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Canadian Solar, EDF Energies secure financing for Brazilian solar project

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Canadian Solar, EDF Energies secure financing for Brazilian solar project

Canadian Solar Inc. and EdF Energies Nouvelles announced Aug. 7 that they had secured a $163 million financing facility from Brazilian Development Bank, or BNDES, for a planned solar project.

Canadian Solar owns a 20% stake in the 191.5-MW Pirapora I solar project, while EDF Energies Nouvelles' local subsidiary acquired the remaining 80% interest in the project in October 2016.

"This cornerstone financing from BNDES for the Pirapora I project demonstrates the total commitment from BNDES and the Brazilian government to support companies willing to invest in the long-term development of solar energy infrastructure in Brazil," Canadian Solar Chairman and CEO Shawn Qu said.

Previously, the facility received $20 million in unsecured funding from the China and Portuguese-speaking Countries Cooperation and Development Fund, commonly known as the CPDFund, for the development purposes.

The project won a 20-year power purchase agreement in the first reserve energy auction in 2015. The facility is expected to begin commercial operations during the third quarter and is estimated to produce 391,263 MWh of electricity annually.

EDF Energies Nouvelles is the renewables arm of the EDF Group.