Canadian Solar has obtained $80m in financing from Banco do Nordeste for the 114MW Salgueiro PV project in Brazil.
Construction is expected to start this year, with the plant entering commercial operation by mid-2020.
Salgueiro, in the north-east state of Pernambuco, is part of the 478MW solar portfolio awarded to Canadian Solar during the past two Brazil A-4 energy auctions, in December 2017 and April 2018.
The project has a 20-year, inflation-linked power purchase agreement with the Brazilian Electric Power Commercialisation Chamber.
The plant will use over 286,000 of Canadian Solar’s bifacial modules that can generate electricity from both sides of the panel to benefit from the high irradiance in Brazil’s north-east region.
The financing package comprises a comprehensive limited-recourse construction and non-recourse operations debt funding over 20-years.
The Salgueiro project is the second Canadian Solar project to be financed by BNB, following the $99 million debt funding for the 115MW Pirapora 2 project in 2018.