The 12 solar projects would produce approximately 287GWh of solar power per annum, which will reduce 73,384 tons of CO2 emissions


Canadian Solar secures loan facility to support construct 12 PV plants in Italy. (Credit: Pixabay/Sebastian Ganso)

Canadian Solar, a photovoltaic company, has secured €55m ($59.4m) revolving loan from Intesa Sanpaolo , for the construction of 12 large plants for the production of solar power in Italy.

The 12 new solar projects are planned to be built in different municipalities in Sicily, Puglia and Lazio and are expected to have a total installed capacity of 151MW.

Intesa Sanpaolo corporate and investment banking division head Mauro Micillo said: “We are looking forward to our continued cooperation with Canadian Solar, one of the most solid and dynamic players in the world in the construction of large and highly efficient photovoltaic systems.

“Thanks to our leadership in the Italian photovoltaic credit facility market, we are committed to actively contributing to the achievement by our country of the objectives set by the European Union for the transition to a carbon-neutral economy by 2050.”

Agreement with Intesa Sanpaolo will strengthen Canadian Solar position in Italy

The 12 plants are said to be the Italy’s first large scale PV projects constructed without incentives, and would produce approximately 287GWh of solar power annually, which is equal to the annual electricity consumption of over 57,000 people, with a reduction in CO2 emissions of 73,384 tons.

Canadian Solar said that the agreement with Intesa Sanpaolo will strengthen its position in Italy.

Recently, the company has closed $30m in funding from the China-Portuguese Speaking Countries Cooperation and Development Fund (CPD Fund) for the development and construction of solar projects in Brazil.

Established in 2001, Canadian Solar is engaged in manufacturing solar modules and providing solutions for the construction of large photovoltaic systems around the world.

Canadian Solar chairman and chief executive officer Shawn Qu: “We are investing in Italy even at this difficult time and will continue to do so in the future with the support of Intesa Sanpaolo, being highly appreciative of the trust placed in us and of its role of promoter of the sustainable economy.

“The Italian market will be one of the solar power markets with the highest development rate in Europe, thanks to its size and the availability of resources, and already today the solar power produced in this country without incentives is competitive with traditional sources.”