Canadian Solar secures $28 mn funding for Lavras II solar power project

Canadian Solar PV manufacturing

Canadian Solar has secured 136 million Brazilian reais (approximately $28 million) non-recourse project financing from BNB to support construction and operation of its 79 MWp Lavras II solar power project in Brazil.

Lavras II is expected to reach commercial operation in the second quarter of 2022 and will be powered by Canadian Solar’s BiHiKu modules. Canadian Solar won the Lavras II solar project in a private auction held by COPEL Energia, which is part of COPEL Group, one of the top 10 energy trading companies in Brazil, in September 2019, with a 15-year, inflation-adjusted PPA.

This inflation-linked debt tied to the National Consumer Price Index (IPCA) will provide improved capital and resource alignment with the Brazilian economy.

Canadian Solar is the market leader in Brazil with more than 2 GWp of backlog projects that have secured power purchase agreements.