April 24 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) has reached a deal to sell an 80% stake in a 482.6-MWp portfolio of contracted Brazilian solar projects that are in advanced stages of development.
The buyer is Nebras Power Investment Management BV, a wholly-owned Dutch unit of Doha-based Nebras Power Q.P.S.C., which in turn is a 60/40 joint venture between Qatar Electricity and Water Company (QEWC) and Qatar Holding (QH).
The portfolio in question includes projects held by the following vehicles: Salgueiro Solar Holding SA (114.3 MWp); Francisco Sa Solar Holding SA (114.3 MWp); Jaiba Solar Holding SA (101.6 MWp); and Lavras Solar Holding SA (152.4 MWp).
Canadian Solar, which will keep the remaining 20% interest in the plants, expects the projects to enter the construction phase this year. The developer noted that, including this transaction, it has now sold nearly 1 GWp of solar projects in Brazil.
"Canadian Solar and Nebras will jointly manage the execution of the EPC and will bring the projects to completion,” said Shawn Qu, chairman and CEO of Canadian Solar.