Canadian Solar secures BRL 487 million financing for solar power projects in Brazil

Canadian Solar Inc. has secured BRL 487 million ($120 million) non-recourse project financing from Banco do Nordeste do Brasil S.A. (BNB) for its »Francisco Sa« and »Jaiba« solar power projects. The 114.3 MW »Francisco Sa« and the 112.4 MW »Jaiba« plants will be funded over 23 years across the construction and operation phases of the projects. These projects will be powered by Canadian Solar high efficiency modules, including BiHiKu modules.
Canadian Solar won the two solar projects in Brazil's A-4 federal auction in April 2018 with 20-year, inflation-adjusted PPAs awarded at a base price of BRL 118 /MWh ($29 / MWh) with the Brazilian Electric Power Commercialization Chamber (CCEE). The projects are expected to start construction in the fourth quarter of 2019 and reach commercial operation in 2021.
Since the beginning of 2019, Canadian Solar has secured BRL 782 million ($192 million) solar project financing with BNB.

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