22.4 C

Canadian Solar receives 136 million BRL financing for 79 MW Project in Brazil

Canadian Solar Inc. (NASDAQ: CSIQ), yesterday announced it has secured 136 million Brazilian reais (approximately US$28 million) non-recourse project financing from Banco do Nordeste do Brasil S.A. (BNB) to support construction and operation of its 79 MWp Lavras II solar power project in Brazil.


BNB is the largest regional development bank in Latin America, supporting the economy of Brazil's Northeast Region.

Lavras II is expected to reach commercial operation in the second quarter of 2022 and will be powered by Canadian Solar’s high efficiency BiHiKu modules.

Canadian Solar won the Lavras II solar project in a private auction held by COPEL Energia, which is part of COPEL Group, one of the top 10 energy trading companies in Brazil, in September 2019, with a 15-year, inflation-adjusted PPA.

This inflation-linked debt tied to the National Consumer Price Index (IPCA) will provide improved capital and resource alignment with the Brazilian economy.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar Inc., said that they are pleased to extend the long-standing partnership with BNB.

Dr. Qu added that the company is a market leader with more than 2 GWp of backlog projects that have secured power purchase agreements in Brazil. "As a leader in financing infrastructure projects, BNB's continuing participation in our solar portfolio reinforces our confidence in the long-term potential of Brazil's renewable energy sector," Dr. Qu said.


Please enter your comment!
Please enter your name here

You Might Also Like

Canadian Solar inks deal to supply 7 GW of solar modules to the US

Canadian Solar (USA) Inc., a subsidiary of Canadian Solar (SH:688472), has announced a significant deal to supply solar modules to the US market. The long-term...

Canadian Solar unveils plan to add over 100 GW integrated manufacturing capacity

In a strategic move aimed at expanding its integrated manufacturing capacity, Canadian Solar has recently announced an agreement to build a new manufacturing hub...

Brazil’s solar installed capacity hits 22 GW milestone

Brazil's solar installed capacity has reached a milestone of 22 GW, with over 2 million photovoltaic (PV) solar systems installed throughout the country. These installations...
Join Our Newsletter

Latest Event

Solar Focus | Unlock Vast Solar Power Potential in Indonesia

On June 29, Solarbe will invite experts from S&P Global, JA Solar and other leading players in the Latin American market to discuss the current status and future outlook of the region's solar market.

Latest article

DMEGC Solar Powers Module Production Entirely with 100% Green Energy

Recently, the globally recognized testing and certification body TÜV SÜD granted DMEGC Solar a certification confirming 100% renewable energy consumption and verified greenhouse gas...

Huawei, Sungrow, Solis, Growatt, and GoodWe secure top spots in global inverter shipments in 2022

Global solar photovoltaic (PV) inverter shipments reached a record high in 2022, surpassing 330 gigawatts (GWac), according to a recent analysis by Wood Mackenzie....

LONGi ventures into HPBC Pro cell technology with 12 GW facility

LONGi Green Energy has unveiled plans to invest in its first-ever HPBC pro solar cell facility in Tongchuan, China. This decision reflects LONGi's commitment...

JA Solar set to reach 57 GW n-type cell production capacity by 2023

JA Solar revealed in a recent investor briefing that the company’s n-type solar cell production capacity is expected to reach 57 GW by the...