Canadian Solar Inc. secured $69 million in nonrecourse project financing for the proposed 67.8-MWp Aguascalientes solar facility in Mexico.
The financing consists of a $53.2 million long-term loan, a $5.6 million letter of credit facility and a $10.2 million Value Added Tax short-term loan. The package was provided by Mexico's Banco Nacional de Comercio Exterior SNC and Spain-based Banco Sabadell.
Proceeds will be used to repay a $45 million construction loan that was previously provided by Natixis.
The Aguascalientes project will sell electricity and clean energy certificates to Comisión Federal de Electricidad under long-term agreements. The project is expected to enter commercial operation by the end of this month.