Canadian Solar and EDF Energies Nouvelles have secured a $163m project financing facility with the Brazilian Development Bank (BNDES) for the 191.5MW Pirapora 1 photovoltaic project.
EDF EN do Brasil owns 80% of the project, while Canadian Solar has a 20% share in Pirapora 1.
Canadian Solar is supplying modules manufactured in Sao Paulo to the project, which is located in the state of Minas Gerais.
The under-construction project has a 20-year inflation-linked power purchase agreement awarded in 2015 at an auction organised by the Brazilian government.
It is expected to reach commercial operation in the third quarter of 2017.
Canadian Solar chairman and chief executive Shawn Qu said: “This cornerstone financing from BNDES for the Pirapora 1 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.”
Image: Pixabay
Brazil bankrolls local solar
BNDES provides $163m financing facility for 191.5MW Pirapora 1 project
By EBS