Canadian will invest R$ 500 million in projects in Brazil

Manufacturer Canadian Solar closed a R$ 500 million financing line with Brazilian banks BTG Pactual and Itaú BBA. According to the company, the amount will be used for the development and construction of photovoltaic projects in Brazil.

According to Canadian, the line will finance up to 70% of the company's capital contributions in a subset of its project portfolio in Brazil.

“With this line, we can further leverage our capital contribution to build projects in Brazil and monetize them post-COD [commercial operations date] at attractive valuations, while maintaining the option to retain significant long-term ownership” commented Shaw Qu , president and CEO of Canadian Solar.

“We look forward to executing our large backlog and pipeline of solar projects in Brazil and supporting the country’s renewable energy and energy security goals,” he added.

Currently, Canadian has approximately 3 GWp of solar projects in Brazil, including contracts in federal, regional and private auctions. Of this total, 480 MWp are in operation and have already been sold to third parties, 483 MWp are under construction (with 80% of participation already sold) and another 2 GWp are under development with PPA contracts.