Canadian Solar secures financing for a solar project in Brazil

Canadian Solar Inc announced that it has secured 136 million Brazilian reais (around US$28 million) financing for a solar project in Brazil.

The company informed that it secured non-recourse project financing from Banco do Nordeste do Brasil S.A. (BNB). To be noted, BNB is the largest regional development bank in Latin America.

The fund will be used for the construction and operation of its 79 MWp Lavras II solar project, the company said.

The project will be powered by Canadian Solar BiHiKu modules, and is expected to reach commercial operation later in 2022.

It has been reported that in 2019, Canadian Solar had secured the Lavras II solar project in an auction held by COPEL Energia.

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."

He was further quoted as saying that "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."

The company aims to contribute to boost Brazil's renewable energy sector.