Canadian Solar Gets $55 Mn Financing for its Lavras Solar Project in Brazil

Feb 11, 2020 01:19 PM ET
  • Canadian Solar has actually protected 225.2 million Brazilian reais (USD 55 million) project funding from BNB for its Lavras solar energy projects in Brazil
Canadian Solar Gets $55 Mn Financing for its Lavras Solar Project in Brazil

Canadian Solar has actually introduced that it has actually safeguarded 225.2 million Brazilian reais (USD 55 million) non-recourse project funding from Banco do Nordeste do Brasil (BNB) for its Lavras solar energy projects in Brazil. Given that the start of 2019, the company has actually protected BRL 1,007 million (USD 247 million) solar project funding with BNB.

The 152.4 MWp Lavras project will certainly be moneyed over 21 years throughout the building and construction and also procedure stages of the projects. The inflation-linked financial debt linked to the National Consumer Price Index (IPCA) will certainly supply better resources as well as source placement with the Brazilian economic climate.

Dr. Shawn Qu, Chairman, and also CEO of Canadian Solar stated, "we are delighted to shut our 5th successive project funding with BNB. Lasting public industry dedication for inexpensive as well as tidy solar power facilities has actually changed Brazil to be the fastest expanding renewable resource market in Latin America. As a leader in funding facilities projects, BNB's proceeding involvement in our solar profile advertises self-confidence in the long-lasting possibility of Brazil's renewable resource field."

The financing from BNB throughout several projects will certainly sustain Canadian Solar's strategy to construct among the biggest high effectiveness bifacial solar energy plants in Latin America. These projects will certainly be powered by Canadian Solar high-efficiency components, consisting of the BiHiKu components.

Canadian Solar won the Lavras solar project in Brazil's A-4 government public auction in April 2018 with 20-year, inflation-adjusted PPAs granted at a base cost of 118 Brazilian reais/MWh (around US$ 29/MWh) with the Brazilian Electric Power Commercialization Chamber (CCEE). The project is anticipated to begin building in the 2nd quarter of 2020 and also get to business procedure in 2021.

Lavras belongs to a 482.6 MWp profile whose 80% passion was marketed to Nebras Power Investment, a Dutch associate of Nebras Q.P.S.C. Lavras' transfer of shares to Nebras enclosed August 2019.

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