Brazilian steelmaker Usiminas signs PPA with Canadian Solar

Brazilian solar park

February 25 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) has signed a power purchase agreement (PPA) with Brazilian steel manufacturer Usiminas (BVMF:USIM5) that is linked to the construction of a BRL-1.35-billion (USD 265m/EUR 237m) solar park in Luziania, Goias state.

Construction is set to start in the first quarter of 2024, while commercial operations are expected to begin in January 2025. The PPA will then run for 15 years and will see the industrial customer purchase 30 average megawatts (MWa) annually.

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As a result, about 12% of Usiminas' production in the country will be powered by renewable energy. The steel manufacturer's president, Sergio Leite, noted that this agreement is an important step in the company's environmental, social and governance (ESG) agenda.

This is the first such contract signed directly between Canadian Solar and an industrial customer under the self-production model in Brazil, according to the announcement.

(BRL 1.0 = USD 0.196/EUR 0.176)

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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