Canadian Solar invests over BRL 2 billion in solar power generation in Brazil
Amount includes Foreign Direct Investment of BRL 80 million, obtained with the support from Apex-Brazil and Investe SP, to be invested in the implementation of a solar panel manufacturing plant in SorocabaInveste São Paulo
Canadian Solar, one of the largest global companies in the renewable energy segment, announced, on June 17, the investment of BRL 2.3 billion in projects for the production and generation of photovoltaic solar energy in Brazil.
Part of this amount, approximately BRL 80 million, is from a Foreign Direct Investment brought into the country with the support from the Brazilian Trade and Investment Promotion Agency (Apex-Brazil) and the Investment and Export Promotion Agency of the State of São Paulo (Investe São Paulo), and will be invested in the implementation of a solar panel plant in Sorocaba, in partnership with the Flex Internacional, the second largest manufacturer of solar panels in the world. The investment related to solar power generation projects will be financed by BNDES, in compliance with the local content rules required.
In the beginning of 2016, Canadian Solar won, in auctions promoted by the Federal Government, reserve energy lots that total approximately 400 MWp, and will implement energy generation projects in the cities of Pirapora and Vazante, in Minas Gerais. The amount of BRL 2.3 billion invested is divided between the plant, the implementation of the projects and commercial actions.
The unit in Sorocaba should generate 400 direct jobs and 1,500 indirect jobs, with an annual production capacity of 350 MW of photovoltaic solar panels. The operations are planned to start in September 2016. “I’m sure that with investments like this, Sorocaba will soon occupy the same leading position in the solar power industry as the current position of the wind power industry,” said the city’s mayor, Antonio Carlos Pannunzio during the event.
The production of solar panels in the Brazilian market will boost the establishment of a production chain associated with the solar power generation segment, allowing companies and professionals to develop these technologies. “The solar energy market in Brazil has a huge growth potential,” said the CEO of Canadian Solar, Shawn Qu. “The reserve energy auctions promoted by the Federal Government represent an incentive to the implementation of renewable energy sources on a large scale, increasing the safety in energy supply in the country and reducing the risk of instability between supply and demand,” he adds.
Aligned with the public and private initiatives to keep the share of renewable energy in the energy matrix and disseminate the use of photovoltaic solar energy in Brazil, Apex-Brazil has been attracting foreign investments to the solar power industry since 2012, providing assistance to foreign investors in all stages of the decision-making process. “We have an extensive portfolio of services, which includes the analysis of markets and industry sectors, economic trends, in addition to providing general guidance on legal and tax matters and information related to the costs of supplies, suitable locations and the availability of the talent bank,” said the Investment Manager of Apex-Brazil, Maria Luisa Cravo Wittenberg.
“Projects related to renewable energy are addressed with priority at the Agency, and our team has been really dedicated in the case of Canadian Solar. It is a great environmental benefit for the state of São Paulo,” said the president of Investe São Paulo, Juan Quirós.
The director of Investe São Paulo, Erminio Lucci, represented him at the event that formalized the investment announcement. “We are very proud for having Canadian Solar as a client. Investe São Paulo believes that the state, which currently has the most renewable energy matrix in the country, is able to become more sustainable over the upcoming years, acting as a model for the whole country,” said the director.
About Canadian Solar
Founded in 2001 in Canada, Canadian Solar is one of the largest global companies in the renewable energy sector, acting as a global energy provider with subsidiaries in more than 20 countries and 6 continents. Solar Canadian employs over 8,500 workers worldwide, who are responsible for the production and delivery of more than 12 GW of solar panels or 30 million photovoltaic modules in the past 14 years, and production units in Canada, China, Vietnam and Brazil. Canadian Solar has R&D centers for photovoltaic technologies in Canada and China, developing solar cells, modules and systems for generating solar energy. With investments in R&D exceeding USD 600 million, and 217 global patents, Canadian Solar is recognized as an innovative company, leader in solutions for the solar industry.