Canadian Solar Secures R$ 500 Million Financing to Invest in New Solar Energy Projects in Brazil

Canadian Solar Closed Financing with Itaú BBA and BTG Pactual Banks in the Amount of R$ 500 Million to Invest in the Construction of New Solar Energy Projects in the Country

On the morning of July 27, the Sino-Canadian solar power generator, Canadian Solar, announced that it secured financing of R$ 500 million from two Brazilian banks for the construction and development of solar energy projects in Brazil. According to the company’s statement, the financing from Itaú BBA and BTG Pactual will fund up to 70% of Canadian Solar’s capital contributions in a subset of its project portfolio in the country.

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Canadian Solar Has 480 MWp of Renewable Energy in Operation

The company opened an office in Brazil in 2013 and since then won a series of private auctions and projects. Its order book and solar energy project pipeline in Brazil already total approximately 3 GWp, with 480 MWp already in operation, another 483 MWp under construction, and an additional 2 GWp in development with power purchase agreements.

In total, the company has constructed and developed more than 5.7 GWp in about 20 countries. The project developer and solar energy manufacturer stated in its announcement that the financing could support a plan to establish a publicly traded vehicle in Brazil, known as Infrastructure Investment Funds or FIP-IE.

The demand for solar modules in Brazil reached 5 GW last year, with domestic module manufacturers capturing only 3.8% of the market, shipping about 190 MW of modules. Canadian Solar has a solar module factory near São Paulo with an annual production capacity of 380 MW.

Company Executive Speaks

According to Canadian Solar’s President and CEO, Shawn Qu, the company is grateful and pleased to collaborate again with BTG Pactual and Itaú BBA for the financing of the construction of more solar energy projects in Brazil.

With this line of financing, Canadian Solar will be able to further boost its capital contribution to the construction of projects in Brazil and monetize them post-COD with attractive valuations while retaining the option to maintain significant ownership in the long term.

The company looks forward to executing its large pipeline of solar energy projects in the country and supporting the country’s energy security and renewable energy goals.

Canadian Solar Signs 12-Year Contract with BTG Pactual

In November of last year, Canadian Solar signed a 12-year power purchase agreement with one of the largest financing banks in Latin America, BTG Pactual.

Under the terms of the agreement, the company will supply solar energy from the construction of multiple projects in the state of MG that will have a capacity of 170 MW. The company also secured a 15-year PPA from the solar energy supplier Furnas, a subsidiary of Eletrobras, to which it will supply a total of 692 MW of energy.