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Canadian Solar bags USD-45m of funds for Mexican project

Solar park in Mexico. Author: Presidencia de la Rep├║blica Mexicana. License: Creative Commons, Attribution 2.0 Generic.

August 7 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) announced today it has closed a USD-45-million (EUR 38.8m) financing for the construction of a 68-MWp solar power plant in Aguascalientes, Mexico.

The financing was arranged with Natixis, a unit of Groupe BPCE, the project developer said in a statement.

Canadian Solar won the particular project in an energy auction held in 2016. It has a 15-year power purchase agreement (PPA) with Comision Federal de Electricidad, along with a 20-year contract for Clean Energy Certificates. The price is set at USD 47.95 per MWh.

While the scheme in Aguascalientes is Canadian Solar’s first in Mexico, the company also has a 436-MWp pipeline of late-stage solar projects with PPAs in the country, chairman and CEO Shawn Qu noted.

Construction work on the Aguascalientes project started in April and is seen to be concluded in December 2018.

(USD 1.0 = EUR 0.862)

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