Latin America PV Snippets: Argentina, Canadian Solar, Neoen

Argentina Installed 187.66 MW New Renewable Energy Capacity In Q2/2021; Canadian Solar Raises BRL 500 Million For Brazilian Solar Portfolio; Financial Closure For 11 MW/8MWh Batteries For Neoen’s 241 MW Solar Farms In El Salvador

Latin America PV Snippets: Argentina, Canadian Solar, Neoen

  • During Q2/2021, Argentina installed 187.66 MW of new renewable energy capacity, taking its cumulative to over 4.75 GW
  • Canadian Solar has raised BRL 500 million in Brazil to develop and construct its projects, while also supporting its plans to establish a publicly listed vehicle
  • In El Salvador, Neoen has achieved financial closure for the installation of batteries to support its 2 solar projects with 241 MW combined capacity

187.66 MW RE for Argentina in Q2/2021: Argentina installed 187.66 MW of new renewable energy capacity in Q2/2021, down from 382.18 MW installed in Q1/2021, according the government statistics. This 187.66 MW capacity was added in the form 3 large scale wind farms and 2 bioenergy projects, representing an investment worth $276 million. It also included the 0.77 MW added to the 2.23 MW Anchipurac Solar Park that expanded the project’s capacity to 3 MW.

At the end of June 30, 2021, Argentina’s cumulative installed renewable energy capacity reached 4,754.45 MW in the form of 177 operational projects. It included 1.524 GW added in 2020 with 39 projects. “This energy generated from renewable sources can supply more than 5 million industries, businesses and homes,” said the country’s Secretary of Energy, Dario Martinez.

BRL 500 million for Canadian Solar in Brazil: Canadian Solar Inc. has achieved financial closure of BRL 500 million ($97 million) as a financing facility to invest in the development and construction off its solar power projects in Brazil. The proceeds have been raised from Brazilian banks BTG Pactual and Itau BBA. The company shared that this financing facility will support the plan to establish a publicly listed vehicle (FIP-IE) with operating projects, depending on market conditions, while providing flexibility on the timing of monetizing projects.

Canadian Solar shared that the facility will fund up to 70% of its equity contributions in a subset of its Brazilian project portfolio. To date it counts to have developed and contracted close to 3 GW of solar projects in the country, out of which 480 MW are operational, while 483 MW are under construction and an additional 2 GW under development with PPA contracts. Out of 483 MW under construction, it has already sold 80% stake.

Financing for Neoen’s solar projects in El Salvador: France’s Neoen has completed financing for 2 additional batteries with a total capacity of 11 MW/8MWh to be attached to its 140 MW Capella Solar Farm and 101 MW Providencia Solar Farm in El Salvador. Both the batteries will provide primary and secondary reserve services for the said solar projects. According to the company, these batteries will take total power of Neoen’s batteries in El Salvador to 14 MW and total storage capacity to 10 MWh and contribute to improving the stability and reliability of the country’s electrical grid. Total non-recourse debt has been provided by IDB Invest with resources from the Canadian Climate Fund. The batteries are being installed by the EPC consortium of TSK Electronica and Gensun.

About The Author

Anu Bhambhani

Senior News Editor: Anu Bhambhani is the Senior News Editor of TaiyangNews. Anu is our solar news whirlwind. At TaiyangNews she covers everything that is of importance in the world of solar power.Before joining our team, Anu worked in various positions at publications of the Times Group in New Delhi. As a Principal Correspondent, she conceptualized special features and supplements for both The Times of India and The Economic Times. While Anu delved deep into solar at TaiyangNews, environment topics have been close to her heart before. As Assistant Editor, she was responsible for launching Planet Earth for The Economic Times, a special series on environment. Before joining the Times Group, Anu was a Copy Editor at the Hindustan Times.Anu holds a Masters degree in Journalism and Mass Communications from the University of Rajasthan. She also studied at the Centre for Science and Environment in New Delhi on E-Outreach: New Media Technologies for Advocacy and Strategic Communication, Social Media

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