Canadian Solar has secured BRL225.2 million (US$52 million) non-recourse project financing from Banco do Nordeste do Brasil S.A. (BNB) for its Lavras solar power projects.
The 152.4 MWp Lavras project will be funded over 21 years across the construction and operation phases of the projects. The inflation-linked debt tied to the National Consumer Price Index (IPCA) will provide improved capital and resource alignment with the Brazilian economy.
Canadian Solar won the Lavras solar project in Brazil's A-4 federal auction in April 2018 with 20-year, inflation-adjusted PPAs awarded at a base price of BRL118/MWh (approximately US$27/MWh) with the Brazilian Electric Power Commercialization Chamber (CCEE). The project is expected to start construction in the second quarter of 2020 and reach commercial operation in 2021.
