The 191.5 MW Pirapora I solar project being developed by Canadian Solar and EDF Energies Nouvelles has received $163 million in financing from the Brazilian Development Bank, the first time ever that it has provided financing to a solar generation project.
The Pirapora I solar project being developed in the southeastern Brazilian state of Minas Gerais is now the first ever solar power generation project to be financed by the Brazilian Development Bank (BNDES), with funding coming entirely from TJLP (Brazilian Long Term Interest Rate). Being developed by two of the biggest global names in solar power — Canadian Solar and EDF Energies Nouvelles — the 191.5 MW Pirapora I project will benefit from the 18-year financing facility.
Canadian Solar, which owns 20% of the project, has supplied modules manufactured in the Brazilian state of Sao Paulo to the project, which is co-owned with EDF EN do Brasil, EDF Energies Nouvelles’ local subsidiary, which acquired 80% of the project in October, 2016. The project, which has already been contracted with a 20-year inflation-linked Power Purchase Agreement (PPA) awarded by the Brazilian Government, is already under construction and is expected to be completed and operational in the third quarter.
“This cornerstone financing from BNDES for the Pirapora I project demonstrates the total commitment from BNDES and the Brazilian government to support companies willing to invest in the long-term development of solar energy infrastructure in Brazil,” said Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar. “We are extremely pleased to have partnered with EDF Energies Nouvelles in securing this landmark transaction in the solar sector.”
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