Canadian Solar announced on December 14 that the sale of the Jaíba V Project to VTRM has been completed. Located in northeastern Brazil (i.e., the state of Minas Gerais), Jaíba V is currently in the advanced stage of development and set to have a peak generation capacity of 635MW. VTRM is a renewable energy developer and a joint venture of Votorantim Energia and Canada Pension Plan Investment Board (CPP Investments).

The construction of Jaíba V is scheduled for commencement in 2022 and completion in 2023. Covering an area of around 3,706 acres (1,500ha), the PV power plant will be able to supply enough electricity for the annual consumption of more than 500,000 households. About 40% of the generation capacity of the power plant has been allocated under long-term PPAs, while the rest is expected to be sold in the free market.

Commenting on this deal, Dr. Shawn Qu, chairman and CEO of Canadian Solar, said that the completion of the transaction means that his company has “successfully monetized 1.6GWp of utility-scale PV projects in Brazil” as of now. Earlier in November, Canadian Solar announced it has raised US$150 million in gross proceeds from its latest at-the-market offering of its common shares. A part of the net proceeds from this fundraising program will be used by the company to develop projects in Europe and Brazil.