Canadian Solar acquires funds for 79-MWp Brazilian solar project

• Canadian Solar Inc (NASDAQ: CSIQ) said today it has closed a non-recourse project funding of BRL 136 million (USD 26.6 m/EUR 25.5 m) to back the construction and also procedure of a 79-MWp solar energy project in Brazil.

The funds come from Brazilian lending institution Banco do Nordeste do Brasil SA (BVMF: BNBR3) to support the Lavras II solar project.

The solar asset secured a 15-year power purchase agreement (PPA) in September 2019 in a private public auction held by Copel Energia, part of regional utility Copel - Companhia Paranaense de Energia (BVMF: CPLE6).

Canadian Solar expects Lavras II to begin commercial procedure in the 2nd quarter of the year. The solar park will include the firm's BiHiKu modules.

"This financing once again shows our capabilities and commitment to the Brazilian market, where we are a market leader with more than 2 GWp of stockpile projects that have safeguarded power purchase agreements," chief executive officer Shawn Qu said.