Canadian Solar has received a $20m unsecured funding from the China and Portuguese-speaking Countries Cooperation and Development Fund (CPDFund) for its renewable projects in Brazil.
The new funding would help in the development of the Canadian company’s eligible solar power projects in Brazil which includes the Minas Gerais-located 191MWp Pirapora I Project.
Canadian Solar chairman and CEO Dr. Shawn Qu said: "This milestone funding from the CPDFund cements our collaboration towards the CPDFund's investment into high-quality solar energy projects developed by Canadian Solar in Brazil and other Portuguese-speaking countries worldwide.”
Currently under construction, the Pirapora I Project is likely to be completed in the third quarter of the year.
The new Brazilian solar project is designed to generate 391.3GWh of renewable energy annually once it is operational. Power generated by the Pirapora I Project would be sufficient to cover the yearly energy requirements of over 200,000 households in the country.
It is also expected to help in reducing CO2 emissions in the atmosphere by 228,000 tonnes.
Apart from the Pirapora I Project, Canadian Solar's investments in Brazil includes the operation a solar module manufacturing plant with a yearly capacity of 380MW. Besides, it is developing an additional 207MWp of solar energy projects that are backed with power purchase agreements for 20 years.
In October last year, Canadian Solar agreed to divest 80% of its stake in the Pirapora I Project to EDF EN do Brasil, the local subsidiary of EDF Energies Nouvelles.
CPDFund Management Company chairman Jianxin Chi said: "We value the partnership with Canadian Solar which has extensive industrial experience and outstanding capability, and believe that the milestone funding is the start of more cooperation on solar energy in Brazil, other Portuguese-speaking countries and Africa.
“We also have strong confidence in the future of Brazilian economy and the economic cooperation between China and Brazil, and expect to invest more in power, infrastructure and other industries in Brazil."
Last month, the Canadian solar power firm had completed divestiture of three solar plants with a combined capacity of 59.8MW AC to an affiliate of Fengate Real Asset Investments in Canada for approximately $195.32m.