Ahead of Construction, Canadian Solar Signs PPA with Brazilian Steelmaker

Canadian Solar Inc.’s Global Energy business group has signed private power purchase agreements (PPA) with Usinas Siderurgicas de Minas Gerais S.A. (Usiminas), one of the largest steelmakers in Latin America, committing 50% of the total electricity production of a 381 MWp solar power project in Brazil.

For this PPA, Canadian Solar will develop and build the 381 MWp Morada do Sol project in the State of Goiás. Construction is expected in the first quarter 2024. The project is expected be commercially operational by January 2025. This is the first time a corporate PPA has been signed directly with an industrial customer in Brazil’s self-production framework.

The Morada do Sol project will use Canadian Solar’s high efficiency bifacial BiHiKu modules. The project will generate approximately 790 gigawatts of clean energy each year once it is in operation.

“While we are working towards our own ESG goals, we are also proud to partner with Usiminas in a tailored solution in the Morada do Sol project to achieve their energy cost reduction and ESG goals,” comments Dr. Shawn Qu, chairman and CEO of Canadian Solar. “This transaction also contributes to enhance our footprint and leading position in the Brazilian market, and demonstrates our capability to continue delivering sustainable, competitive, and innovative solutions to our customers in a country where we have cumulatively developed over 4.1 GWp of projects.”

“This year, as Usiminas celebrates its 60th anniversary, the company is looking to the future and is committed to ensure the sustainability of its operations. Initiatives such as the partnership with Canadian Solar for the supply of solar energy to power our operations are important steps in its journey to be increasingly aligned with the principles of the ESG agenda,” adds Sergio Leite de Andrade, CEO of Usiminas.