SPIC Brasil, a subsidiary of State Power Investment Corporation in China, has acquired two solar projects from Canadian Solar in the northeastern region of Brazil.

SPIC currently holds a 70% stake in projects in Piauí and Ceará, making it an important player in the PV market.

The two companies will invest more than R $ 2 billion (US $ 420 million) in plants named Marangatu and Panati Sitia, providing a total of 738 megawatts (MW) of electricity.

Work will begin later this year and the project is expected to be operational by the end of 2023.

About 75% of the energy produced by solar parks is already contracted with long-term contracts with consumers. The remaining energy produced is sold on the free market.

According to the company’s CEO, Adriana Waltrick, the acquisition is SPIC’s first solar project in Brazil.

According to CLBrief, SPIC Brasil has a portfolio of over 3 GW and currently operates two wind farms in Paraiba, the São Simão hydropower plant, which invests in the natural gas complex GNA.

Marcela Pacola, Director of Business Development at SPIC Brazil, said:

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