh.

Among the auction, Canadian Solar won a total 185MW, five projects in Porapora, in the state in Minas Gerais. Canadian Solar will develop and build the solar power plants which, once connected to the grid will sell the electricity generated to a Brazilian government entity, under a 20-year Power Purchase Agreement at R$298.58/MWh (approximately $84.0 USD/MWh). The five projects are scheduled to reach commercial operation in mid-2017.

Enel Green Power (EGP) awarded another 553MW of projects in the auction, reported SolarServer. The three bided projects are: Horizonte MP (103MW), Lapa (158MW) and Nova Olinda (292MW). Such a large capacity awarded marked EGP’s operational presence in the county as well as its recognized position in terms of installed capacity and project portfolio. For the three projects, EGP will invest in approximately US$ 600 million in the construction, and the commercial operations were set in 2017.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, "Brazil has significant solar resources and a large energy market, which provides us with an opportunity to stablish our brand, take market share and deliver good results for our shareholders."