January 31 (Renewables Now) - Canadian Solar Inc (NASDAQ:CSIQ) has obtained a BRL-295-million (USD 80.7m/EUR 70.2m) financing package for the Salgueiro solar project in the Brazilian state of Pernambuco.
The package comes from regional development bank Banco do Nordeste SA (BNB) and comprises a limited-recourse construction and non-recourse operations debt funding with a 20-year tenor. It is based on the concessionary Constitutional Funds Interest Rate (TFC) in Brazil.
The Salgueiro project, with a capacity of 114 MWp, is part of the 479 MWp awarded to Canadian Solar during the past two Brazil A-4 energy auctions in December 2017 and April 2018. The company expects to begin construction work this year and have the plant up and running by mid-2020, at which point it will be selling its output under a 20-year deal with the Brazilian Electric Power Commercialization Chamber (CCEE).
This is the second Canadian Solar project to be financed by BNB following the 115-MWp Pirapora II project, which got BRL 366 million in debt funding last year.
(BRL 1.0 = USD 0.274/EUR 0.238)