December 14 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) has closed USD 69 million (EUR 61m) in non-recourse project financing for the 67.8-MWp Aguascalientes solar project in Mexico, it announced on Friday.
The solar power company has secured the financing package from Banco Nacional de Comercio Exterior SNC, also known as Bancomext, and Spain-based Banco de Sabadell SA (BME:SAB). It includes a USD-53.2-million long-term loan, a USD-5.6-million letter of credit facility and a USD-10.2-million Value Added Tax (VAT) short-term loan. The long-term loan will be used to pay back a USD-45-million construction loan obtained from Natixis, a unit of Groupe BPCE, in August.
The Aguascalientes solar park is expected to start commercial operations by the end of the month. It won a power purchase agreement (PPA) in 2016 and will be selling its output to Comision Federal de Electricidad over a period of 15 years and its clean energy certificates over a 20-year period.
According to Canadian Solar’s chairman and CEO, Shawn Qu, the company has a 436 MWp late-stage pipeline with contracted PPAs in the country.
(USD 1.0 = EUR 0.886)