Canadian Solar Inc. has secured BRL487 million (US$120 million) non-recourse project financing from Banco do Nordeste do Brasil S.A. (BNB) for its Francisco Sa and Jaiba solar power projects. Since the beginning of 2019, Canadian Solar has secured BRL782 million (US$192 million) solar project financing with BNB.
The 114.3 MWp Francisco Sa and 112.4 MWp Jaiba projects will be funded over 23 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 Francisco Sa and Jaiba solar projects 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$29/MWh) with the Brazilian Electric Power Commercialization Chamber (CCEE). The projects are expected to start construction in the fourth quarter of 2019 and reach commercial operation in 2021.
