Canadian Solar Inc. and EDF Energies Nouvelles announced that the 191.5MWp Pirapora I project had secured a project financing facility amounting to BRL529 million (US$163 million) from the Brazilian Development Bank.
Canadian Solar owns 20% of the photovoltaic project located in Minas Gerais, in partnership with EDF EN do Brasil, that has acquired 80% of the project, in October 2016. The project is fully contracted with a 20-year inflation-linked power purchase agreement (PPA) awarded in 2015 at an auction organized by the Brazilian Government. The project is currently under construction and is expected to reach commercial operation in the third quarter of 2017.
Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented "This cornerstone financing from BNDES for the Pirapora I project demonstrates the total commitment from BNDES and the Brazilian government to support companies willing to invest in the long-term development of solar energy infrastructure in Brazil. We are extremely pleased to have partnered with EDF Energies Nouvelles in securing this landmark transaction in the solar sector."