Canadian Solar secures funds for 151-MWp PV portfolio in Italy

Canadian Solar Inc (NASDAQ:CSIQ) has obtained the financing it needed for the construction of a 151-MWp portfolio of solar photovoltaic (PV) projects in Italy.

The company has secured a EUR-55-million (USD 60.3m) bilateral revolving credit facility from Italian lender Intesa Sanpaolo SpA (BIT:ISP) for a portfolio of 12 projects, Canadian Solar said today.

The plants, already touted by the company as being among Italy’s first subsidy-free utility-scale solar projects, will be located in different municipalities in Sicily, Apulia and Lazio.

Canadian Solar said it will use its own brand of solar modules, the HiKu CS3W-425, and rely on its engineering, procurement and construction (EPC) capabilities.

Construction of the first projects could commence in the third quarter of 2020. Once in operation, the solar parks are expected to produce around 287 GWh of electricity per year, or enough to meet annual consumption needs of 57,331 people.

After being active in the Italian subsidy-free market since 2018, Canadian Solar has accumulated a pipeline of over 900 MWp of projects under permitting, the company added.

(EUR 1.0 = USD 1.097)

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