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Banco do Nordeste do Brasil S.A. (BNB) has approved BRL136 million (US$26 million) in non-recourse project financing for Canadian Solar to help finance and operate the 79 MWp Lavras II solar power project in Brazil.
Lavras II, which will be powered by Canadian Solar's high-efficiency BiHiKu modules, is expected to be operational in Q2 2022.
In September 2019, Canadian Solar won the Lavras II solar project in a private auction hosted by COPEL Energia, a subsidiary of COPEL Group, one of Brazil's top ten energy trading businesses, with a 15-year inflation-adjusted PPA.
