Canadian Solar Inc., the world’s second-largest solar manufacturer, will invest $678.5m in photovoltaics manufacturing and power generation projects in Brazil, according to See News.
The company has earmarked $23m for the construction of the 350-MW solar panel facility in Sorocaba, in the state of Sao Paulo, wrote Renewable Energy World and added that work on the factory is set to begin in September 2016.
All the energy panels produced within the first initial six months will be provided for the Canadian Solar projects, after that, the company will only be able to supply approximately 100 MW of components to other developers yearly, the remaining components will be kept for Brazil.
Canadian Solar has also plans to double the factory’s production capacity in order to aid Brazil in developing more solar farms in the country and reach its target solar energy goals.
According to Alternative Energy Magazine, the renewable energy sector in Brazil has high expectation for growth in the coming years. By 2020, wind power is expected to become the second-largest energy source in the country accounting for 12% of power generation, and by 2024, solar power will form 4% of Brazil’s total energy matrix.