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Canadian Solar secures $50M financing for 100-MW solar farm in Argentina

Canadian Solar Inc. secured $50 million in project financing for the proposed 100-MWp Cafayate solar facility in Argentina as part of the RenovAR program.

The nonrecourse financing package consists of a $30 million A-loan from CAF - Development Bank of Latin America with a 15-year term and a $15 million loan from the Argentinian Development Bank of Investment and Foreign Trade with a 15-year term. The remaining $5 million will come from Banco de la Ciudad Buenos Aires with a 10-year tenor.

Canadian Solar and CAF have a financing target of $75 million and are seeking an additional $25 million in senior financing, which is expected to close in early 2019.

The RenovAR program aims to increase energy from renewables sources to 20% of Argentina's national electricity consumption by 2025.

Cafayate will sell electricity to CAMMESA at $56.28/MWh upon reaching commercial operation in the second quarter of 2019. CAMMESA is the Latin American country's wholesale power market administrator and clearinghouse.