SPIC Brasil, a subsidiary of State Power Investment Corporation of China, announced last Thursday the acquisition of two solar power generation projects from Canadian Solar. Thus, SPIC now has 70% stake in these projects, and it now enters the solar energy generation segment.

According to a joint statement, the companies will invest more than 2 billion reais in the plants, named Marangatu and Panati-Sitiá, located respectively in the states of Piauí and Ceará, which have a total generating capacity of 738 megawatts of power. It is expected that the construction work will start in the second half of this year, and the operation will begin by the end of 2023.

This acquisition marks SPIC’s first solar project in Brazil, and the company intends to be among the three main private-sector players in power generation by 2025, according to the CEO of SPIC Brasil, Adriana Waltrick.