EDF and Canadian Solar raise $373 mn for project in Brazil

Canadian Solar

EDF Renewables and Canadian Solar announced that their 399 MWp Pirapora solar complex in Brazil has raised 1.39 billion Brazilian reais or $373 million via multiple project finance sources.

EDF Renewables owns 80 percent of the complex while Canadian Solar owns the remaining 20 percent stake.

The 191.5 MWp Pirapora I solar power project raised 220 million Brazilian reais or $59 million of infrastructure debentures through private placement to accredited institutional investors.

The debentures have a tenor of 16 years and are guaranteed by the Inter-American Development Bank (IDB) and IDB Invest, the private sector arm of the IDB Group.  This marks IDB group’s first structured credit guarantee product for solar in Brazil.

The project also received an 18-year financing of 529 million Brazilian reais or $142 million from from Brazilian Development Bank (BNDES).

In addition, the 115 MWp Pirapora II solar power project closed long-term project financing of 366 million Brazilian reais or $99 million from Banco do Nordeste and the Northeast Constitutional Fund.

Adjacent 92.5 MWp Pirapora III solar power project has secured long-term project financing of 271 million Brazilian reais or $73 million from BNDES and the Brazilian National Climate Fund.

The Pirapora projects, operational since mid-2018, are powered by approximately 1,235,000 high-efficiency CS6U-P modules manufactured by Canadian Solar in Sao Paulo State, Brazil.