Canadian Solar Inc. today announced it has secured 487.0 million Brazilian reais (US$ 120 million) non-recourse project financing from Banco do Nordeste do Brasil S.A. for its Francisco Sa and Jaiba solar power projects. Since the beginning of 2019, Canadian Solar has secured BRL 782 million (US$ 192 million) solar project financing with BNB.
The 114.3MW Francisco Sa and 112.4MW Jaiba projects will be funded over 23 years across the construction and operation phases of the projects. The inflation-linked debt tied to the National Consumer Price Index will provide improved capital and resource alignment with the Brazilian economy.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar commented, "We are delighted to close our third and fourth consecutive project financings with BNB. These new financings affirm the public sector's support to empower social demand for clean and affordable solar energy infrastructure in Brazil. As a financier to the fastest growing renewables market in Latin America, BNB's continuing participation promotes our confidence in the long-term potential of Brazil's green energy sector."
The projects are expected to start construction in the fourth quarter of 2019 and reach commercial operation in 2021.