Canadian Solar secures $80 million financing for the »Salgueiro« project in Brazil
Post date: 31/01/2019 - 20:18
Canadian Solar Inc. has secured a BRL 295 million ($80 million) financing from Banco do Nordeste S.A. for its 114 MW »Salgueiro« solar power project in the northeast state of Pernambuco, Brazil. BNB is the largest regional development bank in Latin America.
The facility is part of the 478 MW solar portfolio awarded to Canadian Solar during the past two Brazil A-4 energy auctions in December 2017 and April 2018. The project has a 20-year, inflation-linked power purchase agreement (PPA) with the Brazilian Electric Power Commercialization Chamber (CCEE). Construction is expected to start this year, with the plant entering commercial operations by mid of 2020. The plant will utilize over 286,000 of Canadian Solar's high efficiency bifacial modules (BiHiKu).
The »Salgueiro« project is the second Canadian Solar project to be financed by BNB. The first one is the BRL 366 million ($99 million) debt funding for the 115 MW »Pirapora II« project in 2018.