Canadian Solar Inc. secured $120 million of nonresource project financing for two solar projects in Brazil with a combined capacity of about 226.7 MW-peak.
Banco do Nordeste do Brasil SA will provide funding for the 114.3 MW-peak Francisco Sa and 112.4 MW-peak Jaiba projects. So far in 2019, Banco do Nordeste has provided approximately $192 million in solar project financing to Canadian Solar.
Construction is expected to begin in the fourth quarter of 2019 and the projects are scheduled to achieve commercial operation in 2021.
Canadian Solar won the projects in Brazil's A-4 federal auction in April 2018 with 20-year, inflation-adjusted power purchase agreements awarded at a base price of approximately $29/MWh with the Brazilian Electric Power Commercialization Chamber.
