Brazil's BNDES approves financing for 150-MW solar project
Brazil's National Bank for Economic and Social Development (BNDES) has approved BRL529 million (USD 167.8 million) funding for the implementation of the Pirapora Solar Complex in Minas Gerais.
The project is owned by EDF Energies Nouvelles (80%) and Canadian Solar (20%).
As we reported in early March, Canadian Solar Inc. announced that it received US$20 million unsecured funding from the China and Portuguese-speaking Countries Cooperation and Development Fund (CPDFund) to support the development of eligible projects in Brazil, including the Pirapora Solar Complex.
The solar project is comprised of five 30-MW solar plants that will be installed on a 400-hectare (988.4 acres) area in Minas Gerais state. Once operational, the project will generate 391.3 GWh of clean electricity per year, enough to meet the annual energy needs of more than 200,000 Brazilian households and avoid 228,000 tonnes of CO2 emissions. The project is scheduled to be operational by August 2017.
In October 2016, Canadian Solar announced the sale of 80% interest in the project to EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil.
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