GUELPH, Ontario, Feb. 10, 2020
Canadian Solar Inc., one of the world's largest solar power companies, today announced it has secured 225.2 million Brazilian reais (US$ 55 million) non-recourse project financing from Banco do Nordeste do Brasil S.A. (BNB) for its Lavras solar power projects.
Since the beginning of 2019, Canadian Solar has secured solar project financing with BNB, which was worth BRL 1,007 million (US$ 247 million).
The 152.4 MWp Lavras project will be funded over a period of 21 years, including the construction and operation of the projects.
With BNB’s funding, Canadian Solar can build one of the largest solar farms in Latin America, which is powered by Canadian Solar high-efficiency modules, including the BiHiKu modules.
Canadian Solar won the Lavras solar project in Brazil's A-4 federal auction in April 2018. The Brazilian Electric Power Commercialization Chamber (CCEE) has awarded the 20-year, inflation-adjusted PPAs to the company at a base price of 118 Brazilian reais/MWh (approximately US$29/MWh).
The construction of the project is expected to commence in 2020Q2. The power plant should be commercially operational in 2021.
Lavras is part of a 482.6 MWp portfolio whose 80% interest was sold to Nebras Power Investment B.V., a Dutch affiliate of Nebras Q.P.S.C ("Nebras"). Lavras' transfer of shares to Nebras closed in August 2019.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar commented, "We are delighted to close our fifth consecutive project financing with BNB. Sustainable public sector commitment for clean and affordable solar energy infrastructure has transformed Brazil to be the fastest growing renewable energy market in Latin America. As a leader in financing infrastructure projects, BNB's continuing participation in our solar portfolio promotes confidence in the long-term potential of Brazil's renewable energy sector."
About Canadian Solar Inc.
Founded in 2001 in Canada, Canadian Solar is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 19 years, Canadian Solar has successfully delivered over 38 GW of premium quality modules to over 150 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.
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