as the Latin America Multisourced Deal of the Year at the IJGlobal Awards on March 15.
The project is located in the Minas Gerais State of Brazil with 80% ownership by EDF Renewables and 20% by Canadian Solar.
Pirapora I is the first-ever solar power generation plant financed by Brazilian Development Bank (BNDES), with funding entirely from TJLP (Brazilian Long Term Interest Rate).
The funding commitment for Pirapora I also includes a short-term construction bridge loan in Brazilian Reais provided by IDB Invest, the private sector institution of the Inter-American Development Bank Group (IDB).
“Pirapora I is among the first solar projects to close project finance under the Brazil Reserve Energy Auctions scheme,” commented Dr. Shawn Qu, chairman and chief executive officer of Canadian Solar. “Latin America is an important market for us and we look forward to working with our partners to increase solar power investments in the region.”
Bruno Fyot, COO of EDF Energies Nouvelles’ Group, added, “This award underlines the excellence of our Pirapora solar project and constitutes further evidence of our deep interest in realizing renewable energy large-scale projects comprising innovation, local development and socio-environmental contents.”