Canadian Solar Inc. announced it has secured 136 million Brazilian reais non-recourse project financing from Banco do Nordeste do Brasil S.A. to support construction and operation of its 79 MWp Lavras II solar power project in Brazil. BNB is the largest regional development bank in Latin America, supporting the economy of Brazil’s Northeast Region. Lavras II is expected to reach commercial operation in the second quarter of 2022 and will be powered by Canadian Solar high efficiency 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.
Canadian Solar was founded in 2001 in Canada and is one of the world’s largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 20 years, Canadian Solar has successfully delivered around 71 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built and connected over 6.6 GWp in over 20 countries across the world.