Canadian Solar receives $20 million for Brazilian solar projects from China

Written By: Stratton Report
March 6, 2017

Canadian Solar solar farms pv project

On March 6, Canadian Solar Inc. announced that it has received $20 million unsecured funding from the China and Portuguese-speaking Countries Cooperation and Development Fund to support the development of eligible projects in Brazil.

Per the firm, one of the eligible projects is the 191-MW Pirapora I Project in the state of Minas Gerais.

According to Canadian Solar, the Pirapora I Project is currently under construction and is expected to be completed in the third quarter of 2017. 

In October 2016, Canadian Solar announced the sale of 80% interest in the project to EDF Energies Nouvelles’ local subsidiary, EDF EN do Brasil. 

Canadian Solar claims that its investments in Brazil include the development of a further 207 MWp of solar energy projects with 20-year power purchase agreements.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, observed:

We are glad to partner with the CPDFund in the growing solar energy market in Brazil. This milestone funding from the CPDFund cements our collaboration towards the CPDFund’s investment into high-quality solar energy projects developed by Canadian Solar in Brazil and other Portuguese-speaking countries worldwide. We look forward to more opportunities to cooperate with state-owned enterprises and institutional investors in China to boost solar energy growth globally.

Jianxin Chi, Chairman of CPDFund Management Company, noted: “We value the partnership with Canadian Solar which has extensive industrial experience and outstanding capability, and believe that the milestone funding is the start of more cooperation on solar energy in Brazil, other Portuguese-speaking countries and Africa. We also have strong confidence in the future of Brazilian economy and the economic cooperation between China and Brazil, and expect to invest more in power, infrastructure and other industries in Brazil.”