Canadian Solar has secured $50m for an over 100MW photovoltaic project in Argentina.
The finance was arranged by the Development Bank of Latin America (CAF) and includes a $30m loan from the organisation.
The Argentinian Development Bank of Investment and Foreign Trade is providing a $15m loan and the Bank of the City of Buenos Aires $5m.
CAF and the Argentinian Development Bank loans have 15-year tenors, while the Bank of the City of Buenos Aires is over 10 years.
Canadian Solar said it is working with CAF on securing an additional $25m for the project at Cafayate in Salta province. This is expected to close in early 2019, it said.
The 100.1MW Cafayate solar project is currently under construction and is expected to reach commercial operation in the second quarter of 2019.
It will feature approximately 289,800 of Canadian Solar’s MaxPower CS6U-P 345W modules.
The facility will generate around 239,696 megawatt-hours of electricity a year, which will be sold to Argentina’s national wholesale power market administrator and clearinghouse Cammesa.
Canadian Solar chairman and chief executive said: “We are delighted to secure high-quality, long-term financing of up to 15 years.
“We value our partnership with leading financial institutions across Argentina and Latin America to promote the growth of clean renewable energy in the region.”