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Canadian Solar Secures 136 million Brazilian Reais Financing for Lavras II Project in Brazil
GUELPH, ON, June 15, 2022 /PRNewswire/ -- Canadian Solar Inc. ("Canadian Solar" or the "Company") (NASDAQ: CSIQ), today announced it has secured 136 million
About this update from Canadian Solar Inc.
[{"type":"text","content":"GUELPH, ON, June 15, 2022 /PRNewswire/ -- 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.\nLavras 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.\nThis inflation-linked debt tied to the National Consumer Price Index (IPCA) will provide improved capital and resource alignment with the Brazilian economy.\nDr. 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.\"\nAbout Canadian Solar Inc.\nCanadian 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. Likewi...