Canadian Solar Signs Power Purchase Agreement Total of 862 MWp in Solar PPA with BTG and Auction with Furnas in Brazil

Canadian Solar | November 23, 2020

Canadian Solar Inc. one of the world's biggest sunlight based force organizations, reported that it as of late consented to a force buy arrangement ("PPA") with BTG Pactual ("BTG", B3: BPAC11) and that it was granted with two ventures in a private sale by Furnas Centrais Eletricas ("Furnas") for a sum of 862 MWp in sun oriented force ventures in Brazil.

For the 12-year PPA with BTG, Canadian Solar will flexibly sun based energy from a 170 MWp bunch of ventures situated in the State of Minas Gerais. The ventures will begin development in 2021 and are relied upon to accomplish business activity before the finish of 2022. BTG is one of the principle speculation banks in Latin America and runs one of the biggest energy exchanging organizations Brazil.

Furnas will buy sun powered energy from two Canadian Solar ventures through a 15-year PPA. Canadian Solar will create and manufacture both Furnas ventures totalling 692 MWp. One of them, will be situated in the State of Ceará and will have a limit of 260 MWp. The subsequent undertaking is situated in the State of Piuaí and will have a limit of 432 MWp. The two tasks will begin development in 2022 and are required to arrive at business activity before the finish of 2023.

Furnas is a majority-controlled subsidiary of Centrais Elétricas Brasileiras S.A. – Eletrobras ("Eletrobras",NYSE: EBR). Furnas' business is mainly in energy generation, transmission and sales. It operates in 16 Brazilian states and is the owner of 21 hydro plants, 2 thermal plants, 1 wind farm and 30,000 kilometers of transmission lines.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, "We are pleased to partner with BTG and Furnas to deliver clean solar energy to Brazilian consumers. I am also proud of our team's great work in expanding our leadership position in the solar project development market in Brazil. After the 274 MWp in corporate PPAs that we signed earlier in June, the volume of projects secured in this PPA and auction is the largest in Canadian Solar's history, and it increases our backlog of solar projects in Brazil with PPAs (or equivalent) to almost 2.2 GWp."

"We are also making good progress on our project monetization strategy in Brazil, where we are in the process of forming a Brazilian Participation Fund for Infrastructure projects, or FIP-IE, which is on track to launch in 2021. This will help accelerate our growth in the Brazilian market as we optimize our capital allocation. More updates to come."



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