EDF Renewables and partner Canadian Solar have raised $337m for the operational 399MW Pirapora solar complex in Brazil from multiple sources.
The companies have secured $59m of infrastructure debentures from institutional investors for the 191.5MW Pirapora 1 facility. The debentures are guaranteed by the Inter-American Development Bank and IDB Invest, the private sector arm of the bank.
Project finance totalling $99m has also been closed for the 115MW Pirapora 2 plant from Banco do Nordeste and the Northeast Constitutional Fund.
The 92.5 MW Pirapora 3 project also secured $73m financing from the Brazilian Development Bank (BNDES) and the Brazilian National Climate Fund.
In August, BNDES agreed financing for Pirapora 1 of $142m.
EDF Renewables chief executive in Brazil Paulo Abranches said: “These financings demonstrate the huge interest of leading financial institutions in the development of large scale solar energy infrastructure in Brazil.
“The high quality of the projects and the solidity of the sponsors were determinant to structure this important funding.”
All the projects have been operational since mid-2018, with EDF owning 80% and Canadian Solar 20%.
They are powered by approximately 1,235,000 CS6U-P modules manufactured by Canadian Solar locally in Sao Paulo state.
Electricity generated by the projects is sold under 20-year inflation-linked power purchase agreements.