Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and PV cells and modules, has secured BRL 136 million (~$28 million) non-recourse project financing from Banco do Nordeste do Brasil (BNB) to the support the construction and operation of its 79 MW Lavras II solar project in Brazil.

The project is expected to reach commercial operation in the second quarter of 2022 and will be powered by Canadian Solar high-efficiency BiHiKu modules.

Canadian Solar won the project in a private auction held by COPEL Energia, part of COPEL Group, in September 2019, with a 15-year, inflation-adjusted PPA.

This inflation-linked debt tied to the National Consumer Price Index (IPCA) will provide improved capital and resource alignment with the Brazilian economy.

“Sustainable public sector commitment for clean and affordable solar energy infrastructure has cemented Brazil as the biggest and fastest-growing renewable energy market in Latin America. As a leader in financing infrastructure projects, BNB’s continuing participation in our solar portfolio reinforces our confidence in the long-term potential of Brazil’s renewable energy sector,” said Shawn Qu, Chairman and CEO of Canadian Solar.

In the first quarter (Q1) of 2022, Canadian Solar recorded revenue of $1.25 billion, a 15% year-over-year (YoY) growth from $1.1 billion last year. The company attributed the revenue growth to an increase in module shipments. The company’s module shipments totaled 3.63 GW in Q1 2022, a YoY increase of 42%. Of the total, 156 MW were shipped to the company’s utility-scale solar power projects. For the second quarter of 2022, the company expects total module shipments to be between 4.9 GW and 5.1 GW, including approximately 150 MW for its projects.

According to Mercom’s Q1 2022 Solar Funding and M&A report, announced large-scale project funding in Q1 2022 came to $9.1 billion, a 27% increase compared to $7.1 billion in Q4 2021.

Recently, U.S.-based Doral Renewables, a renewable energy development arm of Israel-based Doral Group, secured $392 million project financing for Mammoth North, the first phase of Doral’s Mammoth Solar project. Mammoth North is located on 4,500 acres in Starke County, Indiana, in the northwestern region of PJM. The project is a ground-mounted single-axis PV project with an installed capacity of 400 MW.