Canadian Solar has secured a credit facility from the Italian bank Intesa Sanpaolo for the solar projects
Canadian Solar secures debt funding to build solar plant in Italy. (Credit: Unsplash/Chelsea.)
Canadian Solar, a Canada-based solar PV module-maker, has secured €55m ($60.6m) in bilateral revolving credit facility from Italian bank Intesa Sanpaolo, for the construction of 151MW portfolio of 12 solar projects in Italy.
The solar projects will be located across the municipalities in Sicily, Apulia and Lazio. Ground breaking of the solar plants is expected to take place in the third quarter of this year.
The 12 solar plants will generate 287GWh of clean energy annually
When completed, the 12 solar plants would generate 287GWh of clean energy, which is equivalent to the annual electricity consumption of 57,331 people while offsetting 73,384 tons of CO₂ per year.
Canadian Solar chairman and CEO Shawn Qu said: “Canadian Solar has always been standing in solidarity with our employees, customers and partners around the world. By securing this project construction financing, we are committed to, and will continue to invest in the Italian solar market during this challenging time.”
The solar projects are claimed to be among the country’s first subsidy-free utility-scale solar plants and they will be powered by HiKu CS3W-425 modules and with the company’s engineering, procurement and construction (EPC) capabilities, Canadian Solar said.
The company expects to continue working with Intesa Sanpaolo in the Italian renewable energy market, where it currently has over 900MW of project pipeline under permitting.
Shawn Qu continued saying: “I appreciate Intesa Sanpaolo’s trust in Canadian Solar and its support for solar energy development. Italy is an important energy market where subsidy-free solar energy is already competitive with conventional sources.”
Few days ago, Canadian Solar’s Australian subsidiary has signed a power purchase agreement (PPA) with Amazon for the Gunnedah solar plant.
Under the agreement, the company will supply electricity from the 146MW solar plant, which is expected to come online in 2021. For the solar plant, Canadian Solar will deliver its BiKu bifacial modules.