BRL 487Mn For Canadian Solar’s Brazilian PV Plants

More Bifacial For Brazil As Banco Do Nordeste Do Brasil Sanctions BRL 487 Million Project Financing For Canadian Solar’s 226.7 MW Bifacial Solar Capacity
01:56 PM (Beijing Time) - 30. August 2019
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Having secured project financing from Banco do Nordeste do Brasil for the 114 MW Salguerio Solar Power Project, Canadian Solar has now raised another BRL 487 million from the bank for two more bifacial solar plants in Brazil. (Photo Credit: TaiyangNews)

Key Takeaways

  • Canadian Solar plans to deploy more bifacial solar modules in Brazil for which it has secured BRL 487 million non-recourse project financing from BNB
  • Two projects with 114.3 MW and 112.4 MW capacity will use BiHiKu bifacial PV modules produced by the company
  • Construction on the projects will begin in Q4/2019 and commercial operations are expected in 2021

China’s Canadian Solar Inc (CSI)  has raised BRL 487 million ($120 million) non-recourse project financing to support the construction and operation of 226.7 MW solar bifacial solar power capacity in Brazil. Beneficiaries of this financing will be the 114.3 MW Francisco Sa and 112.4 MW Jaiba solar projects.

The company says these projects will belong to the largest high-efficiency bifacial solar power plants in Latin America. Canadian Solar will deploy its BiHiKu modules. Construction on the projects will start in Q4/2019 and reach commercial operations in 2021.

CSI won these projects in the A-4 auction concluded in April 2018 with inflation-adjusted power purchase agreements of BRL 118 ($29) per MWh with Brazilian Electric power Commercialization Chamber (CCEE) (see PV Scores Highest In A-4 Brazil Auction).

The Chinese company will use bifacial solar panels for its other A-4 wins including 114 MW Salguerio Solar Power Project and also for 51.1 MW project it won in the A-4 auction of 2019.

With BRL 487 million coming from Banco do Nordeste do Brasil S.A. (BNB), Canadian Solar has now raised BRL 782 million ($192 million) solar project financing from the regional development bank of Brazil.

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani