Canadian Solar Secures USD $120 Million Financing for Brazil Solar Projects

PR Newswire/Canadian SolarAugust 29, 20192427



Canadian Solar has secured 487 million Brazilian reais, USD $120 million, in solar project financing from the Banco do Nordeste do Brasil S.A. (BNB), bringing its total for 2019 to BRL 782 million (USD $192 million). The money will go to build one of the largest bi-facial solar power plants in Latin America.


Canadian Solar Secures USD $120 Million Financing for Brazil Solar Projects

Canadian Solar Inc., one of the world's largest solar power companies, today announced it has secured 487.0 million Brazilian reais (US$ 120 million) non-recourse project financing from Banco do Nordeste do Brasil S.A. (BNB) for its Francisco Sa and Jaiba solar power projects. Since the beginning of 2019, Canadian Solar has secured BRL 782 million (US$ 192 million) solar project financing with BNB. 

The 114.3 MWp Francisco Sa and 112.4 MWp Jaiba projects will be funded over 23 years across the construction and operation phases of the projects. The 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 commented, "We are delighted to close our third and fourth consecutive project financings with BNB. These new financings affirm the public sector's support to empower social demand for clean and affordable solar energy infrastructure in Brazil. As a financier to the fastest growing renewables market in Latin America, BNB's continuing participation promotes our confidence in the long-term potential of Brazil's green energy sector."

The funding from BNB across multiple projects will support Canadian Solar's plan to build one of the largest high efficiency bi-facial solar power plants in Latin America. These projects will be powered by Canadian Solar high efficiency modules, including BiHiKu modules.

Canadian Solar won the Francisco Sa and Jaiba solar projects in Brazil's A-4 federal auction in April 2018 with 20-year, inflation-adjusted PPAs awarded at a base price of 118 Brazilian reais/MWh (approximately US$29/MWh) with the Brazilian Electric Power Commercialization Chamber (CCEE). The projects are expected to start construction in the fourth quarter of 2019 and reach commercial operation in 2021.

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 17 years, Canadian Solar has successfully delivered over 36 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. 

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