Canadian Solar obtains funds for 79-MWp Brazilian solar project

Canadian Solar Inc (NASDAQ:CSIQ) said today it has closed a non-recourse project financing of BRL 136 million (USD 26.6m/EUR 25.5m) to back the construction and operation of a 79-MWp solar power project in Brazil.

The funds come from Brazilian lender Banco do Nordeste do Brasil SA (BVMF: BNBR3) to support the Lavras II solar project.

The solar asset secured a 15-year power purchase agreement (PPA) in September 2019 in a private auction held by Copel Energia, part of local utility Copel - Companhia Paranaense de Energia (BVMF:CPLE6).

Canadian Solar expects Lavras II to commence commercial operation in the second quarter of the year. The solar park will feature the firm's BiHiKu modules.

"This financing once again demonstrates our capabilities and commitment to the Brazilian market, where we are a market leader with more than 2 GWp of backlog projects that have secured power purchase agreements," CEO Shawn Qu said.

(BRL 1.0 = USD 0.196/EUR 0.188)

Choose your newsletter by Renewables Now. Join for free!