Canadian Solar agrees USD-52m financing for Brazilian project

Dollars in green. Author: 401(K) 2012.

February 10 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) said today it has obtained BRL 225.2 million (USD 52.1m/EUR 47.6m) in non-recourse project financing for a 152.4-MWp photovoltaic (PV) project in Brazil.

The company arranged the funding with Banco do Nordeste do Brasil SA (BNB), with which it has agreed a total of BRL 1 billion in solar project financing so far this and last year, according to the press statement.

The fresh funds will go towards the Lavras project won by Canadian Solar in Brazil's A-4 federal auction in April 2018. The scheme is part of a 482.6-MWp portfolio in which a Dutch affiliate of Nebras QPSC bought an 80% stake last August.

Building works on Lavras are seen to begin in the second quarter of 2020 and be finalised next year. The solar park, to be powered by bifacial modules of the BiHiKu model, has 20-year inflation-adjusted power purchase agreements (PPAs) in place at a base price of BRL 118 per MWh with the Brazilian Electric Power Commercialization Chamber (CCEE).

(BRL 1.0 = USD 0.231/EUR 0.211)

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