Canadian Solar raises $20M for projects in Brazil

6th March 2017

CanadianSolar

Enaie Azambuja

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Canadian Solar announced that it raised US$20 million to support the development of eligible projects in Brazil, including the 191-MW Pirapora I project in the state of Minas Gerais. The unsecured funding comes from the China and Portuguese-speaking Countries Cooperation and Development Fund, which was formed in 2013 by the China Development Bank and the Macau Industrial and Commercial Development Fund.

According to Canadian Solar, the Pirapora I project is currently under construction and is expected to be completed in 3Q17. Once operational, the project will generate 391.3 GWh of power per year.

In October 2016, Canadian Solar sold an 80% interest in the project to EDF Energies Nouvelles' local subsidiary, EDF EN do Brasil. “We value the partnership with Canadian Solar… and believe that the milestone funding is the start of more cooperation on solar energy in Brazil, other Portuguese-speaking countries and Africa,” Jianxin Chi, Chairman of CPDFund Management Co., said in a statement.

“We also have strong confidence in the future of Brazilian economy and the economic cooperation between China and Brazil, and expect to invest more in power, infrastructure and other industries in Brazil.”

Canadian Solar said that its investments to accelerate solar energy generation in Brazil include the operation of the country's largest solar module manufacturing facility with annual capacity of 380 MW and the development of a further 207 MWp of solar energy projects with 20-year power purchase agreements.