Canadian Solar Secures 136 Million Brazilian Reais Financing For LAVRAS II Project in Brazil – EQ Mag Pro
GUELPH, ON : Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ), today 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 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., commented, “We are pleased to extend our long-standing partnership with BNB. This financing once again demonstrates our capabilities and commitment to the Brazilian market, where we are a market leader with more than 2 GWp of backlog projects that have secured power purchase agreements,” Dr. Qu continued, “Sustainable public sector commitment for clean and affordable solar energy infrastructure has cemented Brazil as the biggest and fastest growing renewable energy market in Latin America. 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.”
About Canadian Solar Inc.
Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 20 years, Canadian Solar has successfully delivered around 71 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 6.6 GWp in over 20 countries across the world. Currently, the Company has around 800 MWp of solar projects in operation, 5.3 GWp of projects under construction or in backlog (late-stage), and an additional 18.5 GWp of projects in pipeline (mid- to early- stage). Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006.
