Canadian Solar had secured the Lavras solar project in Brazil's A-4 federal auction in April 2018


Canadian Solar secures $55m financing for Lavras Project in Brazil (Credit: Pixabay/ Jukka Niittymaa)

Canadian Solar has secured ‎BRL 225.2m ($ 55m) non-recourse project financing from Banco do Nordeste do Brasil (BNB) for its Lavras solar power projects.

The solar power company said that its 152.4MW Lavras project will be funded across the construction and operation phases of the projects, for a period of 21 years.

Canadian Solar has received BRL1007m ($247m) in solar project financing from BNB since the beginning of 2019.

Canadian Solar chairman and CEO Shawn Qu said: “We are delighted to close our fifth consecutive project financing with BNB. Sustainable public sector commitment for clean and affordable solar energy infrastructure has transformed Brazil to be the fastest growing renewable energy market in Latin America.

“As a leader in financing infrastructure projects, BNB’s continuing participation in our solar portfolio promotes confidence in the long-term potential of Brazil’s renewable energy sector.”

Canadian Solar intends to build a high efficiency bifacial solar power plant in Latin America

Canadian Solar intends to construct a large-scale high efficiency bifacial solar power plant in Latin America, equipped with its high-efficiency BiHiKu modules, using the funding from BNB.

Lavras is part of a 482.6MW portfolio whose 80% interest was sold to Nebras Power Investment, a Dutch affiliate of Nebras, in August 2019.

Canadian Solar had secured the Lavras solar project in Brazil’s A-4 federal auction in April 2018, with inflation-adjusted power purchase agreements (PPAs) awarded by the Brazilian Electric Power Commercialization Chamber (CCEE) for a period of 20 years.

The company is expected to start construction at the project in the second quarter of 2020 and commercial operations at the project are expected in 2021.

Established in 2001, Canadian Solar is engaged in the manufacturing of solar photovoltaic modules and offering solar energy solutions, for a diversified range of utility-scale power projects in various stages of development.

Recently, the company has signed a multi-year supply agreement with Lightsource BP, a solar energy business of BP, to deliver 1.2GW of high efficiency polycrystalline solar modules for US and Australian projects.